Digital, Media & Internet Monitor - GCA Altium€¦ · Q3 17 Q1 18 Q2 18 Q3 18 Q4 183) Q1 194) Q2...

Digital, Media & Internet MonitorQ3 2019

Communication regarding thisnewsletter should be directed [email protected]

Alexander Grünwald | Managing DirectorTel: +41 43 499 43 [email protected]

Sam Fuller | Managing DirectorTel: +44 20 7484 40 [email protected]

Tobias Schultheiss | Managing DirectorTel: +49 69 20 434 64 [email protected]

Thomas Egli | Managing DirectorTel: +41 43 499 43 [email protected]

Christopher Jones | Managing DirectorTel: +44 20 7484 40 [email protected]

Simon Lord | Managing DirectorTel: +44 845 505 43 [email protected]

2

GCA’S RECENT DIGITAL, MEDIA, INTERNET &TECHNOLOGY TRANSACTIONS

RELEVANT TRANSACTIONS CLOSED IN LAST 3 QUARTERS

3

GCA’S GLOBAL TRACK RECORD IN THE DIGITAL, MEDIA & INTERNET SECTOR

EUROPE

ASIA

NORTH &CENTRAL AMERICA

4

SUMMARY – DIGITAL, MEDIA & INTERNET SECTOR (1/2)

o Share price performance was negative for almost all subsectors, except for Content Monetization (+2.5%), Payment (+2.2%), Classifieds (+0.5%) and E-Commerce & Marketing Solutions (+0.5%). All other subsectors posted negative results with the most negative in Other Online Marketing (-18.7%), Customer Acquisition (-10.7%) and Diversified & Portals (-8.3%). The negative returns were mainly driven by weak Q3 earnings exceeding analyst expectations and major concerns from the US-China trade war.

o EV/EBITDA valuations (2019) mainly decreased in almost all subsectors with Payment (+5.9%), Champions (+1.4%) and Inventory-based (+1.2%) showing the largest gains, while Other Online Marketing (-7.3%), Marketplaces (-4.2%) and Customer Acquisition (-4.1%) experienced the largest decreases in EV/EBITDA valuations.

o EV/Sales valuations (2019) also experienced downward trends with Gambling (+3.4%) and Payment (+2.0%) as the only positive performers. On the opposite side, Other Online Marketing (-16.3%), Travel (-14.1%) and Customer Acquisition (-10.3%) showed the largest declines in EV/Sales valuations.

SECTOR PERFORMANCE & VALUATION

o The number of deals in Q3 2019 increased to 345 compared to 227 in the previous year’s third quarter.

o The total sector deal value (disclosed) at EUR 28.9bn was significantly higher than the previous year’s third quarter of EUR 7.4bn. CBS closed this quarter’s largest transaction by acquiring Viacom for EUR 17.8bn (1.5x Sales and 7.2x EBITDA), while the acquisition of Infrastrutture Wireless Italiane S.p.A. for EUR 5.3bn (24.0x EBITDA) by Vodafone Group was the second largest. Other significant transactions include Just Eat‘s merger announcement with Takeaway.com for EUR 5.5bn (6.4x Sales and 31.5x EBITDA), the acquisition of Entertainment One for EUR 3.4bn (3.3x Sales and 27.1x EBITDA) by Hasbro and Prudential’s acquisition of Assurance for EUR 2.1bn.

o 2 sector-relevant IPOs were completed in Q3 2019 with overall proceeds of EUR 1.0bn, both lower volume and lower value compared to Q3 2018, during which there were 5 IPOs in the Digital, Media & Internet sector with a value of EUR 1.1bn.

o Sector valuations have shown negative changes overall mainly driven by turbulent market dynamics. Both M&A and IPO activities experienced a decrease in volume and value this quarter.

M&A AND IPO ACTIVITY

Note: Multiples based on latest available financial statements;

Source: Capital IQ (01-Oct-2019); Mergermarket

5

SUMMARY – DIGITAL, MEDIA & INTERNET SECTOR (2/2)

Note: Multiples based on latest available financial statementS

Source: Capital IQ (04-Nov-2019); Mergermarket

ONLINE MARKETPLACE FOR FOOD DELIVERY

Transaction Value: EUR 5.5bnSeller: PublicEV/Sales: 6.4xEV/EBITDA: 31.5xAnnounced: 05-Aug-19

MERGED WITH


TELEVISION AND TV CHANNELS

ACQUIRED

INFRASTRUCTURE NETWORKS OF WIRELESS TECHNOLOGY

ACQUIRED

Transaction Value: EUR 5.3bnSeller: PublicEV/Sales: n/aEV/EBITDA: 24.0xAnnounced: 26-Jul-19

ACQUIRED


ENTERTAINMENT MEDIA CONTENT PRODUCTION


ACQUIRED

BROADCASTING AND DIGITAL PUBLISHING

Transaction Value: EUR 2.1bnSeller: Assurance IQ EV/Sales: n/aEV/EBITDA: n/aAnnounced: 05-Sep-19

HEALTH AND FINANCIAL WELLNESS PLATFORM

ACQUIRED

6

1 Champions

2 Inventory-based

Marketplaces

Travel

3 Diversifieds & Portals

Content Monetization

Social Netw. & Cmtys

Gaming

Gambling

4 Classifieds

Customer Acquisition

Oth. Online Marketing

E-comm. & Mktg. Solutions

5 Consumer/B2C Services

Payment

MEDIAN EV/SALES2019 VALUATION

RECENT DEVELOPMENT OF ONLINE SUBSECTOR VALUATIONS

(3.4%)

(3.6%)

(6.2%)

(6.7%)

(8.3%)

2.5%

(0.8%)

(0.7%)

(3.6%)

0.5%

(10.7%)

(18.7%)

0.5%

(4.6%)

2.2%

0.9%

(0.1%)

(0.6%)

0.1%

(0.2%)

(1.0%)

(1.8%)

0.2%

(0.3%)

(0.2%)

0.7%

0.3%

2.4%

0.0%

0.0%

(6.9%)

(2.7%)

(5.9%)

(14.1%)

(2.7%)

(3.9%)

(5.3%)

(4.4%)

3.4%

(2.6%)

(10.3%)

(16.3%)

(1.1%)

(2.8%)

2.0%

MEDIAN TOTAL RETURN1)

(LAST 3 MONTHS)MEDIAN SALES2019 ESTIMATE

(3.5%)

3.2%

(1.2%)

(11.0%)

(1.6%)

0.9%

(7.6%)

(5.7%)

3.8%

4.0%

(11.0%)

2.2%

5.6%

0.2%

(0.7%)

-20 -10 0 10

1.4%

1.2%

(4.2%)

(1.3%)

(1.8%)

(1.5%)

1.0%

(0.7%)

(4.1%)

(7.3%)

(1.9%)

0.5%

5.9%

0.0%

0.1%

MEDIAN EV/EBITDA2019 VALUATION

MEDIAN EBITDA2019 ESTIMATE

Note: Multiples with values over 50x deemed not meaningful and excluded from analysis; 1) Median total return based on share prices adjusted for cash dividends, stock splits, rights offerings and spin-offs

Source: Capital IQ (01-Oct-2019)

7

M&A AND IPO OVERVIEW IN THE DIGITAL, MEDIA & INTERNET SECTOR1) (1/3)

Number of transactions

Size of transactions(in EURbn)2)

196 187 204 160 159 208322 323 280

6557 68

71

55 7165

0

250

500

345

252

Q2 18

47

Q4 17 Q3 18Q3 17

48

Q1 18 Q4 183) Q1 19 Q2 19

243 252217 227

279

377 394

Q3 19

Internet Retail

Internet Software and Services

0

20

100

Q3 19Q1 194)Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 183) Q2 19

28.9

11.54.6 6.0

16.07.4 6.8

95.3

35.1Internet Software and Services

Internet Retail

0

100

20

Q4 17

35.1

Q3 17 Q1 18 Q2 18 Q3 18 Q4 183) Q1 194) Q2 19

11.54.6 7.46.0

16.0

95.3

6.8

Q3 19

28.9

Over 1000m

500 - 1000m

250 - 500m

Under 250m

TRANSACTIONS

Note: 1) Target located in Europe or North America; 2) Includes only transactions for which financial details are publicly available; 3) Not including Red Hat and Tribune Media acquisitions; 4) Includes

Worldpay’s acquisition from Fidelity National Information Systems and First Data Corp.’s acquisition from Fiserv


8


TRANSACTIONS WITH EUROPEAN TARGETS IN Q2 2019

Origins oftargets

Origins ofbuyers

TRANSACTIONS WITH NORTH AMERICAN TARGETS IN Q2 2019

Origins oftargets

Origins ofbuyers

Canada

89%

United States

11%

United Kingdom

19%

France

18%

Spain

6%

Germany

13%

Denmark

4%

RoE2)

25%

North America

12%

RoW3)

6%

Europe

81%

Asia

1%

Note: 1) Target located in Europe or North America; 2) RoE = Rest of Europe; 3) RoW = Rest of World


7%

North America

84%

Europe

6%

RoW3)

3%

RoW

7%

9


Number of IPOs

Value of IPOproceeds(in EURbn)

IPOs

0

1

2

4

3

Q3 17

0.0

Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19

0.8 0.9

2.1

1.10.6

0.1

3.72)

1.0


Internet Retail

2 2

0

5

10

Q4 18Q1 18Q3 17 Q2 19Q3 18Q4 17 Q2 19Q2 18

10

Q1 19

7

98

5

7

2


Internet Retail

Note: 1) Company located in Europe or North America; 2) Excludes Slack’s IPO of USD 15.7bn


10

1 Champions 2 E-commerce & Travel

Champions Inventory based Marketplaces Travel

# of companies 11 # of companies 24 # of companies 10 # of companies 12

Combined EV (EURbn) 4,806.4

Combined EV (EURbn) 98.3



3 Content & Communities

Diversified & Portals Content MonetizationSocial Network & Communities

Gaming Gambling

# of companies 17 # of companies 6 # of companies 14 # of companies 15 # of companies 14

Combined EV (EURbn) 800.6 Combined EV (€bn) 20.0




4 Marketing & Classifieds

ClassifiedsCustomer Acquisition

Other Online MarketingE-commerce &Mrkt. solutions

# of companies 14 # of companies 19 # of companies 11 # of companies 8





5 Consumer/B2C Services & Payment

Consumer/B2C Services

Payment Overall

# of companies 8 # of companies 4 # of companies 187



Combined EV (EURbn) 6,454.5

DIGITAL, MEDIA & INTERNET: HOW WE DEFINE THE UNIVERSE

Notes: “Champions” are companies from all sectors with a market capitalization of over EUR 50bn


11

1 Champions

2 Inventory-based

Marketplaces

Travel




Gaming

Gambling

4 Classifieds





Payment

ONLINE SUBSECTOR VALUATIONS 2019 AND 2020

MEDIAN EV/SALES MEDIAN EV/EBITDA MEDIAN SALES GROWTH YOY MEDIAN EBITDA MARGIN

Note: Multiples values over 50x deemed not meaningful and excluded from analysis; Source: Capital IQ (01-Oct-2019)

30.4%

1.9%

16.2%

10.4%

21.2%

15.7%

21.7%

16.0%

23.3%

29.6%

8.8%

3.1%

3.1%

12.1%

28.4%

31.6%

2.5%

20.0%

18.7%

21.5%

23.4%

19.9%

22.3%

19.6%

33.9%

11.4%

7.9%

8.9%

18.3%

35.1%

2019 2020

18.7%

15.1%

12.2%

4.2%

7.8%

5.8%

17.0%

1.0%

4.3%

7.1%

10.3%

4.0%

20.9%

6.0%

21.7%

18.1%

13.6%

12.3%

8.6%

6.0%

10.6%

15.0%

11.7%

4.1%

10.5%

10.9%

11.0%

15.0%

7.9%

23.7%

17.3x

20.8x

14.3x

10.5x

9.7x

15.6x

7.6x

10.2x

8.2x

19.2x

14.4x

12.1x

19.1x

17.2x

23.6x

15.5x

12.3x

11.9x

9.1x

8.0x

14.0x

6.8x

9.5x

6.6x

17.7x

12.3x

9.8x

13.1x

15.4x

15.3x

2018-19 2019-20

6.3x

0.7x

3.6x

2.0x

2.0x

2.6x

1.5x

2.7x

1.7x

5.6x

3.6x

1.1x

2.3x

2.4x

7.7x

5.1x

0.7x

3.3x

1.8x

1.8x

2.2x

1.7x

2.4x

1.7x

4.7x

2.9x

1.0x

1.9x

2.2x

5.2x

2019 2020 2019 2020

12

1 Champions

2 Inventory-based

Marketplaces

Travel




Gaming

Gambling

4 Classifieds





Payment

60.6%

0.6%

84.0%

(7.5%)

22.3%

2.5%

(16.0%)

24.3%

(27.8%)

32.0%

12.2%

89.5%

63.9%

70.2%

133.2%

6.3%

(21.1%)

29.2%

(17.8%)

(12.4%)

(20.7%)

(15.9%)

6.2%

(16.5%)

13.3%

(12.4%)

(14.5%)

(18.9%)

(16.2%)

28.2%

(3.4%)

(3.6%)

(6.2%)

(6.7%)

(8.3%)

2.5%

(0.8%)

(0.7%)

(3.6%)

0.5%

(10.7%)

(18.7%)

0.5%

(4.6%)

2.2%

ONLINE SUBSECTOR PERFORMANCE

Note: Multiples values over 50x deemed not meaningful and excluded from analysis


MEDIAN 3 YEAR PERFORMANCE MEDIAN 1 YEAR PERFORMANCE MEDIAN 3 MONTH PERFORMANCE

13

GCA ALTIUM DIGITAL, MEDIA & INTERNET GROUP: LOCAL CONTACTS

LondonUK

Christopher JonesManaging [email protected]+44 20 7484 4040

Sam FullerManaging [email protected]+44 20 7484 40 40

FrankfurtGermany

Sascha PfeifferManaging [email protected]+49 69 204 346 415

Tobias SchultheissManaging [email protected]+49 69 204 346 416

MunichGermany

Dr. Martin KühnerManaging [email protected]+49 89 413 120

Georg [email protected]+49 89 413 12 124

ZurichSwitzerland

Alexander GrünwaldManaging [email protected]+41 43 499 43 43

Thomas EgliManaging [email protected]+41 43 499 43 41

ManchesterUK

Phil AdamsGroup [email protected]+44 845 505 43 03

Simon LordManaging [email protected]+44 845 505 43 04

MilanItaly

Carlo DawanManaging [email protected]+39 02 76 01 73 40

Alessandro SopranoManaging [email protected]+39 02 76 01 73 40

APPENDIX:SECTOR CONSTITUTION

15

1: CHAMPIONS



MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR

Company Country (EURm) (EURm) 2018 2019 2020 2018 2019 2020 2018 2019 2020 18-20

Alibaba CN 389,304 394,011 8.8x 6.3x 4.9x 34.0x 20.0x 15.6x 25.8% 31.6% 31.5% 34%

Alphabet US 756,847 660,123 5.3x 4.5x 3.8x 18.0x 12.3x 10.7x 29.5% 36.4% 35.9% 18%

Amazon.com US 777,331 804,630 3.8x 3.2x 2.7x 32.0x 21.4x 16.9x 11.9% 14.9% 15.8% 19%

Apple US 918,947 931,445 3.9x 3.9x 3.7x 12.9x 13.6x 13.0x 30.4% 29.0% 28.4% 3%

Baidu CN 32,188 25,612 1.9x 1.9x 1.6x 5.9x 14.5x 10.2x 32.1% 12.9% 16.0% 8%

Facebook US 454,128 417,557 8.3x 6.6x 5.4x 15.8x 12.2x 9.9x 52.3% 53.9% 54.7% 24%

Microsoft US 947,579 904,683 8.4x 7.5x 6.8x 20.2x 17.3x 15.5x 41.9% 43.6% 43.7% 12%

Netflix US 106,866 114,719 8.0x 6.3x 5.1x n/m 39.6x 27.7x 10.7% 15.8% 18.4% 25%

PayPal US 109,232 104,334 7.5x 6.5x 5.5x 42.2x 24.2x 20.3x 17.7% 26.9% 27.1% 16%

Booking Inc. US 76,135 78,399 6.0x 5.7x 5.2x 15.0x 14.6x 13.4x 39.8% 38.9% 39.0% 7%

Tencent CN 362,782 370,897 9.1x 7.5x 6.0x 25.3x 20.1x 17.2x 36.1% 37.3% 35.2% 23%

Mean 6.5x 5.4x 4.6x 22.1x 19.1x 15.5x 29.8% 31.0% 31.4% 17.2%

Median 7.5x 6.3x 5.1x 19.1x 17.3x 15.5x 30.4% 31.6% 31.5% 18.0%

16

Inventory-based

2: E-COMMERCE & TRAVEL (1/2)





1-800-FLOWERS.COM US 842 773 0.7x 0.7x 0.6x 10.6x 9.7x 8.6x 6.7% 6.8% 7.1% 8%

AO World GB 378 387 0.4x 0.3x 0.3x n/m n/m 23.3x -0.2% 0.5% 1.2% 16%

ASOS GB 2,419 2,463 0.8x 0.8x 0.7x 19.3x 18.5x 12.2x 4.4% 4.2% 5.6% 11%

Blue Apron US 99 153 0.3x 0.4x 0.3x n/m n/m 12.4x -11.6% -0.7% 2.8% -15%

boohoo group GB 3,627 3,433 3.8x 2.9x 2.1x 42.3x 29.0x 21.2x 8.9% 10.1% 9.8% 35%

Boozt SE 353 372 1.4x 1.1x 0.9x 35.1x 19.2x 13.5x 4.1% 5.8% 6.6% 26%

CJ ENM CO KR 2,891 4,642 1.7x 1.2x 1.2x 7.6x 5.5x 5.7x 22.6% 22.3% 20.9% 21%

Cogobuy Group CN 233 265 0.4x 0.1x n/a 21.9x n/a n/a 1.7% n/a n/a n/a

Delticom DE 38 124 0.2x 0.2x 0.2x n/m 44.4x 8.5x -0.9% 0.4% 2.2% 3%

Mango Excellent Media CN 6,219 5,682 4.5x 3.8x 3.2x 45.4x 12.2x 9.5x 10.0% 30.8% 33.4% 19%

JD.com CN 37,235 34,291 0.6x 0.5x 0.4x n/m 22.6x 15.1x 0.6% 2.1% 2.7% 19%

Ocado Group GB 10,838 10,818 5.8x 5.3x 4.6x n/m n/m n/m 2.2% 1.4% 4.1% 12%

Overstock.com US 307 310 0.2x 0.2x 0.2x n/m n/m n/m -10.5% -3.7% 0.0% -7%

PetMed Express US 324 248 1.0x 1.0x 1.0x 5.0x 9.6x 9.0x 19.1% 10.4% 11.0% -1%

Qliro Group SE 136 161 0.5x 0.6x 0.6x n/m 10.9x 6.5x -1.3% 5.4% 8.9% -4%

Rocket Internet SE DE 3,570 792 17.8x 15.5x 14.8x n/m n/m n/m -49.7% -22.0% -26.7% 9%

Shop Apotheke Europe NL 473 464 0.9x 0.7x 0.5x n/m n/m n/m -2.8% -2.2% -0.2% 27%

ZOZO JP 6,292 6,317 6.5x 6.0x 4.9x 24.8x 22.3x 17.6x 26.2% 27.0% 28.0% 15%

Stitch Fix US 1,832 1,548 1.2x 1.0x 0.8x 30.4x 38.9x 34.2x 4.1% 2.5% 2.5% 21%

U.S. Auto Parts Network US 50 62 0.2x 0.2x 0.2x n/m 30.5x 9.1x 0.3% 0.8% 2.6% 0%

Vipshop CN 5,380 4,720 0.4x 0.4x 0.4x 11.6x 6.9x 5.8x 3.7% 5.9% 6.6% 6%

Wayfair US 8,824 9,550 1.6x 1.1x 0.9x n/m n/m n/m -6.0% -4.3% -2.5% 33%

Zalando SE DE 10,399 9,905 1.8x 1.5x 1.3x n/m 24.3x 20.2x 3.2% 6.3% 6.4% 19%

zooplus DE 787 812 0.6x 0.5x 0.5x n/m 41.9x 26.6x 0.4% 1.2% 1.7% 15%

Mean 2.2x 1.9x 1.8x 23.1x 21.7x 14.4x 1.5% 4.8% 5.9% 12.6%

Median 0.9x 0.7x 0.7x 21.9x 20.8x 12.3x 1.9% 2.5% 4.1% 14.8%

17

2: E-COMMERCE & TRAVEL (2/2)

Marketplaces

Travel





B2W - Companhia Digital BR 4,948 5,586 3.9x 3.7x 3.2x n/m 43.0x 29.4x 0.7% 8.5% 11.0% 10%

Cars.com US 563 1,208 2.0x 2.2x 2.1x 7.7x 7.9x 7.1x 26.1% 27.9% 30.1% -3%

Copart US 16,724 16,918 10.0x 8.5x 7.7x 26.2x 21.4x 19.2x 38.1% 39.7% 39.9% 14%

eBay US 29,268 34,267 3.5x 3.5x 3.3x 12.6x 10.2x 9.6x 28.0% 34.4% 34.8% 3%

Etsy US 6,031 5,798 10.6x 8.0x 6.4x n/m 34.1x 25.4x 16.2% 23.4% 25.3% 29%

Infibeam Avenues IN 336 318 n/a 2.1x 1.5x n/a 14.3x 8.9x n/a 14.7% 17.0% n/a

MercadoLibre AR 24,773 23,392 17.9x 11.3x 8.3x n/m n/m n/m -1.6% 2.2% 5.7% 47%

Rakuten JP 12,263 14,368 1.6x 1.4x 1.2x 11.6x 8.4x 11.9x 13.6% 16.7% 10.4% 13%

Scout24 DE 5,605 6,291 11.4x 10.1x 9.1x 26.4x 19.5x 17.0x 43.2% 51.9% 53.7% 12%

Shutterstock US 1,149 965 1.7x 1.6x 1.5x 20.0x 10.5x 10.0x 8.5% 15.4% 15.1% 6%

Mean 7.0x 5.2x 4.4x 17.4x 18.8x 15.4x 19.2% 23.5% 24.3% 14.4%

Median 3.9x 3.6x 3.3x 16.3x 14.3x 11.9x 16.2% 20.0% 21.1% 12.0%



Besttone Holding CN 1,556 1,145 1.9x n/a n/a 27.8x n/a n/a 7.0% n/a n/a n/a

Trip.com Group CN 15,897 16,801 4.2x 3.7x 3.1x 36.1x 17.8x 14.2x 11.6% 20.5% 21.9% 16%

Despegar.com, AR 688 425 0.9x 0.9x 0.8x 9.2x 16.5x 7.5x 9.6% 5.5% 10.1% 8%

eDreams ODIGEO S.A. LU 467 768 1.4x 1.4x 1.3x 8.1x 6.0x 5.5x 17.8% 23.1% 23.8% 5%

Expedia Group US 20,644 21,546 2.1x 2.0x 1.8x 18.8x 10.5x 9.5x 11.3% 18.6% 18.9% 9%

lastminute.com NL 385 311 1.1x 0.9x 0.9x 21.0x 5.1x 4.6x 5.1% 18.7% 19.4% 9%

MakeMyTrip IN 2,096 1,883 4.0x 2.8x 2.2x n/m n/m n/m -27.4% -13.4% 0.2% 33%

On the Beach Group GB 578 579 4.4x 3.3x 3.0x 16.2x 12.3x 10.5x 27.2% 26.7% 28.9% 21%

TripAdvisor US 4,822 4,101 2.8x 2.8x 2.6x 19.1x 9.6x 8.7x 14.7% 29.1% 29.7% 4%

trivago DE 1,255 1,141 1.2x 1.3x 1.2x n/m 14.7x 12.4x -0.8% 8.9% 9.9% 1%

Tuniu CN 341 153 0.5x 0.5x 0.5x n/m n/m 33.8x -6.2% -12.7% 1.4% 4%

Webjet AU 889 894 2.5x 3.6x 3.2x 14.7x 9.8x 8.4x 16.9% 36.6% 37.4% -11%

Mean 2.3x 2.1x 1.9x 19.0x 11.4x 11.5x 7.2% 14.7% 18.3% 8.8%

Median 2.0x 2.0x 1.8x 18.8x 10.5x 9.1x 10.4% 18.7% 19.4% 7.6%

18

Diversifieds & Portals

3: CONTENT & COMMUNITIES (1/4)





CBS US 13,692 22,890 1.7x 1.6x 1.5x 8.1x 7.4x 6.8x 21.5% 21.8% 22.8% 6%

Comcast US 183,201 283,396 3.3x 2.9x 2.7x 10.4x 9.1x 8.5x 31.8% 31.4% 32.0% 10%

CyberAgent JP 4,462 4,388 1.2x 1.1x 1.1x 14.7x 13.2x 10.9x 8.4% 8.7% 9.9% 7%

Discovery US 16,418 32,693 3.4x 3.2x 3.1x 8.0x 7.7x 7.5x 43.0% 42.0% 40.8% 6%

IAC/InterActiveCorp US 16,669 17,587 4.6x 4.1x 3.5x 23.7x 18.9x 15.0x 19.2% 21.5% 23.7% 13%

Kakao KR 9,035 8,032 4.2x 3.4x 2.8x n/m 29.0x 20.6x 8.5% 11.6% 13.7% 22%

Lions Gate Entertainment US 1,665 4,627 1.3x 1.4x 1.3x 11.0x 11.4x 8.0x 12.2% 12.0% 16.1% 2%

Mail.ru Group CY 4,091 4,180 4.4x 3.3x 2.8x n/m 9.7x 8.0x 1.6% 34.4% 35.4% 25%

NAVER KR 18,247 17,460 4.0x 3.4x 3.0x 18.5x 20.4x 14.7x 21.5% 16.7% 20.2% 16%

Phoenix New Media CN 169 19 0.1x 0.1x 0.1x n/m n/m n/m -6.6% -3.9% -0.3% 12%

ProSiebenSat.1 Media SE DE 2,859 5,722 1.4x 1.4x 1.3x 7.1x 6.2x 6.0x 20.2% 22.2% 21.9% 4%

Sony JP 64,941 68,906 1.0x 1.0x 0.9x 7.9x 6.8x 6.6x 12.4% 14.0% 14.3% 2%

The Walt Disney Company US 211,292 271,308 5.0x 4.0x 3.5x 17.2x 16.9x 14.7x 29.4% 23.5% 24.0% 19%

Fox US 17,540 20,905 2.1x 2.0x 1.8x 9.2x 9.8x 8.0x 22.8% 20.6% 23.0% 7%

Viacom US 8,850 16,572 1.4x 1.4x 1.4x 6.0x 6.1x 6.0x 23.4% 23.0% 22.6% 2%

Z Holdings Corp JP 12,313 12,144 1.5x 1.5x 1.4x 7.3x 7.4x 6.8x 21.2% 20.1% 21.4% 3%

Yandex NL 10,288 9,788 5.4x 3.9x 3.1x 21.4x 13.0x 9.5x 25.2% 30.3% 32.2% 33%

Mean 2.7x 2.3x 2.1x 12.2x 12.1x 9.8x 18.6% 20.6% 22.0% 11.2%

Median 2.1x 2.0x 1.8x 9.8x 9.7x 8.0x 21.2% 21.5% 22.6% 6.9%

19



Social Networks and Communities





Cookpad JP 272 110 1.1x 1.2x 1.2x 5.2x 15.7x 27.7x 21.6% 7.4% 4.2% -2%

Leaf Group US 94 94 0.7x 0.6x 0.6x n/m n/m 40.8x -8.4% -2.8% 1.5% 6%

GoDaddy US 10,086 11,436 4.7x 4.2x 3.8x 34.0x 17.0x 14.8x 14.0% 24.9% 25.7% 12%

TechTarget US 554 564 5.1x 4.7x 4.2x 29.4x 15.6x 13.3x 17.4% 29.9% 31.9% 10%

TEGNA US 2,980 5,709 2.9x 2.9x 2.3x 8.0x 9.7x 6.7x 35.5% 29.8% 34.9% 10%

Yelp US 2,242 2,098 2.5x 2.3x 2.0x 46.6x 10.4x 8.5x 5.3% 21.9% 23.9% 10%

Mean 2.8x 2.6x 2.4x 24.6x 13.7x 18.6x 14.2% 18.5% 20.3% 7.8%

Median 2.7x 2.6x 2.2x 29.4x 15.6x 14.0x 15.7% 23.4% 24.8% 10.1%



DeNA JP 2,306 1,570 1.5x 1.5x 1.4x 8.3x 7.6x 6.8x 17.9% 20.0% 20.1% 4%

Gree JP 952 252 0.4x 0.4x 0.4x 3.8x 5.4x 6.1x 11.1% 7.8% 6.7% 1%

LINE JP 7,666 7,681 4.5x 3.9x 3.3x n/m n/m 41.7x -0.2% -5.9% 8.0% 16%

The Meet Group US 213 224 1.4x 1.2x 1.1x 10.9x 6.1x 5.4x 12.7% 19.4% 19.6% 14%

mixi JP 1,397 250 0.2x 0.3x 0.3x 0.6x 1.4x 2.2x 32.8% 19.8% 14.8% -23%

Momo CN 5,912 4,934 2.8x 2.3x 2.0x 10.8x 10.9x 7.2x 26.2% 21.2% 27.5% 20%

Renren CN 49 133 0.3x n/a n/a n/m n/a n/a -21.8% n/a n/a n/a

SINA CN 2,447 2,739 1.4x 1.4x 1.2x 5.7x 5.3x 4.5x 25.2% 26.1% 27.7% 8%

Snap US 19,381 18,633 17.4x 12.1x 9.0x n/m n/m n/m -97.1% -15.1% 1.6% 39%

Tian Ge Interactive CN 291 88 0.9x 0.4x n/a 1.7x n/a n/a 54.4% n/a n/a n/a

Twitter US 28,105 25,214 9.2x 7.8x 6.8x 36.1x 21.2x 17.9x 25.4% 36.9% 37.8% 16%

Weibo CN 9,079 8,480 5.5x 5.1x 4.5x 14.6x 14.4x 12.7x 37.2% 35.7% 35.4% 10%

New Work SE DE 1,419 1,404 6.0x 5.1x 4.4x 22.2x 16.7x 13.9x 27.2% 30.5% 31.3% 18%

YY CN 4,184 2,311 1.1x 0.7x 0.6x 6.2x 7.7x 5.6x 18.1% 9.4% 10.3% 40%

Mean 3.8x 3.3x 2.9x 11.0x 9.7x 11.3x 12.1% 17.1% 20.1% 13.6%

Median 1.5x 1.5x 1.7x 8.3x 7.6x 6.8x 21.7% 19.9% 19.9% 15.0%

20

Gaming






Activision Blizzard US 36,737 35,191 5.2x 6.1x 5.6x 15.5x 17.5x 14.7x 33.4% 35.0% 37.7% -3%

Changyou.com CN 444 254 0.6x 0.6x 0.6x 2.1x 2.1x 1.6x 27.7% 30.6% 39.3% -5%

Electronic Arts US 25,816 22,237 4.6x 4.6x 4.5x 14.4x 13.5x 13.3x 32.1% 34.3% 34.2% 1%

Glu Mobile US 695 636 1.9x 1.7x 1.5x n/m 20.2x 12.1x 0.0% 8.5% 12.3% 13%

Gree JP 952 252 0.4x 0.4x 0.4x 3.8x 5.4x 6.1x 11.1% 7.8% 6.7% 1%

GungHo JP 1,414 783 1.0x 0.9x 1.0x 3.4x 2.7x 3.8x 30.2% 32.2% 26.7% 1%

Kingsoft CN 2,629 1,897 2.5x 1.9x 1.4x n/m 37.3x 14.0x -1.7% 5.1% 10.1% 33%

Ncsoft KR 8,499 7,609 5.7x 5.7x 3.9x 15.2x 17.5x 9.5x 37.3% 32.3% 41.3% 20%

NEOWIZ KR 266 163 1.0x 0.8x 0.8x 8.4x 4.6x 4.3x 11.5% 18.2% 18.7% 10%

NetDragon Websoft CN 1,117 953 1.5x 1.2x 1.1x 9.1x 6.2x 5.0x 16.0% 20.0% 21.1% 17%

NetEase CN 30,441 25,865 3.0x 2.9x 3.1x 20.0x 13.7x 11.3x 14.9% 21.1% 27.7% -2%

NEXON JP 9,975 5,769 2.7x 2.7x 2.4x 6.1x 6.7x 5.8x 44.7% 40.8% 41.9% 6%

Ubisoft Entertainment FR 7,074 7,368 3.8x 4.3x 2.8x 14.5x 7.0x 6.5x 26.3% 61.2% 42.4% 18%

Wemade Co.,Ltd. KR 398 354 3.5x 3.5x 2.5x n/m n/m 18.0x -24.7% -1.2% 13.9% 19%

Zynga US 4,928 4,708 5.7x 4.1x 3.2x n/m 18.5x 14.9x 6.3% 22.3% 21.7% 33%

Mean 2.9x 2.8x 2.3x 10.2x 12.3x 9.4x 17.7% 24.6% 26.4% 10.8%

Median 2.7x 2.7x 2.4x 9.1x 10.2x 9.5x 16.0% 22.3% 26.7% 10.0%

21

Gambling






888 GI 651 603 1.2x 1.2x 1.1x 6.9x 7.7x 7.0x 18.0% 15.5% 16.0% 5%

Bet-At-Home.com DE 327 282 2.1x 2.5x 2.4x 7.8x 9.4x 8.1x 26.5% 26.4% 29.8% -7%

GVC GB 5,047 7,624 2.2x 1.8x 1.8x 20.4x 8.8x 7.6x 11.0% 21.0% 23.5% 12%

International Game Technology GB 2,573 10,606 2.4x 2.4x 2.4x 8.3x 6.9x 6.7x 29.4% 35.5% 35.7% 0%

Gamesys Group GB 930 1,238 3.3x 2.0x 1.9x 9.9x 6.9x 6.0x 33.7% 28.8% 30.9% 34%

Kindred Group MT 1,202 1,373 1.3x 1.3x 1.2x 5.8x 8.6x 6.4x 22.6% 14.8% 17.9% 6%

NetEnt SE 663 668 4.0x 3.8x 2.9x 10.5x 7.2x 5.2x 37.9% 52.8% 55.2% 18%

Flutter Entertainment IE 6,674 7,496 3.4x 3.2x 2.9x 14.3x 17.6x 15.9x 24.1% 18.3% 18.2% 9%

Playtech IM 1,486 1,904 1.5x 1.2x 1.2x 7.2x 4.9x 4.6x 21.3% 25.6% 26.1% 13%

Sportech GB 66 60 0.8x 0.8x 0.7x 17.3x 5.5x 5.5x 4.6% 14.2% 13.6% 4%

The Rank Group GB 859 857 1.1x 1.0x 1.0x 7.3x 6.0x 5.6x 14.8% 16.4% 17.2% 5%

The Stars Group CA 4,002 8,365 4.6x 3.6x 3.3x 17.5x 10.1x 9.3x 26.0% 35.9% 35.9% 17%

William Hill GB 1,890 2,641 1.4x 1.4x 1.4x 9.0x 9.4x 8.4x 15.5% 15.0% 16.3% 2%

ZEAL Network GB 394 249 1.6x 1.6x 1.5x 5.7x 11.9x 5.0x 28.1% 13.2% 30.7% 3%

Mean 2.2x 2.0x 1.8x 10.6x 8.6x 7.2x 22.4% 23.8% 26.2% 8.5%

Median 1.8x 1.7x 1.7x 8.6x 8.2x 6.6x 23.3% 19.6% 24.8% 5.9%

22

Classifieds

4: MARKETING & CLASSIFIEDS (1/3)





51job CN 4,411 3,171 6.5x 5.7x 4.7x 19.6x n/a n/a 33.3% n/a n/a 18%

58.com CN 6,550 5,819 3.4x 2.9x 2.5x 16.0x 14.1x 11.8x 21.3% 20.9% 21.5% 16%

Auto Trader Group GB 5,528 5,901 14.6x 13.7x 12.9x 20.9x 18.9x 17.5x 69.8% 72.6% 73.5% 6%

Autohome CN 9,043 7,628 8.1x 6.9x 6.0x 19.8x 17.0x 14.0x 41.1% 40.6% 42.6% 17%

Bitauto CN 953 4,174 3.0x 2.9x 2.6x n/m 23.7x 18.4x 4.3% 12.4% 14.4% 7%

carsales.com AU 2,413 2,665 8.9x 9.9x 9.2x 21.1x 19.6x 18.5x 42.4% 50.4% 49.8% -2%

DHI Group US 166 183 1.3x 1.3x 1.3x 9.3x 5.8x 5.1x 13.5% 23.2% 24.7% -1%

Fang CN 169 547 2.0x 2.1x 2.2x 9.3x n/a n/a 21.5% n/a n/a -4%

Info Edge (India) IN 3,214 2,975 22.6x 18.6x 15.5x n/m n/m 44.7x 32.1% 33.7% 34.7% 21%

REA Group AU 9,034 9,141 15.7x 16.1x 14.6x 30.6x 29.4x 22.7x 51.1% 54.6% 64.3% 4%

Rightmove GB 5,704 5,656 18.2x 16.9x 15.7x 24.1x 22.0x 20.5x 75.4% 76.6% 76.4% 8%

SaraminHR KR 243 206 3.1x 2.9x 2.7x 12.5x 8.5x 7.3x 24.4% 34.1% 36.4% 7%

SEEK AU 4,746 5,702 6.3x 5.5x 4.7x 23.5x 19.6x 17.7x 27.0% 28.1% 26.8% 16%

Zillow Group US 5,554 5,506 4.6x 2.4x 1.4x n/m n/m n/m 1.5% -0.1% -0.3% 82%

Mean 8.4x 7.7x 6.9x 18.8x 17.9x 18.0x 32.8% 37.3% 38.7% 14.0%

Median 6.4x 5.6x 4.7x 19.8x 19.2x 17.7x 29.6% 33.9% 35.5% 7.6%

23







ANGI Homeservices US 3,225 3,259 3.2x 2.7x 2.2x 15.7x 16.8x 13.4x 20.2% 16.0% 16.6% 19%

Care.com US 300 261 1.5x 1.4x 1.3x 20.8x 14.0x 12.0x 7.2% 10.0% 10.8% 8%

Catena Media MT 251 386 3.7x 3.7x 3.4x 7.7x 8.6x 7.1x 47.7% 43.3% 47.8% 4%

Delivery Hero SE DE 7,672 6,950 10.4x 5.4x 3.6x n/m n/m n/m -24.8% -31.2% -10.9% 71%

eHealth US 1,317 1,248 5.5x 3.6x 2.9x n/m 20.3x 14.8x 8.5% 17.7% 19.8% 37%

Groupon US 1,352 1,158 0.5x 0.5x 0.5x 8.5x 4.9x 4.5x 5.7% 10.9% 11.9% -5%

Grubhub US 4,669 4,884 5.4x 4.0x 3.1x 33.4x 22.3x 15.7x 16.0% 17.7% 19.8% 31%

Gruppo MutuiOnline IT 621 746 4.0x 3.6x 3.4x 14.7x 13.1x 12.3x 27.3% 27.1% 27.3% 9%

Gurunavi JP 280 212 0.8x 0.8x 0.8x 4.5x 11.0x 8.4x 17.0% 7.6% 9.7% -3%

HolidayCheck Group DE 129 110 0.8x 0.8x 0.7x 22.2x 22.9x 7.1x 3.5% 3.4% 9.8% 6%

iSelect AU 76 67 0.6x 0.7x 0.6x 10.1x 6.4x 4.8x 6.0% 10.9% 13.5% -3%

Just Eat GB 5,241 5,327 5.9x 4.4x 3.6x 27.6x 25.1x 19.8x 21.4% 17.5% 18.0% 28%

Kakaku.com JP 4,620 4,428 10.0x 9.0x 8.3x 20.0x 18.8x 17.2x 50.2% 47.8% 48.3% 10%

LendingTree US 3,582 3,891 5.6x 3.9x 3.3x 42.9x 21.5x 16.7x 13.1% 18.2% 19.7% 31%

Moneysupermarket.com GB 2,360 2,374 5.8x 5.2x 4.9x 17.4x 14.4x 13.5x 33.0% 36.4% 36.5% 8%

Quotient Technology US 642 567 1.6x 1.5x 1.3x 30.6x 14.1x 10.7x 5.3% 10.4% 11.9% 13%

Takeaway.com NL 4,483 4,677 20.1x 11.2x 8.3x n/m n/m n/m -10.7% 4.2% 14.5% 55%

Travelzoo US 107 109 1.1x 1.1x 1.0x 12.3x 9.3x 8.1x 8.8% 11.4% 12.5% 3%

trivago DE 1,255 1,141 1.2x 1.3x 1.2x n/m 14.7x 12.4x -0.8% 8.9% 9.9% 1%

Mean 4.6x 3.4x 2.9x 19.2x 15.2x 11.7x 13.4% 15.2% 18.3% 17.0%

Median 3.7x 3.6x 2.9x 17.4x 14.4x 12.3x 8.8% 11.4% 14.5% 9.1%

24


Other Online Marketing

E-commerce & Marketing Solutions





1000mercis FR 60 61 0.9x 0.8x 0.8x 7.0x 7.1x 6.7x 12.2% 12.0% 11.9% 4%

Blucora US 912 1,172 2.3x 1.8x 1.5x 12.3x 9.5x 7.9x 18.7% 19.0% 19.6% 22%

comScore US 114 306 0.8x 0.9x 0.9x n/m n/m 14.6x -17.5% -1.1% 5.9% -3%

Criteo FR 1,114 939 0.5x 1.1x 1.0x 4.6x 3.6x 3.5x 9.9% 29.9% 30.1% -34%

LivePerson US 1,997 1,969 8.7x 7.5x 6.2x n/m n/m n/m 1.0% 0.8% 6.6% 18%

Otello NO 217 210 0.8x 1.0x 0.9x n/m 12.1x 8.9x -1.5% 8.1% 10.5% -5%

OPT Holding JP 314 276 0.4x 0.4x 0.3x 12.2x 18.3x 14.7x 3.1% 2.1% 2.3% 6%

QuinStreet US 540 483 1.2x 1.1x 1.0x 20.3x 14.4x 9.8x 5.9% 7.8% 10.3% 9%

The Trade Desk US 7,477 7,348 17.0x 12.4x 9.5x n/m 39.4x 30.5x 24.2% 31.3% 31.3% 34%

Telaria US 283 258 5.2x 4.1x 3.4x n/m n/m 28.0x -18.9% 4.4% 12.3% 23%

Weborama FR 17 14 0.4x n/a n/a n/m n/a n/a -4.4% n/a n/a n/a

Mean 3.5x 3.1x 2.6x 11.3x 14.9x 13.8x 3.0% 11.4% 14.1% 7.2%

Median 0.9x 1.1x 1.0x 12.2x 12.1x 9.8x 3.1% 7.9% 11.2% 7.2%



Brightcove US 359 356 2.4x 2.1x 1.9x n/m 40.5x 25.6x -5.2% 5.2% 7.5% 11%

Baozun CN 2,411 2,415 3.5x 2.5x 1.9x 43.5x 29.0x 19.1x 7.9% 8.7% 10.0% 34%

Cafe24 KR 472 466 3.6x 2.7x 2.4x 27.3x 20.3x 15.6x 13.2% 13.4% 15.1% 23%

HubSpot US 5,801 5,461 11.8x 9.1x 7.3x n/m n/m n/m -6.9% 12.7% 13.9% 27%

InnerWorkings US 206 366 0.4x 0.4x 0.3x 41.0x 8.7x 7.3x 0.9% 4.0% 4.6% 3%

Limelight Networks US 314 290 1.6x 1.6x 1.4x 19.2x 17.8x 10.6x 8.5% 9.1% 13.7% 6%

Quotient Technology US 642 567 1.6x 1.5x 1.3x 30.6x 14.1x 10.7x 5.3% 10.4% 11.9% 13%

Shopify CA 32,706 30,986 31.9x 22.2x 16.6x n/m n/m n/m -6.4% 3.9% 5.2% 39%

Mean 7.1x 5.3x 4.1x 32.3x 21.7x 14.8x 2.2% 8.4% 10.2% 19.6%

Median 2.9x 2.3x 1.9x 30.6x 19.1x 13.1x 3.1% 8.9% 11.0% 18.0%

25Note: Multiples values over 50x deemed not meaningful and excluded from analysis


5: CONSUMER/B2C SERVICES & PAYMENT

Consumer / B2C Services

Payment



Chegg US 3,164 3,235 11.1x 8.9x 7.1x n/m 30.1x 22.2x 5.7% 29.5% 32.1% 25%

Cimpress IE 3,347 4,436 1.8x 1.7x 1.7x 18.1x 10.6x 11.0x 10.1% 16.4% 15.3% 4%

CTS Eventim DE 4,987 4,627 3.7x 3.5x 3.2x 23.5x 17.3x 15.9x 15.9% 20.1% 20.4% 7%

Live Nation Entertainment US 12,637 14,785 1.5x 1.4x 1.3x 23.9x 17.2x 15.4x 6.3% 8.0% 8.3% 9%

Proto Labs US 2,366 2,254 5.6x 5.3x 4.9x 21.7x 19.8x 16.9x 25.7% 26.9% 28.8% 7%

Qurate Retail US 3,888 10,760 0.8x 0.9x 0.9x 6.0x 6.0x 5.8x 14.1% 14.4% 14.8% -1%

Spotify Technology LU 18,311 17,425 3.3x 2.6x 2.1x n/m n/m n/m -0.3% -0.8% 0.3% 27%

Stamps.com US 1,125 1,110 2.1x 2.3x 2.3x 5.5x 8.9x 11.0x 37.7% 25.4% 21.2% -5%

Mean 3.8x 3.3x 2.9x 16.5x 15.7x 14.0x 14.4% 17.5% 17.6% 9.1%

Median 2.7x 2.4x 2.2x 19.9x 17.2x 15.4x 12.1% 18.3% 17.9% 7.2%



Intuit US 62,235 60,149 10.7x 9.4x 8.5x 37.3x 26.6x 23.3x 28.5% 35.5% 36.5% 12%

Global Payments US 42,955 47,797 15.7x 9.6x 5.7x 40.1x 27.5x 15.2x 39.1% 34.8% 37.4% 66%

Qiwi CY 1,187 653 1.5x 2.0x 1.6x 8.3x 5.0x 3.6x 18.2% 40.0% 45.6% -5%

Wirecard DE 17,917 16,143 7.8x 6.0x 4.7x 27.7x 20.6x 15.4x 28.3% 29.3% 30.8% 29%

Mean 8.9x 6.7x 5.1x 28.3x 19.9x 14.4x 28.5% 34.9% 37.6% 25.5%

Median 9.2x 7.7x 5.2x 32.5x 23.6x 15.3x 28.4% 35.1% 36.9% 20.3%

Date post:	31-Jul-2020
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