Noah report
About Techcelerate Ventures
Tech Investment and Growth Advisory for Series A in the UK, operating in £150k to £5m investment market, working with #SaaS #FinTech #HealthTech #MarketPlaces and #PropTech companies.
Contents
Title
Page
Cover
1
Agenda
2
Selected NOAH Advisors Deals
3
The NOAH Conferences
47
NOAH Connect: Coming Soon!
89
“NOAH, I’m On Board”
10
Porsche: The New Panamera
11
European Online Valuations
12
Universe of Public Internet Companies
13
Sector Valuations
14
Sector KPIs
15
Deutsche Börse Venture Network
16
Historical Valuation by Region
17
Growth Driven Valuation
18
Significant European Movers
19
Credit Suisse
20
Trading Comparables
2129
Advertising, Classifieds
21
Classifieds (Cont’d), Content, Digi.
Entertainment, Ecommerce
22
Ecommerce (Cont’d), Education,
Fitness/Wearables
23
Gambling, Gaming
24
Hardware & Semiconductors
25
Healthcare & Science, IoT, Brokerage,
Travel, Payments
26
Search, Social, Software
27
Software (Cont’d)
28
NOAH Internet Trading Comps
29
Manhattan Venture Partners
30
NOAH Top List: European FinTech
31
Selected Transaction Comps
3239
Strategic Buyers by Segment
3237
Financial Buyers by Segment
3839
2
Title
Page
Pipedrive
40
NOAH Disruptor List
4148
CHRONEXT
49
NOAH Top List: European SaaS
5051
The NOAH Conferences
52
The NOAH Ecosystem
53
Real Winners on Stage
5455
Adyen
56
NOAH Berlin 2018 Review
5761
NOAH Berlin 2018 Overview
57
NOAH Berlin 2018 Highlights
58
Event Impressions
5760
Sponsors & Partners
61
NOAH Tel Aviv 2018 Review
6365
NOAH Tel Aviv 2018 Overview
62
Event Impressions
6364
Sponsors & Partners
65
NOAH London 2017 Review
6670
NOAH London 2017 Overview
66
NOAH London 2017 Highlights
67
Event Impressions
6869
Sponsors & Partners
70
Target Global
71
NOAH Advisors
72
NOAH Advisors Overview
7374
Selected NOAH Advisors Deals
75
NOAH Resources
76
Selected NOAH Advisors Deals
3
Exclusive Financial Advisor to
Facile.it and its Shareholders
to
Sale of controlling stake in
Exclusive Financial Advisor to
Trovit and its Shareholders
for €80m to
Sale of 100% of
Advisor to the Selling Shareholders
sale to
Exclusive Financial Advisor to
Yad2 and its Shareholders
for $228m to JV between
sold 100% of
Exclusive Financial Advisor to
Softonic and its shareholders
for a 30% stake alongside Softonic’s
Founders and Angel Investors at
€275m valuation
Growth equity investment from
April 2012
Financial Advisor to Toprural
and its Shareholders
Sale of 100% in
to
November 2011
Exclusive Financial Advisor to
Fotolia and its Shareholders
$150 million growth equity
investment from
for a 50% stake alongside Fotolia’s
Founders and TA Associates
Additional $150 million senior debt
financing
Exclusive Advisor to
Summit Partners and TA
Associates
have acquired a majority stake in
for $350m from
July 2011
Exclusive Advisor to EnGrande
Sale of a majority stake in
to
at a valuation of €40m
September 2014
October 2014
December 2014
Exclusive Financial Advisor to
Fotolia and the Selling
Shareholders
for $800m to
Sale of 100% of
August 2014
May 2014
February 2013
May 2012
Exclusive Financial Advisor to
grupfoni and its Shareholders
Sale of a majority stake in
to
Quants Financial Services AG
September 2015
Exclusive Financial Advisor to
Drushim and its Shareholders
to
Sale of 70% stake in
July 2015
Advisor to BIScience
from
Primary funding for
November 2015
Exclusive Financial Advisor to
Pipedrive
$5m fundraising and NOAH as
the Lead Investor
August 2015
Exclusive Financial Advisor to
Aloha
$14m fundraising and NOAH as
the Lead Investor
May 2016
September 2016
Acquisition of a Majority Stake in
by
from
at a valuation of €300m
Exclusive Financial Advisor to
10Bis and its Shareholders
Financial Advisor to Oakley
Capital
Investment in
10Bis
by
October 2016
Investment in
by
84% Ownership
Exclusive Financial Advisor to
KäuferPortal and its
Shareholders
December 2016
Investment in
Financial Advisor to Silver Lake
July 2011
by
August 2017
Acquisition of a Majority Stake in
Financial Advisor to EMK Capital
by
at a valuation of $200m
3031 October 2018
100+ top speakers
~2,000 senior attendees
630+ investment funds
Europe’s top entrepreneurs and Clevel executives meet financial,
corporate and private investors
NOAH Conference London
REQUEST INVITE >>
REGISTER >>
NOAH Conference
OVERVIEW PRESENTATION
WATCH THE TRAILER
Old Billingsgate, London
4
47%
25%
14%
9%
3% 2%
Internet Entrepreneurs
and Executives
Investors
Corporate Executives
Service Providers
Press
Other
Attendees by Type
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH17 LONDON
Connecting Capital with Entrepreneurs
49%
21%
8%
1%
21%
CLevel
Investment Partner
Owner, Founder
Board Member
Other
Attendees by Seniority
REQUEST INVITE >>
NOAH Tel Aviv
VIDEO PRESENTATION
910 April 2019
Haoman 17, Tel Aviv
The NOAH Conference Tel Aviv
Connecting Israel’s Startups with Large Corporates and Investors
5
70+ top speakers
250+ international executives
Selected European “large caps” visit
leading Israeli startups
~800 senior attendees
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH18 TEL AVIV
REQUEST INVITE >>
REGISTER >>
Fantastic speaker lineup
Meet disruptors across key industry verticals
Networking with 3,500+ attendees
NOAH Conference
OVERVIEW PRESENTATION
WATCH THE TRAILER
1314 June 2019
STATION Berlin
The NOAH Conference Berlin
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH18 BERLIN
Traditional market leaders meet their digital startup counterparts
Connecting European Champions and Challengers
6
41%
21%
17%
16%
4% 1%
Internet Entrepreneurs
and Executives
Investors
Service Providers
Corporate Executives
Press
Other
Attendees by Type
29%
19%
18%
10%
24%
Board Member
CLevel
Owner, Founder
Investment Partner
Other
Attendees by Seniority
THE NOAH
STARTUP STAGE
NOAH Berlin Startup Competition
Voting for the best startups from this month’s NOAH Berlin 2018 is now open...
CEOs and founders from 90+ digital startups presented their businesses in a series of
elevator pitches  and now’s the time for you to cast your vote by the 27th of July!
The top 2 companies with the most votes will not only present on the main stage of our
upcoming NOAH London Conference on 3031 October, but will also have the chance to
win great prizes from our partners: Visa and SafeCharge.
APPLY FOR NOAH18 LONDON STARTUP STAGE
The NOAH18 London Startup Stage
Want to meet relevant angels and VCs looking for earlystage opportunities and
increase public awareness? Apply for the NOAH London Startup Stage 2018 now!
VOTE HERE
8
NOAH Connect: Coming Soon!
Supporting the European online ecosystem with 4 key objectives
•
Connect Europe’s digital leaders
• Connect old and new economy
• Narrow competitive disadvantage vs. better funded US firms
•
Increase exits to European strategic buyers
(to preserve longterm competitiveness)
NOAH Connect: Bringing the NOAH Ecosystem Online in 2018
v
NOAH MATCHMAKING
Looking for New Potential Business Partners?
There is no better opportunity to meet them
in person than at the NOAH Conference!
How does it work?
Selecteither companiesor investment funds depending on
your objectives
Searchand filter our listings to mark your networking wishlist
for the Conference
We will reach out to them to signalyour interest in meeting
them at our events
Manage confirmations and your conference agenda via our
NOAH Connect App for iOS and Android
1
2
3
4
v
Want to join our mission? Leave your mark and show support the
European digital ecosystem! All we need is a 5 second selfie video of
you saying “NOAH, I’m On Board” and we’ll then publish all relevant
videos on our website.
They Are on Board to Support the
European Digital Ecosystem!
Share Your Video with Us
Are You?
Share Your Video
European Online Valuations
Universe of Public Internet Companies
13
Europe
United States
Travel
Ecommerce
Advertising
Classifieds
Lead Gen
Marketplaces
Online Gaming
Search
Social
Sector Valuations
14
Europe
United States
Search &
Portals
Ecommerce
Advertising
Social
Marketplaces
Gaming
Lead
Generation
Classifieds
Travel
Note: Calculation based on sector aggregates.
EV / EBITDA 2018E
June 2018
46.6x
27.5x
25.7x
21.7x
19.5x
18.7x
15.0x
14.9x
8.6x
42.1x
15.5x
21.6x
14.9x
22.3x
14.1x
14.7x
17.3x
12.6x
Sector KPIs
15
EBITDA Margin 2018E
Cash Conversion: FCF / EBITDA 2018E
Europe
United States
Europe
United States
Europe
United States
Note: Calculation based on sector aggregates.
EBITDA CAGR 2017E2019E
47%
28%
28%
27%
20%
20%
19%
5%
n/m
28%
43%
25%
11%
41%
33%
15%
9%
32%
Marketplaces
Social
Travel
Lead
Generation
Classifieds
Gaming
Advertising
Ecommerce
Search &
Portals
99%
82%
78%
61%
60%
54%
49%
29%
20%
39%
81%
74%
47%
72%
56%
73%
60%
22%
Classifieds
Gaming
Social
Lead
Generation
Marketplaces
Advertising
Travel
Search &
Portals
Ecommerce
44%
38%
23%
15%
13%
8%
7%
5%
2%
16%
40%
29%
10%
6%
25%
14%
15%
7%
Search &
Portals
Ecommerce
Social
Marketplaces
Classifieds
Lead
Generation
Travel
Gaming
Advertising

5x
10x
15x
20x
25x
30x
35x
Historical Valuation by Region
17
EV / 1 Year Forward EBITDA
Selected Companies
Europe
United States
Rest of World
Europe
United States
Rest of World
Note: NTM EBITDA derived by timeweighted estimates.
Forward multiples are median values for region.

10x
20x
30x
40x
50x

10%
20%
30%
40%

10x
20x
30x
40x
50x
60x
70x

10%
20%
30%
40%
50%
60%
Growth Driven Valuation
18
Europe
United States
EV / EBITDA 2018E
EBITDA CAGR 2017E2019E
EV / EBITDA 2018E
EBITDA CAGR 2017E2019E
Note: Size of bubble represents Enterprise Value.
Company
May18
Jun18
% Change
Gainers
3.16x
6.7x
+114%
4.7x
6.9x
+46%
4.6x
6.0x
+32%
9.5x
11.7x
+23%
2.3x
2.7x
+18%
Losers
26.5x
14.4x
46%
38.3x
28.9x
25%
139.9x
106.4x
24%
10.6x
8.3x
22%
7.5x
6.2x
17%
Significant European Movers
19
Valuations: May18 vs. Jun18
Enterprise Value (€m) *
EV/EBITDA 2018E
Company
May18
Jun18
% Change
Gainers
1,162
1,693
+46%
1,199
1,566
+31%
1,996
2,372
+19%
3,731
4,404
+18%
3,669
4,287
+17%
Losers
909
494
46%
529
399
25%
122
93
24%
830
641
23%
432
337
22%
Source: Capital IQ (June 2018).
Note:
* Companies with enterprise value <€100m excluded.
Trading Comparables
21
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Source: Capital IQ (as of 29 June 2018).
Advertising / Marketing
Ad Networks
Criteo (Europe)
1,472
61%
2.2x
2.0x
1.8x
11%
6.8x
6.6x
5.7x
10%
30%
15.5x 16.1x 13.5x
Taptica (Middle East)
263
65%
1.0x
0.6x
0.6x
31%
6.2x
5.1x
4.6x
16%
12%
7.8x
7.0x
6.2x
Matomy (Middle East)
64
34%
0.2x
n/a
n/a
(100%)
2.2x
n/a
n/a
(100%)
n/a
n/a
n/a
n/a
Mean
1.1x
1.3x
1.2x
(19%)
5.1x
5.9x
5.1x
(25%)
21%
11.7x 11.6x
9.8x
Intermediaries
Trade Desk (US)
3,267
99%
14.5x 10.3x
8.1x
34%
48.8x 33.1x 25.4x
38%
31%
70.0x 50.5x 38.8x
QuinStreet (US)
473
87%
2.0x
1.5x
1.4x
20%
31.4x 17.1x 13.0x
55%
9%
72.1x 23.5x 18.3x
FreakOut (AsiaPac)
231
46%
n/m
n/m
n/m
31%
n/m
n/m
n/m
53%
7%
n/a
n/a
n/a
RhythmOne (US)
160
40%
0.5x
0.3x
0.3x
38%
11.5x
2.7x
2.0x
141%
12%
n/a
n/a
n/a
SeaChange (US)
69
85%
1.2x
1.1x
1.1x
5%
16.9x 13.1x
8.7x
39%
9%
45.7x 29.2x 17.3x
Weborama (Europe)
40
77%
n/a
1.1x
0.9x
n/a
6.8x
5.4x
4.1x
29%
20%
48.9x 15.7x 15.1x
Cxense (Europe)
40
58%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Marin Software (US)
12
38%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Netccentric (AsiaPac)
(1)
28%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
The Rubicon Project (US)
19
53%
0.2x
0.2x
0.2x
(9%)
n/m
n/m 48.1x
n/a
(21%)
n/m
n/m
n/m
Mean
3.7x
2.4x
2.0x
20%
23.1x 14.2x 16.9x
59%
10%
59.2x 29.7x 22.3x
Data and Loyalty
HubSpot (US)
3,934
88%
14.4x 10.9x
8.7x
28%
n/m
n/m 80.9x
74%
9%
n/m
n/m
n/m
Acxiom (US)
2,054
91%
3.1x
3.0x
2.8x
6%
16.2x 15.0x 14.4x
6%
20%
44.1x 34.6x 29.5x
Quotient Technology (US)
859
73%
3.6x
3.0x
2.6x
19%
24.9x 16.9x 12.4x
42%
18%
65.1x 41.6x 23.6x
Aimia (Canada)
245
54%
0.3x
0.4x
0.4x
(14%)
2.3x
2.5x
2.5x
(4%)
15%
4.6x
4.3x
5.0x
1000mercis (Europe)
84
61%
1.4x
1.3x
1.1x
14%
6.8x
7.6x
6.5x
2%
17%
n/a
n/a
n/a
Marchex (US)
41
83%
0.6x
0.7x
0.7x
(3%)
78.9x 67.6x 49.3x
27%
1%
n/m
n/m
n/m
Somoto (Middle East)
25
57%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
3.9x
3.2x
2.7x
8%
25.8x 21.9x 27.7x
24%
13%
37.9x 26.8x 19.4x
Market Research
Nielsen (Europe)
16,629
71%
3.4x
3.3x
3.2x
4%
11.1x 11.0x 10.2x
4%
30%
13.7x 14.4x 12.7x
Gartner (US)
12,781
93%
5.3x
4.4x
4.0x
16%
24.9x 23.5x 20.8x
10%
19%
45.3x 40.6x 33.8x
Ipsos (Europe)
1,702
85%
1.0x
1.0x
0.9x
1%
8.3x
8.4x
7.8x
3%
12%
10.3x
9.9x
9.2x
comScore (US)
1,058
70%
2.4x
3.4x
3.3x
(15%)
9.1x
n/m 68.6x
(64%)
(1%)
12.9x
n/m
n/m
National Research Corporation (US)
758
89%
8.7x
n/a
n/a
(100%)
26.6x
n/a
n/a
(100%)
n/a
48.6x
n/a
n/a
Forrester Research (US)
530
88%
2.2x
2.0x
1.9x
6%
18.9x 16.1x 13.9x
16%
13%
38.9x
n/a
n/a
YouGov (Europe)
537
98%
3.8x
3.4x
n/a
(100%)
24.0x 20.6x
n/a
(100%)
17%
33.7x 29.2x
n/a
Intage (AsiaPac)
334
84%
n/m
n/m
n/m
5%
n/m
n/m
n/m
3%
11%
n/a
n/a
n/a
Mean
3.8x
2.9x
2.7x
(23%)
17.6x 15.9x 24.3x
(28%)
14%
29.1x 23.5x 18.6x
Agencies
WPP (Europe)
22,624
73%
1.2x
1.2x
1.2x
(0%)
6.8x
7.1x
6.9x
(1%)
17%
8.7x
9.0x
8.7x
Omnicom (US)
17,560
91%
1.6x
1.5x
1.5x
3%
10.2x
9.9x
9.3x
5%
15%
16.9x 15.7x 15.2x
Publicis Group (Europe)
14,089
88%
1.4x
1.5x
1.4x
0%
8.3x
8.4x
7.9x
3%
18%
12.9x 12.5x 11.8x
Dentsu (AsiaPac)
13,614
97%
n/m
n/m
n/m
7%
n/m
n/m
n/m
6%
18%
n/a
n/a
n/a
Interpublic Group of Companies (US)
9,263
90%
1.6x
1.6x
1.6x
1%
11.1x 10.3x
9.9x
6%
16%
19.0x 15.8x 15.0x
JCDecaux (Europe)
6,571
78%
1.9x
1.9x
1.8x
3%
11.0x 10.9x 10.0x
5%
17%
26.9x 25.9x 22.9x
MDC Partners (US)
1,187
38%
1.1x
1.1x
1.0x
3%
8.0x
7.9x
7.2x
5%
14%
10.7x 17.5x
7.6x
Mean
1.5x
1.5x
1.4x
3%
9.2x
9.1x
8.5x
4%
16%
15.8x 16.1x 13.5x
Classifieds
Diversified
Next Co (US)
97,435
99%
7.7x
7.4x
7.0x
4%
14.4x 14.5x 13.2x
4%
51%
28.9x 25.0x 22.8x
Naspers (Africa)
89,236
84%
n/m
n/m
n/m
15%
n/m
n/m
n/m
85%
8%
n/m
n/m
n/m
Recruit Holdings (AsiaPac)
38,033
95%
n/m
n/m
n/m
9%
n/m
n/m
n/m
12%
12%
n/a
n/a
n/a
MercadoLibre (LatAm)
11,262
72%
11.3x
9.9x
6.7x
30%
81.4x
n/m 76.4x
3%
5%
n/m
n/m
n/m
58.com (AsiaPac)
8,361
77%
7.5x
5.9x
4.9x
24%
37.8x 26.6x 18.2x
44%
22%
50.3x 31.3x 22.3x
Schibsted (Europe)
6,249
94%
33.3x 30.9x 28.9x
7%
n/m
n/m
n/m
26%
18%
n/m
n/m
n/m
Scout24 (Europe)
5,476
98%
11.4x 10.5x
9.5x
10%
22.1x 19.2x 16.8x
15%
55%
33.1x 28.4x 24.8x
Info Edge India (AsiaPac)
1,629
81%
n/m
n/m
n/m
16%
n/m
n/m
n/m
20%
37%
n/m
n/m
n/m
Trade Me (AsiaPac)
1,122
83%
13.7x 12.8x 12.1x
7%
20.8x 19.7x 18.8x
5%
65%
33.4x 31.9x 30.0x
Just Dial (AsiaPac)
458
86%
n/m
n/m
n/m
10%
n/m
n/m
n/m
18%
22%
n/m
n/m
n/m
Mean
14.1x 12.9x 11.5x
13%
35.3x 20.0x 28.7x
23%
29%
36.4x 29.1x 25.0x
Real Estate
Zillow (US)
9,454
91%
12.0x
8.7x
6.3x
38%
54.6x 46.4x 34.1x
26%
19%
n/m 97.6x 63.4x
REA Group (AsiaPac)
7,690
97%
26.0x 22.0x 19.5x
16%
45.6x 37.8x 32.8x
18%
58%
73.8x 60.4x 51.3x
Rightmove (Europe)
5,393
98%
17.4x 15.8x 14.6x
9%
23.0x 20.8x 19.3x
9%
76%
29.0x 26.1x 24.2x
ZPG (Europe)
2,758
97%
9.0x
6.9x
6.2x
20%
21.1x 17.4x 15.8x
16%
39%
27.6x 23.8x 21.7x
Fang Holdings (AsiaPac)
1,789
68%
5.3x
5.2x
4.5x
8%
45.6x 13.5x 10.1x
112%
39%
89.1x 17.3x 13.0x
Redfin (US)
1,479
69%
5.5x
4.2x
3.3x
29%
n/m
n/m 74.9x
971%
0%
n/m
n/m
n/m
Purplebricks (Europe)
1,037
60%
9.9x
5.2x
3.3x
72%
n/m
n/m 22.4x
n/a
(1%)
n/m
n/m 36.7x
Mitula (Europe)
93
68%
6.7x
5.8x
5.1x
15%
18.8x 16.7x 15.3x
11%
34%
32.5x 29.1x 26.5x
Leju (AsiaPac)
29
65%
0.1x
0.1x
0.1x
24%
n/m
n/m
n/a
(100%)
(12%)
n/m
n/m 65.8x
Mean
10.2x
8.2x
7.0x
26%
34.8x 25.5x 28.1x
133%
28%
50.4x 42.4x 37.8x
Trading Comparables (Cont’d)
22
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Classifieds (Cont'd)
Automotive
Autohome (AsiaPac)
9,132
84%
13.0x 10.9x
9.0x
20%
37.5x 26.6x 21.6x
32%
41%
46.3x 32.8x 27.2x
Bitauto (AsiaPac)
4,740
44%
4.9x
3.8x
3.0x
27%
31.5x 47.2x 17.7x
33%
8%
16.2x 17.2x
9.3x
Auto Trader (Europe)
4,845
97%
11.8x 11.2x 10.7x
5%
16.8x 16.0x 14.7x
7%
70%
21.0x 19.4x 17.9x
Cargurus (US)
3,077
85%
13.2x
9.8x
8.3x
26%
n/m
n/m 92.5x
46%
8%
n/m
n/m
n/m
Carsales.com (AsiaPac)
2,444
97%
15.5x 12.9x 11.5x
16%
31.6x 27.0x 24.1x
15%
48%
46.1x 41.3x 36.9x
BCA Marketplace (Europe)
2,319
92%
0.8x
0.7x
0.7x
8%
12.4x 11.4x 10.4x
9%
6%
19.5x 17.5x
n/a
Carvana (US)
1,584
92%
2.5x
1.2x
0.7x
94%
n/m
n/m
n/m
(80%)
(8%)
n/m
n/m
n/m
TrueCar (US)
734
46%
3.1x
2.7x
2.4x
14%
35.4x 26.3x 18.4x
39%
10%
n/m 78.4x 39.8x
Mean
8.1x
6.7x
5.8x
26%
27.5x 25.8x 28.5x
(11%)
23%
29.8x 34.4x 26.2x
Recruitment
Axel Springer (Europe)
8,833
87%
2.5x
2.8x
2.6x
(2%)
13.6x 11.9x 10.9x
12%
23%
23.4x 21.9x 19.9x
Seek (AsiaPac)
5,648
98%
12.0x 10.3x
9.2x
14%
34.7x 30.6x 27.3x
13%
34%
61.2x 53.7x 47.1x
51job (AsiaPac)
4,408
82%
2.1x
1.6x
1.3x
28%
5.9x
4.4x
3.5x
31%
35%
7.7x
5.5x
4.3x
Dice Holdings (US)
121
71%
0.8x
1.0x
1.0x
(13%)
4.2x
4.9x
5.5x
(13%)
20%
20.6x 12.9x 16.5x
Mean
4.4x
3.9x
3.5x
7%
14.6x 13.0x 11.8x
10%
28%
28.2x 23.5x 21.9x
Content Providers
IAC (US)
11,833
91%
4.9x
3.9x
3.4x
20%
27.5x 16.5x 13.6x
42%
23%
68.9x 25.7x 20.3x
TechTarget (US)
661
92%
8.2x
7.2x
6.3x
14%
41.0x 29.3x 22.9x
34%
25%
81.5x 42.8x 31.7x
XO Group (US)
601
93%
5.1x
4.8x
4.4x
7%
28.9x 21.9x 19.3x
22%
22%
n/m 58.9x 49.6x
Mean
6.0x
5.3x
4.7x
13%
32.5x 22.6x 18.6x
33%
23%
75.2x 42.5x 33.9x
Digital Entertainment
Netflix (US)
151,728
93%
17.4x 12.7x 10.2x
31%
n/m 97.5x 63.8x
72%
13%
n/m
n/m 94.3x
Spotify (Europe)
25,480
92%
n/a
6.6x
5.2x
n/a
n/a
n/m
n/m
n/a
(4%)
n/a
n/m
n/m
Freenet (Europe)
4,369
68%
1.3x
1.4x
1.4x
(5%)
9.1x
9.9x
9.7x
(3%)
14%
9.7x
11.7x 11.0x
Bilibili (AsiaPac)
3,869
64%
n/a
1.2x
0.7x
n/a
n/a
10.6x
3.3x
n/a
11%
n/a
n/m
4.0x
Roku (US)
3,510
71%
9.3x
6.8x
5.1x
35%
n/m
n/m
n/m
n/a
(0%)
n/a
n/m
n/m
Pandora (US)
2,030
80%
1.9x
1.8x
1.6x
8%
n/m
n/m
n/m
(67%)
(6%)
n/m
n/m
n/m
Pandora Media (US)
2,030
80%
1.9x
1.8x
1.6x
8%
n/m
n/m
n/m
(67%)
(6%)
n/m
n/m
n/m
Xunlei (AsiaPac)
339
42%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Brave Bison (Europe)
5
33%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
6.4x
4.6x
3.7x
15%
9.1x
39.3x 25.6x
(16%)
3%
9.7x
11.7x 36.4x
ECommerce
Diversified
Amazon (US)
729,248
97%
5.5x
4.1x
3.4x
28%
51.2x 32.8x 24.9x
43%
13%
n/m
n/m 96.5x
Alibaba (AsiaPac)
415,745
89%
16.5x
9.9x
7.0x
54%
36.3x 27.9x 19.8x
36%
35%
45.1x 35.4x 25.9x
Rakuten (AsiaPac)
10,879
52%
n/m
n/m
n/m
14%
n/m
n/m
n/m
(2%)
17%
n/a
n/a
n/a
Investment AB Kinnevik (Europe)
7,964
91%
n/m
n/m
n/m
3%
n/m
n/m
n/m
12%
(21%)
n/m
n/m
n/m
Liberty Ventures (US)
6,306
83%
n/a
9.0x
8.9x
n/a
n/a
31.7x 30.2x
n/a
28%
n/a
n/m
n/m
B2W (LatAm)
3,105
80%
8.2x
8.6x
7.8x
2%
92.0x 73.8x 56.3x
28%
12%
n/m
n/m
n/m
Vostok New Ventures (AsiaPac)
612
91%
30.6x 24.9x 20.4x
23%
52.5x 40.8x 32.3x
28%
61%
63.9x 58.6x 47.6x
Rocket Internet (Europe)
1,566
97%
23.0x 27.2x 27.1x
(8%)
n/m
n/m
n/m
31%
(92%)
n/m
n/m
n/m
Netshoes (LatAm)
132
12%
0.3x
0.3x
0.3x
2%
n/m
n/m 24.5x
n/a
(0%)
n/m
n/m
n/m
Mean
14.0x 12.0x 10.7x
15%
58.0x 41.4x 31.3x
25%
6%
54.5x 47.0x 56.6x
Personalized
Cimpress (Europe)
4,702
84%
2.7x
2.3x
2.1x
13%
21.7x 17.9x 14.0x
24%
13%
76.5x
n/a
n/a
Stamps.com (US)
3,744
87%
11.0x
9.1x
7.8x
19%
22.1x 19.5x 16.2x
17%
47%
29.9x 27.2x 23.6x
Shutterfly (US)
2,740
90%
3.2x
1.8x
1.6x
41%
16.6x
9.2x
8.7x
38%
20%
n/m 34.9x 33.1x
CEWE Stiftung (Europe)
581
84%
1.0x
0.9x
0.9x
6%
6.3x
6.1x
5.8x
5%
14%
16.5x 15.2x 14.1x
Eve Sleep (Europe)
78
48%
2.2x
1.0x
0.6x
94%
n/m
n/m 67.5x
n/a
(25%)
n/m
n/m
n/m
Oponeo.pl (Europe)
91
59%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Cafepress Inc. (US)
(2)
44%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
4.0x
3.0x
2.6x
35%
16.7x 13.2x 22.4x
21%
14%
41.0x 25.8x 23.6x
Online Food & Restaurants
Delivery Hero (Europe)
7,590
98%
13.8x
9.9x
7.1x
39%
n/m
n/m
n/m
n/a
(8%)
n/m
n/m
n/m
Just Eat (Europe)
5,634
85%
8.4x
6.1x
5.0x
29%
27.2x 24.0x 18.1x
23%
26%
41.2x 37.7x 27.6x
Takeaway.com (Europe)
2,372
97%
14.4x 10.2x
7.9x
35%
n/m
n/m 92.0x
n/a
(4%)
n/m
n/m
n/m
Hellofresh (Europe)
1,755
88%
1.9x
1.4x
1.1x
31%
n/m
n/m 40.5x
n/a
(4%)
n/m
n/m
n/m
Blue Apron (US)
524
29%
0.8x
0.9x
0.8x
2%
n/m
n/m
n/m
(82%)
(7%)
n/m
n/m
n/m
Mean
7.9x
5.7x
4.4x
27%
27.2x 24.0x 50.2x
(30%)
1%
41.2x 37.7x 27.6x
Marketplaces
eBay (US)
34,837
77%
4.9x
4.3x
3.9x
12%
13.5x 12.7x 11.9x
7%
33%
19.2x 18.0x 16.5x
GrubHub (US)
8,099
88%
16.0x 11.3x
9.0x
33%
60.1x 42.2x 32.3x
36%
27%
n/m 69.4x 53.6x
Kakaku (AsiaPac)
3,866
97%
n/a
n/m
n/m
n/a
n/a
n/m
n/m
n/a
51%
n/a
n/a
n/a
Etsy (US)
4,072
92%
12.5x
9.3x
7.5x
29%
73.6x 41.8x 30.9x
54%
22%
83.7x 69.7x 48.8x
Shutterstock (US)
1,196
91%
2.9x
2.5x
2.3x
13%
17.7x 15.3x 12.8x
18%
17%
46.9x 40.0x 29.9x
Care.com (US)
509
91%
3.9x
3.6x
3.1x
12%
31.2x 21.5x 18.0x
31%
17%
37.9x 27.5x 24.2x
Liquidity Services (US)
97
83%
0.5x
0.6x
n/a
(100%)
n/m
n/m
n/a
(100%)
(7%)
n/m
n/m
n/a
MyHammer (Europe)
45
94%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
6.8x
5.3x
5.2x
(0%)
39.2x 26.7x 21.2x
8%
23%
46.9x 44.9x 34.6x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
23
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
ECommerce (Cont'd)
Verticals / Players
JD.com (AsiaPac)
46,053
77%
0.2x
0.1x
0.1x
29%
10.5x
7.3x
3.7x
69%
2%
12.7x 10.0x
5.7x
Ocado (Europe)
8,068
90%
4.4x
3.9x
3.4x
13%
69.2x 69.8x 57.2x
10%
6%
n/m
n/m
n/m
Wayfair (US)
8,927
99%
2.6x
1.9x
1.5x
34%
n/m
n/m
n/m
(6%)
(2%)
n/m
n/m
n/m
Monotaro (AsiaPac)
4,704
96%
n/m
n/m
n/m
22%
n/m
n/m
n/m
21%
15%
n/a
n/a
n/a
CTS Eventim (Europe)
3,527
96%
3.6x
3.1x
3.0x
9%
16.5x 14.7x 13.4x
11%
21%
34.5x 32.8x 28.6x
Proto Labs (US)
2,662
87%
10.6x
8.1x
7.2x
21%
37.2x 29.5x 25.8x
20%
27%
65.8x 46.9x 40.7x
Abcam (Europe)
2,977
97%
10.3x
9.4x
8.5x
10%
31.1x 23.9x 21.6x
20%
39%
40.9x 34.9x 31.7x
Zooplus (Europe)
1,120
84%
1.0x
0.8x
0.7x
22%
n/m
n/m 55.6x
46%
0%
n/m
n/m
n/m
AO World (Europe)
731
83%
0.7x
0.7x
0.6x
12%
n/m
n/m 39.2x
n/a
0%
n/a
n/m
n/m
Overstock.com (US)
711
37%
0.5x
0.5x
0.5x
7%
n/m
n/m
n/m
n/a
(7%)
n/m
n/m
n/m
Home24 (Europe)
756
96%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1800Flowers.com (US)
636
94%
0.7x
0.7x
0.7x
2%
10.4x
9.8x
9.4x
6%
8%
34.5x 25.7x 23.4x
PetMed Express (US)
704
76%
3.6x
3.3x
3.1x
9%
19.9x 16.8x
n/a
(100%)
20%
32.9x 23.6x 20.5x
Zur Rose Group (Europe)
604
81%
0.8x
0.7x
0.6x
20%
n/m
n/m 48.9x
n/a
(1%)
n/m
n/m
n/m
Cogobuy (AsiaPac)
442
60%
3.0x
1.7x
1.4x
47%
48.1x 33.3x 25.9x
36%
5%
83.0x 50.8x 39.0x
Shop Apotheke Europe (Europe)
506
69%
1.8x
0.9x
0.7x
55%
n/m
n/m 70.4x
n/a
0%
n/m
n/m
n/m
LDLC.com (Europe)
150
64%
0.3x
0.3x
0.2x
13%
10.3x
8.5x
6.8x
23%
3%
20.8x 18.0x 13.0x
Delticom (Europe)
122
53%
0.2x
0.2x
0.2x
7%
9.5x
8.1x
6.6x
19%
2%
32.3x 29.7x 14.3x
U.S. Auto Parts Network (US)
45
45%
0.2x
0.2x
0.2x
1%
4.4x
4.8x
3.8x
9%
4%
n/a
n/m 22.0x
Mean
2.6x
2.1x
1.9x
18%
24.3x 20.6x 27.7x
13%
8%
39.7x 30.3x 23.9x
Fashion and Flash Sales
Zalando (Europe)
10,809
96%
2.4x
2.0x
1.6x
22%
40.1x 32.6x 25.1x
26%
6%
91.1x 79.1x 59.7x
Start Today (AsiaPac)
9,482
89%
n/m
n/m
n/m
33%
n/m
n/m
n/m
23%
32%
n/a
n/a
n/a
ASOS (Europe)
5,705
79%
2.3x
1.8x
1.4x
28%
33.7x 25.4x 19.7x
31%
7%
65.7x 52.3x 42.3x
Vipshop (AsiaPac)
5,624
57%
0.1x
0.1x
0.1x
24%
2.3x
1.9x
1.4x
25%
4%
2.9x
2.6x
1.9x
Boohoo.com (Europe)
2,388
73%
n/a
2.4x
1.8x
n/a
n/a
26.0x 20.0x
n/a
9%
n/a
45.6x 38.5x
Stitch Fix (US)
2,056
89%
n/a
2.1x
1.8x
n/a
n/a
63.0x 56.9x
n/a
3%
n/a
n/m 97.8x
MySale Group (AsiaPac)
117
58%
0.3x
0.3x
n/a
(100%)
9.0x
6.9x
n/a
(100%)
4%
25.2x 21.0x
n/a
LightInTheBox (AsiaPac)
79
61%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Windeln.de (Europe)
18
36%
0.1x
0.1x
0.1x
2%
n/m
n/m
n/m
(63%)
(8%)
n/m
n/m
n/m
Jumei (AsiaPac)
28
61%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
1.0x
1.2x
1.1x
2%
21.3x 26.0x 24.6x
(10%)
7%
46.2x 40.1x 48.0x
Finance and Price Comparison
Moneysupermarket (Europe)
1,870
85%
4.4x
4.2x
4.0x
5%
11.3x 11.4x 10.7x
3%
37%
16.6x 16.7x 15.4x
Hypoport (Europe)
992
94%
5.1x
4.1x
3.6x
19%
31.4x 24.7x 21.5x
21%
16%
51.7x 40.6x 35.0x
Jianpu Tech (AsiaPac)
753
70%
0.7x
0.5x
0.2x
73%
n/m
n/m
4.0x
n/a
(3%)
n/m
n/m
5.6x
Gruppo MutuiOnline (Europe)
518
81%
3.3x
2.9x
2.6x
13%
11.4x
9.9x
9.1x
12%
29%
21.1x 19.6x 17.4x
iSelect (AsiaPac)
91
36%
1.2x
1.2x
1.1x
5%
10.0x 11.9x
9.7x
2%
10%
22.5x 26.9x 20.2x
Comperia (Europe)
4
98%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
HubStyle (Grupa Nokaut) (Europe)
3
42%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
LendingClub (US)

58%
n/m
n/m
n/m
19%
n/m
n/m
n/m
74%
12%
n/m 46.4x 24.5x
Ferratum (Europe)

50%
n/m
n/m
n/m
23%
n/m
n/m
n/m
24%
15%
16.8x 15.1x 11.3x
On Deck Capital (US)

91%
n/m
n/m
n/m
11%
n/m
n/m
n/m
188%
7%
n/m 25.8x 19.0x
Mean
2.9x
2.6x
2.3x
21%
16.0x 14.5x 11.0x
46%
15%
25.7x 27.3x 18.6x
Other
LendingTree (US)
2,199
53%
4.9x
3.8x
3.1x
27%
26.5x 20.1x 15.2x
32%
19%
57.8x 38.8x 26.5x
Yelp (US)
2,111
81%
3.4x
3.0x
2.6x
15%
18.3x 15.6x 12.1x
23%
19%
43.3x 33.3x 25.6x
Groupon (US)
1,657
72%
0.8x
0.9x
0.8x
(2%)
9.5x
7.9x
7.4x
13%
11%
38.1x 20.3x 17.7x
Gocompare.com (Europe)
664
92%
3.5x
3.0x
2.8x
11%
14.0x 11.0x 10.0x
18%
27%
17.9x 13.7x 12.4x
eHealth (US)
330
77%
2.6x
2.0x
1.8x
22%
n/m 18.3x 12.6x
n/a
11%
n/m 31.8x 18.9x
Gurunavi (AsiaPac)
267
48%
n/m
n/m
n/m
(1%)
n/m
n/m
n/m
(11%)
21%
n/a
n/a
n/a
Mean
3.0x
2.5x
2.2x
12%
17.1x 14.6x 11.5x
15%
18%
39.3x 27.6x 20.2x
Education
New Oriental Education (AsiaPac)
10,711
87%
7.1x
5.2x
3.9x
35%
43.2x 34.7x 23.3x
36%
15%
54.8x 43.5x 30.4x
Pearson (Europe)
8,553
95%
1.5x
1.6x
1.6x
(5%)
9.5x
9.8x
9.0x
2%
17%
14.3x 15.5x 13.8x
2U (US)
3,963
85%
18.9x 13.2x 10.0x
38%
n/m
n/m
n/m
62%
4%
n/m
n/m
n/m
Chegg (US)
2,509
93%
13.5x 11.2x
9.2x
21%
75.8x 43.8x 32.4x
53%
26%
n/m 74.9x 55.6x
Pluralsight (US)
1,778
82%
n/a
11.2x
8.6x
n/a
n/a
n/m
n/m
n/a
(25%)
n/a
n/m
n/m
Instructure (US)
1,135
91%
9.9x
7.4x
5.9x
29%
n/m
n/m
n/m
(36%)
(10%)
n/m
n/m
n/m
Capella Education (US)
849
97%
2.6x
2.6x
2.5x
2%
13.4x 13.2x 12.2x
5%
20%
31.6x 25.6x 23.9x
Cambium Learning Group (US)
492
81%
n/a
4.2x
3.9x
n/a
n/a
14.1x 12.6x
n/a
30%
n/a
32.1x 26.3x
American Public Education (US)
432
92%
2.0x
1.9x
1.9x
2%
11.6x 10.9x 10.1x
7%
18%
44.6x 30.8x 27.0x
K12 (US)
380
87%
0.6x
0.6x
n/a
(100%)
4.5x
4.5x
n/a
(100%)
13%
34.5x 60.7x
n/a
Boxlight (US)
44
29%
2.2x
1.8x
1.5x
24%
n/a
n/a
n/a
n/a

n/a
n/m
n/m
Mean
6.5x
5.5x
4.9x
5%
26.3x 18.7x 16.6x
4%
10%
36.0x 40.4x 29.5x
Fitness & Wearbles
Under Armour (US)
8,844
91%
2.4x
2.3x
2.2x
5%
37.4x 35.6x 28.2x
15%
7%
n/m
n/m 80.8x
GoPro (US)
745
54%
0.8x
0.9x
0.9x
(2%)
n/m
n/m 18.7x
n/a
(0%)
n/m
n/m
n/m
Fitbit (US)
786
84%
0.7x
0.7x
0.7x
(4%)
n/m
n/m
n/m
(6%)
(5%)
n/m
n/m
n/m
Huami Corporation (AsiaPac)
354
65%
0.2x
0.2x
0.1x
49%
3.2x
3.8x
1.2x
62%
4%
3.9x
2.2x
1.6x
Mean
1.0x
1.0x
1.0x
12%
20.3x 19.7x 16.0x
24%
1%
3.9x
2.2x
41.2x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
24
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Gambling
Paddy Power Betfair (Europe)
7,502
89%
3.8x
3.5x
3.3x
9%
14.3x 13.8x 12.9x
6%
26%
20.9x 20.2x 18.8x
Amaya (Canada)
7,324
91%
13.2x 10.2x
8.0x
29%
28.4x 24.6x 19.1x
22%
42%
26.5x 23.5x 20.6x
GVC Holdings (Europe)
6,784
97%
5.4x
1.4x
1.3x
102%
19.6x
6.6x
5.9x
82%
21%
27.9x 10.9x
9.6x
Playtech (Europe)
2,575
75%
2.4x
1.9x
1.3x
38%
6.3x
5.5x
4.2x
22%
35%
8.4x
7.9x
6.6x
Net Entertainment (Europe)
1,007
58%
67.5x 60.2x 55.5x
10%
n/m
n/m
n/m
11%
47%
n/m
n/m
n/m
888 Holdings (Europe)
943
82%
1.4x
1.3x
1.2x
5%
7.6x
6.8x
6.4x
9%
19%
12.9x 12.1x 10.8x
Betathome.com (Europe)
337
49%
2.8x
2.7x
2.8x
0%
9.3x
9.4x
9.3x
0%
29%
13.7x 13.9x 13.7x
Sportech (Europe)
151
75%
1.4x
1.6x
1.6x
(5%)
9.6x
12.4x 11.8x
(10%)
13%
22.6x
n/a
n/a
ZEAL Network (Europe)
101
93%
0.7x
0.6x
0.6x
8%
4.3x
2.8x
2.3x
38%
23%
14.1x
9.6x
7.6x
Mean
11.0x
9.3x
8.4x
22%
12.4x 10.2x
9.0x
20%
28%
18.4x 14.0x 12.5x
Gaming
MMO
NetEase (AsiaPac)
23,432
65%
3.8x
2.9x
2.3x
29%
15.5x 20.1x 15.2x
1%
14%
18.2x 23.2x 18.6x
Nexon (AsiaPac)
8,146
80%
n/m
n/m
n/m
13%
n/m
n/m
n/m
17%
45%
n/a
n/a
n/a
Sea Limited (US)
8,557
85%
2.6x
2.4x
2.3x
5%
13.9x 12.7x 12.1x
7%
19%
23.2x 19.5x 18.0x
NCsoft (AsiaPac)
4,698
73%
n/m
n/m
n/m
13%
n/m
n/m
n/m
20%
39%
n/m
n/m
n/m
HUYA (AsiaPac)
5,540
64%
n/a
1.7x
1.0x
n/a
n/a
25.8x
8.0x
n/a
6%
n/a
23.4x
8.7x
NetDragon (AsiaPac)
813
49%
17.4x 14.5x 11.8x
22%
n/m
n/m
n/m
32%
8%
n/m
n/m
n/m
WeMade (AsiaPac)
446
77%
n/m
n/m
n/m
37%
n/m
n/m
n/m
147%
25%
n/m
n/m
n/m
Rovio (Europe)
334
43%
1.1x
1.2x
1.1x
(0%)
5.0x
7.7x
6.9x
(15%)
16%
13.3x 21.6x 13.7x
Changyou (AsiaPac)
(176)
37%
n/m
n/m
n/m
(7%)
n/m
n/m
n/m
(18%)
23%
6.4x
19.2x
9.1x
Mean
6.2x
4.5x
3.7x
14%
11.5x 16.6x 10.6x
24%
22%
15.3x 21.4x 13.6x
Mobile and Casual
Colopl (Europe)
18,273
98%
64.3x 60.4x 55.6x
8%
n/m
n/m
n/m
5%
35%
n/m
n/m
n/m
CyberAgent (AsiaPac)
6,340
99%
n/m
n/m
n/m
18%
n/m
n/m
n/m
17%
10%
n/a
n/a
n/a
Youzu (AsiaPac)
2,281
57%
38.8x 30.3x 23.3x
29%
n/m
n/m 93.3x
24%
22%
n/m
n/m 89.4x
Zynga (US)
2,442
88%
3.9x
3.5x
3.0x
14%
25.4x 18.1x 14.1x
34%
20%
46.4x 29.4x 23.3x
GREE (Europe)
2,078
74%
0.7x
0.6x
0.6x
5%
8.4x
7.7x
7.2x
8%
8%
11.4x 10.9x 10.3x
DeNA (AsiaPac)
1,769
72%
n/m
n/m
n/m
4%
n/m
n/m
n/m
5%
18%
n/a
n/a
n/a
GungHo Online (AsiaPac)
1,228
70%
n/m
n/m
n/m
(7%)
n/m
n/m
n/m
(21%)
30%
n/a
n/a
n/a
NHN Entertainment (AsiaPac)
746
76%
n/m
n/m
n/m
9%
n/m
n/m
n/m
30%
11%
n/m
n/m
n/m
Glu Mobile (US)
736
96%
3.1x
2.7x
2.4x
15%
n/m 29.0x 19.4x
n/a
9%
n/m 31.9x 21.9x
Gumi (AsiaPac)
117
44%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
IGNIS (AsiaPac)
152
42%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Focus Home Interactive (Europe)
144
64%
1.7x
1.3x
1.2x
19%
14.3x
9.7x
8.9x
27%
13%
23.7x 14.0x 14.0x
Ourgame (AsiaPac)
69
33%
9.4x
6.6x
6.7x
18%
n/a
n/a
n/a
n/a

n/m 91.0x 54.2x
Boyaa Interactive (AsiaPac)
(75)
63%
n/m
n/m
n/m
3%
n/a
n/a
n/a
n/a

47.4x 52.0x 43.4x
Mean
17.4x 15.1x 13.3x
11%
16.0x 16.1x 28.6x
14%
15%
32.2x 38.2x 36.6x
Console & PC
Activision Blizzard (US)
49,150
95%
9.3x
8.8x
8.1x
7%
25.5x 23.4x 20.1x
13%
38%
38.5x 33.4x 28.6x
Electronic Arts (US)
33,402
96%
8.9x
8.2x
7.5x
9%
26.5x 22.9x 19.1x
18%
36%
40.2x 33.8x 28.5x
TakeTwo Interactive (US)
10,430
91%
7.0x
5.5x
5.2x
16%
26.7x 21.2x 15.5x
31%
26%
40.4x 32.5x 23.6x
Ubisoft Entertainment (Europe)
10,778
93%
5.9x
5.5x
4.4x
16%
16.2x 12.5x 10.8x
23%
44%
58.1x 34.8x 27.3x
Bandai Namco (AsiaPac)
6,375
94%
n/m
n/m
n/m
5%
n/m
n/m
n/m
9%
14%
n/a
n/a
n/a
Konami (AsiaPac)
4,999
85%
n/m
n/m
n/m
2%
n/m
n/m
n/m
10%
25%
n/a
n/a
n/a
Square Enix (AsiaPac)
4,021
92%
n/m
n/m
n/m
(0%)
n/m
n/m
n/m
16%
18%
n/a
n/a
n/a
CD Projekt (Europe)
3,320
91%
n/m
n/m 38.7x
90%
n/m
n/m 62.8x
103%
43%
n/m
n/m
n/m
Sega Sammy (AsiaPac)
2,706
94%
n/m
n/m
n/m
(3%)
n/m
n/m
n/m
12%
13%
n/a
n/a
n/a
Paradox Interactive (Europe)
1,839
79%
n/m
n/m
n/m
36%
n/m
n/m
n/m
42%
62%
n/m
n/m
n/m
Capcom (AsiaPac)
1,981
93%
n/m
n/m
n/m
7%
n/m
n/m
n/m
6%
22%
n/a
n/a
n/a
Marvelous (AsiaPac)
261
75%
n/m
n/m
n/m
7%
n/a
n/a
n/a
n/a

n/a
n/a
n/a
Mean
7.8x
7.0x
12.8x
16%
23.7x 20.0x 25.6x
26%
28%
44.3x 33.6x 27.0x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
25
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Hardware & Semiconductors
Apple (US)
816,008
96%
4.6x
4.2x
4.0x
7%
14.9x 13.6x 13.1x
7%
31%
21.0x 17.5x 17.3x
Samsung (AsiaPac)
191,182
81%
n/m
n/m
n/m
5%
n/m
n/m
n/m
11%
36%
n/m
n/m
n/m
IBM (US)
140,048
82%
2.4x
2.3x
2.3x
1%
9.8x
10.0x
9.5x
1%
23%
11.5x 11.7x 11.7x
Sony (AsiaPac)
51,159
99%
99.8x 97.3x 94.7x
3%
n/m
n/m
n/m
3%
13%
n/a
n/a
n/a
Hitachi (AsiaPac)
38,636
82%
68.3x 67.4x 65.6x
2%
n/m
n/m
n/m
1%
13%
n/a
n/a
n/a
Philips (Europe)
35,820
96%
2.0x
2.0x
1.9x
3%
12.6x 11.7x 10.8x
8%
17%
24.0x 21.1x 18.8x
HP (US)
25,452
76%
1.0x
1.1x
1.1x
(3%)
6.1x
6.4x
6.4x
(2%)
17%
13.3x 11.3x 11.2x
Hewlett Packard Enterprise (US)
25,452
76%
1.0x
1.1x
1.1x
(3%)
6.1x
6.4x
6.4x
(2%)
17%
13.3x 11.3x 11.2x
Nokia (Europe)
22,907
86%
1.0x
1.0x
1.0x
(1%)
7.6x
7.9x
6.7x
6%
13%
15.5x 20.8x 15.5x
Motorola (US)
20,713
99%
4.4x
3.8x
3.7x
9%
15.9x 13.9x 12.8x
11%
27%
24.1x 18.9x 17.4x
Toshiba (AsiaPac)
20,196
93%
71.5x
n/m 90.4x
(11%)
n/m
n/m
n/m
(63%)
7%
n/a
n/a
n/a
Sharp (AsiaPac)
10,928
62%
75.1x 70.7x 68.8x
4%
n/m
n/m
n/m
3%
8%
n/a
n/a
n/a
Fujitsu (AsiaPac)
11,090
71%
42.8x 45.7x 46.0x
(4%)
n/m
n/m
n/m
1%
10%
n/a
n/a
n/a
Unisplendour (AsiaPac)
8,355
72%
12.8x 10.0x
8.8x
21%
n/a
n/a
n/a
n/a

n/m
n/m
n/m
Lenovo (AsiaPac)
8,095
80%
15.3x 14.1x 13.9x
5%
n/a
n/m
n/m
n/a
3%
n/m
n/m
n/m
LG (US)
6,557
68%
2.1x
2.3x
2.1x
(0%)
14.0x 16.2x 13.8x
1%
14%
15.7x 27.6x 35.0x
Quanta Computer (AsiaPac)
5,328
66%
6.5x
6.5x
6.1x
3%
n/m
n/m
n/m
8%
3%
n/m
n/m
n/m
Pegatron Corporation (AsiaPac)
4,398
61%
4.6x
4.2x
4.0x
7%
n/m
n/m
n/m
11%
3%
n/m
n/m
n/m
ASUSTeK Computer (AsiaPac)
3,699
93%
11.8x 11.9x 11.5x
1%
n/m
n/m
n/m
15%
5%
n/m
n/m
n/m
Foxconn (AsiaPac)
1,489
71%
12.7x 11.7x 11.7x
4%
n/m
n/m
n/m
4%
8%
n/m
n/m
n/m
Acer (AsiaPac)
1,401
72%
7.5x
7.3x
7.2x
2%
n/m
n/m
n/m
15%
2%
n/m
n/m
n/m
nLIGHT (US)
986
78%
n/a
7.0x
5.6x
n/a
n/a
45.5x 31.9x
n/a
15%
n/a
87.0x 57.1x
One Stop Systems (US)
41
71%
2.0x
1.5x
1.1x
34%
34.8x 34.8x 13.6x
60%
4%
n/m 66.3x 21.4x
Mean
21.4x 17.8x 20.6x
4%
13.5x 16.6x 12.5x
5%
13%
17.3x 29.4x 21.7x
Computer Peripherals & Storage
Hon Hai Precision Industry (AsiaPac)
39,863
66%
10.8x 10.7x 10.2x
3%
n/m
n/m
n/m
5%
4%
n/m
n/m
n/m
Western Digital (US)
25,217
72%
1.7x
1.6x
1.6x
3%
4.8x
4.8x
5.4x
(6%)
34%
6.9x
6.0x
6.4x
Seagate (Europe)
15,597
90%
2.0x
1.8x
1.9x
2%
9.6x
8.4x
8.9x
4%
22%
15.8x 11.0x 11.9x
NetApp (US)
14,582
98%
3.4x
3.2x
3.1x
6%
15.0x 13.7x 11.9x
12%
23%
26.8x 22.4x 20.2x
Zebra Technologies (US)
8,393
89%
3.1x
2.8x
2.7x
6%
16.6x 14.0x 13.2x
12%
20%
24.1x 16.5x 15.4x
Logitech (Europe)
5,630
94%
3.1x
2.8x
2.5x
11%
26.0x 20.5x 20.2x
14%
13%
34.4x 28.9x 25.8x
Shenzen Huiding (AsiaPac)
3,699
93%
11.8x 11.9x 11.5x
1%
n/m
n/m
n/m
15%
5%
n/m
n/m
n/m
Pure Storage (US)
4,140
92%
5.5x
4.1x
3.2x
30%
n/m 47.0x 27.4x
206%
9%
n/m
n/m 60.5x
LiteOn (AsiaPac)
1,726
70%
10.0x 10.3x 10.2x
(1%)
n/m
n/m
n/m
4%
7%
n/m
n/m
n/m
PCISuntek (AsiaPac)
1,398
58%
19.1x 13.2x
9.4x
43%
n/a
n/a
n/a
n/a

n/m
n/m
n/m
Chicony (AsiaPac)
1,401
85%
22.3x 20.7x 19.5x
7%
n/m
n/m
n/m
8%
9%
n/m
n/m
n/m
Synaptics (US)
1,628
87%
1.3x
1.3x
1.2x
2%
9.8x
10.0x
9.8x
(0%)
13%
12.6x 12.6x 10.6x
Phison Electronics (AsiaPac)
844
53%
25.2x 24.7x 23.2x
4%
n/m
n/m
n/m
(13%)
13%
n/m
n/m
n/m
Mean
9.2x
8.4x
7.7x
9%
13.6x 16.9x 13.8x
22%
13%
20.1x 16.2x 21.5x
Semiconductors
Intel (US)
208,753
86%
4.5x
4.1x
4.0x
6%
10.9x
9.6x
9.1x
10%
43%
16.9x 13.9x 13.5x
Taiwan Semiconductor (AsiaPac)
140,866
80%
n/m
n/m
n/m
9%
n/m
n/m
n/m
9%
66%
n/m
n/m
n/m
NVIDIA (US)
121,584
89%
17.2x 12.5x 11.1x
24%
50.1x 31.4x 28.8x
32%
40%
59.6x 34.8x 31.7x
Broadcom (US)
99,345
90%
7.1x
6.5x
6.2x
7%
9.9x
8.0x
10.2x
(1%)
81%
15.4x 13.6x 13.1x
Texas Instruments (US)
92,421
90%
8.3x
7.8x
7.5x
5%
17.8x 16.4x 15.7x
7%
47%
26.9x 22.2x 20.1x
ASML (Europe)
70,709
88%
8.2x
6.8x
6.3x
14%
25.9x 21.4x 18.5x
19%
32%
36.4x 28.8x 23.8x
Micron (US)
54,172
82%
3.2x
2.3x
2.2x
20%
5.7x
3.4x
3.4x
30%
66%
9.0x
4.7x
5.1x
Qualcomm (US)
57,298
81%
3.3x
3.5x
3.3x
(0%)
9.3x
11.6x
8.0x
8%
30%
16.1x 20.5x 16.7x
SK hynix (AsiaPac)
42,010
85%
n/m
n/m
n/m
19%
n/m
n/m
n/m
21%
67%
n/m
n/m
n/m
Applied Materials (US)
39,356
73%
3.4x
2.9x
2.8x
10%
11.0x
9.2x
9.1x
10%
32%
13.8x 11.0x 11.0x
Analog Devices (US)
36,038
93%
8.5x
7.9x
7.5x
6%
16.7x 17.3x 15.7x
3%
46%
22.4x 18.9x 18.2x
Infineon (Europe)
23,396
83%
3.2x
3.1x
2.8x
8%
12.4x 10.5x
9.6x
13%
29%
24.3x 20.5x 19.4x
Microchip Technology (US)
19,095
87%
6.6x
4.8x
3.9x
29%
16.1x 11.9x
9.4x
31%
40%
19.3x 15.6x 13.2x
STMicroelectronics (Europe)
16,495
82%
2.0x
1.7x
1.6x
12%
10.0x
7.4x
6.7x
22%
23%
20.4x 14.1x 12.5x
Renesas Electronics (AsiaPac)
15,149
71%
n/m
n/m
n/m
5%
n/m
n/m
n/m
12%
25%
n/a
n/a
n/a
Skyworks Solutions (US)
13,547
82%
4.8x
4.7x
4.3x
5%
10.9x 10.7x
9.8x
6%
44%
16.2x 15.6x 13.9x
Xilinx (US)
12,685
83%
6.9x
6.3x
5.9x
8%
21.8x 18.8x 18.3x
9%
33%
29.2x 25.1x 23.5x
Maxim Integrated Products (US)
12,995
78%
7.3x
6.9x
6.6x
6%
17.8x 16.8x 16.0x
5%
41%
27.2x 23.6x 22.1x
AMD (US)
13,102
88%
3.3x
2.6x
2.4x
18%
43.9x 22.2x 19.9x
49%
12%
n/m 32.6x 24.0x
MediaTek (AsiaPac)
10,329
79%
54.0x 51.9x 46.2x
8%
n/m
n/m
n/m
47%
11%
n/m
n/m
n/m
Sanan Optoelectronics (AsiaPac)
9,219
60%
62.1x 48.1x 37.3x
29%
n/m 90.1x 73.7x
24%
53%
n/m
n/m
n/m
ON Semiconductor (US)
9,885
82%
2.5x
2.3x
2.2x
5%
10.6x
9.6x
8.9x
9%
24%
18.1x 14.4x 12.9x
ASE Group (AsiaPac)
9,554
84%
41.7x 32.2x 28.7x
20%
n/m
n/m
n/m
25%
20%
n/m
n/m
n/m
Microsemi (US)

100%
n/m
n/a
n/a
(100%)
n/m
n/a
n/a
(100%)
n/a
n/m
n/a
n/a
Marvell Technology Group (AsiaPac)
7,797
86%
4.3x
4.2x
4.0x
4%
14.9x 13.1x 11.6x
13%
32%
20.7x 17.7x 16.4x
SMIC (AsiaPac)
7,608
67%
n/m
n/m
n/m
10%
n/m
n/m
n/m
12%
32%
n/m
n/m
n/m
ROHM (AsiaPac)
5,296
70%
n/m
n/m
n/m
6%
n/m
n/m
n/m
17%
27%
n/a
n/a
n/a
United Microelectronics (AsiaPac)
6,140
91%
51.8x 49.5x 48.0x
4%
n/m
n/m
n/m
2%
38%
n/m
n/m
n/m
Mean
14.6x 12.8x 11.5x
6%
15.9x 17.6x 15.6x
12%
37%
21.0x 18.7x 16.6x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
26
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Healthcare & Science
Quintiles (US)
25,626
90%
4.3x
3.4x
3.2x
16%
17.2x 16.0x 14.8x
8%
21%
22.8x 20.8x 18.7x
Cerner (US)
16,596
81%
4.4x
4.2x
3.9x
6%
13.5x 13.9x 12.7x
3%
30%
28.3x 27.5x 24.4x
ResMed (US)
12,763
96%
8.0x
7.1x
6.6x
10%
n/a
24.2x 22.6x
n/a
29%
41.6x 34.2x 31.5x
M3 (AsiaPac)
10,891
89%
n/m
n/m
n/m
20%
n/m
n/m
n/m
15%
31%
n/a
n/a
n/a
Athenahealth (US)
5,621
97%
6.3x
5.7x
5.2x
11%
29.1x 20.4x 18.3x
26%
28%
92.3x 42.2x 36.2x
Allscripts (US)
3,610
74%
2.7x
2.3x
2.1x
12%
13.5x 11.4x 10.5x
13%
20%
22.0x 17.8x 15.5x
Cotiviti (US)
4,019
96%
8.0x
7.2x
6.6x
10%
20.6x 17.8x 16.5x
11%
40%
32.8x 26.5x 23.9x
Teladoc (US)
3,246
91%
19.0x 11.4x
8.6x
49%
n/m
n/m
n/m
n/a
3%
n/m
n/m
n/m
Evolent Health (US)
1,333
78%
4.2x
3.1x
2.7x
25%
n/m 84.4x 43.0x
n/a
4%
n/m
n/m
n/m
HealthStream (US)
589
94%
3.2x
3.5x
3.4x
(2%)
21.4x 20.4x 18.6x
7%
17%
n/m
n/m 87.0x
CPSI (US)
501
96%
2.5x
2.3x
2.3x
6%
14.1x 13.0x 13.3x
3%
18%
24.1x 16.4x 16.6x
Mean
6.3x
5.0x
4.5x
15%
18.5x 24.6x 18.9x
11%
22%
37.7x 26.5x 31.7x
Internet of Things (IoT)
Forescout Technologies (US)
1,007
91%
6.3x
4.9x
4.1x
23%
n/m
n/m
n/m
(62%)
(11%)
n/m
n/m
n/m
Impinj (US)
373
40%
4.0x
4.6x
3.9x
1%
n/m
n/m
n/m
112%
(21%)
n/m
n/m
n/m
ShotSpotter (US)
333
91%
19.5x 13.6x 10.0x
39%
n/m
n/m 51.4x
165%
9%
n/m
n/m
n/m
Internet of Things (Canada)
6
37%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
9.9x
7.7x
6.0x
20%


51.4x
39%
5%


#####
Online Brokerage
Charles Schwab (US)
46,092
85%
n/m
n/m
n/m
15%
n/m
n/m
n/m
21%
50%
36.7x 24.3x 20.4x
TD Ameritrade (US)
23,927
87%
n/m
n/m
n/m
22%
n/m
n/m
n/m
30%
43%
36.5x 19.3x 16.2x
E*TRADE (US)
17,105
92%
n/m
n/m
n/m
15%
n/m
n/m
n/m
17%
52%
29.2x 19.9x 18.3x
IG Group (Europe)
3,430
95%
n/m
n/m
n/m
2%
n/m
n/m
n/m
1%
50%
14.3x 12.8x 12.8x
Plus500 (Middle East)
1,921
94%
n/m
n/m
n/m
17%
n/m
n/m
n/m
18%
61%
8.9x
6.2x
6.0x
Alfa Financial Software (Europe)
1,051
32%
5.0x
5.5x
5.1x
(1%)
10.8x 19.0x 16.3x
(19%)
29%
14.8x 26.4x 22.7x
SwissQuote (Europe)
n/m
82%
n/m
n/m
n/m
10%
n/a
n/a
n/a
n/a

n/a
19.9x 17.2x
Interactive Brokers (US)
n/m
80%
n/m
n/m
n/m
18%
n/m
n/m
n/m
43%
93%
48.7x 32.0x 27.7x
Mean
5.0x
5.5x
5.1x
12%
10.8x 19.0x 16.3x
16%
47%
27.0x 20.1x 17.7x
Online Travel
OTAs
Priceline Group (US)
85,519
91%
9.3x
8.0x
7.0x
15%
24.6x 20.4x 18.1x
17%
39%
30.7x 26.4x 23.3x
Ctrip.com (AsiaPac)
22,278
79%
7.2x
6.2x
4.9x
21%
36.4x 32.0x 22.0x
29%
19%
51.4x 37.8x 27.8x
Expedia (US)
16,712
75%
2.3x
2.0x
1.8x
12%
13.1x 12.3x 10.6x
11%
16%
28.8x 26.4x 22.3x
TripAdvisor (US)
6,010
93%
5.3x
5.0x
4.6x
7%
25.5x 22.8x 20.7x
11%
22%
56.8x 46.8x 41.0x
MakeMyTrip (AsiaPac)
2,827
87%
7.6x
6.0x
4.9x
24%
n/m
n/m
n/m
(32%)
(19%)
n/m
n/m
n/m
Trivago (Europe)
1,199
19%
1.6x
1.6x
1.4x
7%
n/m
n/m
n/m
n/a
(4%)
n/m
n/m
n/m
Despegar.com (LatAm)
928
57%
2.5x
2.0x
1.7x
20%
15.3x 12.7x 10.3x
22%
16%
42.2x 30.7x 22.9x
Webjet (AsiaPac)
1,034
94%
9.9x
8.2x
6.8x
20%
33.2x 26.0x 19.5x
30%
32%
60.7x 41.9x 29.8x
eDreams ODIGEO (Europe)
636
61%
1.3x
1.3x
1.2x
2%
5.4x
5.4x
4.9x
5%
23%
10.0x
8.6x
6.7x
On The Beach (Europe)
688
77%
6.1x
5.2x
4.4x
18%
17.0x 13.7x 11.2x
23%
38%
24.0x 19.7x 16.0x
Hostelworld (Europe)
319
74%
2.9x
2.8x
2.6x
6%
9.8x
10.4x
8.7x
6%
27%
13.2x 14.4x 11.8x
Tuniu (AsiaPac)
522
86%
0.3x
0.3x
0.2x
21%
n/m
n/m 54.7x
n/a
(8%)
n/m 87.9x 13.1x
HolidayCheck (Europe)
151
90%
1.3x
1.2x
1.1x
11%
79.2x 21.2x 14.8x
131%
5%
n/m
n/m 67.3x
Travelzoo (US)
163
92%
2.1x
1.9x
1.8x
9%
35.2x 23.2x 17.4x
42%
8%
n/m 47.4x 36.1x
Lastminute.com (Europe)
115
83%
0.6x
0.6x
0.5x
4%
8.7x
4.6x
5.2x
30%
12%
n/a
12.9x 11.1x
Asiatravel (AsiaPac)
5
25%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
4.0x
3.5x
3.0x
13%
25.3x 17.1x 16.8x
25%
15%
35.3x 33.4x 25.3x
GDS
Amadeus IT (Europe)
31,721
93%
6.5x
6.3x
5.9x
5%
17.0x 15.8x 14.6x
8%
40%
28.6x 27.1x 25.3x
Sabre Corp (US)
8,453
92%
3.2x
3.0x
2.9x
6%
10.7x 10.5x
9.9x
4%
29%
20.8x 19.4x 17.7x
Travelport (Europe)
3,801
97%
2.1x
2.0x
1.9x
5%
8.8x
8.7x
8.2x
4%
23%
16.3x 15.1x 13.6x
Mean
4.0x
3.8x
3.6x
9%
12.2x 11.6x 10.9x
35%
16%
21.9x 20.5x 18.9x
Payments
PayPal (US)
76,593
95%
8.0x
6.8x
5.9x
17%
30.9x 26.0x 21.9x
19%
26%
50.6x 40.8x 34.2x
First Data (US)
34,966
95%
4.0x
5.4x
5.2x
(13%)
15.6x 14.3x 13.4x
8%
38%
16.0x 16.4x 13.9x
Worldpay (US)
28,064
95%
18.0x
9.8x
9.0x
42%
37.7x 20.7x 17.9x
45%
47%
44.4x 24.1x 20.0x
Square (US)
20,676
89%
29.1x 19.0x 14.1x
43%
n/m
n/m 62.3x
82%
17%
n/m
n/m 74.5x
Wirecard (Europe)
16,044
87%
10.8x
8.2x
6.6x
28%
39.0x 29.4x 22.6x
31%
28%
67.8x 48.0x 36.0x
Shopify (Canada)
11,919
83%
24.6x 15.9x 11.6x
45%
n/m
n/m
n/m
119%
4%
n/m
n/m
n/m
Adyen (Europe)
12,993
94%
n/a
8.8x
6.2x
n/a
n/a
88.5x 57.2x
n/a
10%
n/a
n/m 82.8x
Ingenico (Europe)
6,362
82%
2.6x
2.3x
2.2x
8%
12.6x 11.9x 10.8x
8%
20%
16.6x 15.4x 13.8x
Q2 Holdings (US)
1,974
90%
13.9x 11.3x
9.2x
23%
n/m
n/m 77.0x
89%
10%
n/m
n/m
n/m
Qiwi (Europe)
549
62%
0.1x
0.0x
0.0x
19%
0.2x
0.1x
0.1x
31%
35%
0.3x
0.3x
0.2x
Boku (US)
240
95%
7.8x
5.8x
4.7x
29%
n/m 40.9x 16.0x
n/a
14%
n/m 94.6x 25.5x
Intershop Communications (Europe)
52
74%
1.4x
1.4x
1.2x
8%
17.1x 31.6x 18.1x
(3%)
4%
n/m
n/m 47.0x
Seamless Distribution (Europe)
5
8%
2.9x
4.2x
3.3x
(6%)
n/m
n/m 30.9x
n/a
(10%)
n/a
n/m
n/m
Mean
10.3x
7.6x
6.1x
20%
21.9x 29.3x 29.0x
43%
19%
32.6x 34.2x 34.8x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
27
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Search / Portals
Alphabet (US)
587,322
94%
7.2x
5.8x
4.9x
21%
17.9x 15.7x 13.4x
16%
37%
39.4x 29.0x 26.6x
Tencent (AsiaPac)
398,354
80%
n/m 96.7x 71.7x
38%
n/m
n/m
n/m
32%
38%
n/m
n/m
n/m
Baidu (AsiaPac)
66,598
85%
6.9x
5.6x
4.6x
22%
26.4x 19.4x 16.2x
27%
29%
30.1x 26.8x 22.4x
Naver (AsiaPac)
14,743
77%
n/m
n/m
n/m
16%
n/m
n/m
n/m
9%
25%
n/m
n/m
n/m
Yahoo! Japan (AsiaPac)
11,757
67%
n/m
n/m
n/m
7%
n/m
n/m
n/m
(7%)
25%
n/a
n/a
n/a
Yandex (Europe)
9,330
79%
0.1x
0.1x
0.1x
28%
35.1x 21.5x 15.3x
52%
0%
0.9x
0.6x
0.4x
Sogou (AsiaPac)
2,863
73%
4.2x
3.0x
2.3x
37%
25.1x 21.5x 13.6x
36%
14%
49.6x 35.3x 22.8x
Wirtualna Polska (Europe)
382
86%
15.7x 13.6x 12.6x
11%
52.1x 45.6x 40.9x
13%
30%
n/m
n/m 72.6x
Sohu.com (AsiaPac)
389
85%
0.3x
0.2x
0.2x
15%
4.4x
5.6x
2.3x
39%
4%
n/m
n/m
n/m
Phoenix New Media (AsiaPac)
186
52%
1.1x
1.0x
0.9x
9%
24.0x 23.8x 13.9x
31%
4%
39.7x 46.6x 21.1x
Mean
5.1x
15.8x 12.2x
21%
26.4x 21.9x 16.5x
25%
21%
32.0x 27.7x 27.6x
Social Networking
Facebook (US)
452,209
96%
15.1x 10.7x
8.5x
34%
23.0x 17.5x 14.0x
28%
61%
37.7x 29.6x 24.8x
Twitter (US)
26,636
94%
14.9x 12.3x 10.8x
17%
45.1x 32.1x 27.7x
28%
38%
n/m 67.8x 59.2x
Weibo (AsiaPac)
16,007
62%
18.9x 11.9x
8.6x
48%
48.2x 29.7x 19.6x
57%
40%
59.2x 35.6x 24.5x
Match Group (US)
10,220
81%
10.4x
8.2x
7.1x
21%
29.4x 21.5x 18.3x
27%
38%
55.1x 31.2x 25.4x
Snap (US)
12,990
63%
22.0x 14.8x 10.3x
46%
n/m
n/m
n/m
(20%)
(61%)
n/m
n/m
n/m
Momo (AsiaPac)
7,034
82%
7.2x
4.7x
3.8x
37%
26.0x 16.7x 13.2x
40%
28%
30.0x 20.0x 16.2x
LINE (AsiaPac)
7,882
86%
n/m
n/m
n/m
17%
n/m
n/m
n/m
7%
11%
n/a
n/a
n/a
Daum Kakao (AsiaPac)
5,369
66%
n/m
n/m
n/m
17%
n/m
n/m
n/m
11%
12%
n/m
n/m
n/m
Mail.ru (Europe)
5,033
74%
0.1x
0.1x
0.1x
24%
0.3x
0.3x
0.2x
24%
31%
0.5x
0.5x
0.3x
YY (AsiaPac)
3,847
72%
2.9x
2.1x
1.7x
32%
11.3x
9.0x
6.8x
29%
23%
19.4x 14.6x 11.9x
SINA (AsiaPac)
3,847
67%
3.3x
2.2x
1.7x
38%
9.7x
7.6x
5.1x
39%
29%
33.2x 27.2x 18.0x
Meitu (AsiaPac)
2,411
48%
44.5x 24.8x 16.2x
66%
n/m
n/m
n/m
n/a
9%
n/m
n/m
n/m
XING (Europe)
1,477
91%
8.0x
6.5x
5.5x
20%
25.7x 20.6x 17.1x
23%
31%
57.3x 44.7x 35.7x
Mixi (AsiaPac)
457
43%
34.5x 41.3x 46.3x
(14%)
96.7x
n/m
n/m
(23%)
32%
n/a
n/a
n/a
Renren (AsiaPac)
235
13%
1.6x
0.6x
n/a
(100%)
n/m
n/m
n/a
(100%)
(8%)
n/m
n/m
n/a
MeetMe (US)
296
81%
3.3x
2.6x
2.5x
14%
13.0x 17.7x 14.3x
(5%)
15%
13.2x 20.8x 15.1x
Mean
13.3x 10.2x
9.5x
20%
29.9x 17.3x 13.6x
11%
21%
34.0x 29.2x 23.1x
Software
Cloud Infrastructure, Hosting & VoIP
VeriSign (US)
14,669
95%
16.9x 16.2x 15.6x
4%
24.5x 22.9x 21.8x
6%
71%
39.8x 35.3x 32.7x
United Internet (Europe)
11,752
82%
2.8x
2.3x
2.2x
14%
11.3x
9.8x
8.9x
13%
23%
21.1x 22.4x 18.3x
GoDaddy (US)
11,155
93%
6.7x
5.7x
5.1x
15%
25.8x 20.0x 18.7x
17%
28%
32.7x 24.5x 19.2x
Akamai Technologies (US)
10,549
87%
5.7x
5.2x
4.8x
9%
15.4x 13.6x 12.1x
13%
39%
32.4x 25.7x 22.8x
Nutanix (US)
7,213
80%
9.9x
7.9x
6.4x
24%
n/m
n/m 66.7x
n/a
(1%)
n/m
n/m
n/m
RingCentral (US)
4,641
87%
12.5x
9.7x
7.9x
26%
n/m 81.5x 62.9x
75%
12%
n/m
n/m 91.5x
New Relic (US)
4,653
90%
19.1x 14.5x 11.5x
29%
n/m
n/m 96.0x
297%
11%
n/m
n/m
n/m
Twilio (US)
4,349
90%
15.0x 10.8x
8.7x
31%
n/m
n/m
n/m
n/a
2%
n/m
n/m
n/m
j2 Global (US)
4,231
94%
5.1x
4.6x
4.3x
9%
12.1x 11.4x 10.2x
9%
40%
17.6x 16.2x 14.4x
Endurance International (US)
2,750
98%
3.2x
3.2x
3.2x
(0%)
10.8x 11.7x 11.6x
(3%)
27%
11.6x 13.5x 14.3x
FireEye (US)
2,438
80%
4.4x
4.0x
3.7x
9%
37.4x 31.2x 26.6x
19%
13%
n/m
n/m 96.0x
Vonage (US)
2,806
100%
3.8x
3.6x
3.5x
4%
20.9x 19.3x 18.1x
7%
19%
48.8x 34.6x 34.7x
Qualys (US)
2,575
87%
15.0x 12.4x 10.5x
19%
40.9x 34.4x 29.0x
19%
36%
91.8x 62.1x 51.8x
Presidio (US)
1,801
67%
0.8x
0.8x
0.8x
3%
10.1x 10.9x
9.9x
1%
8%
11.7x 10.8x
9.2x
Econocom Group (Europe)
1,532
64%
0.5x
0.5x
0.5x
4%
8.9x
8.2x
7.4x
10%
6%
11.8x 11.8x 10.2x
Switch (US)
1,398
49%
5.0x
4.4x
3.7x
16%
9.7x
8.6x
7.3x
16%
51%
n/m 42.2x 14.7x
8x8 (US)
1,450
85%
6.9x
5.8x
4.8x
19%
92.4x
n/m
n/m
(58%)
(1%)
n/m
n/m
n/m
Carbonite (US)
966
84%
5.3x
4.2x
3.8x
18%
27.5x 16.0x 13.9x
41%
26%
50.8x 23.5x 19.1x
Acacia Communications (US)
904
67%
3.1x
4.2x
3.5x
(5%)
15.7x 51.9x 22.4x
(16%)
8%
22.0x
n/m 45.0x
SendGrid (US)
891
83%
10.9x
8.4x
6.8x
27%
n/m 76.0x 57.9x
39%
11%
n/m
n/m
n/m
SecureWorks (US)
789
91%
2.3x
2.1x
1.9x
10%
n/m
n/m 91.3x
n/a
(1%)
n/m
n/m
n/m
Tucows Inc. (Canada)
606
85%
2.5x
2.1x
2.0x
10%
20.9x 16.0x 12.9x
27%
13%
n/a
n/a
n/a
Bandwith (US)
540
93%
4.5x
3.7x
3.3x
16%
34.3x
n/m
n/m
n/a
2%
93.4x
n/m
n/m
Sonus Networks (US)
598
78%
2.4x
1.4x
1.4x
32%
23.6x 10.9x
7.9x
73%
13%
34.5x 21.1x 14.4x
Aquantia (US)
294
65%
3.8x
3.1x
2.6x
23%
n/m 48.8x 19.1x
181%
6%
n/m
n/m 33.7x
Tintri (US)
36
2%
0.4x
0.5x
0.4x
(3%)
n/m
n/m
n/m
(44%)
(25%)
n/m
n/m
n/m
Mean
6.5x
5.4x
4.7x
14%
24.6x 26.5x 28.8x
34%
17%
37.2x 26.4x 31.9x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
28
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Software (Cont'd)
Applications
Microsoft (US)
611,959
96%
8.2x
7.2x
6.6x
11%
20.9x 17.4x 15.5x
16%
42%
33.1x 28.7x 26.7x
Oracle (US)
145,213
82%
5.1x
4.9x
4.7x
4%
11.0x 10.5x 10.1x
5%
47%
16.7x 14.9x 14.3x
SAP (Europe)
117,770
94%
5.0x
4.8x
4.5x
6%
14.4x 14.5x 13.3x
4%
33%
23.4x 22.6x 20.4x
Adobe (US)
98,511
94%
18.5x 15.0x 12.6x
21%
44.1x 33.7x 27.6x
26%
44%
66.0x 41.4x 36.6x
Intuit (US)
43,657
94%
10.9x
9.6x
8.7x
12%
29.8x 26.5x 23.9x
12%
36%
51.6x 41.4x 34.7x
VMware (US)
44,057
89%
7.6x
6.8x
6.3x
10%
20.5x 17.6x 17.4x
9%
39%
32.9x 27.6x 25.4x
Autodesk (US)
24,874
92%
16.5x 13.6x 10.6x
25%
n/m 93.0x 34.9x
n/a
15%
n/m
n/m 47.9x
Constellation Software (Canada)
14,014
95%
13.4x 10.7x
9.4x
19%
51.6x 42.4x 36.3x
19%
25%
72.4x 54.9x 48.7x
Symantec (US)
13,455
60%
3.7x
3.8x
3.7x
1%
8.0x
8.7x
7.9x
1%
44%
15.4x 14.0x 12.7x
Citrix (US)
12,754
96%
6.1x
6.0x
5.8x
3%
17.1x 17.1x 18.3x
(3%)
35%
22.5x 22.6x 21.6x
Check Point Software Technologies (Middle East)
12,020
82%
8.8x
8.6x
8.3x
3%
15.7x 16.0x 15.4x
1%
54%
20.7x 20.3x 19.6x
Sage Group (Europe)
10,794
76%
4.9x
4.6x
4.3x
7%
16.6x 15.6x 14.3x
7%
29%
23.7x 22.2x 20.4x
Tableau (US)
6,090
92%
9.5x
8.5x
7.4x
14%
n/m
n/m
n/m
20%
2%
n/m
n/m
n/m
Trend Micro (AsiaPac)
5,615
94%
n/m
n/m
n/m
8%
n/m
n/m
n/m
5%
33%
n/a
n/a
n/a
Ceridian HCM Holding (US)
4,991
78%
n/a
9.3x
8.6x
n/a
n/a
45.3x 38.6x
n/a
20%
n/a
n/m 71.5x
LogMeIn (US)
4,308
77%
5.8x
4.8x
4.5x
14%
15.9x 13.1x 11.8x
16%
37%
29.0x 22.5x 20.0x
Nemetschek (Europe)
3,925
93%
9.9x
8.7x
7.6x
14%
37.4x 33.1x 28.4x
15%
26%
62.2x 54.0x 46.4x
Teradata (US)
3,819
91%
2.4x
2.4x
2.3x
2%
14.0x 14.0x 12.5x
6%
17%
34.8x 33.0x 27.4x
MongoDB (US)
1,921
83%
17.2x 11.9x
8.9x
39%
n/m
n/m
n/m
(16%)
(32%)
n/m
n/m
n/m
Appian (US)
1,846
83%
15.0x 12.3x 10.5x
20%
n/m
n/m
n/m
11%
(18%)
n/m
n/m
n/m
Carbon Black (US)
1,799
74%
n/a
12.0x
9.7x
n/a
n/a
n/m
n/m
n/a
(27%)
n/a
n/m
n/m
MicroStrategy (US)
657
65%
1.8x
1.8x
1.7x
2%
8.7x
19.2x 15.8x
(26%)
9%
30.9x 53.5x 43.3x
Rosetta Stone (US)
279
95%
2.0x
2.2x
2.0x
2%
34.4x
n/m 45.7x
(13%)
(4%)
n/m
n/a
n/a
Gridsum (AsiaPac)
185
50%
0.4x
0.3x
0.2x
48%
n/m
1.9x
0.7x
n/a
13%
n/m
2.5x
0.8x
Perion (Middle East)
85
60%
0.4x
n/a
n/a
(100%)
4.5x
n/a
n/a
(100%)
n/a
5.5x
n/a
n/a
Mean
7.9x
7.4x
6.5x
8%
21.4x 24.4x 20.4x
1%
22%
33.8x 29.8x 29.9x
Software as a Service (SaaS)
Salesforce.com (US)
84,135
96%
11.0x
8.7x
7.3x
23%
51.0x 38.4x 30.8x
29%
23%
n/m 66.6x 55.2x
Workday (US)
20,832
87%
13.3x 10.5x
8.6x
25%
81.5x 56.9x 42.0x
39%
18%
n/m
n/m 73.5x
Xero (US)
9,158
64%
1.2x
1.2x
1.3x
(2%)
7.3x
6.8x
6.7x
4%
18%
8.0x
7.6x
7.4x
Dropbox (US)
10,547
75%
n/a
10.6x
9.1x
n/a
n/a
49.7x 42.1x
n/a
21%
n/a
n/m 88.5x
Veeva Systems (US)
8,662
90%
17.3x 14.2x 12.1x
20%
51.8x 42.5x 35.9x
20%
33%
91.5x 60.1x 50.5x
Ultimate Software Group (US)
6,633
91%
9.7x
8.1x
6.9x
18%
42.1x 32.6x 26.9x
25%
25%
82.9x 53.2x 43.6x
DocuSign (US)
7,345
79%
n/a
15.2x 12.7x
n/a
n/a
n/m
n/m
n/a
5%
n/a
n/m
n/m
Paycom (US)
4,975
83%
15.7x 12.4x 10.1x
25%
51.0x 30.4x 24.8x
43%
41%
92.0x 46.2x 37.4x
Pivotal Software (US)
4,797
78%
n/a
10.1x
8.1x
n/a
n/a
n/m
n/m
n/a
(11%)
n/a
n/m
n/m
Zendesk (US)
4,628
90%
14.8x 11.0x
8.6x
31%
n/m
n/m 94.4x
120%
7%
n/m
n/m
n/m
Okta (US)
4,356
83%
22.8x 16.6x 12.6x
35%
n/m
n/m
n/m
(33%)
(15%)
n/m
n/m
n/m
RealPage (US)
4,725
89%
9.6x
7.4x
6.6x
20%
39.6x 28.4x 23.7x
29%
26%
76.3x 45.1x 36.2x
Blackbaud (US)
4,530
88%
7.8x
7.0x
6.4x
10%
31.7x 28.1x 25.1x
12%
25%
54.8x 41.4x 36.0x
Medidata Solutions (US)
3,964
94%
9.9x
8.4x
7.1x
18%
41.0x 34.8x 27.0x
23%
24%
72.8x 57.5x 43.9x
Wix.com (Middle East)
3,805
92%
12.2x
8.7x
6.9x
33%
77.0x 47.8x 30.2x
60%
18%
n/m
n/m 71.3x
Box (US)
2,899
84%
7.8x
6.5x
5.4x
21%
n/m
n/m 85.2x
n/a
3%
n/m
n/m
n/m
Ellie Mae (US)
2,859
89%
9.4x
7.8x
6.6x
19%
32.6x 29.7x 23.3x
18%
26%
75.9x 65.3x 45.6x
Zscaler (US)
3,419
81%
29.9x 21.9x 16.6x
34%
n/a
n/m
n/m
n/a
(4%)
n/a
n/m
n/m
Paylocity (US)
2,545
92%
10.4x
8.4x
6.9x
23%
52.4x 38.6x 29.1x
34%
22%
86.9x 48.6x 52.7x
Cornerstone Ondemand (US)
2,276
88%
6.4x
6.1x
5.5x
8%
47.5x 34.0x 24.2x
40%
18%
n/m 71.4x 43.8x
Coupa (US)
2,814
96%
21.1x 16.3x 13.1x
27%
n/m
n/m
n/m
n/a
(1%)
n/m
n/m
n/m
SmartSheet (US)
2,301
79%
n/a
19.4x 13.9x
n/a
n/a
n/m
n/m
n/a
(31%)
n/a
n/m
n/m
Altair Engineering (US)
1,944
90%
8.0x
7.1x
6.3x
13%
n/m 78.4x 49.4x
55%
9%
n/m
n/m 70.5x
Zuora (US)
2,345
72%
n/a
14.4x 11.3x
n/a
n/a
n/m
n/m
n/a
(21%)
n/a
n/m
n/m
Avalara (US)
3,393
90%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SailPoint (US)
1,781
85%
13.9x 10.7x
8.7x
27%
n/m
n/m 94.8x
10%
8%
n/m
n/m
n/m
Blucora (US)
1,696
91%
4.6x
4.1x
3.9x
9%
23.1x 20.0x 17.5x
15%
21%
32.0x 22.4x 19.4x
BlackLine (US)
1,892
86%
14.8x 11.5x
9.2x
27%
n/m
n/m
n/m
246%
5%
n/m
n/m
n/m
Cloudera (US)
1,365
61%
5.1x
4.2x
3.5x
20%
n/m
n/m
n/m
(22%)
(19%)
n/m
n/m
n/m
Five9 (US)
1,681
87%
11.6x
9.6x
8.2x
19%
n/m 78.8x 57.6x
57%
12%
n/m
n/m 87.1x
Alteryx (US)
1,829
92%
19.4x 13.4x 10.1x
38%
n/m
n/m
n/m
(32%)
(6%)
n/m
n/m
n/m
Talend (Europe)
1,501
96%
13.7x 10.0x
7.8x
32%
n/m
n/m
n/m
(91%)
(5%)
n/m
n/m
n/m
Yext (US)
1,499
98%
12.0x
9.0x
6.8x
32%
n/m
n/m
n/m
(11%)
(16%)
n/m
n/m
n/m
Apptio (US)
1,236
94%
9.0x
7.4x
6.3x
20%
n/m
n/m
n/m
n/a
3%
n/m
n/m
n/m
Domo (US)
1,199
95%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Everbridge (US)
1,116
89%
14.6x 10.9x
8.7x
30%
n/m
n/m
n/m
n/a
(2%)
n/m
n/m
n/m
LivePerson (US)
1,049
88%
6.5x
5.9x
5.3x
11%
78.4x 63.1x 48.5x
27%
9%
n/m
n/m
n/m
Benefitfocus (US)
973
91%
5.2x
5.2x
4.6x
6%
69.9x
n/m 62.6x
6%
3%
n/m
n/m
n/m
SPS Commerce (US)
951
94%
5.9x
5.3x
4.9x
10%
40.6x 29.3x 24.5x
29%
18%
93.3x 59.5x 50.1x
Synchronoss (US)
357
36%
1.0x
1.1x
n/a
(100%)
4.2x
3.9x
n/a
(100%)
27%
9.7x
7.3x
n/a
Cardlytics (US)
351
85%
3.7x
3.1x
2.0x
37%
n/m
n/m 49.4x
n/a
(10%)
n/m
n/m
n/m
ChannelAdvisor (US)
280
90%
3.1x
2.9x
2.7x
7%
81.6x 47.4x 35.7x
51%
6%
n/m
n/m
n/m
Veritone (US)
213
22%
18.9x 13.7x
7.4x
60%
n/m
n/m
n/m
13%
(190%)
n/m
n/m
n/m
EQS Group (Europe)
93
90%
2.9x
2.5x
2.2x
16%
27.4x 56.9x 29.5x
(4%)
4%
n/m
n/m
n/m
Mean
10.9x
9.3x
7.6x
19%
46.6x 39.8x 40.0x
23%
4%
64.7x 46.6x 50.7x
Source: Capital IQ (as of 29 June 2018).
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I N S I G H T A C C E S S O P P O R T U N I T Y
MANHATTAN VENTURE PARTNERS
O F F E R I N G S
DIRECT INVESTMENTS
For institutional investors who make
substantial allocations — often $10 million
or more per transaction
DEALSPECIFIC FUNDS
For investors who do not have the appetite
or strategy for direct investments, but wish
to make transactionspecific decisions or
institutional investors desiring to remain
discrete
MANAGED FUNDS
For investors who want broad exposure to
secondary venture investments, deal
selection by proven experts, and the
opportunity to coinvest on a self selected
basis
Manhattan Venture Partners (“MVP”) is a researchdriven merchant bank focused on acquiring shares in late
stage, preIPO technology companies from existing shareholders. Partners of MVP have arranged or invested
in more than $2B of secondary and primary venture transactions
Manhattan Venture Research “MVR” publishes Venture Bytes, a monthly newsletter which contains the
Liquidity Watchlist, a proprietary list of top25 promising private companies in the TMT space that are
candidates for a liquidity event – either an IPO or an acquisition  within the next 12 to 18 months. The
companies are ranked based on a series of quantitative and qualitative factors from a pool of 325 companies
that we closely monitor.
Liquidity Watchlist May 2018
Securities offered through Fusion Analytics Securities, LLC, member FINRA/SIPC
www.mvp.vc
212.858.9900
New York, New York
#
∆
Company
Description
Status
1
0
Tenable Network Security
Provides security and compliance monitoring platform designed to understand and reduce
cybersecurity risk. The platform provides continuous visibility and critical context to see
and secure any digital asset on any computing platform
Raised $300.7M to date in 3 equity rounds, including the last round of $250M in Nov. 2015, raising the post
valuation to $550M; hired Morgan Stanley earlier this year and the company is very transparant about its
financials (7 sequential quarters of +40% Y/Y revenue growth; Earlier the company had 3 convertible debt
rounds worth $700K
2
+3
Apttus Corp
Provides cloudbased QuotetoCash (QTC) software services
Raised $404.25M to date; last equity round Series E in Sept 2017 for $55.3M at $15/share, raising the post
valuation to $1.9B; the company filed to go public on September 13, 2017 but subsequently received $75
million of development capital from Golub Capital on February 13, 2018
3
0
Survey Monkey
Provides online survey tools created to help customers make better decisions. The
company's platform uses SSL encryption and multimachine backup to keep data secure
enabling companies, organizations and individuals to send survey invitations, collect
responses and analyze results with live graphs and charts for gathering insights
Raised $615M to date, including $400M in debt financing. The last equity financing round was in December
2014 when the company raised $250M, raising the postmoney valuation to $2.0B. Investors included Dave
Goldberg, T. Rowe Price Associates, Morgan Stanley Expansion Capital, Baillie Gifford, Tiger Global
Management, ICONIQ Capital, Google Capital, Social+Capital Partnership, FS Investors, Ryan and Chris
Finley, Bryan Johnson, Kevin Colleran and Laurel Crown Partners. KG Investments also participated
4
0
AppNexus
Provides trading solutions and powers marketplaces for Internet advertising
Raised $344.2M to date; last round Series F in Sept 2016 for $31M at $1.6B post valuation and $26/share;
key investors include News Corp., Yahoo Japan, SharesPost 100 Fund, Deutsche Telekom Capital Partners,
Fidelity Investments, among others
5
0
Pinterest
Pinterest is a “virtual and social pinboard” that allows users to share interesting and
inspiring ideas, images and tastes
Raised $1.47B to date in 10 rounds, including the last round of $150M in June 2017at $12.3B post valuation
and $7.18/share; key investors include Rakuten, Wellington, Goldman Sachs, Adreessen Horowitz, Fidelity,
among others
6
+4
DOMO
Provides cloudbased businessmanagement platform designed to connect data, people,
and expertise that are needed to improve business results
Raised $730M in 7 rounds; last round Series D2 for $115.2M in Dec. 2017 at $8.43 per share, raising the
postvaluation to $2.28B
7
0
Slack
Develops real time messaging, archiving and search tool; provides a collaboration platform
that lets users to port conversations and links to other work from other applications
Raised $796.7M in 10 rounds; last round, Series G, in Sept 2017 for $250M at $8.70/share, raising the post
valuation to $5.1B; key investors: Acela Partners, Comcast Ventures, GGV Capital, Index Ventures, Sherpa
Capital, Spark Capital, Thrive Capital; hired new CFO in Feb. 2018
8
0
OpenX
Provides an online advertising marketplace; the company's products, including OpenX
Enterprise and OpenX Market, provide a comprehensive revenueserving platform
Raised $85M in 8 rounds; last round, Series , in Feb 2013 for $25M. Key investors include Samsung Venture
Investment and Cyber Communications on February 26, 2013. Yet2Ventures, Accel Partners, Index
Ventures, SAP Ventures, LocalGlobe, Mitsui Global Investment and Presidio Ventures also participated;
hired SVP who worked at Google and Apple
9
+9
Uber
Uber is a mobile app connecting passengers with drivers for hire
Raised $17.4B in combination of late stage VC rounds (10), corporate rounds (2), and debt rounds (3).
Current postvaluation is $68B; Recent 1Q18 results show improving financials; CEO indicated IPO likely in
2019
10
+10
Airbnb
Operates an online community marketplace for travel accommodations allowing users to
both list and rent space from traditional or mobile platforms
Raised $4.4B in 11 rounds; the last round, Series F, in Mar 2017 for $1.0B at $2.8B prevaluation ($31B
postmoney valuation) and $105/share; key investors include Andreessen Horowitz, Fidelity, General
Atlantic, Sequoia, GGV, among others; hired new CFO with IPO experience, Laurence Tosi, in 2015 from
Blackstone Group
11
0
Sprinklr
Develops social media management platform (SMM) designed to provide digital
transformation for enterprise businesses. The company's integrated platform for social
media management allows brands to do marketing, advertising, care, sales, research and
commerce
Raised $228.50M in 6 rounds; the last round, Series F, in Jul 2016 for $105.00M at $1.70B prevaluation
($1.81B postmoney valuation) and $9/share
12
0
MapR Tech.
MapR Technologies provides an enterprisegrade, big data platform that supports mission
critical and realtime production uses
Raised $285.62M in 6 rounds; last round Series E was for $60.98M in Oct 2017 led by Lightspped Venture
Partners at $560.98M postmoney valuation as $4.14/share; other key investors include Google Capital,
Light speed, Qualcomm Ventures, Repoint
13
7
SoFi
SoFi is a leading marketplace lender and the #1 provider of student loan refinancing with
over $4 billion loans originated to date
Raised $1.92B in 6 rounds; last round Series G for $500M in Mar 2017 at $17.18/share and $3.9B pre
valuation ($4.4B post valuation)
14
+8
Acquia
Provider of a web publishing platform, the company provides tools for enterprise users of
the opensource web publishing platform
Raised $194.5M in 8 rounds, including most recent round of $55M in Sept 2015 at $840M post valuation
and $18.92/share; key investors Centerview Capital Technology Partners, NEA, among others
15
+8
Klarna
Provides online payment services designed to make online shopping easy and seamless, and
help the customers improve their average order value as well as conversion
Raised $519.1M in 8 rounds; the last private transaction in Aug 2017 raised $250M at $2.50B post
valuation; key investors include Permira, Seqouia Capital, Wellington, Northzone Ventures, IVP, among
others
16
9
Eventbrite
Provides an event technology platform designed to discover and create events and sell
tickets
Raised $371.9M in 11 rounds; last round Series G for $147.6M in Aug 2017 at $24.58/share and $1.35B pre
valuation ($1.50M post valuation)
17
6
Palantir Technologies
Palantir Technologies offer a suite of software applications for integrating, visualizing and
analyzing information
Raised $2.75B to date in 14 rounds; last round Series K for $880M in December 2015 at $11.38/share and
$19.7B prevaluation ($20.5B post money valuation); key investors include Aeon Funds, BlackRock Private
Equity Partners, GSV Ventures, Third Point, among others
18
0
Actifio
Actifio delivers copy data virtualization to global enterprise customers and service provider
partners in more than 30 countries. Leading customers include IBM, Sungard, HBO,
Netflix, Time Warner Cable, Government Agencies, among others
Raised $354.63M in 6 rounds from 12 investors; last round was $100M in March 2014 at $1.13B valuation
and $12.23/share; key investors included Tiger Global, Technology Crossover Ventures, among others
19
7
Lyft
Provides an online marketplace which connects community drivers with passengers who
request rides through the company's iPhone or Android application
Raised $4.31B in 9 rounds; last round Series H for $1.7B at $11.7B post valuation and $39.75/share led by
Capital; other key investors in previous rounds Alibaba Group, AlWaleed Bin AbdulAziz, Did, DSCN,
General Motors, Alliance Bernstein, Janus, KKR among others
20
7
Tanium
Develops security and systems management technologies to allow realtime data collection
by organizations, helping information technology personnel identify and fix operational
issues and also fend off security attacks
Raised $482.3M in 7 rounds, including the last round of PE Growth of $175M in May 2018 at $5B post
money valuation and $14.89/share; key investors include T. Rowe Price, Andreessen, TPG, IVP, among
others
21
0
DataXu
Provides realtime media management platform; develops a platform for digital advertising
campaigns across online, mobile and video channels
Raised $93.5M to date in 8 rounds; last round Series F for $10M in January 2016 at $1.99/share and $390M
post money valuation
22
5
Buzzfeed
Buzzfeed is social news and entertainment company with a focus on digital media and
digital technology
Raised $496.4M in 8 rounds; last round in Nov 2016 for $200M at $1.7B postvaluation and $45.04/share;
key investors: Andreessen Horowitz, General Atlantic, NEA
23
7
Stripe
The company provides a suite of APIs to enable businesses to accept and manage online
payments
Raised $440.03M in 7 rounds; last round in Nov 2016 for $400M raising postvaluation to $9.2B; key
investors: General Catalyst Partners, Capital, Sequoia Capital, Peter Thiel and Elon Musk
24
16
Rent the Runway
Provides an online website for renting dresses and accessories intended to revolutionize
retail
Raised $196.15M in 7 rounds; last round in Mar 2018 for 20M raising postvaluation to $770M; key
investors: Bain Capital, Fidelity, American Express
25
0
Crowdstrike
Developes cloudbased cybersecurity platform designed to prevent, detect, and respond to
cyber attacks in realtime; the company's Falcon platform uses artificial intelligence and
machine learning to provide endpoint detection and response
Raised $281.2M in 5 rounds; last round in Oct 2017 for $25M raising the postvaluation to $1.05B
NOAH Top List: European FinTech
31
Source: Company websites, CrunchBase, NOAH Advisors.
Company
Location
Business Overview
Founded
Key Investors
Funding
Provides ecommerce
payment solutions for
merchants and shoppers
2005
€490.0m
Online marketplace for small
business loan lenders and
seekers
2010
€430.4m
Provides digital and
commercial banking services
for merchants and businesses
2014
€387.6m
Provides ecommerce
payment solutions for
merchants and shoppers
2006
€293.5m
Online big data scoring
technology and machine
learning algorithms services
2012
€251.8m
Online peertopeer loan
marketplace
2007
€176.8m
Provides mobile payment
services for businesses and
individuals
2010
€256m
Online company providing
loans secured with luxury
assets
2008
€164.3m
Online service that lets
people send money to friends
and family living abroad
2010
€164.3m
Online payday lender that
offers shortterm personal
cash loans
2007
€129.5m
Select Transaction Comparables
32
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Classifieds
Aug 16
Randstad
Monster
US
383.3
0.6x
0.7x
4.0x
6.8x
Mar 16
Swiss Mobiliar
Scout24 Schweiz (50% stake)
Switzerland
Mar 16
Scout24 Switzerland
GratisInserate.ch
Switzerland
Nov 16
Novasol
Wimdu
Germany
Dec 15
Axel Springer
Axel Springer Digital Classifieds (15%)
Germany
Nov 15
CarTrade
CarWale (Axel Springer)
Germany
83.2
Oct 15
Naspers
Avito (50.6%)
Russia
2,152.4
Aug 15
Apax Partners
Idealista
Spain
150.0
3.6x
16.7x
Feb 15
Immowelt
Immonet (merger)
Germany
420.0
Dec 14
Axel Springer
Axel Springer Digital Classifieds (15%)
Germany
2,973.0
Oct 14
Next Co.
Trovit.com
Spain
80.0
4.5x
13.6x
Jun 14
Yandex
auto.ru
Russia
128.9
May 14
Stepstone
Evenbase
UK
110.0
2.5x
22.0x
May 14
Axel Springer
Yad2.co.il
Israel
165.0
Mar 14
Schibsted
Mlanuncios
Spain
50.0
Mar 13
Naspers
Avito (18.6%)
Russia
2,351.3
Feb 14
Schibsted
Milanuncios
Spain
100.0
Nov 12
Axel Springer
Immoweb.be (80%)
Belgium
159.4
12.0x
Apr 12
Axel Springer
Totaljobs
UK
132.0
Sep 10
Axel Springer Verlag
SeLoger (87.6%)
France
634.4
6.8x
6.2x
13.1x
11.4x
Sep 10
Schibsted
LeBoncoin (remaining 50%)
France
400.0
18.0x
Ecommerce
Feb 18
Monoprix
Sarenza
France
Aug 17
The Hut Group
Glossybox
Germany
Jul 17
Aptos
TXT Retail
Italy
85.0
Apr 17
Gamesrocket
Digital Republic Media
Germany
Mar 17
GeoPost
Stuart
France
Feb 17
Showroomprivé
Beauté Privée
France
Dec 16
Invision
Tintencenter.com
Germany
Nov 16
Sigma Retail
Internetstores
Germany
Nov 16
Mail.ru Group
Delivery Club
Russia
93.3
21.4x
Aug 16
Essilor
MyOptique Group
UK
140.0
Aug 16
Funding Led by Bridgepoint
Deliveroo
UK
247.8
Jul 16
Myntra
Jabong.com
India
63.3
0.5x
Jul 16
Tencent
China Music Corp
China
2,442.3
May 16
eBay
Ticketbis
Spain
148.0
6.6x
May 16
ProSiebenSat.1 Commerce
Stylight (78%)
Germany
80.0
May 16
TripAdvisor
HouseTrip
Switzerland
May 16
Temasek Holdings Pte Ltd; Eurazeo SA; IDG Capital Partners
Farfetch UK Limited
UK
95.7
Apr 16
Alabbar Enterprises
Yoox NetaPorter
Italy
3,700.0
Apr 16
VentePrivée
Privalia
Spain
500.0
1.2x
30.1x
Apr 16
VentePrivée
Eboutic.ch (majority stake)
Switzerland
Apr 16
Karstadt
Outfitter
Germany
Apr 16
Schustermann & Borenstein
FashionFriends
Switzerland
Feb 16
JustEat
Selected assets from Rocket Internet
Various
125.0
Nov 15
Lightspeed POS
SEOshop
Netherlands
Nov 15
Intercontinental Exchange
Trayport
UK
608.2
8.1x
16.3x
Oct 15
Ingram Micro
Docdata
Netherlands
155.0
9.5x
Sep 15
Grainger
Cromwell
UK
421.8
1.1x
10.8x
Jul 15
Photobox
posterXXL
Germany
May 15
Michelin
Black Circles
UK
67.2
1.9x
May 15
Delivery Hero
Yemek Sepeti (88.6%)
Turkey
594.7
33.0x
66.1x
Apr 15
Michelin
Allopneus (40%)
France
150.0
Mar 15
YOOX
NetaPorter (merger)
UK
3,120.0
2.4x
29.3x
Mar 15
Rocket Internet
FoodPanda (52%)
Germany
104.0
Mar 15
Verisk Analytics
Wood Mackenzie
UK
2,605.2
8.1x
17.3x
Mar 15
Recruit Holdings
Quandoo (92.9%)
Germany
213.8
50.9x
Mar 15
Wolseley
Bathempire.com
UK
Feb 15
British Gas
AlertMe
UK
87.8
Feb 15
Rocket Internet
Talabat
Kuwait
150.3
Feb 15
Rocket Internet
Grupo Yamm Comida a Domicilio
Spain
80.0
2.0x
Feb 15
Rocket Internet
HelloFresh (51.7%)
Germany
623.8
8.9x
Feb 15
Rocket Internet
Delivery Hero (30%)
Germany
496.0
Nov 14
Photobox
Hofmann
Spain
Sep 14
Neiman Marcus
Mytheresa.com
Germany
150.0
15.0x
Aug 14
Delivery Hero
Pizza.de
Germany
300.0
Select Transaction Comparables (Cont’d)
33
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Ecommerce (Cont'd)
Jun 14
Axel Springer
Car & Boat Media (51%)
France
72.0
2.9x
Jun 14
Monitise
Markco Media
UK
68.8
Jun 14
Bestseller
M&M Direct
UK
177.0
1.2x
May 14
Naspers
markafoni
Turkey
146.0
May 14
Tripadvisor
LaFourchette
France
100.0
10.0x
Apr 14
Afk Systema
Ozon.ru (21.6%)
Russia
108.6
Apr 14
Takeaway.com
Lieferando
Germany
50.0
Feb 14
Rocket Internet
La Nevera Roja
Spain
80.0
20.0x
Oct 13
eBay
Shutl
UK
145.1
Sep 13
Delticom
Tirendo
Germany
50.0
Aug 12
AXA Private Equity
Bestsecret.com
Germany
223.2
Jun 12
Naspers
Netretail (79%)
Netherlands
213.3
Feb 12
Ahold
Bol.com
Netherlands
350.0
Dec 11
Quants
Grupfoni (55%)
Turkey
Sep 11
Google
DailyDeal
Germany
130.0
Sep 11
Rakuten
Ozon.ru
Russia
Jul 11
Photobox
Moonpig
UK
136.3
3.2x
Mar 11
Privalia
Dress for Less
Germany
175.0
Oct 10
Amazon
BuyVIP
Spain
70.0
0.8x
0.4x
Jun 10
Rakuten
PriceMinister
France
200.0
5.0x
Apr 10
Richemont
NetaPorter
UK
434.5
2.9x
Lead Generation
Feb 18
NuCom Group
Verivox
Germany
46.7
Oct 17
HomeServe
Checkatrade
UK
61.0
Sep 17
Zoopla
Money.co.uk
UK
154.2
Oct 16
Consortium of Firms
Käuferportal (42%)
Germany
Mar 16
NS Intressenter (Owners)
PriceRunner
Sweden
Jun 15
NuCom Group
Verivox (80%)
Germany
262.5
5.8x
Apr 15
Zoopla
uSwitch
UK
260.1
3.0x
11.7x
Dec 14
eSure
Gocompare (50%)
UK
241.5
1.7x
7.3x
Jun 12
Moneysupermarket
MoneySavingExpert
UK
108.0
Feb 11
EasyVoyage
Dealchecker. TravelJungle. FSI Travel
UK
10.0
Jul 10
Expedia (Tripadvisor)
HolidayLettings
UK
36.0
15.0x
May 10
Priceline
TravelJigsaw
UK
93.7
Travel
Apr 17
AccorHotels
VeryChic
France
Feb 17
Priceline Group
Momondo Group
UK
586.0
5.7x
Dec 16
Ctrip
Skyscanner
UK
1,622.7
9.5x
51.2x
May 16
TUI Group
Transat France
France
54.0
Apr 16
Cinven Partners
Hotelbeds
Spain
1,163.5
1.1x
16.9x
Apr 16
TravelSky Technology
OpenJaw Technologies
Ireland
Apr 16
AccorHotels
OneFineStay
UK
212.0
Mar 16
Trainline
Captain Train
France
165.0
Jan 16
Yahoo Japan (et all)
Skyscanner
UK
1.5
9.3x
50.6x
Jan 16
Michelin
Bookatable
UK
108.0
Nov 15
LBO France
Fram
France
Nov 15
Quicket
BookitNow!
Germany
Oct 15
ProSiebenSat.1
Etraveli
Sweden
235.0
3.4x
11.1x
Mar 15
Bravofly
Lastminute.com
UK
104.4
0.9x
Oct 13
Uvet Viaggio Turismo
Flygpoolen
Sweden
Apr 13
Hostelworld
HostelBookers.com
UK
59.0
2.8x
12.1x
Mar 13
HRS
hotel.de (remaining 15%)
Germany
102.3
2.2x
78.7x
Mar 13
NC2 Media
Lonely Planet
UK
60.4
Dec 12
Expedia
trivago (61.6%)
Germany
774.4
7.7x
26.0x
Oct 12
Bravofly
Rumbo
Spain
60.0
1.0x
5.3x
Aug 12
LOET Trading, Bankhaus Metzler
Travel24 (46%)
Germany
52.0
2.2x
12.2x
Jan 12
Dnata World Travel
TravelRepublic
UK
Oct 11
HRS
hotel.de (61.59%)
Germany
61.0
1.5x
1.3x
55.4x
50.8x
May 11
LBO France
Promovacances
France
200.0
10.0x
Mar 11
Kuoni
Gullivers Travel Associates
UK
503.0
2.4x
8.4x
Feb 11
Odigeo (AXA and Permira)
Opodo
UK
450.0
3.1x
11.1x
Select Transaction Comparables (Cont’d)
34
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Marketplaces
Jan 18
Brille24
Lensspirit
Germany
Jun 17
Baloise Group
MOVU
Switzerland
Jun 17
Hoffman
Contorion
Germany
100.0
May 15
Recruit Holdings
Wahanda (70%)
UK
218.1
28.7x
Mar 15
Gruppo MutuiOnline
7Pixel (74.85%)
Italy
74.2
4.9x
9.4x
Feb 15
Tamedia
Ricardo
Switzerland
228.7
6.0x
Dec 14
Adobe
Fotolia
Europe
645.5
Social Networking
Sep 17
The Meet Group
LOVOO
Germany
83.8
2.2x
Jun 17
Snapchat
Zenly
France
186.4
Oct 16
eDarling
Attractive World
France
Sep 16
ProSiebenSat.1
Parship (51%)
Germany
300.0
Sep 14
mail.ru
Vkontakte (remaining 48%)
Russia
1,598.5
0.5x
2.1x
Apr 13
Elsevier B.V.
Mendeley
UK
64.9
Gaming
Feb 18
THQ Nordic
Koch Media
Germany
121.0
0.7x
11.5x
Nov 17
Stillfront
Goodgames
Germany
270.0
1.9x
7.8x
Nov 17
Zynga
Peak Games
Turkey
85.0
Aug 17
Aristocrat Technologies
Plarium
Israel
420.8
May 17
MTG
InnoGames (30%)
Germany
260.0
2.0x
May 17
Supercell
Space Ape Games
UK
Feb 17
TakeTwo
Social Point
Spain
234.6
Jan 17
Zhejiang Jinke Entertainment
Outfit7
Slovenia
1,000.0
Oct 16
MTG
Innogames (35% + 16% Optional)
Germany
260.0
Jul 16
Giant Network Technologies
Playtika
Israel
3,930.1
6.1x
4.9x
16.0x
Jul 16
Hydra Industries
Inspired Gaming Group
UK
238.7
Jul 16
Playtech
Best Gaming Technology
Austria
138.0
Jul 16
Gamigo
Aerial Games
Germany
Jun 16
Tencent
Supercell (84%)
Finland
9,687.6
4.7x
11.6x
May 16
CVC Capital Partners
Sisal
Italy
1,000.0
1.3x
5.5x
May 16
Cherry AB
ComeOn (49%)
Malta
80.0
Apr 16
CVC Capital Partners
Tipico (60%)
Malta
1,666.0
3.3x
16.7x
Apr 16
NYX
OpenBet
UK
337.8
Mar 16
Shandong Hongda Mining Co.
Jagex
UK
270.1
3.6x
10.3x
Mar 16
Youzu
Bigpoint
Germany
80.0
Nov 15
Activision Blizzard
King.com
UK
4,539.5
2.4x
5.6x
Oct 15
Vivendi
Ubisoft
France
1,809.5
1.2x
9.8x
Jul 15
MTG
Turtle Entertainment (74%)
Germany
105.4
Jun 15
Betsson
EuropeBet
Georgia
75.8
1.6x
4.3x
Jun 15
SoftBank
Supercell & GungHo (additional 22%)
Finland
5,033.1
Feb 15
Tencent
Miniclip (majority stake)
Switzerland
Feb 15
Intertain Group
Gamesys
UK
569.0
Dec 14
CVC Capital Partners
Sky Gaming
UK
1,068.6
Oct 14
Intertain Group
Dumarca
Malta
89.1
Sep 14
Microsoft
Mojang
Sweden
1,932.3
7.6x
19.5x
Jun 14
Amaya
Rational Group
UK
3,616.2
4.5x
11.7x
Jun 14
Bally
Dragonplay
Israel
73.2
3.3x
10.0x
Jun 14
Webedia
JeuxVideo
France
90.0
Jan 14
Zynga
NaturalMotion
UK
388.7
8.8x
63.6x
Oct 13
SoftBank
Supercell & GungHo (51%)
Finland
2,217.9
4.2x
3.5x
7.2x
Select Transaction Comparables (Cont’d)
35
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Adtech
May 18
Oracle
Grapeshot
UK
454.0
Mar 17
Altice
Teads.tv
France
300.0
1.6x
Feb 17
Accenture
SinnerSchrader (62%)
Germany
100.0
2.0x
21.3x
Sep 16
Glispa Global Group
Avocarrot
UK
0.0
Jun 16
Spearhead
Smaato
Germany
132.2
May 16
FreeWheel Media
StickyADStv
France
87.7
Mar 16
RTL
Smartclip
Germany
50.0
Sep 15
NewsCorp
Unruly
UK
156.5
3.5x
Sep 15
Gravity4
EuroAds
Denmark
Sep 15
ironSource
Supersonic
Israel
132.9
1.9x
Aug 15
Ströer
InteractiveMedia
Germany
300.0
Jul 15
FanDuel
Kotikan
UK
Mar 15
Cheetah Mobile
MobPartner
France
54.9
Oct 14
Publicis
Matomy (24.9%)
Israel
383.0
1.9x
1.4x
26.9x
12.9x
Oct 14
RNTS Media
Fyber
Germany
150.0
Jul 14
RTL
SpotXchange (65%)
Germany
165.5
6.0x
44.3x
Jun 14
Opera
AdColony
US
257.3
3.4x
17.5x
Jun 14
Amobee
Kontera
Israel
110.7
Apr 14
Tesco
Sociomantic
Germany
150.0
9.0x
Nov 11
Adconion Media
Smartclip
Germany
125.0
Others
Jun 18
Enel X
Ufinet International
Spain
142.1
Jun 18
Nets
Dotcard
Poland
69.0
May 18
Iron Mountain
EvoSwitch
Netherlands
193.3
May 18
VASCO Digital
Dealflo
UK
47.9
May 18
PayPal
iZettle
Sweden
1,786.4
May 18
LoopUp
MeetingZone
UK
67.2
Feb 18
LexisNexis
ThreatMetrix
UK
674.0
25.1x
Feb 18
Kunlu Tech
Opera Software
Norway
51.8
Jan 18
Thy Crypto Company
CoinTracking
Germany
462.2
Jan 18
Urban Sports
FITrate
Germany
0.0
Dec 17
Ascential
Clavis Technology
Ireland
157.2
Dec 17
Scheidt & Bachmann
ecopark
Germany
0.0
Dec 17
Apple
Shazam
UK
452.0
Dec 17
Thales Group
Gemalto
Netherlands
5,430.0
1.7x
10.5x
Nov 17
ByteDance
News Republic
France
73.6
Jul 17
iRobot
Robopolis
France
119.1
0.9x
Jul 17
Ingenico
Bambora
Sweden
1,500.0
Jul 17
Gamigo
Mediakraft Networks
Germany
Jul 17
Bottega InvestCo
Getronics
UK
220.0
Jul 17
Symantec
Fireglass
Israel
211.2
Jul 17
CM
Docdata
Netherlands
Jun 17
Microsoft
Cloudyn
Israel
52.5
10.0x
Jun 17
Blackbaud
JustGiving
UK
108.4
Jun 17
Fiserv
Monitise
UK
79.8
1.4x
Jun 17
Microsoft
Hexadite
Israel
87.5
Jun 17
Porsche
PTV Group
Germany
300.0
Jun 17
Vivendi
Havas
France
3,675.8
May 17
Moody's
Bureau van Dijk
Netherlands
3,000.0
11.6x
22.7x
May 17
United Internet
Drillisch
Germany
2,800.0
May 17
Spotify
Niland.io
France
Apr 17
BNP Paribas
Compte Nickel
France
Apr 17
AutoNews.de
Motor1
Germany
Apr 17
Trade Extensions
Coupa Software
Sweden
42.2
4.5x
Mar 17
Ekinops
OneAccess
France
60.0
1.0x
Mar 17
Alibaba
WayRay
Switzerland
Mar 17
Intel
Mobileye
Israel
14,359.5
42.7x
30.6x
80.1x
55.6x
Mar 17
The Travellers Companies
Simply Business
UK
459.9
10.0x
Feb 17
Zalando
Kickz
Germany
Feb 17
Palo Alto Networks
LighCyber
Israel
98.5
Feb 17
Nokia
Comptel
Finland
347.3
Feb 17
Klarna
BillPay
Germany
69.0
Jan 17
Zoopla
Hometrack
UK
139.8
7.7x
16.9x
Jan 17
Kik
Rounds
Israel
64.8
Select Transaction Comparables (Cont’d)
36
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Others (Cont'd)
Dec 16
Thundersoft
Rightware
Finland
Dec 16
Megafon (63.8%)
Mail.ru
Russia
1,075.8
1.8x
Dec 16
Huawei
Toga Networks
Israel
139.9
Dec 16
Go Daddy
Host Europe Group
Germany
1,690.0
6.3x
15.2x
Dec 16
CA Technologies
Automic
Austria
600.0
8.9x
Oct 16
Boomreach
Hippo NV
Netherlands
Oct 16
The Economist
Signal Noise
UK
Oct 16
Liberty Global
Multimedia Polska
Poland
696.6
Aug 16
SpeedCast
WINS
Malta
60.0
Aug 16
Cheetah Mobile
News Republic
France
53.2
Aug 16
Verizon
Fleetmatics
Ireland
2,238.2
8.4x
24.9x
Jul 16
BPCE
Fidor
Germany
100.0
Jul 16
AVAST Software
AVG Technologies
Netherlands
1,170.0
2.7x
9.5x
Jul 16
InfraVia
Next Generation Data
UK
119.4
8.9x
20.8x
Jul 16
Thoma Bravo
Trader Corporation
Canada
1,076.5
May 16
Ingenico
Nera Solutions
Singapore
57.0
2.7x
Jun 16
Capita
Trustmarque
UK
74.2
Jun 16
Astorg VI Special
AutoForm
Switzerland
644.0
12.9x
Jun 16
Dedalus SpA
NoemaLife SpA
Italy
61.4
May 16
Volkswagen
Gett
Israel
May 16
eBay
ExpertMaker AB
Sweden
May 16
Microsoft
Solair
Italy
May 16
New Signature
Dotnet Solutions
UK
0.3x
3.5x
Apr 16
Rakuten
Cabify
Spain
283.1
Apr 16
Nokia
Withings
France
170.0
Apr 16
Zoopla
Property Software Holdings
UK
94.8
4.7x
14.7x
Apr 16
Altor
Infotheek
Netherlands
Mar 16
Aconex
Conject
Germany
65.0
Mar 16
Visma
Fortnox
Sweden
146.0
9.2x
45.4x
Mar 16
Facebook
Masquerade
Belarus
Mar 16
Freenet
Media Broadcast
Germany
295.0
Mar 16
MasterCard
VocaLink
UK
1,294.7
Feb 16
Oracle
Ravello Systems
Israel
453.6
Feb 16
Golden Brick Consortium
Opera
Norway
1,100.0
2.0x
12.7x
Jan 16
Seat Pagine Gialle
Italiaonline
Italy
450.6
Dec 15
Laird
Novero
Germany
65.0
Dec 15
Ströer SE
Statista (81.3%)
Germany
79.3
Dec 15
CSC
Xchanging
UK
607.7
1.0x
Nov 15
Cisco
Acano
UK
684.9
20.0x
Nov 15
ACI Worldwide
PAY.ON
Germany
180.0
13.0x
Oct 15
Trinity Mirror
Local World
UK
307.5
5.0x
Oct 15
Google
Digisfera
Portugal
Oct 15
Vivendi
Telecom Italia (stake increase to 20%)
Italy
678.0
Sep 15
Figaro Group
CCM Benchmark
France
Sep 15
Axel Springer
Business Insider (remaining 88%)
US
395.0
Sep 15
Credit Mutuel Arkéa
Leetchi
France
50.0
Sep 15
Interoute
Easynet
UK
552.2
Sep 15
Microsoft
Adallom
Israel
285.5
Sep 15
GVC Holdings
Bwin.party
Gibraltar
1,524.0
Aug 15
Paddy Power
Betfair Group (merger)
UK
6,824.5
Aug 15
Manheim
Movex (majority stake)
UK
Aug 15
Adidas
Runtastic
Austria
220.0
Jul 15
Deutsche Boerse
360T
Germany
725.0
Jul 15
Nikkei
Financial Times
UK
1,192.2
Jul 15
Oculus VR
Pebbles Interfaces
Israel
55.1
Jul 15
CareerBuilder
Textkernel
Netherlands
Jul 15
Rakuten
Fits.me
UK
Jul 15
United Internet
Home.pl
Poland
155.0
Jun 15
Vivendi
DailyMotion (80%)
France
271.3
4.2x
Jun 15
Microsoft
6Wunderkinder
Germany
137.3
May 15
Oculus VR
Surreal Vision
UK
May 15
Visma
economic
DK
200.0
5.9x
May 15
AVG
Privax HMA!
UK
52.9
Apr 15
Playtech
TradeFX
UK
458.0
4.0x
8.1x
Mar 15
Optimal Payments
Skrill
UK
1,100.0
9.0x
Mar 15
Paypal
CyActive
Israel
54.4
Feb 15
British Gas
AlertMe
UK
88.4
3.7x
Select Transaction Comparables (Cont’d)
37
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Others (Cont'd)
Feb 15
Wanda
Infront Sports & Media
Switzerland
1,050.0
1.9x
Feb 15
Under Armour
Endomondo
Denmark
75.1
Jan 15
DropBox
CloudOn
Israel
64.1
Dec 14
Host Europe
Intergenia
Germany
210.0
Dec 14
Progress
Telerik
Bulgaria
211.9
4.4x
Nov 14
Solera
CAP Automotive
UK
328.5
9.2x
15.8x
Sep 14
Daimler
mytaxi
Germany
50.0
Sep 14
Fis
Clear2pay
Belgium
375.0
3.9x
Jul 14
Rightster
Base79
UK
62.9
15.3x
Jul 14
Ingenico
GlobalCollect
Netherlands
820.0
2.7x
16.4x
Jun 14
Vodafone
Cobra Automotive
Italy
145.0
1.0x
8.5x
Apr 14
Facebook
ProtoGeo Oy
Finland
Apr 14
Vistaprint
Pixartprinting
Italy
137.0
2.4x
10.0x
Mar 14
Kudelski Group
Conax
Norway
164.0
Feb 14
McGraw Hill
Area9
Denmark
130.0
Feb 14
Rakuten
Viber
Cyprus
658.1
Feb 14
Renova Group
Octo Telematics
Italy
405.0
3.3x
Jan 14
Google
DeepMind
UK
365.3
Dec 13
Klarna
Sofort
Germany
110.0
Dec 13
Dassault Systemes
RealTime Techology (84%)
Germany
179.8
2.0x
13.3x
Oct 13
Asurion
Soluto
Israel
72.9
Sep 13
EMIS
Ascribe
UK
68.7
2.5x
Jun 13
Google
Waze
Israel
863.7
NM
Feb 13
Orange
DailyMotion
France
127.0
Jan 13
Ingenico
Ogone
Belgium
360.0
8.6x
6.6x
25.0x
Jul 12
Skrill
Paysafecard
Austria
140.0
Jun 12
Rakuten
Wuaki.tv
Spain
May 12
Perform Group
RunningBall
Switzerland
120.0
7.4x
16.6x
May 12
NTT DOCOMO
Buongiorno
Italy
223.9
1.0x
10.9x
May 11
Microsoft
Skype
Luxemburg
5,899.0
10.7x
47.6x
Jan 11
AOL
GoViral
UK
71.0
6.0x
25.0x
Jan 11
Amazon
LoveFilm
UK
236.3
2.2x
1.8x
Aug 10
MasterCard
DataCash
UK
360.9
9.0x
19.8x
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Select Transaction Comparables (Cont’d)
38
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Fin ncial
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Jun 18
Warburg Pincus
Constructionline
UK
Feb 18
Silver Lake
ZPG
UK
Feb 18
Eli Global
Finanzen.de
Germany
Oct 17
Hellman & Friedman
Nets Group
Denmark
4,290.0
Jul 17
Marlin Equity Partners
ABIT Europe
Germany
Jul 17
Equistone
DefShop
Germany
Jul 17
Gilde Buy Out Partners
Albumprinter
Netherlands
Jun 17
TCV
Pracuj Group (minority stake)
Polish
Jun 17
CVC Capital Partners
Etraveli
Sweden
508.0
14.0x
Jun 17
Investcorp
ABAX
Norway
188.7
Apr 17
Propellerhead
Verdane
Sweden
20.9
2.0x
Feb 17
Vitruvian Partners
OAG
UK
204.8
Feb 17
KKR
Travelopia
UK
364.0
0.3x
7.3x
Feb 17
TA Associates
Think Project!
Germany
Dec 16
General Atlantic
Hemnet (majority stake)
Sweden
208.8
Dec 16
General Atlantic
Zoopla (majority stake)
Sweden
200.3
Oct 16
Dirk Ströers Media Ventures
Stylebop (majority stake)
Germany
Oct 16
Permira
Schustermann & Borenstein
Germany
Oct 16
Cinven, Permira, Mid Europa
Allegro
Poland
3,033.7
Sep 16
Inflexion Private Equity
Group IMD
UK
Sep 16
Permira
Personal & Informatik
Germany
Sep 16
Bregal Unternehmerkapital
Onlineprinters
Germany
Aug 16
Bridgepoint
Cruise.co.uk
UK
62.1
0.5x
Jul 16
KKR
Epicor Software
Singapore
2,985.1
3.3x
13.5x
May 16
General Atlantic
Argus Media (majority stake)
UK
1,301.3
Apr 16
EQT
Sitecore
Denmark
1,000.0
5.0x
20.0x
Mar 16
Apax Partners
InfoVista
France
Mar 16
HgCapital
Raet
Netherlands
470.0
3.2x
Mar 16
Riverside
Guestline
UK
Mar 16
Rockaway Capital
Invia
Czech Republic
76.0
Feb 16
Elbrus Capital
Headhunter
Russia
120.9
Feb 16
Various
Skyscanner
UK
1,421.4
Feb 16
Vitruvian Partners
Unifaun Group
Sweden
Feb 16
EQT
Kuoni
Switzerland
1.5
2.8x
14.8x
Oct 15
Rockaway Capital
Netretail and Heureka (from Naspers)
Czech Republic
200.0
Oct 15
Exponent. Electra
PhotoBox
UK
546.2
Sep 15
Blackstone
Ideal Shopping Direct
UK
Aug 15
SevenVentures
BilligerMietwagen
Germany
70.0
4.2x
7.9x
Jul 15
Apax Partners
idealista (70%)
Spain
150.0
~17x
Jul 15
HGGC
Selligent
France
200.0
Jun 15
Charlesbank
Six Degrees Group
UK
223.3
2.0x
Apr 15
Oakley Capital
Parship
Germany
50.0
Mar 15
AAC Capital
Corilus
Netherlands
77.6
1.8x
15.0x
Jan 15
Insight Venture
DaWanda
Germany
Jan 15
KKR
thetrainline.com
UK
595.3
6.7x
11.8x
Dec 14
Warburg Pincus
Blue Yonder (minority stake)
Germany
59.9
Nov 14
The Carlyle Group
Dealogic
UK
418.4
3.6x
9.6x
Oct 14
Great Hill Parthers
Momondo (majority stake)
Denmark
166.5
2.4x
14.2x
Oct 14
HgCapital
Allocate Software
UK
137.7
2.3x
13.1x
Sep 14
Oakley Capital
Facile.it
Italy
100.0
3.3x
25.0x
Sep 14
Access Industries
Perform Group
UK
858.1
2.8x
2.5x
21.7x
12.8x
Jul 14
KKR
The Hut Group (20%)
UK
126.4
Jul 14
KKR
Scout24 Schweiz & Omnimedia (49%)
Switzerland
262.2
Jun 14
Vitruvian Partners
JacTravel
UK
99.7
May 14
Permira
Teamviewer
Germany
870.0
4.9x
6.8x
May 15
ECI Partners
Evans Cycles
UK
135.2
Mar 14
BC Partners
CarTrawler
Ireland
450.7
0.9x
20.6x
Feb 14
CVC Capital Partners
Avast Software
Czech Republic
738.9
Jan 14
Apax Partners
Trader Media Group
UK
2,126.1
7.4x
12.9x
Nov 13
Hellman & Friedman
Scout24
Germany
2,000.0
5.9x
21.8x
Oct 13
Inflexion Private Equity
On The Beach Holidays
UK
86.0
1.9x
6.8x
Oct 13
Sequoia Capital
Skyscanner
UK
589.0
8.7x
23.5x
Aug 13
LDC
uSwitch (undisclosed stake)
UK
81.6
2.4x
7.4x
Jul 13
Cinven
Host Europe
UK
508.8
13.8x
Jul 13
TPG
TSL Education
UK
464.8
Mar 13
TA Associates
Onlineprinters
Germany
Feb 13
Partners Group
Softonic (30%)
Spain
275.0
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Select Transaction Comparables (Cont’d)
39
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Fin ncial
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Oct 12
Permira
Ancestry.com
Israel
1,224.5
3.3x
25.4x
May 12
KKR
Fotolia (50%)
France
353.7
Jan 12
Insight Venture
Jagex
UK
May 11
ECI Partners
CarTrawler
Ireland
100.0
Apr 11
TA & Summit
Bigpoint
Germany
408.5
Oct 10
General Atlantic & Index
Privalia
Spain
70.0
Sep 10
Montagu
Host Europe
UK
265.8
Jul 10
Permira
eDreams
Spain
300.0
May 10
Ardian
GoVoyages (majority)
France
400.0
0.5x
16.2x
Apr 10
DST
ICQ
Israel
142.2
40
NOAH Disruptor List
41
Media, Telecom, Gaming & Social Media
Source: Crunchbase, eMarketer, Statista.
* The company went public after July 2014
Company
Description
Funding ($m)
USA – Market size: Digital Media ($30bn) & Social Media ($12.6bn)
Image messaging app and smart glasses
4,700
Social media application
1,466
/
Multichannel media network
1,400
Fantasy league platforms
1,130
Zynga
Online games producer and developer
867
Realtime enterprise messaging
790
Crossplatform game engine
689
Online video service
683
Media company providing social news
496
Mobile messaging app
361
Developer of publishing platforms
317
Online media publisher
308
Social network to contact neighbors
285
Cloud communication company
261
Cloudbased communication platform
230
Questionandanswer website
226
Popular social magazine
211
Media player for streaming
209
Global marketplace for events
198
Highend precision gaming products
175
Video platform for websites
166
Manage team tasks and conversations
163
Content discovery platform
160
Developer and publisher of games
159
Mobile content sharing app
158
Conferencing, meetings, and messaging
146
Social publishing platform
132
Fashion and style website
125
Social photo sharing webstore and app
124
Delivers live virtual reality content
116
Crossplatform entertainment network
109
Mobile device operating systems
105
Online food network
80
Realtime social data mining platform
72
Workplace telecommunication
70
Question and answer website
68
Mobile photosharing and messaging
66
Tools to craft commercial content
66
SaaS for project management
63
Enterprise file sharing
63
Online anonymous community
61
Digital media content website
57
Mobile eSports tournaments
56
Media content website for news
46
Multiplayer game developer
45
image sharing platform
40
Streaming and community for gamers
36
Protocol used for file sharing
36
Company
Country
Description
Funding ($m)
Europe – Market Size: Digital Media ($16.8bn) & Social Media ($6.5bn)
Music streaming service
2,700
Crossplatform games community
554
International mobile phone
services
546
Music streaming service
346
Online audio sharing platform
468
Global music publisher and music
services
205
Social app for music
144
Online community to review and
discover companies
144
Global encrypted communication
130
Global WiFi network
110
Developer and publisher of
browser games
99
Global phone directory
93
Provider of online movie streaming
services
84
Developer and publisher of mobile
games
76
Developer of Massively Multiplayer
Online games
67
Businessoriented social
networking platform
60
Technology for television
broadcasters
50
Video and music streaming service
45
Music streaming service enabling
background music for businesses
33
Developer of mobile gaming app
32
Cloudbased document sharing and
collaboration platform
32
Developer and publisher of mobile
games
32
Voice over internet protocol
peering and clearing service
32
Cloudbased file transfer service
25
Developer and publisher of mobile
games
23
Locationbased mobile dating app
22
Crossplatform games community
17
*
*
NOAH Disruptor List (Cont'd)
42
Healthcare & Science
Company
Description
Funding ($m)
USA – Market Size: eHealth ($2.4bn)
SaaS for healthcare professionals
1,130
Health insurance company
728
Human genome research company
486
Collect and analyze medical metrics
422
Platform for cancer care
313
Population care management
240
Platform for booking doctors
223
PaaS that manage health data
222
Platform to connects with doctors
210
Application for healthcare costs
181
Telehealth platform
173
Social solutions for the health plan
164
Ondemand health care concierge
163
Electronic Health Record system
155
Health management services
141
SaaS to manage health business
138
Digital health program
127
Online pharmacy
118
Health IT software and services
103
App providing chat with a physician
87
Professional network for physicians
82
Clinical communication solutions
81
Medical booking platform for visits
59
Health engagement company
57
Health monitoring device via App
56
Platform for respiratory health
48
Data science platform for scientists
40
Healthcare software company
32
Company
Country
Description
Funding ($m)
Europe – Market Size: eHealth ($2.2bn)
Multisensory virtual reality
platform for motor rehabilitation
109
Online and mobile medical booking
platform
96
Professional network for scientists
and researchers
88
Healthcare application providing
video consultations with doctors
85
Groupe Santiane
Operator of a price comparison site
for healthcare insurance
60
Provider of a digital platform for
private health insurance
48
Online healthcare platform to find
local physicians
46
Patient Relationship management
platform
32
Blood glucose meter and web
software to manage diabetes
29
Online platform providing
information on and access to drugs
22
Medical Travel Platform
12
Bright light headphones that fights
seasonal affective disorder
10
Developer of a film sensor that
tracks sleeping conditions
9
Patientcontrolled medical records
system
7
Online platform where patients and
doctors can connect
6
Company
Description
Funding ($m)
USA – Market Size: Fitness & Wearables ($1.2bn)
Wearables to interact with digital devices
1,900
Social & live streaming cycling
445
HD wearable and personal cameras
288
Gym membership platform
154
Platform for sports video analysis
105
Developer for 3D motion control devices
94
Digital health services
75
Augmented reality platform & wearables
73
Wearable tech focusing on healthcare
66
Software developer for smart glasses
63
Sports tracking app
41
Wearable technology producer
29
Blood pressure management system
22
Sports wearable devices producer
20
Company
Country
Description
Funding ($m)
Europe – Market Size: Fitness & Wearables ($1bn)
Provider of realtime sports data
and content
98
Smartphone app that allows users
to monitor their training sessions
89
Sport media company
59
Wearable visual system for blind
and visually impaired persons
45
Global football community
20
Smartphone app that focuses on
what users eat
17
Sport wearable camera
12
Medicalgrade wearable physiology
monitoring device
10
Wearable technology for women
8
Mobile marketplace for gym
services
6
Wearable solutions for interaction
with multiple screens
4
Health and sports performance
optimizer
4
Wearable fitness device for water
sports
1
Fitness, Wearables & Sports
Source: Crunchbase, Statista.
* The company went public after July 2014
*
*
*
Company
Description
Funding ($m)
USA – Market Size: eLearning ($27.1bn)
Webbased Git repository hosting
service
350
Online university courses platform
210
Online learning and teaching
marketplace
173
Elearning solutions company
175
Education technology company
providing lecture capture service
165
Online training platform for
developers and IT professionals
163
Online courses for professionals
160
Adaptive learning technology
provider
157
online curriculum for kindergarten
and elementary school
150
Online computer programming
courses
120
Online language learning platform
108
Online community for crafters
featuring online classes
106
Provider of liberal arts and sciences
education
95
Social learning network enabling
teachers and students to connect
88
Platform that enables educators
and employers to share credentials
59
Allows schools to manage all their
apps through its platform
43
Platform that teaches employable
digital skills
43
Assessment and learning analytics
company
40
Personalized and adaptive language
learning platform
31
Online technology school for tech
job
12
NOAH Disruptor List (Cont'd)
43
Education
Company
Country
Description
Funding ($m)
Europe – Market Size: eLearning ($8.1bn)
Cloudbased educational software
for the preuniversity market
68
Online learning platform for foreign
languages
33
Social network that enables its
users to form study groups
39
Free gamebased platform for
learning
27
Online mathematics platform
23
elearning tool for academic and
career development courses
20
Online language learning platform
15
Online tools for teaching science
14
Online language learning platform
12
Brain training app
10
Interactive sheet music app
10
Online university courses
7
Online programs for developing
vocational tech skills
6
Online learning platform
6
Company
Description
Funding ($m)
USA – Market Size: Home Automation ($3.8bn)
Home remodeling, architecture and
interior design platform
614
Wireless multiroom music player
455
Home monitoring via mobile app
209
Platform for housing IoT
124
Wireless systems that facilitate
communication between devices
119
Smart WiFi system for use in
households
90
Free app that allows users to
control TVs and DVRs as well as
discover content
87
Smart energy efficiency solutions
for buildings
80
Cloud management system for
interoperability and IoT networks
75
Smart home appliances and access
systems
73
Voice recognition for automobile,
home and mobile
60
Home security solutions
57
Open source platform for managing
IoT "timeseries" data
25
Remote heat controller
10
Home Automation & IoT
Company
Country
Description
Funding ($m)
Europe  Market Size: Home Automation ($1.1bn)
Network for communication of
connected objects
277
Provider of M2M (Machine to
Machine) network software
100
Provider of cloudbased M2M
connectivity platform
84
Provider of techenable heating
system
66
Locationaware smart thermostat
56
WiFi and cloudbased internet
connectivity services to devices
44
Personal weather station with air
quality sensors
39
POS systems for the hospitality
industry
37
Smart solutions for home
surveillance
26
Energy marketplace and
management of energy assets
25
Smart controls for all house
appliances and heating
16
Smart lock systems
9
Intelligent heat controller
6
Enables the connection of non
smart appliances to the network
3
Home automation via smartphone
3
Source: Crunchbase, Statista, Docebo.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
44
Travel & Tourism
Company
Description
Funding ($m)
USA – Market Size: eTravel ($192bn)
Marketplace for people to list and
book accommodation
4,400
Cloudbased platform for the
business travel industry
539
Vacation property management
and marketing services
144
Mobile hotel booking application
118
Mobile App to predict and analyze
airfare
84
Personalized travel
recommendations
39
Online travel expense management
service
27
Travel website and browser addon
for tracking and booking flight
tickets
25
Travel community for free housing
lodging
24
A onestop shop to find and book
activities
17
Community that invites people to
dine in homes and connect with
hosts
8
Marketplace for hotel reservations
7
Booking of airport lounges
4
Company
Description
Funding ($m)
USA
Mobile app connecting passengers
with drivers for hire
22,200
Transportation network company
4,110
Urban logistics and delivery
platform
278
Realtime traffic data and traffic
speed
143
Peertopeer car sharing
marketplace that enables car
owners to rent out their cars
103
PeertoPeer car sharing
marketplace
172
Service that sends valets to park
the car wherever it is the position
76
Car rental platform that tackles
queues and paperwork
60
Solution to manage vehicle parking
through new sensing technologies
54
Mobile app that allows users to hail
a cab, track a ride, and make
payments
39
Company
Country
Description
Funding ($m)
Europe
Mobile app for booking taxis and
limos
613
Online cab service that enables
users to book vehicles and
chauffeurs
407
Carsharing website that connects
drivers with empty seats and
paying passengers
335
Mobile app that enables users to
track information on public
transport
132
Ondemand taxi hailing services for
licensed professional drivers
83
Urban transport app
50
PeertoPeer car rental platform in
France
43
Peertopeer car renting platform
for travelers at airports and train
stations
22
Online rental platform for
motorhomes and campervans
19
Peertopeer car rental
18
Smartphone app enabling users to
arrange carpools with the
community
14
App connecting users to taxi drivers
13
Cab services with flexible booking
options via a mobile app and the
web
11
Mobility – Market Size: Ridehailing ($40bn)
Company
Country
Description
Funding ($m)
Europe – Market Size: eTravel ($193bn)
Booking platform for tours and
activities
181
GetYourGuide
Booking platform for tours and
activities
170
Europefocused travel search
website
146
Globally expanding startup
specialized in selling cruises
73
Ticketing platform for rail travel
69
Online hotel search platform
54
One Two Trip
Travel booking website
48
Price comparison and online
booking portal for hotel
39
Online travel platform
39
Online hotel booking service
33
Hotel data and analytics company
30
Metasearch engine for vacation
rentals
30
Web platform helping travelers
design, estimate the cost, and book
28
Online travel booking platform
23
Online marketplace for multiday
tours
17
Zizooboats
Global boat rental platform
3
Members only luxury travel club
N/A
European bus operator
N/A
obilet.com
Online platform for bus tickets
N/A
Source: Crunchbase, Statista, Pwc (2016), Reuters.
* The company went public after July 2014
*
Title
Page
Cover
1
Agenda
2
Selected NOAH Advisors Deals
3
The NOAH Conferences
47
NOAH Connect: Coming Soon!
89
“NOAH, I’m On Board”
10
Porsche: The New Panamera
11
European Online Valuations
12
Universe of Public Internet Companies
13
Sector Valuations
14
Sector KPIs
15
Deutsche Börse Venture Network
16
Historical Valuation by Region
17
Growth Driven Valuation
18
Significant European Movers
19
Credit Suisse
20
Trading Comparables
2129
Advertising, Classifieds
21
Classifieds (Cont’d), Content, Digi.
Entertainment, Ecommerce
22
Ecommerce (Cont’d), Education,
Fitness/Wearables
23
Gambling, Gaming
24
Hardware & Semiconductors
25
Healthcare & Science, IoT, Brokerage,
Travel, Payments
26
Search, Social, Software
27
Software (Cont’d)
28
NOAH Internet Trading Comps
29
Manhattan Venture Partners
30
NOAH Top List: European FinTech
31
Selected Transaction Comps
3239
Strategic Buyers by Segment
3237
Financial Buyers by Segment
3839
2
Title
Page
Pipedrive
40
NOAH Disruptor List
4148
CHRONEXT
49
NOAH Top List: European SaaS
5051
The NOAH Conferences
52
The NOAH Ecosystem
53
Real Winners on Stage
5455
Adyen
56
NOAH Berlin 2018 Review
5761
NOAH Berlin 2018 Overview
57
NOAH Berlin 2018 Highlights
58
Event Impressions
5760
Sponsors & Partners
61
NOAH Tel Aviv 2018 Review
6365
NOAH Tel Aviv 2018 Overview
62
Event Impressions
6364
Sponsors & Partners
65
NOAH London 2017 Review
6670
NOAH London 2017 Overview
66
NOAH London 2017 Highlights
67
Event Impressions
6869
Sponsors & Partners
70
Target Global
71
NOAH Advisors
72
NOAH Advisors Overview
7374
Selected NOAH Advisors Deals
75
NOAH Resources
76
Selected NOAH Advisors Deals
3
Exclusive Financial Advisor to
Facile.it and its Shareholders
to
Sale of controlling stake in
Exclusive Financial Advisor to
Trovit and its Shareholders
for €80m to
Sale of 100% of
Advisor to the Selling Shareholders
sale to
Exclusive Financial Advisor to
Yad2 and its Shareholders
for $228m to JV between
sold 100% of
Exclusive Financial Advisor to
Softonic and its shareholders
for a 30% stake alongside Softonic’s
Founders and Angel Investors at
€275m valuation
Growth equity investment from
April 2012
Financial Advisor to Toprural
and its Shareholders
Sale of 100% in
to
November 2011
Exclusive Financial Advisor to
Fotolia and its Shareholders
$150 million growth equity
investment from
for a 50% stake alongside Fotolia’s
Founders and TA Associates
Additional $150 million senior debt
financing
Exclusive Advisor to
Summit Partners and TA
Associates
have acquired a majority stake in
for $350m from
July 2011
Exclusive Advisor to EnGrande
Sale of a majority stake in
to
at a valuation of €40m
September 2014
October 2014
December 2014
Exclusive Financial Advisor to
Fotolia and the Selling
Shareholders
for $800m to
Sale of 100% of
August 2014
May 2014
February 2013
May 2012
Exclusive Financial Advisor to
grupfoni and its Shareholders
Sale of a majority stake in
to
Quants Financial Services AG
September 2015
Exclusive Financial Advisor to
Drushim and its Shareholders
to
Sale of 70% stake in
July 2015
Advisor to BIScience
from
Primary funding for
November 2015
Exclusive Financial Advisor to
Pipedrive
$5m fundraising and NOAH as
the Lead Investor
August 2015
Exclusive Financial Advisor to
Aloha
$14m fundraising and NOAH as
the Lead Investor
May 2016
September 2016
Acquisition of a Majority Stake in
by
from
at a valuation of €300m
Exclusive Financial Advisor to
10Bis and its Shareholders
Financial Advisor to Oakley
Capital
Investment in
10Bis
by
October 2016
Investment in
by
84% Ownership
Exclusive Financial Advisor to
KäuferPortal and its
Shareholders
December 2016
Investment in
Financial Advisor to Silver Lake
July 2011
by
August 2017
Acquisition of a Majority Stake in
Financial Advisor to EMK Capital
by
at a valuation of $200m
3031 October 2018
100+ top speakers
~2,000 senior attendees
630+ investment funds
Europe’s top entrepreneurs and Clevel executives meet financial,
corporate and private investors
NOAH Conference London
REQUEST INVITE >>
REGISTER >>
NOAH Conference
OVERVIEW PRESENTATION
WATCH THE TRAILER
Old Billingsgate, London
4
47%
25%
14%
9%
3% 2%
Internet Entrepreneurs
and Executives
Investors
Corporate Executives
Service Providers
Press
Other
Attendees by Type
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH17 LONDON
Connecting Capital with Entrepreneurs
49%
21%
8%
1%
21%
CLevel
Investment Partner
Owner, Founder
Board Member
Other
Attendees by Seniority
REQUEST INVITE >>
NOAH Tel Aviv
VIDEO PRESENTATION
910 April 2019
Haoman 17, Tel Aviv
The NOAH Conference Tel Aviv
Connecting Israel’s Startups with Large Corporates and Investors
5
70+ top speakers
250+ international executives
Selected European “large caps” visit
leading Israeli startups
~800 senior attendees
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH18 TEL AVIV
REQUEST INVITE >>
REGISTER >>
Fantastic speaker lineup
Meet disruptors across key industry verticals
Networking with 3,500+ attendees
NOAH Conference
OVERVIEW PRESENTATION
WATCH THE TRAILER
1314 June 2019
STATION Berlin
The NOAH Conference Berlin
PROGRAM >>
VIDEO LIBRARY >>
HIGHLIGHTS FROM NOAH18 BERLIN
Traditional market leaders meet their digital startup counterparts
Connecting European Champions and Challengers
6
41%
21%
17%
16%
4% 1%
Internet Entrepreneurs
and Executives
Investors
Service Providers
Corporate Executives
Press
Other
Attendees by Type
29%
19%
18%
10%
24%
Board Member
CLevel
Owner, Founder
Investment Partner
Other
Attendees by Seniority
THE NOAH
STARTUP STAGE
NOAH Berlin Startup Competition
Voting for the best startups from this month’s NOAH Berlin 2018 is now open...
CEOs and founders from 90+ digital startups presented their businesses in a series of
elevator pitches  and now’s the time for you to cast your vote by the 27th of July!
The top 2 companies with the most votes will not only present on the main stage of our
upcoming NOAH London Conference on 3031 October, but will also have the chance to
win great prizes from our partners: Visa and SafeCharge.
APPLY FOR NOAH18 LONDON STARTUP STAGE
The NOAH18 London Startup Stage
Want to meet relevant angels and VCs looking for earlystage opportunities and
increase public awareness? Apply for the NOAH London Startup Stage 2018 now!
VOTE HERE
8
NOAH Connect: Coming Soon!
Supporting the European online ecosystem with 4 key objectives
•
Connect Europe’s digital leaders
• Connect old and new economy
• Narrow competitive disadvantage vs. better funded US firms
•
Increase exits to European strategic buyers
(to preserve longterm competitiveness)
NOAH Connect: Bringing the NOAH Ecosystem Online in 2018
v
NOAH MATCHMAKING
Looking for New Potential Business Partners?
There is no better opportunity to meet them
in person than at the NOAH Conference!
How does it work?
Selecteither companiesor investment funds depending on
your objectives
Searchand filter our listings to mark your networking wishlist
for the Conference
We will reach out to them to signalyour interest in meeting
them at our events
Manage confirmations and your conference agenda via our
NOAH Connect App for iOS and Android
1
2
3
4
v
Want to join our mission? Leave your mark and show support the
European digital ecosystem! All we need is a 5 second selfie video of
you saying “NOAH, I’m On Board” and we’ll then publish all relevant
videos on our website.
They Are on Board to Support the
European Digital Ecosystem!
Share Your Video with Us
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European Online Valuations
Universe of Public Internet Companies
13
Europe
United States
Travel
Ecommerce
Advertising
Classifieds
Lead Gen
Marketplaces
Online Gaming
Search
Social
Sector Valuations
14
Europe
United States
Search &
Portals
Ecommerce
Advertising
Social
Marketplaces
Gaming
Lead
Generation
Classifieds
Travel
Note: Calculation based on sector aggregates.
EV / EBITDA 2018E
June 2018
46.6x
27.5x
25.7x
21.7x
19.5x
18.7x
15.0x
14.9x
8.6x
42.1x
15.5x
21.6x
14.9x
22.3x
14.1x
14.7x
17.3x
12.6x
Sector KPIs
15
EBITDA Margin 2018E
Cash Conversion: FCF / EBITDA 2018E
Europe
United States
Europe
United States
Europe
United States
Note: Calculation based on sector aggregates.
EBITDA CAGR 2017E2019E
47%
28%
28%
27%
20%
20%
19%
5%
n/m
28%
43%
25%
11%
41%
33%
15%
9%
32%
Marketplaces
Social
Travel
Lead
Generation
Classifieds
Gaming
Advertising
Ecommerce
Search &
Portals
99%
82%
78%
61%
60%
54%
49%
29%
20%
39%
81%
74%
47%
72%
56%
73%
60%
22%
Classifieds
Gaming
Social
Lead
Generation
Marketplaces
Advertising
Travel
Search &
Portals
Ecommerce
44%
38%
23%
15%
13%
8%
7%
5%
2%
16%
40%
29%
10%
6%
25%
14%
15%
7%
Search &
Portals
Ecommerce
Social
Marketplaces
Classifieds
Lead
Generation
Travel
Gaming
Advertising

5x
10x
15x
20x
25x
30x
35x
Historical Valuation by Region
17
EV / 1 Year Forward EBITDA
Selected Companies
Europe
United States
Rest of World
Europe
United States
Rest of World
Note: NTM EBITDA derived by timeweighted estimates.
Forward multiples are median values for region.

10x
20x
30x
40x
50x

10%
20%
30%
40%

10x
20x
30x
40x
50x
60x
70x

10%
20%
30%
40%
50%
60%
Growth Driven Valuation
18
Europe
United States
EV / EBITDA 2018E
EBITDA CAGR 2017E2019E
EV / EBITDA 2018E
EBITDA CAGR 2017E2019E
Note: Size of bubble represents Enterprise Value.
Company
May18
Jun18
% Change
Gainers
3.16x
6.7x
+114%
4.7x
6.9x
+46%
4.6x
6.0x
+32%
9.5x
11.7x
+23%
2.3x
2.7x
+18%
Losers
26.5x
14.4x
46%
38.3x
28.9x
25%
139.9x
106.4x
24%
10.6x
8.3x
22%
7.5x
6.2x
17%
Significant European Movers
19
Valuations: May18 vs. Jun18
Enterprise Value (€m) *
EV/EBITDA 2018E
Company
May18
Jun18
% Change
Gainers
1,162
1,693
+46%
1,199
1,566
+31%
1,996
2,372
+19%
3,731
4,404
+18%
3,669
4,287
+17%
Losers
909
494
46%
529
399
25%
122
93
24%
830
641
23%
432
337
22%
Source: Capital IQ (June 2018).
Note:
* Companies with enterprise value <€100m excluded.
Trading Comparables
21
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Source: Capital IQ (as of 29 June 2018).
Advertising / Marketing
Ad Networks
Criteo (Europe)
1,472
61%
2.2x
2.0x
1.8x
11%
6.8x
6.6x
5.7x
10%
30%
15.5x 16.1x 13.5x
Taptica (Middle East)
263
65%
1.0x
0.6x
0.6x
31%
6.2x
5.1x
4.6x
16%
12%
7.8x
7.0x
6.2x
Matomy (Middle East)
64
34%
0.2x
n/a
n/a
(100%)
2.2x
n/a
n/a
(100%)
n/a
n/a
n/a
n/a
Mean
1.1x
1.3x
1.2x
(19%)
5.1x
5.9x
5.1x
(25%)
21%
11.7x 11.6x
9.8x
Intermediaries
Trade Desk (US)
3,267
99%
14.5x 10.3x
8.1x
34%
48.8x 33.1x 25.4x
38%
31%
70.0x 50.5x 38.8x
QuinStreet (US)
473
87%
2.0x
1.5x
1.4x
20%
31.4x 17.1x 13.0x
55%
9%
72.1x 23.5x 18.3x
FreakOut (AsiaPac)
231
46%
n/m
n/m
n/m
31%
n/m
n/m
n/m
53%
7%
n/a
n/a
n/a
RhythmOne (US)
160
40%
0.5x
0.3x
0.3x
38%
11.5x
2.7x
2.0x
141%
12%
n/a
n/a
n/a
SeaChange (US)
69
85%
1.2x
1.1x
1.1x
5%
16.9x 13.1x
8.7x
39%
9%
45.7x 29.2x 17.3x
Weborama (Europe)
40
77%
n/a
1.1x
0.9x
n/a
6.8x
5.4x
4.1x
29%
20%
48.9x 15.7x 15.1x
Cxense (Europe)
40
58%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Marin Software (US)
12
38%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Netccentric (AsiaPac)
(1)
28%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
The Rubicon Project (US)
19
53%
0.2x
0.2x
0.2x
(9%)
n/m
n/m 48.1x
n/a
(21%)
n/m
n/m
n/m
Mean
3.7x
2.4x
2.0x
20%
23.1x 14.2x 16.9x
59%
10%
59.2x 29.7x 22.3x
Data and Loyalty
HubSpot (US)
3,934
88%
14.4x 10.9x
8.7x
28%
n/m
n/m 80.9x
74%
9%
n/m
n/m
n/m
Acxiom (US)
2,054
91%
3.1x
3.0x
2.8x
6%
16.2x 15.0x 14.4x
6%
20%
44.1x 34.6x 29.5x
Quotient Technology (US)
859
73%
3.6x
3.0x
2.6x
19%
24.9x 16.9x 12.4x
42%
18%
65.1x 41.6x 23.6x
Aimia (Canada)
245
54%
0.3x
0.4x
0.4x
(14%)
2.3x
2.5x
2.5x
(4%)
15%
4.6x
4.3x
5.0x
1000mercis (Europe)
84
61%
1.4x
1.3x
1.1x
14%
6.8x
7.6x
6.5x
2%
17%
n/a
n/a
n/a
Marchex (US)
41
83%
0.6x
0.7x
0.7x
(3%)
78.9x 67.6x 49.3x
27%
1%
n/m
n/m
n/m
Somoto (Middle East)
25
57%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
3.9x
3.2x
2.7x
8%
25.8x 21.9x 27.7x
24%
13%
37.9x 26.8x 19.4x
Market Research
Nielsen (Europe)
16,629
71%
3.4x
3.3x
3.2x
4%
11.1x 11.0x 10.2x
4%
30%
13.7x 14.4x 12.7x
Gartner (US)
12,781
93%
5.3x
4.4x
4.0x
16%
24.9x 23.5x 20.8x
10%
19%
45.3x 40.6x 33.8x
Ipsos (Europe)
1,702
85%
1.0x
1.0x
0.9x
1%
8.3x
8.4x
7.8x
3%
12%
10.3x
9.9x
9.2x
comScore (US)
1,058
70%
2.4x
3.4x
3.3x
(15%)
9.1x
n/m 68.6x
(64%)
(1%)
12.9x
n/m
n/m
National Research Corporation (US)
758
89%
8.7x
n/a
n/a
(100%)
26.6x
n/a
n/a
(100%)
n/a
48.6x
n/a
n/a
Forrester Research (US)
530
88%
2.2x
2.0x
1.9x
6%
18.9x 16.1x 13.9x
16%
13%
38.9x
n/a
n/a
YouGov (Europe)
537
98%
3.8x
3.4x
n/a
(100%)
24.0x 20.6x
n/a
(100%)
17%
33.7x 29.2x
n/a
Intage (AsiaPac)
334
84%
n/m
n/m
n/m
5%
n/m
n/m
n/m
3%
11%
n/a
n/a
n/a
Mean
3.8x
2.9x
2.7x
(23%)
17.6x 15.9x 24.3x
(28%)
14%
29.1x 23.5x 18.6x
Agencies
WPP (Europe)
22,624
73%
1.2x
1.2x
1.2x
(0%)
6.8x
7.1x
6.9x
(1%)
17%
8.7x
9.0x
8.7x
Omnicom (US)
17,560
91%
1.6x
1.5x
1.5x
3%
10.2x
9.9x
9.3x
5%
15%
16.9x 15.7x 15.2x
Publicis Group (Europe)
14,089
88%
1.4x
1.5x
1.4x
0%
8.3x
8.4x
7.9x
3%
18%
12.9x 12.5x 11.8x
Dentsu (AsiaPac)
13,614
97%
n/m
n/m
n/m
7%
n/m
n/m
n/m
6%
18%
n/a
n/a
n/a
Interpublic Group of Companies (US)
9,263
90%
1.6x
1.6x
1.6x
1%
11.1x 10.3x
9.9x
6%
16%
19.0x 15.8x 15.0x
JCDecaux (Europe)
6,571
78%
1.9x
1.9x
1.8x
3%
11.0x 10.9x 10.0x
5%
17%
26.9x 25.9x 22.9x
MDC Partners (US)
1,187
38%
1.1x
1.1x
1.0x
3%
8.0x
7.9x
7.2x
5%
14%
10.7x 17.5x
7.6x
Mean
1.5x
1.5x
1.4x
3%
9.2x
9.1x
8.5x
4%
16%
15.8x 16.1x 13.5x
Classifieds
Diversified
Next Co (US)
97,435
99%
7.7x
7.4x
7.0x
4%
14.4x 14.5x 13.2x
4%
51%
28.9x 25.0x 22.8x
Naspers (Africa)
89,236
84%
n/m
n/m
n/m
15%
n/m
n/m
n/m
85%
8%
n/m
n/m
n/m
Recruit Holdings (AsiaPac)
38,033
95%
n/m
n/m
n/m
9%
n/m
n/m
n/m
12%
12%
n/a
n/a
n/a
MercadoLibre (LatAm)
11,262
72%
11.3x
9.9x
6.7x
30%
81.4x
n/m 76.4x
3%
5%
n/m
n/m
n/m
58.com (AsiaPac)
8,361
77%
7.5x
5.9x
4.9x
24%
37.8x 26.6x 18.2x
44%
22%
50.3x 31.3x 22.3x
Schibsted (Europe)
6,249
94%
33.3x 30.9x 28.9x
7%
n/m
n/m
n/m
26%
18%
n/m
n/m
n/m
Scout24 (Europe)
5,476
98%
11.4x 10.5x
9.5x
10%
22.1x 19.2x 16.8x
15%
55%
33.1x 28.4x 24.8x
Info Edge India (AsiaPac)
1,629
81%
n/m
n/m
n/m
16%
n/m
n/m
n/m
20%
37%
n/m
n/m
n/m
Trade Me (AsiaPac)
1,122
83%
13.7x 12.8x 12.1x
7%
20.8x 19.7x 18.8x
5%
65%
33.4x 31.9x 30.0x
Just Dial (AsiaPac)
458
86%
n/m
n/m
n/m
10%
n/m
n/m
n/m
18%
22%
n/m
n/m
n/m
Mean
14.1x 12.9x 11.5x
13%
35.3x 20.0x 28.7x
23%
29%
36.4x 29.1x 25.0x
Real Estate
Zillow (US)
9,454
91%
12.0x
8.7x
6.3x
38%
54.6x 46.4x 34.1x
26%
19%
n/m 97.6x 63.4x
REA Group (AsiaPac)
7,690
97%
26.0x 22.0x 19.5x
16%
45.6x 37.8x 32.8x
18%
58%
73.8x 60.4x 51.3x
Rightmove (Europe)
5,393
98%
17.4x 15.8x 14.6x
9%
23.0x 20.8x 19.3x
9%
76%
29.0x 26.1x 24.2x
ZPG (Europe)
2,758
97%
9.0x
6.9x
6.2x
20%
21.1x 17.4x 15.8x
16%
39%
27.6x 23.8x 21.7x
Fang Holdings (AsiaPac)
1,789
68%
5.3x
5.2x
4.5x
8%
45.6x 13.5x 10.1x
112%
39%
89.1x 17.3x 13.0x
Redfin (US)
1,479
69%
5.5x
4.2x
3.3x
29%
n/m
n/m 74.9x
971%
0%
n/m
n/m
n/m
Purplebricks (Europe)
1,037
60%
9.9x
5.2x
3.3x
72%
n/m
n/m 22.4x
n/a
(1%)
n/m
n/m 36.7x
Mitula (Europe)
93
68%
6.7x
5.8x
5.1x
15%
18.8x 16.7x 15.3x
11%
34%
32.5x 29.1x 26.5x
Leju (AsiaPac)
29
65%
0.1x
0.1x
0.1x
24%
n/m
n/m
n/a
(100%)
(12%)
n/m
n/m 65.8x
Mean
10.2x
8.2x
7.0x
26%
34.8x 25.5x 28.1x
133%
28%
50.4x 42.4x 37.8x
Trading Comparables (Cont’d)
22
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Classifieds (Cont'd)
Automotive
Autohome (AsiaPac)
9,132
84%
13.0x 10.9x
9.0x
20%
37.5x 26.6x 21.6x
32%
41%
46.3x 32.8x 27.2x
Bitauto (AsiaPac)
4,740
44%
4.9x
3.8x
3.0x
27%
31.5x 47.2x 17.7x
33%
8%
16.2x 17.2x
9.3x
Auto Trader (Europe)
4,845
97%
11.8x 11.2x 10.7x
5%
16.8x 16.0x 14.7x
7%
70%
21.0x 19.4x 17.9x
Cargurus (US)
3,077
85%
13.2x
9.8x
8.3x
26%
n/m
n/m 92.5x
46%
8%
n/m
n/m
n/m
Carsales.com (AsiaPac)
2,444
97%
15.5x 12.9x 11.5x
16%
31.6x 27.0x 24.1x
15%
48%
46.1x 41.3x 36.9x
BCA Marketplace (Europe)
2,319
92%
0.8x
0.7x
0.7x
8%
12.4x 11.4x 10.4x
9%
6%
19.5x 17.5x
n/a
Carvana (US)
1,584
92%
2.5x
1.2x
0.7x
94%
n/m
n/m
n/m
(80%)
(8%)
n/m
n/m
n/m
TrueCar (US)
734
46%
3.1x
2.7x
2.4x
14%
35.4x 26.3x 18.4x
39%
10%
n/m 78.4x 39.8x
Mean
8.1x
6.7x
5.8x
26%
27.5x 25.8x 28.5x
(11%)
23%
29.8x 34.4x 26.2x
Recruitment
Axel Springer (Europe)
8,833
87%
2.5x
2.8x
2.6x
(2%)
13.6x 11.9x 10.9x
12%
23%
23.4x 21.9x 19.9x
Seek (AsiaPac)
5,648
98%
12.0x 10.3x
9.2x
14%
34.7x 30.6x 27.3x
13%
34%
61.2x 53.7x 47.1x
51job (AsiaPac)
4,408
82%
2.1x
1.6x
1.3x
28%
5.9x
4.4x
3.5x
31%
35%
7.7x
5.5x
4.3x
Dice Holdings (US)
121
71%
0.8x
1.0x
1.0x
(13%)
4.2x
4.9x
5.5x
(13%)
20%
20.6x 12.9x 16.5x
Mean
4.4x
3.9x
3.5x
7%
14.6x 13.0x 11.8x
10%
28%
28.2x 23.5x 21.9x
Content Providers
IAC (US)
11,833
91%
4.9x
3.9x
3.4x
20%
27.5x 16.5x 13.6x
42%
23%
68.9x 25.7x 20.3x
TechTarget (US)
661
92%
8.2x
7.2x
6.3x
14%
41.0x 29.3x 22.9x
34%
25%
81.5x 42.8x 31.7x
XO Group (US)
601
93%
5.1x
4.8x
4.4x
7%
28.9x 21.9x 19.3x
22%
22%
n/m 58.9x 49.6x
Mean
6.0x
5.3x
4.7x
13%
32.5x 22.6x 18.6x
33%
23%
75.2x 42.5x 33.9x
Digital Entertainment
Netflix (US)
151,728
93%
17.4x 12.7x 10.2x
31%
n/m 97.5x 63.8x
72%
13%
n/m
n/m 94.3x
Spotify (Europe)
25,480
92%
n/a
6.6x
5.2x
n/a
n/a
n/m
n/m
n/a
(4%)
n/a
n/m
n/m
Freenet (Europe)
4,369
68%
1.3x
1.4x
1.4x
(5%)
9.1x
9.9x
9.7x
(3%)
14%
9.7x
11.7x 11.0x
Bilibili (AsiaPac)
3,869
64%
n/a
1.2x
0.7x
n/a
n/a
10.6x
3.3x
n/a
11%
n/a
n/m
4.0x
Roku (US)
3,510
71%
9.3x
6.8x
5.1x
35%
n/m
n/m
n/m
n/a
(0%)
n/a
n/m
n/m
Pandora (US)
2,030
80%
1.9x
1.8x
1.6x
8%
n/m
n/m
n/m
(67%)
(6%)
n/m
n/m
n/m
Pandora Media (US)
2,030
80%
1.9x
1.8x
1.6x
8%
n/m
n/m
n/m
(67%)
(6%)
n/m
n/m
n/m
Xunlei (AsiaPac)
339
42%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Brave Bison (Europe)
5
33%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
6.4x
4.6x
3.7x
15%
9.1x
39.3x 25.6x
(16%)
3%
9.7x
11.7x 36.4x
ECommerce
Diversified
Amazon (US)
729,248
97%
5.5x
4.1x
3.4x
28%
51.2x 32.8x 24.9x
43%
13%
n/m
n/m 96.5x
Alibaba (AsiaPac)
415,745
89%
16.5x
9.9x
7.0x
54%
36.3x 27.9x 19.8x
36%
35%
45.1x 35.4x 25.9x
Rakuten (AsiaPac)
10,879
52%
n/m
n/m
n/m
14%
n/m
n/m
n/m
(2%)
17%
n/a
n/a
n/a
Investment AB Kinnevik (Europe)
7,964
91%
n/m
n/m
n/m
3%
n/m
n/m
n/m
12%
(21%)
n/m
n/m
n/m
Liberty Ventures (US)
6,306
83%
n/a
9.0x
8.9x
n/a
n/a
31.7x 30.2x
n/a
28%
n/a
n/m
n/m
B2W (LatAm)
3,105
80%
8.2x
8.6x
7.8x
2%
92.0x 73.8x 56.3x
28%
12%
n/m
n/m
n/m
Vostok New Ventures (AsiaPac)
612
91%
30.6x 24.9x 20.4x
23%
52.5x 40.8x 32.3x
28%
61%
63.9x 58.6x 47.6x
Rocket Internet (Europe)
1,566
97%
23.0x 27.2x 27.1x
(8%)
n/m
n/m
n/m
31%
(92%)
n/m
n/m
n/m
Netshoes (LatAm)
132
12%
0.3x
0.3x
0.3x
2%
n/m
n/m 24.5x
n/a
(0%)
n/m
n/m
n/m
Mean
14.0x 12.0x 10.7x
15%
58.0x 41.4x 31.3x
25%
6%
54.5x 47.0x 56.6x
Personalized
Cimpress (Europe)
4,702
84%
2.7x
2.3x
2.1x
13%
21.7x 17.9x 14.0x
24%
13%
76.5x
n/a
n/a
Stamps.com (US)
3,744
87%
11.0x
9.1x
7.8x
19%
22.1x 19.5x 16.2x
17%
47%
29.9x 27.2x 23.6x
Shutterfly (US)
2,740
90%
3.2x
1.8x
1.6x
41%
16.6x
9.2x
8.7x
38%
20%
n/m 34.9x 33.1x
CEWE Stiftung (Europe)
581
84%
1.0x
0.9x
0.9x
6%
6.3x
6.1x
5.8x
5%
14%
16.5x 15.2x 14.1x
Eve Sleep (Europe)
78
48%
2.2x
1.0x
0.6x
94%
n/m
n/m 67.5x
n/a
(25%)
n/m
n/m
n/m
Oponeo.pl (Europe)
91
59%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Cafepress Inc. (US)
(2)
44%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
4.0x
3.0x
2.6x
35%
16.7x 13.2x 22.4x
21%
14%
41.0x 25.8x 23.6x
Online Food & Restaurants
Delivery Hero (Europe)
7,590
98%
13.8x
9.9x
7.1x
39%
n/m
n/m
n/m
n/a
(8%)
n/m
n/m
n/m
Just Eat (Europe)
5,634
85%
8.4x
6.1x
5.0x
29%
27.2x 24.0x 18.1x
23%
26%
41.2x 37.7x 27.6x
Takeaway.com (Europe)
2,372
97%
14.4x 10.2x
7.9x
35%
n/m
n/m 92.0x
n/a
(4%)
n/m
n/m
n/m
Hellofresh (Europe)
1,755
88%
1.9x
1.4x
1.1x
31%
n/m
n/m 40.5x
n/a
(4%)
n/m
n/m
n/m
Blue Apron (US)
524
29%
0.8x
0.9x
0.8x
2%
n/m
n/m
n/m
(82%)
(7%)
n/m
n/m
n/m
Mean
7.9x
5.7x
4.4x
27%
27.2x 24.0x 50.2x
(30%)
1%
41.2x 37.7x 27.6x
Marketplaces
eBay (US)
34,837
77%
4.9x
4.3x
3.9x
12%
13.5x 12.7x 11.9x
7%
33%
19.2x 18.0x 16.5x
GrubHub (US)
8,099
88%
16.0x 11.3x
9.0x
33%
60.1x 42.2x 32.3x
36%
27%
n/m 69.4x 53.6x
Kakaku (AsiaPac)
3,866
97%
n/a
n/m
n/m
n/a
n/a
n/m
n/m
n/a
51%
n/a
n/a
n/a
Etsy (US)
4,072
92%
12.5x
9.3x
7.5x
29%
73.6x 41.8x 30.9x
54%
22%
83.7x 69.7x 48.8x
Shutterstock (US)
1,196
91%
2.9x
2.5x
2.3x
13%
17.7x 15.3x 12.8x
18%
17%
46.9x 40.0x 29.9x
Care.com (US)
509
91%
3.9x
3.6x
3.1x
12%
31.2x 21.5x 18.0x
31%
17%
37.9x 27.5x 24.2x
Liquidity Services (US)
97
83%
0.5x
0.6x
n/a
(100%)
n/m
n/m
n/a
(100%)
(7%)
n/m
n/m
n/a
MyHammer (Europe)
45
94%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
6.8x
5.3x
5.2x
(0%)
39.2x 26.7x 21.2x
8%
23%
46.9x 44.9x 34.6x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
23
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
ECommerce (Cont'd)
Verticals / Players
JD.com (AsiaPac)
46,053
77%
0.2x
0.1x
0.1x
29%
10.5x
7.3x
3.7x
69%
2%
12.7x 10.0x
5.7x
Ocado (Europe)
8,068
90%
4.4x
3.9x
3.4x
13%
69.2x 69.8x 57.2x
10%
6%
n/m
n/m
n/m
Wayfair (US)
8,927
99%
2.6x
1.9x
1.5x
34%
n/m
n/m
n/m
(6%)
(2%)
n/m
n/m
n/m
Monotaro (AsiaPac)
4,704
96%
n/m
n/m
n/m
22%
n/m
n/m
n/m
21%
15%
n/a
n/a
n/a
CTS Eventim (Europe)
3,527
96%
3.6x
3.1x
3.0x
9%
16.5x 14.7x 13.4x
11%
21%
34.5x 32.8x 28.6x
Proto Labs (US)
2,662
87%
10.6x
8.1x
7.2x
21%
37.2x 29.5x 25.8x
20%
27%
65.8x 46.9x 40.7x
Abcam (Europe)
2,977
97%
10.3x
9.4x
8.5x
10%
31.1x 23.9x 21.6x
20%
39%
40.9x 34.9x 31.7x
Zooplus (Europe)
1,120
84%
1.0x
0.8x
0.7x
22%
n/m
n/m 55.6x
46%
0%
n/m
n/m
n/m
AO World (Europe)
731
83%
0.7x
0.7x
0.6x
12%
n/m
n/m 39.2x
n/a
0%
n/a
n/m
n/m
Overstock.com (US)
711
37%
0.5x
0.5x
0.5x
7%
n/m
n/m
n/m
n/a
(7%)
n/m
n/m
n/m
Home24 (Europe)
756
96%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1800Flowers.com (US)
636
94%
0.7x
0.7x
0.7x
2%
10.4x
9.8x
9.4x
6%
8%
34.5x 25.7x 23.4x
PetMed Express (US)
704
76%
3.6x
3.3x
3.1x
9%
19.9x 16.8x
n/a
(100%)
20%
32.9x 23.6x 20.5x
Zur Rose Group (Europe)
604
81%
0.8x
0.7x
0.6x
20%
n/m
n/m 48.9x
n/a
(1%)
n/m
n/m
n/m
Cogobuy (AsiaPac)
442
60%
3.0x
1.7x
1.4x
47%
48.1x 33.3x 25.9x
36%
5%
83.0x 50.8x 39.0x
Shop Apotheke Europe (Europe)
506
69%
1.8x
0.9x
0.7x
55%
n/m
n/m 70.4x
n/a
0%
n/m
n/m
n/m
LDLC.com (Europe)
150
64%
0.3x
0.3x
0.2x
13%
10.3x
8.5x
6.8x
23%
3%
20.8x 18.0x 13.0x
Delticom (Europe)
122
53%
0.2x
0.2x
0.2x
7%
9.5x
8.1x
6.6x
19%
2%
32.3x 29.7x 14.3x
U.S. Auto Parts Network (US)
45
45%
0.2x
0.2x
0.2x
1%
4.4x
4.8x
3.8x
9%
4%
n/a
n/m 22.0x
Mean
2.6x
2.1x
1.9x
18%
24.3x 20.6x 27.7x
13%
8%
39.7x 30.3x 23.9x
Fashion and Flash Sales
Zalando (Europe)
10,809
96%
2.4x
2.0x
1.6x
22%
40.1x 32.6x 25.1x
26%
6%
91.1x 79.1x 59.7x
Start Today (AsiaPac)
9,482
89%
n/m
n/m
n/m
33%
n/m
n/m
n/m
23%
32%
n/a
n/a
n/a
ASOS (Europe)
5,705
79%
2.3x
1.8x
1.4x
28%
33.7x 25.4x 19.7x
31%
7%
65.7x 52.3x 42.3x
Vipshop (AsiaPac)
5,624
57%
0.1x
0.1x
0.1x
24%
2.3x
1.9x
1.4x
25%
4%
2.9x
2.6x
1.9x
Boohoo.com (Europe)
2,388
73%
n/a
2.4x
1.8x
n/a
n/a
26.0x 20.0x
n/a
9%
n/a
45.6x 38.5x
Stitch Fix (US)
2,056
89%
n/a
2.1x
1.8x
n/a
n/a
63.0x 56.9x
n/a
3%
n/a
n/m 97.8x
MySale Group (AsiaPac)
117
58%
0.3x
0.3x
n/a
(100%)
9.0x
6.9x
n/a
(100%)
4%
25.2x 21.0x
n/a
LightInTheBox (AsiaPac)
79
61%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Windeln.de (Europe)
18
36%
0.1x
0.1x
0.1x
2%
n/m
n/m
n/m
(63%)
(8%)
n/m
n/m
n/m
Jumei (AsiaPac)
28
61%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
1.0x
1.2x
1.1x
2%
21.3x 26.0x 24.6x
(10%)
7%
46.2x 40.1x 48.0x
Finance and Price Comparison
Moneysupermarket (Europe)
1,870
85%
4.4x
4.2x
4.0x
5%
11.3x 11.4x 10.7x
3%
37%
16.6x 16.7x 15.4x
Hypoport (Europe)
992
94%
5.1x
4.1x
3.6x
19%
31.4x 24.7x 21.5x
21%
16%
51.7x 40.6x 35.0x
Jianpu Tech (AsiaPac)
753
70%
0.7x
0.5x
0.2x
73%
n/m
n/m
4.0x
n/a
(3%)
n/m
n/m
5.6x
Gruppo MutuiOnline (Europe)
518
81%
3.3x
2.9x
2.6x
13%
11.4x
9.9x
9.1x
12%
29%
21.1x 19.6x 17.4x
iSelect (AsiaPac)
91
36%
1.2x
1.2x
1.1x
5%
10.0x 11.9x
9.7x
2%
10%
22.5x 26.9x 20.2x
Comperia (Europe)
4
98%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
HubStyle (Grupa Nokaut) (Europe)
3
42%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
LendingClub (US)

58%
n/m
n/m
n/m
19%
n/m
n/m
n/m
74%
12%
n/m 46.4x 24.5x
Ferratum (Europe)

50%
n/m
n/m
n/m
23%
n/m
n/m
n/m
24%
15%
16.8x 15.1x 11.3x
On Deck Capital (US)

91%
n/m
n/m
n/m
11%
n/m
n/m
n/m
188%
7%
n/m 25.8x 19.0x
Mean
2.9x
2.6x
2.3x
21%
16.0x 14.5x 11.0x
46%
15%
25.7x 27.3x 18.6x
Other
LendingTree (US)
2,199
53%
4.9x
3.8x
3.1x
27%
26.5x 20.1x 15.2x
32%
19%
57.8x 38.8x 26.5x
Yelp (US)
2,111
81%
3.4x
3.0x
2.6x
15%
18.3x 15.6x 12.1x
23%
19%
43.3x 33.3x 25.6x
Groupon (US)
1,657
72%
0.8x
0.9x
0.8x
(2%)
9.5x
7.9x
7.4x
13%
11%
38.1x 20.3x 17.7x
Gocompare.com (Europe)
664
92%
3.5x
3.0x
2.8x
11%
14.0x 11.0x 10.0x
18%
27%
17.9x 13.7x 12.4x
eHealth (US)
330
77%
2.6x
2.0x
1.8x
22%
n/m 18.3x 12.6x
n/a
11%
n/m 31.8x 18.9x
Gurunavi (AsiaPac)
267
48%
n/m
n/m
n/m
(1%)
n/m
n/m
n/m
(11%)
21%
n/a
n/a
n/a
Mean
3.0x
2.5x
2.2x
12%
17.1x 14.6x 11.5x
15%
18%
39.3x 27.6x 20.2x
Education
New Oriental Education (AsiaPac)
10,711
87%
7.1x
5.2x
3.9x
35%
43.2x 34.7x 23.3x
36%
15%
54.8x 43.5x 30.4x
Pearson (Europe)
8,553
95%
1.5x
1.6x
1.6x
(5%)
9.5x
9.8x
9.0x
2%
17%
14.3x 15.5x 13.8x
2U (US)
3,963
85%
18.9x 13.2x 10.0x
38%
n/m
n/m
n/m
62%
4%
n/m
n/m
n/m
Chegg (US)
2,509
93%
13.5x 11.2x
9.2x
21%
75.8x 43.8x 32.4x
53%
26%
n/m 74.9x 55.6x
Pluralsight (US)
1,778
82%
n/a
11.2x
8.6x
n/a
n/a
n/m
n/m
n/a
(25%)
n/a
n/m
n/m
Instructure (US)
1,135
91%
9.9x
7.4x
5.9x
29%
n/m
n/m
n/m
(36%)
(10%)
n/m
n/m
n/m
Capella Education (US)
849
97%
2.6x
2.6x
2.5x
2%
13.4x 13.2x 12.2x
5%
20%
31.6x 25.6x 23.9x
Cambium Learning Group (US)
492
81%
n/a
4.2x
3.9x
n/a
n/a
14.1x 12.6x
n/a
30%
n/a
32.1x 26.3x
American Public Education (US)
432
92%
2.0x
1.9x
1.9x
2%
11.6x 10.9x 10.1x
7%
18%
44.6x 30.8x 27.0x
K12 (US)
380
87%
0.6x
0.6x
n/a
(100%)
4.5x
4.5x
n/a
(100%)
13%
34.5x 60.7x
n/a
Boxlight (US)
44
29%
2.2x
1.8x
1.5x
24%
n/a
n/a
n/a
n/a

n/a
n/m
n/m
Mean
6.5x
5.5x
4.9x
5%
26.3x 18.7x 16.6x
4%
10%
36.0x 40.4x 29.5x
Fitness & Wearbles
Under Armour (US)
8,844
91%
2.4x
2.3x
2.2x
5%
37.4x 35.6x 28.2x
15%
7%
n/m
n/m 80.8x
GoPro (US)
745
54%
0.8x
0.9x
0.9x
(2%)
n/m
n/m 18.7x
n/a
(0%)
n/m
n/m
n/m
Fitbit (US)
786
84%
0.7x
0.7x
0.7x
(4%)
n/m
n/m
n/m
(6%)
(5%)
n/m
n/m
n/m
Huami Corporation (AsiaPac)
354
65%
0.2x
0.2x
0.1x
49%
3.2x
3.8x
1.2x
62%
4%
3.9x
2.2x
1.6x
Mean
1.0x
1.0x
1.0x
12%
20.3x 19.7x 16.0x
24%
1%
3.9x
2.2x
41.2x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
24
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Gambling
Paddy Power Betfair (Europe)
7,502
89%
3.8x
3.5x
3.3x
9%
14.3x 13.8x 12.9x
6%
26%
20.9x 20.2x 18.8x
Amaya (Canada)
7,324
91%
13.2x 10.2x
8.0x
29%
28.4x 24.6x 19.1x
22%
42%
26.5x 23.5x 20.6x
GVC Holdings (Europe)
6,784
97%
5.4x
1.4x
1.3x
102%
19.6x
6.6x
5.9x
82%
21%
27.9x 10.9x
9.6x
Playtech (Europe)
2,575
75%
2.4x
1.9x
1.3x
38%
6.3x
5.5x
4.2x
22%
35%
8.4x
7.9x
6.6x
Net Entertainment (Europe)
1,007
58%
67.5x 60.2x 55.5x
10%
n/m
n/m
n/m
11%
47%
n/m
n/m
n/m
888 Holdings (Europe)
943
82%
1.4x
1.3x
1.2x
5%
7.6x
6.8x
6.4x
9%
19%
12.9x 12.1x 10.8x
Betathome.com (Europe)
337
49%
2.8x
2.7x
2.8x
0%
9.3x
9.4x
9.3x
0%
29%
13.7x 13.9x 13.7x
Sportech (Europe)
151
75%
1.4x
1.6x
1.6x
(5%)
9.6x
12.4x 11.8x
(10%)
13%
22.6x
n/a
n/a
ZEAL Network (Europe)
101
93%
0.7x
0.6x
0.6x
8%
4.3x
2.8x
2.3x
38%
23%
14.1x
9.6x
7.6x
Mean
11.0x
9.3x
8.4x
22%
12.4x 10.2x
9.0x
20%
28%
18.4x 14.0x 12.5x
Gaming
MMO
NetEase (AsiaPac)
23,432
65%
3.8x
2.9x
2.3x
29%
15.5x 20.1x 15.2x
1%
14%
18.2x 23.2x 18.6x
Nexon (AsiaPac)
8,146
80%
n/m
n/m
n/m
13%
n/m
n/m
n/m
17%
45%
n/a
n/a
n/a
Sea Limited (US)
8,557
85%
2.6x
2.4x
2.3x
5%
13.9x 12.7x 12.1x
7%
19%
23.2x 19.5x 18.0x
NCsoft (AsiaPac)
4,698
73%
n/m
n/m
n/m
13%
n/m
n/m
n/m
20%
39%
n/m
n/m
n/m
HUYA (AsiaPac)
5,540
64%
n/a
1.7x
1.0x
n/a
n/a
25.8x
8.0x
n/a
6%
n/a
23.4x
8.7x
NetDragon (AsiaPac)
813
49%
17.4x 14.5x 11.8x
22%
n/m
n/m
n/m
32%
8%
n/m
n/m
n/m
WeMade (AsiaPac)
446
77%
n/m
n/m
n/m
37%
n/m
n/m
n/m
147%
25%
n/m
n/m
n/m
Rovio (Europe)
334
43%
1.1x
1.2x
1.1x
(0%)
5.0x
7.7x
6.9x
(15%)
16%
13.3x 21.6x 13.7x
Changyou (AsiaPac)
(176)
37%
n/m
n/m
n/m
(7%)
n/m
n/m
n/m
(18%)
23%
6.4x
19.2x
9.1x
Mean
6.2x
4.5x
3.7x
14%
11.5x 16.6x 10.6x
24%
22%
15.3x 21.4x 13.6x
Mobile and Casual
Colopl (Europe)
18,273
98%
64.3x 60.4x 55.6x
8%
n/m
n/m
n/m
5%
35%
n/m
n/m
n/m
CyberAgent (AsiaPac)
6,340
99%
n/m
n/m
n/m
18%
n/m
n/m
n/m
17%
10%
n/a
n/a
n/a
Youzu (AsiaPac)
2,281
57%
38.8x 30.3x 23.3x
29%
n/m
n/m 93.3x
24%
22%
n/m
n/m 89.4x
Zynga (US)
2,442
88%
3.9x
3.5x
3.0x
14%
25.4x 18.1x 14.1x
34%
20%
46.4x 29.4x 23.3x
GREE (Europe)
2,078
74%
0.7x
0.6x
0.6x
5%
8.4x
7.7x
7.2x
8%
8%
11.4x 10.9x 10.3x
DeNA (AsiaPac)
1,769
72%
n/m
n/m
n/m
4%
n/m
n/m
n/m
5%
18%
n/a
n/a
n/a
GungHo Online (AsiaPac)
1,228
70%
n/m
n/m
n/m
(7%)
n/m
n/m
n/m
(21%)
30%
n/a
n/a
n/a
NHN Entertainment (AsiaPac)
746
76%
n/m
n/m
n/m
9%
n/m
n/m
n/m
30%
11%
n/m
n/m
n/m
Glu Mobile (US)
736
96%
3.1x
2.7x
2.4x
15%
n/m 29.0x 19.4x
n/a
9%
n/m 31.9x 21.9x
Gumi (AsiaPac)
117
44%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
IGNIS (AsiaPac)
152
42%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Focus Home Interactive (Europe)
144
64%
1.7x
1.3x
1.2x
19%
14.3x
9.7x
8.9x
27%
13%
23.7x 14.0x 14.0x
Ourgame (AsiaPac)
69
33%
9.4x
6.6x
6.7x
18%
n/a
n/a
n/a
n/a

n/m 91.0x 54.2x
Boyaa Interactive (AsiaPac)
(75)
63%
n/m
n/m
n/m
3%
n/a
n/a
n/a
n/a

47.4x 52.0x 43.4x
Mean
17.4x 15.1x 13.3x
11%
16.0x 16.1x 28.6x
14%
15%
32.2x 38.2x 36.6x
Console & PC
Activision Blizzard (US)
49,150
95%
9.3x
8.8x
8.1x
7%
25.5x 23.4x 20.1x
13%
38%
38.5x 33.4x 28.6x
Electronic Arts (US)
33,402
96%
8.9x
8.2x
7.5x
9%
26.5x 22.9x 19.1x
18%
36%
40.2x 33.8x 28.5x
TakeTwo Interactive (US)
10,430
91%
7.0x
5.5x
5.2x
16%
26.7x 21.2x 15.5x
31%
26%
40.4x 32.5x 23.6x
Ubisoft Entertainment (Europe)
10,778
93%
5.9x
5.5x
4.4x
16%
16.2x 12.5x 10.8x
23%
44%
58.1x 34.8x 27.3x
Bandai Namco (AsiaPac)
6,375
94%
n/m
n/m
n/m
5%
n/m
n/m
n/m
9%
14%
n/a
n/a
n/a
Konami (AsiaPac)
4,999
85%
n/m
n/m
n/m
2%
n/m
n/m
n/m
10%
25%
n/a
n/a
n/a
Square Enix (AsiaPac)
4,021
92%
n/m
n/m
n/m
(0%)
n/m
n/m
n/m
16%
18%
n/a
n/a
n/a
CD Projekt (Europe)
3,320
91%
n/m
n/m 38.7x
90%
n/m
n/m 62.8x
103%
43%
n/m
n/m
n/m
Sega Sammy (AsiaPac)
2,706
94%
n/m
n/m
n/m
(3%)
n/m
n/m
n/m
12%
13%
n/a
n/a
n/a
Paradox Interactive (Europe)
1,839
79%
n/m
n/m
n/m
36%
n/m
n/m
n/m
42%
62%
n/m
n/m
n/m
Capcom (AsiaPac)
1,981
93%
n/m
n/m
n/m
7%
n/m
n/m
n/m
6%
22%
n/a
n/a
n/a
Marvelous (AsiaPac)
261
75%
n/m
n/m
n/m
7%
n/a
n/a
n/a
n/a

n/a
n/a
n/a
Mean
7.8x
7.0x
12.8x
16%
23.7x 20.0x 25.6x
26%
28%
44.3x 33.6x 27.0x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
25
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Hardware & Semiconductors
Apple (US)
816,008
96%
4.6x
4.2x
4.0x
7%
14.9x 13.6x 13.1x
7%
31%
21.0x 17.5x 17.3x
Samsung (AsiaPac)
191,182
81%
n/m
n/m
n/m
5%
n/m
n/m
n/m
11%
36%
n/m
n/m
n/m
IBM (US)
140,048
82%
2.4x
2.3x
2.3x
1%
9.8x
10.0x
9.5x
1%
23%
11.5x 11.7x 11.7x
Sony (AsiaPac)
51,159
99%
99.8x 97.3x 94.7x
3%
n/m
n/m
n/m
3%
13%
n/a
n/a
n/a
Hitachi (AsiaPac)
38,636
82%
68.3x 67.4x 65.6x
2%
n/m
n/m
n/m
1%
13%
n/a
n/a
n/a
Philips (Europe)
35,820
96%
2.0x
2.0x
1.9x
3%
12.6x 11.7x 10.8x
8%
17%
24.0x 21.1x 18.8x
HP (US)
25,452
76%
1.0x
1.1x
1.1x
(3%)
6.1x
6.4x
6.4x
(2%)
17%
13.3x 11.3x 11.2x
Hewlett Packard Enterprise (US)
25,452
76%
1.0x
1.1x
1.1x
(3%)
6.1x
6.4x
6.4x
(2%)
17%
13.3x 11.3x 11.2x
Nokia (Europe)
22,907
86%
1.0x
1.0x
1.0x
(1%)
7.6x
7.9x
6.7x
6%
13%
15.5x 20.8x 15.5x
Motorola (US)
20,713
99%
4.4x
3.8x
3.7x
9%
15.9x 13.9x 12.8x
11%
27%
24.1x 18.9x 17.4x
Toshiba (AsiaPac)
20,196
93%
71.5x
n/m 90.4x
(11%)
n/m
n/m
n/m
(63%)
7%
n/a
n/a
n/a
Sharp (AsiaPac)
10,928
62%
75.1x 70.7x 68.8x
4%
n/m
n/m
n/m
3%
8%
n/a
n/a
n/a
Fujitsu (AsiaPac)
11,090
71%
42.8x 45.7x 46.0x
(4%)
n/m
n/m
n/m
1%
10%
n/a
n/a
n/a
Unisplendour (AsiaPac)
8,355
72%
12.8x 10.0x
8.8x
21%
n/a
n/a
n/a
n/a

n/m
n/m
n/m
Lenovo (AsiaPac)
8,095
80%
15.3x 14.1x 13.9x
5%
n/a
n/m
n/m
n/a
3%
n/m
n/m
n/m
LG (US)
6,557
68%
2.1x
2.3x
2.1x
(0%)
14.0x 16.2x 13.8x
1%
14%
15.7x 27.6x 35.0x
Quanta Computer (AsiaPac)
5,328
66%
6.5x
6.5x
6.1x
3%
n/m
n/m
n/m
8%
3%
n/m
n/m
n/m
Pegatron Corporation (AsiaPac)
4,398
61%
4.6x
4.2x
4.0x
7%
n/m
n/m
n/m
11%
3%
n/m
n/m
n/m
ASUSTeK Computer (AsiaPac)
3,699
93%
11.8x 11.9x 11.5x
1%
n/m
n/m
n/m
15%
5%
n/m
n/m
n/m
Foxconn (AsiaPac)
1,489
71%
12.7x 11.7x 11.7x
4%
n/m
n/m
n/m
4%
8%
n/m
n/m
n/m
Acer (AsiaPac)
1,401
72%
7.5x
7.3x
7.2x
2%
n/m
n/m
n/m
15%
2%
n/m
n/m
n/m
nLIGHT (US)
986
78%
n/a
7.0x
5.6x
n/a
n/a
45.5x 31.9x
n/a
15%
n/a
87.0x 57.1x
One Stop Systems (US)
41
71%
2.0x
1.5x
1.1x
34%
34.8x 34.8x 13.6x
60%
4%
n/m 66.3x 21.4x
Mean
21.4x 17.8x 20.6x
4%
13.5x 16.6x 12.5x
5%
13%
17.3x 29.4x 21.7x
Computer Peripherals & Storage
Hon Hai Precision Industry (AsiaPac)
39,863
66%
10.8x 10.7x 10.2x
3%
n/m
n/m
n/m
5%
4%
n/m
n/m
n/m
Western Digital (US)
25,217
72%
1.7x
1.6x
1.6x
3%
4.8x
4.8x
5.4x
(6%)
34%
6.9x
6.0x
6.4x
Seagate (Europe)
15,597
90%
2.0x
1.8x
1.9x
2%
9.6x
8.4x
8.9x
4%
22%
15.8x 11.0x 11.9x
NetApp (US)
14,582
98%
3.4x
3.2x
3.1x
6%
15.0x 13.7x 11.9x
12%
23%
26.8x 22.4x 20.2x
Zebra Technologies (US)
8,393
89%
3.1x
2.8x
2.7x
6%
16.6x 14.0x 13.2x
12%
20%
24.1x 16.5x 15.4x
Logitech (Europe)
5,630
94%
3.1x
2.8x
2.5x
11%
26.0x 20.5x 20.2x
14%
13%
34.4x 28.9x 25.8x
Shenzen Huiding (AsiaPac)
3,699
93%
11.8x 11.9x 11.5x
1%
n/m
n/m
n/m
15%
5%
n/m
n/m
n/m
Pure Storage (US)
4,140
92%
5.5x
4.1x
3.2x
30%
n/m 47.0x 27.4x
206%
9%
n/m
n/m 60.5x
LiteOn (AsiaPac)
1,726
70%
10.0x 10.3x 10.2x
(1%)
n/m
n/m
n/m
4%
7%
n/m
n/m
n/m
PCISuntek (AsiaPac)
1,398
58%
19.1x 13.2x
9.4x
43%
n/a
n/a
n/a
n/a

n/m
n/m
n/m
Chicony (AsiaPac)
1,401
85%
22.3x 20.7x 19.5x
7%
n/m
n/m
n/m
8%
9%
n/m
n/m
n/m
Synaptics (US)
1,628
87%
1.3x
1.3x
1.2x
2%
9.8x
10.0x
9.8x
(0%)
13%
12.6x 12.6x 10.6x
Phison Electronics (AsiaPac)
844
53%
25.2x 24.7x 23.2x
4%
n/m
n/m
n/m
(13%)
13%
n/m
n/m
n/m
Mean
9.2x
8.4x
7.7x
9%
13.6x 16.9x 13.8x
22%
13%
20.1x 16.2x 21.5x
Semiconductors
Intel (US)
208,753
86%
4.5x
4.1x
4.0x
6%
10.9x
9.6x
9.1x
10%
43%
16.9x 13.9x 13.5x
Taiwan Semiconductor (AsiaPac)
140,866
80%
n/m
n/m
n/m
9%
n/m
n/m
n/m
9%
66%
n/m
n/m
n/m
NVIDIA (US)
121,584
89%
17.2x 12.5x 11.1x
24%
50.1x 31.4x 28.8x
32%
40%
59.6x 34.8x 31.7x
Broadcom (US)
99,345
90%
7.1x
6.5x
6.2x
7%
9.9x
8.0x
10.2x
(1%)
81%
15.4x 13.6x 13.1x
Texas Instruments (US)
92,421
90%
8.3x
7.8x
7.5x
5%
17.8x 16.4x 15.7x
7%
47%
26.9x 22.2x 20.1x
ASML (Europe)
70,709
88%
8.2x
6.8x
6.3x
14%
25.9x 21.4x 18.5x
19%
32%
36.4x 28.8x 23.8x
Micron (US)
54,172
82%
3.2x
2.3x
2.2x
20%
5.7x
3.4x
3.4x
30%
66%
9.0x
4.7x
5.1x
Qualcomm (US)
57,298
81%
3.3x
3.5x
3.3x
(0%)
9.3x
11.6x
8.0x
8%
30%
16.1x 20.5x 16.7x
SK hynix (AsiaPac)
42,010
85%
n/m
n/m
n/m
19%
n/m
n/m
n/m
21%
67%
n/m
n/m
n/m
Applied Materials (US)
39,356
73%
3.4x
2.9x
2.8x
10%
11.0x
9.2x
9.1x
10%
32%
13.8x 11.0x 11.0x
Analog Devices (US)
36,038
93%
8.5x
7.9x
7.5x
6%
16.7x 17.3x 15.7x
3%
46%
22.4x 18.9x 18.2x
Infineon (Europe)
23,396
83%
3.2x
3.1x
2.8x
8%
12.4x 10.5x
9.6x
13%
29%
24.3x 20.5x 19.4x
Microchip Technology (US)
19,095
87%
6.6x
4.8x
3.9x
29%
16.1x 11.9x
9.4x
31%
40%
19.3x 15.6x 13.2x
STMicroelectronics (Europe)
16,495
82%
2.0x
1.7x
1.6x
12%
10.0x
7.4x
6.7x
22%
23%
20.4x 14.1x 12.5x
Renesas Electronics (AsiaPac)
15,149
71%
n/m
n/m
n/m
5%
n/m
n/m
n/m
12%
25%
n/a
n/a
n/a
Skyworks Solutions (US)
13,547
82%
4.8x
4.7x
4.3x
5%
10.9x 10.7x
9.8x
6%
44%
16.2x 15.6x 13.9x
Xilinx (US)
12,685
83%
6.9x
6.3x
5.9x
8%
21.8x 18.8x 18.3x
9%
33%
29.2x 25.1x 23.5x
Maxim Integrated Products (US)
12,995
78%
7.3x
6.9x
6.6x
6%
17.8x 16.8x 16.0x
5%
41%
27.2x 23.6x 22.1x
AMD (US)
13,102
88%
3.3x
2.6x
2.4x
18%
43.9x 22.2x 19.9x
49%
12%
n/m 32.6x 24.0x
MediaTek (AsiaPac)
10,329
79%
54.0x 51.9x 46.2x
8%
n/m
n/m
n/m
47%
11%
n/m
n/m
n/m
Sanan Optoelectronics (AsiaPac)
9,219
60%
62.1x 48.1x 37.3x
29%
n/m 90.1x 73.7x
24%
53%
n/m
n/m
n/m
ON Semiconductor (US)
9,885
82%
2.5x
2.3x
2.2x
5%
10.6x
9.6x
8.9x
9%
24%
18.1x 14.4x 12.9x
ASE Group (AsiaPac)
9,554
84%
41.7x 32.2x 28.7x
20%
n/m
n/m
n/m
25%
20%
n/m
n/m
n/m
Microsemi (US)

100%
n/m
n/a
n/a
(100%)
n/m
n/a
n/a
(100%)
n/a
n/m
n/a
n/a
Marvell Technology Group (AsiaPac)
7,797
86%
4.3x
4.2x
4.0x
4%
14.9x 13.1x 11.6x
13%
32%
20.7x 17.7x 16.4x
SMIC (AsiaPac)
7,608
67%
n/m
n/m
n/m
10%
n/m
n/m
n/m
12%
32%
n/m
n/m
n/m
ROHM (AsiaPac)
5,296
70%
n/m
n/m
n/m
6%
n/m
n/m
n/m
17%
27%
n/a
n/a
n/a
United Microelectronics (AsiaPac)
6,140
91%
51.8x 49.5x 48.0x
4%
n/m
n/m
n/m
2%
38%
n/m
n/m
n/m
Mean
14.6x 12.8x 11.5x
6%
15.9x 17.6x 15.6x
12%
37%
21.0x 18.7x 16.6x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
26
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Healthcare & Science
Quintiles (US)
25,626
90%
4.3x
3.4x
3.2x
16%
17.2x 16.0x 14.8x
8%
21%
22.8x 20.8x 18.7x
Cerner (US)
16,596
81%
4.4x
4.2x
3.9x
6%
13.5x 13.9x 12.7x
3%
30%
28.3x 27.5x 24.4x
ResMed (US)
12,763
96%
8.0x
7.1x
6.6x
10%
n/a
24.2x 22.6x
n/a
29%
41.6x 34.2x 31.5x
M3 (AsiaPac)
10,891
89%
n/m
n/m
n/m
20%
n/m
n/m
n/m
15%
31%
n/a
n/a
n/a
Athenahealth (US)
5,621
97%
6.3x
5.7x
5.2x
11%
29.1x 20.4x 18.3x
26%
28%
92.3x 42.2x 36.2x
Allscripts (US)
3,610
74%
2.7x
2.3x
2.1x
12%
13.5x 11.4x 10.5x
13%
20%
22.0x 17.8x 15.5x
Cotiviti (US)
4,019
96%
8.0x
7.2x
6.6x
10%
20.6x 17.8x 16.5x
11%
40%
32.8x 26.5x 23.9x
Teladoc (US)
3,246
91%
19.0x 11.4x
8.6x
49%
n/m
n/m
n/m
n/a
3%
n/m
n/m
n/m
Evolent Health (US)
1,333
78%
4.2x
3.1x
2.7x
25%
n/m 84.4x 43.0x
n/a
4%
n/m
n/m
n/m
HealthStream (US)
589
94%
3.2x
3.5x
3.4x
(2%)
21.4x 20.4x 18.6x
7%
17%
n/m
n/m 87.0x
CPSI (US)
501
96%
2.5x
2.3x
2.3x
6%
14.1x 13.0x 13.3x
3%
18%
24.1x 16.4x 16.6x
Mean
6.3x
5.0x
4.5x
15%
18.5x 24.6x 18.9x
11%
22%
37.7x 26.5x 31.7x
Internet of Things (IoT)
Forescout Technologies (US)
1,007
91%
6.3x
4.9x
4.1x
23%
n/m
n/m
n/m
(62%)
(11%)
n/m
n/m
n/m
Impinj (US)
373
40%
4.0x
4.6x
3.9x
1%
n/m
n/m
n/m
112%
(21%)
n/m
n/m
n/m
ShotSpotter (US)
333
91%
19.5x 13.6x 10.0x
39%
n/m
n/m 51.4x
165%
9%
n/m
n/m
n/m
Internet of Things (Canada)
6
37%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
9.9x
7.7x
6.0x
20%


51.4x
39%
5%


#####
Online Brokerage
Charles Schwab (US)
46,092
85%
n/m
n/m
n/m
15%
n/m
n/m
n/m
21%
50%
36.7x 24.3x 20.4x
TD Ameritrade (US)
23,927
87%
n/m
n/m
n/m
22%
n/m
n/m
n/m
30%
43%
36.5x 19.3x 16.2x
E*TRADE (US)
17,105
92%
n/m
n/m
n/m
15%
n/m
n/m
n/m
17%
52%
29.2x 19.9x 18.3x
IG Group (Europe)
3,430
95%
n/m
n/m
n/m
2%
n/m
n/m
n/m
1%
50%
14.3x 12.8x 12.8x
Plus500 (Middle East)
1,921
94%
n/m
n/m
n/m
17%
n/m
n/m
n/m
18%
61%
8.9x
6.2x
6.0x
Alfa Financial Software (Europe)
1,051
32%
5.0x
5.5x
5.1x
(1%)
10.8x 19.0x 16.3x
(19%)
29%
14.8x 26.4x 22.7x
SwissQuote (Europe)
n/m
82%
n/m
n/m
n/m
10%
n/a
n/a
n/a
n/a

n/a
19.9x 17.2x
Interactive Brokers (US)
n/m
80%
n/m
n/m
n/m
18%
n/m
n/m
n/m
43%
93%
48.7x 32.0x 27.7x
Mean
5.0x
5.5x
5.1x
12%
10.8x 19.0x 16.3x
16%
47%
27.0x 20.1x 17.7x
Online Travel
OTAs
Priceline Group (US)
85,519
91%
9.3x
8.0x
7.0x
15%
24.6x 20.4x 18.1x
17%
39%
30.7x 26.4x 23.3x
Ctrip.com (AsiaPac)
22,278
79%
7.2x
6.2x
4.9x
21%
36.4x 32.0x 22.0x
29%
19%
51.4x 37.8x 27.8x
Expedia (US)
16,712
75%
2.3x
2.0x
1.8x
12%
13.1x 12.3x 10.6x
11%
16%
28.8x 26.4x 22.3x
TripAdvisor (US)
6,010
93%
5.3x
5.0x
4.6x
7%
25.5x 22.8x 20.7x
11%
22%
56.8x 46.8x 41.0x
MakeMyTrip (AsiaPac)
2,827
87%
7.6x
6.0x
4.9x
24%
n/m
n/m
n/m
(32%)
(19%)
n/m
n/m
n/m
Trivago (Europe)
1,199
19%
1.6x
1.6x
1.4x
7%
n/m
n/m
n/m
n/a
(4%)
n/m
n/m
n/m
Despegar.com (LatAm)
928
57%
2.5x
2.0x
1.7x
20%
15.3x 12.7x 10.3x
22%
16%
42.2x 30.7x 22.9x
Webjet (AsiaPac)
1,034
94%
9.9x
8.2x
6.8x
20%
33.2x 26.0x 19.5x
30%
32%
60.7x 41.9x 29.8x
eDreams ODIGEO (Europe)
636
61%
1.3x
1.3x
1.2x
2%
5.4x
5.4x
4.9x
5%
23%
10.0x
8.6x
6.7x
On The Beach (Europe)
688
77%
6.1x
5.2x
4.4x
18%
17.0x 13.7x 11.2x
23%
38%
24.0x 19.7x 16.0x
Hostelworld (Europe)
319
74%
2.9x
2.8x
2.6x
6%
9.8x
10.4x
8.7x
6%
27%
13.2x 14.4x 11.8x
Tuniu (AsiaPac)
522
86%
0.3x
0.3x
0.2x
21%
n/m
n/m 54.7x
n/a
(8%)
n/m 87.9x 13.1x
HolidayCheck (Europe)
151
90%
1.3x
1.2x
1.1x
11%
79.2x 21.2x 14.8x
131%
5%
n/m
n/m 67.3x
Travelzoo (US)
163
92%
2.1x
1.9x
1.8x
9%
35.2x 23.2x 17.4x
42%
8%
n/m 47.4x 36.1x
Lastminute.com (Europe)
115
83%
0.6x
0.6x
0.5x
4%
8.7x
4.6x
5.2x
30%
12%
n/a
12.9x 11.1x
Asiatravel (AsiaPac)
5
25%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Mean
4.0x
3.5x
3.0x
13%
25.3x 17.1x 16.8x
25%
15%
35.3x 33.4x 25.3x
GDS
Amadeus IT (Europe)
31,721
93%
6.5x
6.3x
5.9x
5%
17.0x 15.8x 14.6x
8%
40%
28.6x 27.1x 25.3x
Sabre Corp (US)
8,453
92%
3.2x
3.0x
2.9x
6%
10.7x 10.5x
9.9x
4%
29%
20.8x 19.4x 17.7x
Travelport (Europe)
3,801
97%
2.1x
2.0x
1.9x
5%
8.8x
8.7x
8.2x
4%
23%
16.3x 15.1x 13.6x
Mean
4.0x
3.8x
3.6x
9%
12.2x 11.6x 10.9x
35%
16%
21.9x 20.5x 18.9x
Payments
PayPal (US)
76,593
95%
8.0x
6.8x
5.9x
17%
30.9x 26.0x 21.9x
19%
26%
50.6x 40.8x 34.2x
First Data (US)
34,966
95%
4.0x
5.4x
5.2x
(13%)
15.6x 14.3x 13.4x
8%
38%
16.0x 16.4x 13.9x
Worldpay (US)
28,064
95%
18.0x
9.8x
9.0x
42%
37.7x 20.7x 17.9x
45%
47%
44.4x 24.1x 20.0x
Square (US)
20,676
89%
29.1x 19.0x 14.1x
43%
n/m
n/m 62.3x
82%
17%
n/m
n/m 74.5x
Wirecard (Europe)
16,044
87%
10.8x
8.2x
6.6x
28%
39.0x 29.4x 22.6x
31%
28%
67.8x 48.0x 36.0x
Shopify (Canada)
11,919
83%
24.6x 15.9x 11.6x
45%
n/m
n/m
n/m
119%
4%
n/m
n/m
n/m
Adyen (Europe)
12,993
94%
n/a
8.8x
6.2x
n/a
n/a
88.5x 57.2x
n/a
10%
n/a
n/m 82.8x
Ingenico (Europe)
6,362
82%
2.6x
2.3x
2.2x
8%
12.6x 11.9x 10.8x
8%
20%
16.6x 15.4x 13.8x
Q2 Holdings (US)
1,974
90%
13.9x 11.3x
9.2x
23%
n/m
n/m 77.0x
89%
10%
n/m
n/m
n/m
Qiwi (Europe)
549
62%
0.1x
0.0x
0.0x
19%
0.2x
0.1x
0.1x
31%
35%
0.3x
0.3x
0.2x
Boku (US)
240
95%
7.8x
5.8x
4.7x
29%
n/m 40.9x 16.0x
n/a
14%
n/m 94.6x 25.5x
Intershop Communications (Europe)
52
74%
1.4x
1.4x
1.2x
8%
17.1x 31.6x 18.1x
(3%)
4%
n/m
n/m 47.0x
Seamless Distribution (Europe)
5
8%
2.9x
4.2x
3.3x
(6%)
n/m
n/m 30.9x
n/a
(10%)
n/a
n/m
n/m
Mean
10.3x
7.6x
6.1x
20%
21.9x 29.3x 29.0x
43%
19%
32.6x 34.2x 34.8x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
27
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Search / Portals
Alphabet (US)
587,322
94%
7.2x
5.8x
4.9x
21%
17.9x 15.7x 13.4x
16%
37%
39.4x 29.0x 26.6x
Tencent (AsiaPac)
398,354
80%
n/m 96.7x 71.7x
38%
n/m
n/m
n/m
32%
38%
n/m
n/m
n/m
Baidu (AsiaPac)
66,598
85%
6.9x
5.6x
4.6x
22%
26.4x 19.4x 16.2x
27%
29%
30.1x 26.8x 22.4x
Naver (AsiaPac)
14,743
77%
n/m
n/m
n/m
16%
n/m
n/m
n/m
9%
25%
n/m
n/m
n/m
Yahoo! Japan (AsiaPac)
11,757
67%
n/m
n/m
n/m
7%
n/m
n/m
n/m
(7%)
25%
n/a
n/a
n/a
Yandex (Europe)
9,330
79%
0.1x
0.1x
0.1x
28%
35.1x 21.5x 15.3x
52%
0%
0.9x
0.6x
0.4x
Sogou (AsiaPac)
2,863
73%
4.2x
3.0x
2.3x
37%
25.1x 21.5x 13.6x
36%
14%
49.6x 35.3x 22.8x
Wirtualna Polska (Europe)
382
86%
15.7x 13.6x 12.6x
11%
52.1x 45.6x 40.9x
13%
30%
n/m
n/m 72.6x
Sohu.com (AsiaPac)
389
85%
0.3x
0.2x
0.2x
15%
4.4x
5.6x
2.3x
39%
4%
n/m
n/m
n/m
Phoenix New Media (AsiaPac)
186
52%
1.1x
1.0x
0.9x
9%
24.0x 23.8x 13.9x
31%
4%
39.7x 46.6x 21.1x
Mean
5.1x
15.8x 12.2x
21%
26.4x 21.9x 16.5x
25%
21%
32.0x 27.7x 27.6x
Social Networking
Facebook (US)
452,209
96%
15.1x 10.7x
8.5x
34%
23.0x 17.5x 14.0x
28%
61%
37.7x 29.6x 24.8x
Twitter (US)
26,636
94%
14.9x 12.3x 10.8x
17%
45.1x 32.1x 27.7x
28%
38%
n/m 67.8x 59.2x
Weibo (AsiaPac)
16,007
62%
18.9x 11.9x
8.6x
48%
48.2x 29.7x 19.6x
57%
40%
59.2x 35.6x 24.5x
Match Group (US)
10,220
81%
10.4x
8.2x
7.1x
21%
29.4x 21.5x 18.3x
27%
38%
55.1x 31.2x 25.4x
Snap (US)
12,990
63%
22.0x 14.8x 10.3x
46%
n/m
n/m
n/m
(20%)
(61%)
n/m
n/m
n/m
Momo (AsiaPac)
7,034
82%
7.2x
4.7x
3.8x
37%
26.0x 16.7x 13.2x
40%
28%
30.0x 20.0x 16.2x
LINE (AsiaPac)
7,882
86%
n/m
n/m
n/m
17%
n/m
n/m
n/m
7%
11%
n/a
n/a
n/a
Daum Kakao (AsiaPac)
5,369
66%
n/m
n/m
n/m
17%
n/m
n/m
n/m
11%
12%
n/m
n/m
n/m
Mail.ru (Europe)
5,033
74%
0.1x
0.1x
0.1x
24%
0.3x
0.3x
0.2x
24%
31%
0.5x
0.5x
0.3x
YY (AsiaPac)
3,847
72%
2.9x
2.1x
1.7x
32%
11.3x
9.0x
6.8x
29%
23%
19.4x 14.6x 11.9x
SINA (AsiaPac)
3,847
67%
3.3x
2.2x
1.7x
38%
9.7x
7.6x
5.1x
39%
29%
33.2x 27.2x 18.0x
Meitu (AsiaPac)
2,411
48%
44.5x 24.8x 16.2x
66%
n/m
n/m
n/m
n/a
9%
n/m
n/m
n/m
XING (Europe)
1,477
91%
8.0x
6.5x
5.5x
20%
25.7x 20.6x 17.1x
23%
31%
57.3x 44.7x 35.7x
Mixi (AsiaPac)
457
43%
34.5x 41.3x 46.3x
(14%)
96.7x
n/m
n/m
(23%)
32%
n/a
n/a
n/a
Renren (AsiaPac)
235
13%
1.6x
0.6x
n/a
(100%)
n/m
n/m
n/a
(100%)
(8%)
n/m
n/m
n/a
MeetMe (US)
296
81%
3.3x
2.6x
2.5x
14%
13.0x 17.7x 14.3x
(5%)
15%
13.2x 20.8x 15.1x
Mean
13.3x 10.2x
9.5x
20%
29.9x 17.3x 13.6x
11%
21%
34.0x 29.2x 23.1x
Software
Cloud Infrastructure, Hosting & VoIP
VeriSign (US)
14,669
95%
16.9x 16.2x 15.6x
4%
24.5x 22.9x 21.8x
6%
71%
39.8x 35.3x 32.7x
United Internet (Europe)
11,752
82%
2.8x
2.3x
2.2x
14%
11.3x
9.8x
8.9x
13%
23%
21.1x 22.4x 18.3x
GoDaddy (US)
11,155
93%
6.7x
5.7x
5.1x
15%
25.8x 20.0x 18.7x
17%
28%
32.7x 24.5x 19.2x
Akamai Technologies (US)
10,549
87%
5.7x
5.2x
4.8x
9%
15.4x 13.6x 12.1x
13%
39%
32.4x 25.7x 22.8x
Nutanix (US)
7,213
80%
9.9x
7.9x
6.4x
24%
n/m
n/m 66.7x
n/a
(1%)
n/m
n/m
n/m
RingCentral (US)
4,641
87%
12.5x
9.7x
7.9x
26%
n/m 81.5x 62.9x
75%
12%
n/m
n/m 91.5x
New Relic (US)
4,653
90%
19.1x 14.5x 11.5x
29%
n/m
n/m 96.0x
297%
11%
n/m
n/m
n/m
Twilio (US)
4,349
90%
15.0x 10.8x
8.7x
31%
n/m
n/m
n/m
n/a
2%
n/m
n/m
n/m
j2 Global (US)
4,231
94%
5.1x
4.6x
4.3x
9%
12.1x 11.4x 10.2x
9%
40%
17.6x 16.2x 14.4x
Endurance International (US)
2,750
98%
3.2x
3.2x
3.2x
(0%)
10.8x 11.7x 11.6x
(3%)
27%
11.6x 13.5x 14.3x
FireEye (US)
2,438
80%
4.4x
4.0x
3.7x
9%
37.4x 31.2x 26.6x
19%
13%
n/m
n/m 96.0x
Vonage (US)
2,806
100%
3.8x
3.6x
3.5x
4%
20.9x 19.3x 18.1x
7%
19%
48.8x 34.6x 34.7x
Qualys (US)
2,575
87%
15.0x 12.4x 10.5x
19%
40.9x 34.4x 29.0x
19%
36%
91.8x 62.1x 51.8x
Presidio (US)
1,801
67%
0.8x
0.8x
0.8x
3%
10.1x 10.9x
9.9x
1%
8%
11.7x 10.8x
9.2x
Econocom Group (Europe)
1,532
64%
0.5x
0.5x
0.5x
4%
8.9x
8.2x
7.4x
10%
6%
11.8x 11.8x 10.2x
Switch (US)
1,398
49%
5.0x
4.4x
3.7x
16%
9.7x
8.6x
7.3x
16%
51%
n/m 42.2x 14.7x
8x8 (US)
1,450
85%
6.9x
5.8x
4.8x
19%
92.4x
n/m
n/m
(58%)
(1%)
n/m
n/m
n/m
Carbonite (US)
966
84%
5.3x
4.2x
3.8x
18%
27.5x 16.0x 13.9x
41%
26%
50.8x 23.5x 19.1x
Acacia Communications (US)
904
67%
3.1x
4.2x
3.5x
(5%)
15.7x 51.9x 22.4x
(16%)
8%
22.0x
n/m 45.0x
SendGrid (US)
891
83%
10.9x
8.4x
6.8x
27%
n/m 76.0x 57.9x
39%
11%
n/m
n/m
n/m
SecureWorks (US)
789
91%
2.3x
2.1x
1.9x
10%
n/m
n/m 91.3x
n/a
(1%)
n/m
n/m
n/m
Tucows Inc. (Canada)
606
85%
2.5x
2.1x
2.0x
10%
20.9x 16.0x 12.9x
27%
13%
n/a
n/a
n/a
Bandwith (US)
540
93%
4.5x
3.7x
3.3x
16%
34.3x
n/m
n/m
n/a
2%
93.4x
n/m
n/m
Sonus Networks (US)
598
78%
2.4x
1.4x
1.4x
32%
23.6x 10.9x
7.9x
73%
13%
34.5x 21.1x 14.4x
Aquantia (US)
294
65%
3.8x
3.1x
2.6x
23%
n/m 48.8x 19.1x
181%
6%
n/m
n/m 33.7x
Tintri (US)
36
2%
0.4x
0.5x
0.4x
(3%)
n/m
n/m
n/m
(44%)
(25%)
n/m
n/m
n/m
Mean
6.5x
5.4x
4.7x
14%
24.6x 26.5x 28.8x
34%
17%
37.2x 26.4x 31.9x
Source: Capital IQ (as of 29 June 2018).
Trading Comparables (Cont’d)
28
29. Jun 2018
Enterprise
CAGR
CAGR Margin
Company
Value (€m)
2017 2018 2019
1719E
2017 2018 2019
1719E
2018E
2017 2018 2019
Share Price
(% of year high)
EV / Revenue
EV / EBITDA
P/E
Software (Cont'd)
Applications
Microsoft (US)
611,959
96%
8.2x
7.2x
6.6x
11%
20.9x 17.4x 15.5x
16%
42%
33.1x 28.7x 26.7x
Oracle (US)
145,213
82%
5.1x
4.9x
4.7x
4%
11.0x 10.5x 10.1x
5%
47%
16.7x 14.9x 14.3x
SAP (Europe)
117,770
94%
5.0x
4.8x
4.5x
6%
14.4x 14.5x 13.3x
4%
33%
23.4x 22.6x 20.4x
Adobe (US)
98,511
94%
18.5x 15.0x 12.6x
21%
44.1x 33.7x 27.6x
26%
44%
66.0x 41.4x 36.6x
Intuit (US)
43,657
94%
10.9x
9.6x
8.7x
12%
29.8x 26.5x 23.9x
12%
36%
51.6x 41.4x 34.7x
VMware (US)
44,057
89%
7.6x
6.8x
6.3x
10%
20.5x 17.6x 17.4x
9%
39%
32.9x 27.6x 25.4x
Autodesk (US)
24,874
92%
16.5x 13.6x 10.6x
25%
n/m 93.0x 34.9x
n/a
15%
n/m
n/m 47.9x
Constellation Software (Canada)
14,014
95%
13.4x 10.7x
9.4x
19%
51.6x 42.4x 36.3x
19%
25%
72.4x 54.9x 48.7x
Symantec (US)
13,455
60%
3.7x
3.8x
3.7x
1%
8.0x
8.7x
7.9x
1%
44%
15.4x 14.0x 12.7x
Citrix (US)
12,754
96%
6.1x
6.0x
5.8x
3%
17.1x 17.1x 18.3x
(3%)
35%
22.5x 22.6x 21.6x
Check Point Software Technologies (Middle East)
12,020
82%
8.8x
8.6x
8.3x
3%
15.7x 16.0x 15.4x
1%
54%
20.7x 20.3x 19.6x
Sage Group (Europe)
10,794
76%
4.9x
4.6x
4.3x
7%
16.6x 15.6x 14.3x
7%
29%
23.7x 22.2x 20.4x
Tableau (US)
6,090
92%
9.5x
8.5x
7.4x
14%
n/m
n/m
n/m
20%
2%
n/m
n/m
n/m
Trend Micro (AsiaPac)
5,615
94%
n/m
n/m
n/m
8%
n/m
n/m
n/m
5%
33%
n/a
n/a
n/a
Ceridian HCM Holding (US)
4,991
78%
n/a
9.3x
8.6x
n/a
n/a
45.3x 38.6x
n/a
20%
n/a
n/m 71.5x
LogMeIn (US)
4,308
77%
5.8x
4.8x
4.5x
14%
15.9x 13.1x 11.8x
16%
37%
29.0x 22.5x 20.0x
Nemetschek (Europe)
3,925
93%
9.9x
8.7x
7.6x
14%
37.4x 33.1x 28.4x
15%
26%
62.2x 54.0x 46.4x
Teradata (US)
3,819
91%
2.4x
2.4x
2.3x
2%
14.0x 14.0x 12.5x
6%
17%
34.8x 33.0x 27.4x
MongoDB (US)
1,921
83%
17.2x 11.9x
8.9x
39%
n/m
n/m
n/m
(16%)
(32%)
n/m
n/m
n/m
Appian (US)
1,846
83%
15.0x 12.3x 10.5x
20%
n/m
n/m
n/m
11%
(18%)
n/m
n/m
n/m
Carbon Black (US)
1,799
74%
n/a
12.0x
9.7x
n/a
n/a
n/m
n/m
n/a
(27%)
n/a
n/m
n/m
MicroStrategy (US)
657
65%
1.8x
1.8x
1.7x
2%
8.7x
19.2x 15.8x
(26%)
9%
30.9x 53.5x 43.3x
Rosetta Stone (US)
279
95%
2.0x
2.2x
2.0x
2%
34.4x
n/m 45.7x
(13%)
(4%)
n/m
n/a
n/a
Gridsum (AsiaPac)
185
50%
0.4x
0.3x
0.2x
48%
n/m
1.9x
0.7x
n/a
13%
n/m
2.5x
0.8x
Perion (Middle East)
85
60%
0.4x
n/a
n/a
(100%)
4.5x
n/a
n/a
(100%)
n/a
5.5x
n/a
n/a
Mean
7.9x
7.4x
6.5x
8%
21.4x 24.4x 20.4x
1%
22%
33.8x 29.8x 29.9x
Software as a Service (SaaS)
Salesforce.com (US)
84,135
96%
11.0x
8.7x
7.3x
23%
51.0x 38.4x 30.8x
29%
23%
n/m 66.6x 55.2x
Workday (US)
20,832
87%
13.3x 10.5x
8.6x
25%
81.5x 56.9x 42.0x
39%
18%
n/m
n/m 73.5x
Xero (US)
9,158
64%
1.2x
1.2x
1.3x
(2%)
7.3x
6.8x
6.7x
4%
18%
8.0x
7.6x
7.4x
Dropbox (US)
10,547
75%
n/a
10.6x
9.1x
n/a
n/a
49.7x 42.1x
n/a
21%
n/a
n/m 88.5x
Veeva Systems (US)
8,662
90%
17.3x 14.2x 12.1x
20%
51.8x 42.5x 35.9x
20%
33%
91.5x 60.1x 50.5x
Ultimate Software Group (US)
6,633
91%
9.7x
8.1x
6.9x
18%
42.1x 32.6x 26.9x
25%
25%
82.9x 53.2x 43.6x
DocuSign (US)
7,345
79%
n/a
15.2x 12.7x
n/a
n/a
n/m
n/m
n/a
5%
n/a
n/m
n/m
Paycom (US)
4,975
83%
15.7x 12.4x 10.1x
25%
51.0x 30.4x 24.8x
43%
41%
92.0x 46.2x 37.4x
Pivotal Software (US)
4,797
78%
n/a
10.1x
8.1x
n/a
n/a
n/m
n/m
n/a
(11%)
n/a
n/m
n/m
Zendesk (US)
4,628
90%
14.8x 11.0x
8.6x
31%
n/m
n/m 94.4x
120%
7%
n/m
n/m
n/m
Okta (US)
4,356
83%
22.8x 16.6x 12.6x
35%
n/m
n/m
n/m
(33%)
(15%)
n/m
n/m
n/m
RealPage (US)
4,725
89%
9.6x
7.4x
6.6x
20%
39.6x 28.4x 23.7x
29%
26%
76.3x 45.1x 36.2x
Blackbaud (US)
4,530
88%
7.8x
7.0x
6.4x
10%
31.7x 28.1x 25.1x
12%
25%
54.8x 41.4x 36.0x
Medidata Solutions (US)
3,964
94%
9.9x
8.4x
7.1x
18%
41.0x 34.8x 27.0x
23%
24%
72.8x 57.5x 43.9x
Wix.com (Middle East)
3,805
92%
12.2x
8.7x
6.9x
33%
77.0x 47.8x 30.2x
60%
18%
n/m
n/m 71.3x
Box (US)
2,899
84%
7.8x
6.5x
5.4x
21%
n/m
n/m 85.2x
n/a
3%
n/m
n/m
n/m
Ellie Mae (US)
2,859
89%
9.4x
7.8x
6.6x
19%
32.6x 29.7x 23.3x
18%
26%
75.9x 65.3x 45.6x
Zscaler (US)
3,419
81%
29.9x 21.9x 16.6x
34%
n/a
n/m
n/m
n/a
(4%)
n/a
n/m
n/m
Paylocity (US)
2,545
92%
10.4x
8.4x
6.9x
23%
52.4x 38.6x 29.1x
34%
22%
86.9x 48.6x 52.7x
Cornerstone Ondemand (US)
2,276
88%
6.4x
6.1x
5.5x
8%
47.5x 34.0x 24.2x
40%
18%
n/m 71.4x 43.8x
Coupa (US)
2,814
96%
21.1x 16.3x 13.1x
27%
n/m
n/m
n/m
n/a
(1%)
n/m
n/m
n/m
SmartSheet (US)
2,301
79%
n/a
19.4x 13.9x
n/a
n/a
n/m
n/m
n/a
(31%)
n/a
n/m
n/m
Altair Engineering (US)
1,944
90%
8.0x
7.1x
6.3x
13%
n/m 78.4x 49.4x
55%
9%
n/m
n/m 70.5x
Zuora (US)
2,345
72%
n/a
14.4x 11.3x
n/a
n/a
n/m
n/m
n/a
(21%)
n/a
n/m
n/m
Avalara (US)
3,393
90%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
SailPoint (US)
1,781
85%
13.9x 10.7x
8.7x
27%
n/m
n/m 94.8x
10%
8%
n/m
n/m
n/m
Blucora (US)
1,696
91%
4.6x
4.1x
3.9x
9%
23.1x 20.0x 17.5x
15%
21%
32.0x 22.4x 19.4x
BlackLine (US)
1,892
86%
14.8x 11.5x
9.2x
27%
n/m
n/m
n/m
246%
5%
n/m
n/m
n/m
Cloudera (US)
1,365
61%
5.1x
4.2x
3.5x
20%
n/m
n/m
n/m
(22%)
(19%)
n/m
n/m
n/m
Five9 (US)
1,681
87%
11.6x
9.6x
8.2x
19%
n/m 78.8x 57.6x
57%
12%
n/m
n/m 87.1x
Alteryx (US)
1,829
92%
19.4x 13.4x 10.1x
38%
n/m
n/m
n/m
(32%)
(6%)
n/m
n/m
n/m
Talend (Europe)
1,501
96%
13.7x 10.0x
7.8x
32%
n/m
n/m
n/m
(91%)
(5%)
n/m
n/m
n/m
Yext (US)
1,499
98%
12.0x
9.0x
6.8x
32%
n/m
n/m
n/m
(11%)
(16%)
n/m
n/m
n/m
Apptio (US)
1,236
94%
9.0x
7.4x
6.3x
20%
n/m
n/m
n/m
n/a
3%
n/m
n/m
n/m
Domo (US)
1,199
95%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Everbridge (US)
1,116
89%
14.6x 10.9x
8.7x
30%
n/m
n/m
n/m
n/a
(2%)
n/m
n/m
n/m
LivePerson (US)
1,049
88%
6.5x
5.9x
5.3x
11%
78.4x 63.1x 48.5x
27%
9%
n/m
n/m
n/m
Benefitfocus (US)
973
91%
5.2x
5.2x
4.6x
6%
69.9x
n/m 62.6x
6%
3%
n/m
n/m
n/m
SPS Commerce (US)
951
94%
5.9x
5.3x
4.9x
10%
40.6x 29.3x 24.5x
29%
18%
93.3x 59.5x 50.1x
Synchronoss (US)
357
36%
1.0x
1.1x
n/a
(100%)
4.2x
3.9x
n/a
(100%)
27%
9.7x
7.3x
n/a
Cardlytics (US)
351
85%
3.7x
3.1x
2.0x
37%
n/m
n/m 49.4x
n/a
(10%)
n/m
n/m
n/m
ChannelAdvisor (US)
280
90%
3.1x
2.9x
2.7x
7%
81.6x 47.4x 35.7x
51%
6%
n/m
n/m
n/m
Veritone (US)
213
22%
18.9x 13.7x
7.4x
60%
n/m
n/m
n/m
13%
(190%)
n/m
n/m
n/m
EQS Group (Europe)
93
90%
2.9x
2.5x
2.2x
16%
27.4x 56.9x 29.5x
(4%)
4%
n/m
n/m
n/m
Mean
10.9x
9.3x
7.6x
19%
46.6x 39.8x 40.0x
23%
4%
64.7x 46.6x 50.7x
Source: Capital IQ (as of 29 June 2018).
v
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I N S I G H T A C C E S S O P P O R T U N I T Y
MANHATTAN VENTURE PARTNERS
O F F E R I N G S
DIRECT INVESTMENTS
For institutional investors who make
substantial allocations — often $10 million
or more per transaction
DEALSPECIFIC FUNDS
For investors who do not have the appetite
or strategy for direct investments, but wish
to make transactionspecific decisions or
institutional investors desiring to remain
discrete
MANAGED FUNDS
For investors who want broad exposure to
secondary venture investments, deal
selection by proven experts, and the
opportunity to coinvest on a self selected
basis
Manhattan Venture Partners (“MVP”) is a researchdriven merchant bank focused on acquiring shares in late
stage, preIPO technology companies from existing shareholders. Partners of MVP have arranged or invested
in more than $2B of secondary and primary venture transactions
Manhattan Venture Research “MVR” publishes Venture Bytes, a monthly newsletter which contains the
Liquidity Watchlist, a proprietary list of top25 promising private companies in the TMT space that are
candidates for a liquidity event – either an IPO or an acquisition  within the next 12 to 18 months. The
companies are ranked based on a series of quantitative and qualitative factors from a pool of 325 companies
that we closely monitor.
Liquidity Watchlist May 2018
Securities offered through Fusion Analytics Securities, LLC, member FINRA/SIPC
www.mvp.vc
212.858.9900
New York, New York
#
∆
Company
Description
Status
1
0
Tenable Network Security
Provides security and compliance monitoring platform designed to understand and reduce
cybersecurity risk. The platform provides continuous visibility and critical context to see
and secure any digital asset on any computing platform
Raised $300.7M to date in 3 equity rounds, including the last round of $250M in Nov. 2015, raising the post
valuation to $550M; hired Morgan Stanley earlier this year and the company is very transparant about its
financials (7 sequential quarters of +40% Y/Y revenue growth; Earlier the company had 3 convertible debt
rounds worth $700K
2
+3
Apttus Corp
Provides cloudbased QuotetoCash (QTC) software services
Raised $404.25M to date; last equity round Series E in Sept 2017 for $55.3M at $15/share, raising the post
valuation to $1.9B; the company filed to go public on September 13, 2017 but subsequently received $75
million of development capital from Golub Capital on February 13, 2018
3
0
Survey Monkey
Provides online survey tools created to help customers make better decisions. The
company's platform uses SSL encryption and multimachine backup to keep data secure
enabling companies, organizations and individuals to send survey invitations, collect
responses and analyze results with live graphs and charts for gathering insights
Raised $615M to date, including $400M in debt financing. The last equity financing round was in December
2014 when the company raised $250M, raising the postmoney valuation to $2.0B. Investors included Dave
Goldberg, T. Rowe Price Associates, Morgan Stanley Expansion Capital, Baillie Gifford, Tiger Global
Management, ICONIQ Capital, Google Capital, Social+Capital Partnership, FS Investors, Ryan and Chris
Finley, Bryan Johnson, Kevin Colleran and Laurel Crown Partners. KG Investments also participated
4
0
AppNexus
Provides trading solutions and powers marketplaces for Internet advertising
Raised $344.2M to date; last round Series F in Sept 2016 for $31M at $1.6B post valuation and $26/share;
key investors include News Corp., Yahoo Japan, SharesPost 100 Fund, Deutsche Telekom Capital Partners,
Fidelity Investments, among others
5
0
Pinterest is a “virtual and social pinboard” that allows users to share interesting and
inspiring ideas, images and tastes
Raised $1.47B to date in 10 rounds, including the last round of $150M in June 2017at $12.3B post valuation
and $7.18/share; key investors include Rakuten, Wellington, Goldman Sachs, Adreessen Horowitz, Fidelity,
among others
6
+4
DOMO
Provides cloudbased businessmanagement platform designed to connect data, people,
and expertise that are needed to improve business results
Raised $730M in 7 rounds; last round Series D2 for $115.2M in Dec. 2017 at $8.43 per share, raising the
postvaluation to $2.28B
7
0
Slack
Develops real time messaging, archiving and search tool; provides a collaboration platform
that lets users to port conversations and links to other work from other applications
Raised $796.7M in 10 rounds; last round, Series G, in Sept 2017 for $250M at $8.70/share, raising the post
valuation to $5.1B; key investors: Acela Partners, Comcast Ventures, GGV Capital, Index Ventures, Sherpa
Capital, Spark Capital, Thrive Capital; hired new CFO in Feb. 2018
8
0
OpenX
Provides an online advertising marketplace; the company's products, including OpenX
Enterprise and OpenX Market, provide a comprehensive revenueserving platform
Raised $85M in 8 rounds; last round, Series , in Feb 2013 for $25M. Key investors include Samsung Venture
Investment and Cyber Communications on February 26, 2013. Yet2Ventures, Accel Partners, Index
Ventures, SAP Ventures, LocalGlobe, Mitsui Global Investment and Presidio Ventures also participated;
hired SVP who worked at Google and Apple
9
+9
Uber
Uber is a mobile app connecting passengers with drivers for hire
Raised $17.4B in combination of late stage VC rounds (10), corporate rounds (2), and debt rounds (3).
Current postvaluation is $68B; Recent 1Q18 results show improving financials; CEO indicated IPO likely in
2019
10
+10
Airbnb
Operates an online community marketplace for travel accommodations allowing users to
both list and rent space from traditional or mobile platforms
Raised $4.4B in 11 rounds; the last round, Series F, in Mar 2017 for $1.0B at $2.8B prevaluation ($31B
postmoney valuation) and $105/share; key investors include Andreessen Horowitz, Fidelity, General
Atlantic, Sequoia, GGV, among others; hired new CFO with IPO experience, Laurence Tosi, in 2015 from
Blackstone Group
11
0
Sprinklr
Develops social media management platform (SMM) designed to provide digital
transformation for enterprise businesses. The company's integrated platform for social
media management allows brands to do marketing, advertising, care, sales, research and
commerce
Raised $228.50M in 6 rounds; the last round, Series F, in Jul 2016 for $105.00M at $1.70B prevaluation
($1.81B postmoney valuation) and $9/share
12
0
MapR Tech.
MapR Technologies provides an enterprisegrade, big data platform that supports mission
critical and realtime production uses
Raised $285.62M in 6 rounds; last round Series E was for $60.98M in Oct 2017 led by Lightspped Venture
Partners at $560.98M postmoney valuation as $4.14/share; other key investors include Google Capital,
Light speed, Qualcomm Ventures, Repoint
13
7
SoFi
SoFi is a leading marketplace lender and the #1 provider of student loan refinancing with
over $4 billion loans originated to date
Raised $1.92B in 6 rounds; last round Series G for $500M in Mar 2017 at $17.18/share and $3.9B pre
valuation ($4.4B post valuation)
14
+8
Acquia
Provider of a web publishing platform, the company provides tools for enterprise users of
the opensource web publishing platform
Raised $194.5M in 8 rounds, including most recent round of $55M in Sept 2015 at $840M post valuation
and $18.92/share; key investors Centerview Capital Technology Partners, NEA, among others
15
+8
Klarna
Provides online payment services designed to make online shopping easy and seamless, and
help the customers improve their average order value as well as conversion
Raised $519.1M in 8 rounds; the last private transaction in Aug 2017 raised $250M at $2.50B post
valuation; key investors include Permira, Seqouia Capital, Wellington, Northzone Ventures, IVP, among
others
16
9
Eventbrite
Provides an event technology platform designed to discover and create events and sell
tickets
Raised $371.9M in 11 rounds; last round Series G for $147.6M in Aug 2017 at $24.58/share and $1.35B pre
valuation ($1.50M post valuation)
17
6
Palantir Technologies
Palantir Technologies offer a suite of software applications for integrating, visualizing and
analyzing information
Raised $2.75B to date in 14 rounds; last round Series K for $880M in December 2015 at $11.38/share and
$19.7B prevaluation ($20.5B post money valuation); key investors include Aeon Funds, BlackRock Private
Equity Partners, GSV Ventures, Third Point, among others
18
0
Actifio
Actifio delivers copy data virtualization to global enterprise customers and service provider
partners in more than 30 countries. Leading customers include IBM, Sungard, HBO,
Netflix, Time Warner Cable, Government Agencies, among others
Raised $354.63M in 6 rounds from 12 investors; last round was $100M in March 2014 at $1.13B valuation
and $12.23/share; key investors included Tiger Global, Technology Crossover Ventures, among others
19
7
Lyft
Provides an online marketplace which connects community drivers with passengers who
request rides through the company's iPhone or Android application
Raised $4.31B in 9 rounds; last round Series H for $1.7B at $11.7B post valuation and $39.75/share led by
Capital; other key investors in previous rounds Alibaba Group, AlWaleed Bin AbdulAziz, Did, DSCN,
General Motors, Alliance Bernstein, Janus, KKR among others
20
7
Tanium
Develops security and systems management technologies to allow realtime data collection
by organizations, helping information technology personnel identify and fix operational
issues and also fend off security attacks
Raised $482.3M in 7 rounds, including the last round of PE Growth of $175M in May 2018 at $5B post
money valuation and $14.89/share; key investors include T. Rowe Price, Andreessen, TPG, IVP, among
others
21
0
DataXu
Provides realtime media management platform; develops a platform for digital advertising
campaigns across online, mobile and video channels
Raised $93.5M to date in 8 rounds; last round Series F for $10M in January 2016 at $1.99/share and $390M
post money valuation
22
5
Buzzfeed
Buzzfeed is social news and entertainment company with a focus on digital media and
digital technology
Raised $496.4M in 8 rounds; last round in Nov 2016 for $200M at $1.7B postvaluation and $45.04/share;
key investors: Andreessen Horowitz, General Atlantic, NEA
23
7
Stripe
The company provides a suite of APIs to enable businesses to accept and manage online
payments
Raised $440.03M in 7 rounds; last round in Nov 2016 for $400M raising postvaluation to $9.2B; key
investors: General Catalyst Partners, Capital, Sequoia Capital, Peter Thiel and Elon Musk
24
16
Rent the Runway
Provides an online website for renting dresses and accessories intended to revolutionize
retail
Raised $196.15M in 7 rounds; last round in Mar 2018 for 20M raising postvaluation to $770M; key
investors: Bain Capital, Fidelity, American Express
25
0
Crowdstrike
Developes cloudbased cybersecurity platform designed to prevent, detect, and respond to
cyber attacks in realtime; the company's Falcon platform uses artificial intelligence and
machine learning to provide endpoint detection and response
Raised $281.2M in 5 rounds; last round in Oct 2017 for $25M raising the postvaluation to $1.05B
NOAH Top List: European FinTech
31
Source: Company websites, CrunchBase, NOAH Advisors.
Company
Location
Business Overview
Founded
Key Investors
Funding
Provides ecommerce
payment solutions for
merchants and shoppers
2005
€490.0m
Online marketplace for small
business loan lenders and
seekers
2010
€430.4m
Provides digital and
commercial banking services
for merchants and businesses
2014
€387.6m
Provides ecommerce
payment solutions for
merchants and shoppers
2006
€293.5m
Online big data scoring
technology and machine
learning algorithms services
2012
€251.8m
Online peertopeer loan
marketplace
2007
€176.8m
Provides mobile payment
services for businesses and
individuals
2010
€256m
Online company providing
loans secured with luxury
assets
2008
€164.3m
Online service that lets
people send money to friends
and family living abroad
2010
€164.3m
Online payday lender that
offers shortterm personal
cash loans
2007
€129.5m
Select Transaction Comparables
32
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Classifieds
Aug 16
Randstad
Monster
US
383.3
0.6x
0.7x
4.0x
6.8x
Mar 16
Swiss Mobiliar
Scout24 Schweiz (50% stake)
Switzerland
Mar 16
Scout24 Switzerland
GratisInserate.ch
Switzerland
Nov 16
Novasol
Wimdu
Germany
Dec 15
Axel Springer
Axel Springer Digital Classifieds (15%)
Germany
Nov 15
CarTrade
CarWale (Axel Springer)
Germany
83.2
Oct 15
Naspers
Avito (50.6%)
Russia
2,152.4
Aug 15
Apax Partners
Idealista
Spain
150.0
3.6x
16.7x
Feb 15
Immowelt
Immonet (merger)
Germany
420.0
Dec 14
Axel Springer
Axel Springer Digital Classifieds (15%)
Germany
2,973.0
Oct 14
Next Co.
Trovit.com
Spain
80.0
4.5x
13.6x
Jun 14
Yandex
auto.ru
Russia
128.9
May 14
Stepstone
Evenbase
UK
110.0
2.5x
22.0x
May 14
Axel Springer
Yad2.co.il
Israel
165.0
Mar 14
Schibsted
Mlanuncios
Spain
50.0
Mar 13
Naspers
Avito (18.6%)
Russia
2,351.3
Feb 14
Schibsted
Milanuncios
Spain
100.0
Nov 12
Axel Springer
Immoweb.be (80%)
Belgium
159.4
12.0x
Apr 12
Axel Springer
Totaljobs
UK
132.0
Sep 10
Axel Springer Verlag
SeLoger (87.6%)
France
634.4
6.8x
6.2x
13.1x
11.4x
Sep 10
Schibsted
LeBoncoin (remaining 50%)
France
400.0
18.0x
Ecommerce
Feb 18
Monoprix
Sarenza
France
Aug 17
The Hut Group
Glossybox
Germany
Jul 17
Aptos
TXT Retail
Italy
85.0
Apr 17
Gamesrocket
Digital Republic Media
Germany
Mar 17
GeoPost
Stuart
France
Feb 17
Showroomprivé
Beauté Privée
France
Dec 16
Invision
Tintencenter.com
Germany
Nov 16
Sigma Retail
Internetstores
Germany
Nov 16
Mail.ru Group
Delivery Club
Russia
93.3
21.4x
Aug 16
Essilor
MyOptique Group
UK
140.0
Aug 16
Funding Led by Bridgepoint
Deliveroo
UK
247.8
Jul 16
Myntra
Jabong.com
India
63.3
0.5x
Jul 16
Tencent
China Music Corp
China
2,442.3
May 16
eBay
Ticketbis
Spain
148.0
6.6x
May 16
ProSiebenSat.1 Commerce
Stylight (78%)
Germany
80.0
May 16
TripAdvisor
HouseTrip
Switzerland
May 16
Temasek Holdings Pte Ltd; Eurazeo SA; IDG Capital Partners
Farfetch UK Limited
UK
95.7
Apr 16
Alabbar Enterprises
Yoox NetaPorter
Italy
3,700.0
Apr 16
VentePrivée
Privalia
Spain
500.0
1.2x
30.1x
Apr 16
VentePrivée
Eboutic.ch (majority stake)
Switzerland
Apr 16
Karstadt
Outfitter
Germany
Apr 16
Schustermann & Borenstein
FashionFriends
Switzerland
Feb 16
JustEat
Selected assets from Rocket Internet
Various
125.0
Nov 15
Lightspeed POS
SEOshop
Netherlands
Nov 15
Intercontinental Exchange
Trayport
UK
608.2
8.1x
16.3x
Oct 15
Ingram Micro
Docdata
Netherlands
155.0
9.5x
Sep 15
Grainger
Cromwell
UK
421.8
1.1x
10.8x
Jul 15
Photobox
posterXXL
Germany
May 15
Michelin
Black Circles
UK
67.2
1.9x
May 15
Delivery Hero
Yemek Sepeti (88.6%)
Turkey
594.7
33.0x
66.1x
Apr 15
Michelin
Allopneus (40%)
France
150.0
Mar 15
YOOX
NetaPorter (merger)
UK
3,120.0
2.4x
29.3x
Mar 15
Rocket Internet
FoodPanda (52%)
Germany
104.0
Mar 15
Verisk Analytics
Wood Mackenzie
UK
2,605.2
8.1x
17.3x
Mar 15
Recruit Holdings
Quandoo (92.9%)
Germany
213.8
50.9x
Mar 15
Wolseley
Bathempire.com
UK
Feb 15
British Gas
AlertMe
UK
87.8
Feb 15
Rocket Internet
Talabat
Kuwait
150.3
Feb 15
Rocket Internet
Grupo Yamm Comida a Domicilio
Spain
80.0
2.0x
Feb 15
Rocket Internet
HelloFresh (51.7%)
Germany
623.8
8.9x
Feb 15
Rocket Internet
Delivery Hero (30%)
Germany
496.0
Nov 14
Photobox
Hofmann
Spain
Sep 14
Neiman Marcus
Mytheresa.com
Germany
150.0
15.0x
Aug 14
Delivery Hero
Pizza.de
Germany
300.0
Select Transaction Comparables (Cont’d)
33
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Ecommerce (Cont'd)
Jun 14
Axel Springer
Car & Boat Media (51%)
France
72.0
2.9x
Jun 14
Monitise
Markco Media
UK
68.8
Jun 14
Bestseller
M&M Direct
UK
177.0
1.2x
May 14
Naspers
markafoni
Turkey
146.0
May 14
Tripadvisor
LaFourchette
France
100.0
10.0x
Apr 14
Afk Systema
Ozon.ru (21.6%)
Russia
108.6
Apr 14
Takeaway.com
Lieferando
Germany
50.0
Feb 14
Rocket Internet
La Nevera Roja
Spain
80.0
20.0x
Oct 13
eBay
Shutl
UK
145.1
Sep 13
Delticom
Tirendo
Germany
50.0
Aug 12
AXA Private Equity
Bestsecret.com
Germany
223.2
Jun 12
Naspers
Netretail (79%)
Netherlands
213.3
Feb 12
Ahold
Bol.com
Netherlands
350.0
Dec 11
Quants
Grupfoni (55%)
Turkey
Sep 11
DailyDeal
Germany
130.0
Sep 11
Rakuten
Ozon.ru
Russia
Jul 11
Photobox
Moonpig
UK
136.3
3.2x
Mar 11
Privalia
Dress for Less
Germany
175.0
Oct 10
Amazon
BuyVIP
Spain
70.0
0.8x
0.4x
Jun 10
Rakuten
PriceMinister
France
200.0
5.0x
Apr 10
Richemont
NetaPorter
UK
434.5
2.9x
Lead Generation
Feb 18
NuCom Group
Verivox
Germany
46.7
Oct 17
HomeServe
Checkatrade
UK
61.0
Sep 17
Zoopla
Money.co.uk
UK
154.2
Oct 16
Consortium of Firms
Käuferportal (42%)
Germany
Mar 16
NS Intressenter (Owners)
PriceRunner
Sweden
Jun 15
NuCom Group
Verivox (80%)
Germany
262.5
5.8x
Apr 15
Zoopla
uSwitch
UK
260.1
3.0x
11.7x
Dec 14
eSure
Gocompare (50%)
UK
241.5
1.7x
7.3x
Jun 12
Moneysupermarket
MoneySavingExpert
UK
108.0
Feb 11
EasyVoyage
Dealchecker. TravelJungle. FSI Travel
UK
10.0
Jul 10
Expedia (Tripadvisor)
HolidayLettings
UK
36.0
15.0x
May 10
Priceline
TravelJigsaw
UK
93.7
Travel
Apr 17
AccorHotels
VeryChic
France
Feb 17
Priceline Group
Momondo Group
UK
586.0
5.7x
Dec 16
Ctrip
Skyscanner
UK
1,622.7
9.5x
51.2x
May 16
TUI Group
Transat France
France
54.0
Apr 16
Cinven Partners
Hotelbeds
Spain
1,163.5
1.1x
16.9x
Apr 16
TravelSky Technology
OpenJaw Technologies
Ireland
Apr 16
AccorHotels
OneFineStay
UK
212.0
Mar 16
Trainline
Captain Train
France
165.0
Jan 16
Yahoo Japan (et all)
Skyscanner
UK
1.5
9.3x
50.6x
Jan 16
Michelin
Bookatable
UK
108.0
Nov 15
LBO France
Fram
France
Nov 15
Quicket
BookitNow!
Germany
Oct 15
ProSiebenSat.1
Etraveli
Sweden
235.0
3.4x
11.1x
Mar 15
Bravofly
Lastminute.com
UK
104.4
0.9x
Oct 13
Uvet Viaggio Turismo
Flygpoolen
Sweden
Apr 13
Hostelworld
HostelBookers.com
UK
59.0
2.8x
12.1x
Mar 13
HRS
hotel.de (remaining 15%)
Germany
102.3
2.2x
78.7x
Mar 13
NC2 Media
Lonely Planet
UK
60.4
Dec 12
Expedia
trivago (61.6%)
Germany
774.4
7.7x
26.0x
Oct 12
Bravofly
Rumbo
Spain
60.0
1.0x
5.3x
Aug 12
LOET Trading, Bankhaus Metzler
Travel24 (46%)
Germany
52.0
2.2x
12.2x
Jan 12
Dnata World Travel
TravelRepublic
UK
Oct 11
HRS
hotel.de (61.59%)
Germany
61.0
1.5x
1.3x
55.4x
50.8x
May 11
LBO France
Promovacances
France
200.0
10.0x
Mar 11
Kuoni
Gullivers Travel Associates
UK
503.0
2.4x
8.4x
Feb 11
Odigeo (AXA and Permira)
Opodo
UK
450.0
3.1x
11.1x
Select Transaction Comparables (Cont’d)
34
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Marketplaces
Jan 18
Brille24
Lensspirit
Germany
Jun 17
Baloise Group
MOVU
Switzerland
Jun 17
Hoffman
Contorion
Germany
100.0
May 15
Recruit Holdings
Wahanda (70%)
UK
218.1
28.7x
Mar 15
Gruppo MutuiOnline
7Pixel (74.85%)
Italy
74.2
4.9x
9.4x
Feb 15
Tamedia
Ricardo
Switzerland
228.7
6.0x
Dec 14
Adobe
Fotolia
Europe
645.5
Social Networking
Sep 17
The Meet Group
LOVOO
Germany
83.8
2.2x
Jun 17
Snapchat
Zenly
France
186.4
Oct 16
eDarling
Attractive World
France
Sep 16
ProSiebenSat.1
Parship (51%)
Germany
300.0
Sep 14
mail.ru
Vkontakte (remaining 48%)
Russia
1,598.5
0.5x
2.1x
Apr 13
Elsevier B.V.
Mendeley
UK
64.9
Gaming
Feb 18
THQ Nordic
Koch Media
Germany
121.0
0.7x
11.5x
Nov 17
Stillfront
Goodgames
Germany
270.0
1.9x
7.8x
Nov 17
Zynga
Peak Games
Turkey
85.0
Aug 17
Aristocrat Technologies
Plarium
Israel
420.8
May 17
MTG
InnoGames (30%)
Germany
260.0
2.0x
May 17
Supercell
Space Ape Games
UK
Feb 17
TakeTwo
Social Point
Spain
234.6
Jan 17
Zhejiang Jinke Entertainment
Outfit7
Slovenia
1,000.0
Oct 16
MTG
Innogames (35% + 16% Optional)
Germany
260.0
Jul 16
Giant Network Technologies
Playtika
Israel
3,930.1
6.1x
4.9x
16.0x
Jul 16
Hydra Industries
Inspired Gaming Group
UK
238.7
Jul 16
Playtech
Best Gaming Technology
Austria
138.0
Jul 16
Gamigo
Aerial Games
Germany
Jun 16
Tencent
Supercell (84%)
Finland
9,687.6
4.7x
11.6x
May 16
CVC Capital Partners
Sisal
Italy
1,000.0
1.3x
5.5x
May 16
Cherry AB
ComeOn (49%)
Malta
80.0
Apr 16
CVC Capital Partners
Tipico (60%)
Malta
1,666.0
3.3x
16.7x
Apr 16
NYX
OpenBet
UK
337.8
Mar 16
Shandong Hongda Mining Co.
Jagex
UK
270.1
3.6x
10.3x
Mar 16
Youzu
Bigpoint
Germany
80.0
Nov 15
Activision Blizzard
King.com
UK
4,539.5
2.4x
5.6x
Oct 15
Vivendi
Ubisoft
France
1,809.5
1.2x
9.8x
Jul 15
MTG
Turtle Entertainment (74%)
Germany
105.4
Jun 15
Betsson
EuropeBet
Georgia
75.8
1.6x
4.3x
Jun 15
SoftBank
Supercell & GungHo (additional 22%)
Finland
5,033.1
Feb 15
Tencent
Miniclip (majority stake)
Switzerland
Feb 15
Intertain Group
Gamesys
UK
569.0
Dec 14
CVC Capital Partners
Sky Gaming
UK
1,068.6
Oct 14
Intertain Group
Dumarca
Malta
89.1
Sep 14
Microsoft
Mojang
Sweden
1,932.3
7.6x
19.5x
Jun 14
Amaya
Rational Group
UK
3,616.2
4.5x
11.7x
Jun 14
Bally
Dragonplay
Israel
73.2
3.3x
10.0x
Jun 14
Webedia
JeuxVideo
France
90.0
Jan 14
Zynga
NaturalMotion
UK
388.7
8.8x
63.6x
Oct 13
SoftBank
Supercell & GungHo (51%)
Finland
2,217.9
4.2x
3.5x
7.2x
Select Transaction Comparables (Cont’d)
35
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Adtech
May 18
Oracle
Grapeshot
UK
454.0
Mar 17
Altice
Teads.tv
France
300.0
1.6x
Feb 17
Accenture
SinnerSchrader (62%)
Germany
100.0
2.0x
21.3x
Sep 16
Glispa Global Group
Avocarrot
UK
0.0
Jun 16
Spearhead
Smaato
Germany
132.2
May 16
FreeWheel Media
StickyADStv
France
87.7
Mar 16
RTL
Smartclip
Germany
50.0
Sep 15
NewsCorp
Unruly
UK
156.5
3.5x
Sep 15
Gravity4
EuroAds
Denmark
Sep 15
ironSource
Supersonic
Israel
132.9
1.9x
Aug 15
Ströer
InteractiveMedia
Germany
300.0
Jul 15
FanDuel
Kotikan
UK
Mar 15
Cheetah Mobile
MobPartner
France
54.9
Oct 14
Publicis
Matomy (24.9%)
Israel
383.0
1.9x
1.4x
26.9x
12.9x
Oct 14
RNTS Media
Fyber
Germany
150.0
Jul 14
RTL
SpotXchange (65%)
Germany
165.5
6.0x
44.3x
Jun 14
Opera
AdColony
US
257.3
3.4x
17.5x
Jun 14
Amobee
Kontera
Israel
110.7
Apr 14
Tesco
Sociomantic
Germany
150.0
9.0x
Nov 11
Adconion Media
Smartclip
Germany
125.0
Others
Jun 18
Enel X
Ufinet International
Spain
142.1
Jun 18
Nets
Dotcard
Poland
69.0
May 18
Iron Mountain
EvoSwitch
Netherlands
193.3
May 18
VASCO Digital
Dealflo
UK
47.9
May 18
PayPal
iZettle
Sweden
1,786.4
May 18
LoopUp
MeetingZone
UK
67.2
Feb 18
LexisNexis
ThreatMetrix
UK
674.0
25.1x
Feb 18
Kunlu Tech
Opera Software
Norway
51.8
Jan 18
Thy Crypto Company
CoinTracking
Germany
462.2
Jan 18
Urban Sports
FITrate
Germany
0.0
Dec 17
Ascential
Clavis Technology
Ireland
157.2
Dec 17
Scheidt & Bachmann
ecopark
Germany
0.0
Dec 17
Apple
Shazam
UK
452.0
Dec 17
Thales Group
Gemalto
Netherlands
5,430.0
1.7x
10.5x
Nov 17
ByteDance
News Republic
France
73.6
Jul 17
iRobot
Robopolis
France
119.1
0.9x
Jul 17
Ingenico
Bambora
Sweden
1,500.0
Jul 17
Gamigo
Mediakraft Networks
Germany
Jul 17
Bottega InvestCo
Getronics
UK
220.0
Jul 17
Symantec
Fireglass
Israel
211.2
Jul 17
CM
Docdata
Netherlands
Jun 17
Microsoft
Cloudyn
Israel
52.5
10.0x
Jun 17
Blackbaud
JustGiving
UK
108.4
Jun 17
Fiserv
Monitise
UK
79.8
1.4x
Jun 17
Microsoft
Hexadite
Israel
87.5
Jun 17
Porsche
PTV Group
Germany
300.0
Jun 17
Vivendi
Havas
France
3,675.8
May 17
Moody's
Bureau van Dijk
Netherlands
3,000.0
11.6x
22.7x
May 17
United Internet
Drillisch
Germany
2,800.0
May 17
Spotify
Niland.io
France
Apr 17
BNP Paribas
Compte Nickel
France
Apr 17
AutoNews.de
Motor1
Germany
Apr 17
Trade Extensions
Coupa Software
Sweden
42.2
4.5x
Mar 17
Ekinops
OneAccess
France
60.0
1.0x
Mar 17
Alibaba
WayRay
Switzerland
Mar 17
Intel
Mobileye
Israel
14,359.5
42.7x
30.6x
80.1x
55.6x
Mar 17
The Travellers Companies
Simply Business
UK
459.9
10.0x
Feb 17
Zalando
Kickz
Germany
Feb 17
Palo Alto Networks
LighCyber
Israel
98.5
Feb 17
Nokia
Comptel
Finland
347.3
Feb 17
Klarna
BillPay
Germany
69.0
Jan 17
Zoopla
Hometrack
UK
139.8
7.7x
16.9x
Jan 17
Kik
Rounds
Israel
64.8
Select Transaction Comparables (Cont’d)
36
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Others (Cont'd)
Dec 16
Thundersoft
Rightware
Finland
Dec 16
Megafon (63.8%)
Mail.ru
Russia
1,075.8
1.8x
Dec 16
Huawei
Toga Networks
Israel
139.9
Dec 16
Go Daddy
Host Europe Group
Germany
1,690.0
6.3x
15.2x
Dec 16
CA Technologies
Automic
Austria
600.0
8.9x
Oct 16
Boomreach
Hippo NV
Netherlands
Oct 16
The Economist
Signal Noise
UK
Oct 16
Liberty Global
Multimedia Polska
Poland
696.6
Aug 16
SpeedCast
WINS
Malta
60.0
Aug 16
Cheetah Mobile
News Republic
France
53.2
Aug 16
Verizon
Fleetmatics
Ireland
2,238.2
8.4x
24.9x
Jul 16
BPCE
Fidor
Germany
100.0
Jul 16
AVAST Software
AVG Technologies
Netherlands
1,170.0
2.7x
9.5x
Jul 16
InfraVia
Next Generation Data
UK
119.4
8.9x
20.8x
Jul 16
Thoma Bravo
Trader Corporation
Canada
1,076.5
May 16
Ingenico
Nera Solutions
Singapore
57.0
2.7x
Jun 16
Capita
Trustmarque
UK
74.2
Jun 16
Astorg VI Special
AutoForm
Switzerland
644.0
12.9x
Jun 16
Dedalus SpA
NoemaLife SpA
Italy
61.4
May 16
Volkswagen
Gett
Israel
May 16
eBay
ExpertMaker AB
Sweden
May 16
Microsoft
Solair
Italy
May 16
New Signature
Dotnet Solutions
UK
0.3x
3.5x
Apr 16
Rakuten
Cabify
Spain
283.1
Apr 16
Nokia
Withings
France
170.0
Apr 16
Zoopla
Property Software Holdings
UK
94.8
4.7x
14.7x
Apr 16
Altor
Infotheek
Netherlands
Mar 16
Aconex
Conject
Germany
65.0
Mar 16
Visma
Fortnox
Sweden
146.0
9.2x
45.4x
Mar 16
Masquerade
Belarus
Mar 16
Freenet
Media Broadcast
Germany
295.0
Mar 16
MasterCard
VocaLink
UK
1,294.7
Feb 16
Oracle
Ravello Systems
Israel
453.6
Feb 16
Golden Brick Consortium
Opera
Norway
1,100.0
2.0x
12.7x
Jan 16
Seat Pagine Gialle
Italiaonline
Italy
450.6
Dec 15
Laird
Novero
Germany
65.0
Dec 15
Ströer SE
Statista (81.3%)
Germany
79.3
Dec 15
CSC
Xchanging
UK
607.7
1.0x
Nov 15
Cisco
Acano
UK
684.9
20.0x
Nov 15
ACI Worldwide
PAY.ON
Germany
180.0
13.0x
Oct 15
Trinity Mirror
Local World
UK
307.5
5.0x
Oct 15
Digisfera
Portugal
Oct 15
Vivendi
Telecom Italia (stake increase to 20%)
Italy
678.0
Sep 15
Figaro Group
CCM Benchmark
France
Sep 15
Axel Springer
Business Insider (remaining 88%)
US
395.0
Sep 15
Credit Mutuel Arkéa
Leetchi
France
50.0
Sep 15
Interoute
Easynet
UK
552.2
Sep 15
Microsoft
Adallom
Israel
285.5
Sep 15
GVC Holdings
Bwin.party
Gibraltar
1,524.0
Aug 15
Paddy Power
Betfair Group (merger)
UK
6,824.5
Aug 15
Manheim
Movex (majority stake)
UK
Aug 15
Adidas
Runtastic
Austria
220.0
Jul 15
Deutsche Boerse
360T
Germany
725.0
Jul 15
Nikkei
Financial Times
UK
1,192.2
Jul 15
Oculus VR
Pebbles Interfaces
Israel
55.1
Jul 15
CareerBuilder
Textkernel
Netherlands
Jul 15
Rakuten
Fits.me
UK
Jul 15
United Internet
Home.pl
Poland
155.0
Jun 15
Vivendi
DailyMotion (80%)
France
271.3
4.2x
Jun 15
Microsoft
6Wunderkinder
Germany
137.3
May 15
Oculus VR
Surreal Vision
UK
May 15
Visma
economic
DK
200.0
5.9x
May 15
AVG
Privax HMA!
UK
52.9
Apr 15
Playtech
TradeFX
UK
458.0
4.0x
8.1x
Mar 15
Optimal Payments
Skrill
UK
1,100.0
9.0x
Mar 15
Paypal
CyActive
Israel
54.4
Feb 15
British Gas
AlertMe
UK
88.4
3.7x
Select Transaction Comparables (Cont’d)
37
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Others (Cont'd)
Feb 15
Wanda
Infront Sports & Media
Switzerland
1,050.0
1.9x
Feb 15
Under Armour
Endomondo
Denmark
75.1
Jan 15
DropBox
CloudOn
Israel
64.1
Dec 14
Host Europe
Intergenia
Germany
210.0
Dec 14
Progress
Telerik
Bulgaria
211.9
4.4x
Nov 14
Solera
CAP Automotive
UK
328.5
9.2x
15.8x
Sep 14
Daimler
mytaxi
Germany
50.0
Sep 14
Fis
Clear2pay
Belgium
375.0
3.9x
Jul 14
Rightster
Base79
UK
62.9
15.3x
Jul 14
Ingenico
GlobalCollect
Netherlands
820.0
2.7x
16.4x
Jun 14
Vodafone
Cobra Automotive
Italy
145.0
1.0x
8.5x
Apr 14
ProtoGeo Oy
Finland
Apr 14
Vistaprint
Pixartprinting
Italy
137.0
2.4x
10.0x
Mar 14
Kudelski Group
Conax
Norway
164.0
Feb 14
McGraw Hill
Area9
Denmark
130.0
Feb 14
Rakuten
Viber
Cyprus
658.1
Feb 14
Renova Group
Octo Telematics
Italy
405.0
3.3x
Jan 14
DeepMind
UK
365.3
Dec 13
Klarna
Sofort
Germany
110.0
Dec 13
Dassault Systemes
RealTime Techology (84%)
Germany
179.8
2.0x
13.3x
Oct 13
Asurion
Soluto
Israel
72.9
Sep 13
EMIS
Ascribe
UK
68.7
2.5x
Jun 13
Waze
Israel
863.7
NM
Feb 13
Orange
DailyMotion
France
127.0
Jan 13
Ingenico
Ogone
Belgium
360.0
8.6x
6.6x
25.0x
Jul 12
Skrill
Paysafecard
Austria
140.0
Jun 12
Rakuten
Wuaki.tv
Spain
May 12
Perform Group
RunningBall
Switzerland
120.0
7.4x
16.6x
May 12
NTT DOCOMO
Buongiorno
Italy
223.9
1.0x
10.9x
May 11
Microsoft
Skype
Luxemburg
5,899.0
10.7x
47.6x
Jan 11
AOL
GoViral
UK
71.0
6.0x
25.0x
Jan 11
Amazon
LoveFilm
UK
236.3
2.2x
1.8x
Aug 10
MasterCard
DataCash
UK
360.9
9.0x
19.8x
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Select Transaction Comparables (Cont’d)
38
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Fin ncial
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Jun 18
Warburg Pincus
Constructionline
UK
Feb 18
Silver Lake
ZPG
UK
Feb 18
Eli Global
Finanzen.de
Germany
Oct 17
Hellman & Friedman
Nets Group
Denmark
4,290.0
Jul 17
Marlin Equity Partners
ABIT Europe
Germany
Jul 17
Equistone
DefShop
Germany
Jul 17
Gilde Buy Out Partners
Albumprinter
Netherlands
Jun 17
TCV
Pracuj Group (minority stake)
Polish
Jun 17
CVC Capital Partners
Etraveli
Sweden
508.0
14.0x
Jun 17
Investcorp
ABAX
Norway
188.7
Apr 17
Propellerhead
Verdane
Sweden
20.9
2.0x
Feb 17
Vitruvian Partners
OAG
UK
204.8
Feb 17
KKR
Travelopia
UK
364.0
0.3x
7.3x
Feb 17
TA Associates
Think Project!
Germany
Dec 16
General Atlantic
Hemnet (majority stake)
Sweden
208.8
Dec 16
General Atlantic
Zoopla (majority stake)
Sweden
200.3
Oct 16
Dirk Ströers Media Ventures
Stylebop (majority stake)
Germany
Oct 16
Permira
Schustermann & Borenstein
Germany
Oct 16
Cinven, Permira, Mid Europa
Allegro
Poland
3,033.7
Sep 16
Inflexion Private Equity
Group IMD
UK
Sep 16
Permira
Personal & Informatik
Germany
Sep 16
Bregal Unternehmerkapital
Onlineprinters
Germany
Aug 16
Bridgepoint
Cruise.co.uk
UK
62.1
0.5x
Jul 16
KKR
Epicor Software
Singapore
2,985.1
3.3x
13.5x
May 16
General Atlantic
Argus Media (majority stake)
UK
1,301.3
Apr 16
EQT
Sitecore
Denmark
1,000.0
5.0x
20.0x
Mar 16
Apax Partners
InfoVista
France
Mar 16
HgCapital
Raet
Netherlands
470.0
3.2x
Mar 16
Riverside
Guestline
UK
Mar 16
Rockaway Capital
Invia
Czech Republic
76.0
Feb 16
Elbrus Capital
Headhunter
Russia
120.9
Feb 16
Various
Skyscanner
UK
1,421.4
Feb 16
Vitruvian Partners
Unifaun Group
Sweden
Feb 16
EQT
Kuoni
Switzerland
1.5
2.8x
14.8x
Oct 15
Rockaway Capital
Netretail and Heureka (from Naspers)
Czech Republic
200.0
Oct 15
Exponent. Electra
PhotoBox
UK
546.2
Sep 15
Blackstone
Ideal Shopping Direct
UK
Aug 15
SevenVentures
BilligerMietwagen
Germany
70.0
4.2x
7.9x
Jul 15
Apax Partners
idealista (70%)
Spain
150.0
~17x
Jul 15
HGGC
Selligent
France
200.0
Jun 15
Charlesbank
Six Degrees Group
UK
223.3
2.0x
Apr 15
Oakley Capital
Parship
Germany
50.0
Mar 15
AAC Capital
Corilus
Netherlands
77.6
1.8x
15.0x
Jan 15
Insight Venture
DaWanda
Germany
Jan 15
KKR
thetrainline.com
UK
595.3
6.7x
11.8x
Dec 14
Warburg Pincus
Blue Yonder (minority stake)
Germany
59.9
Nov 14
The Carlyle Group
Dealogic
UK
418.4
3.6x
9.6x
Oct 14
Great Hill Parthers
Momondo (majority stake)
Denmark
166.5
2.4x
14.2x
Oct 14
HgCapital
Allocate Software
UK
137.7
2.3x
13.1x
Sep 14
Oakley Capital
Facile.it
Italy
100.0
3.3x
25.0x
Sep 14
Access Industries
Perform Group
UK
858.1
2.8x
2.5x
21.7x
12.8x
Jul 14
KKR
The Hut Group (20%)
UK
126.4
Jul 14
KKR
Scout24 Schweiz & Omnimedia (49%)
Switzerland
262.2
Jun 14
Vitruvian Partners
JacTravel
UK
99.7
May 14
Permira
Teamviewer
Germany
870.0
4.9x
6.8x
May 15
ECI Partners
Evans Cycles
UK
135.2
Mar 14
BC Partners
CarTrawler
Ireland
450.7
0.9x
20.6x
Feb 14
CVC Capital Partners
Avast Software
Czech Republic
738.9
Jan 14
Apax Partners
Trader Media Group
UK
2,126.1
7.4x
12.9x
Nov 13
Hellman & Friedman
Scout24
Germany
2,000.0
5.9x
21.8x
Oct 13
Inflexion Private Equity
On The Beach Holidays
UK
86.0
1.9x
6.8x
Oct 13
Sequoia Capital
Skyscanner
UK
589.0
8.7x
23.5x
Aug 13
LDC
uSwitch (undisclosed stake)
UK
81.6
2.4x
7.4x
Jul 13
Cinven
Host Europe
UK
508.8
13.8x
Jul 13
TPG
TSL Education
UK
464.8
Mar 13
TA Associates
Onlineprinters
Germany
Feb 13
Partners Group
Softonic (30%)
Spain
275.0
Strategic Buyers
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Select Transaction Comparables (Cont’d)
39
Sources: Press articles, Capital IQ.
Please email Marco Rodzynek for any comments.
Fin ncial
Adjusted
EV (€m)
LTM
Forward
LTM
Forward
Date
Target
Acquiror
EBITDA Multiple
Target
Country
Revenue Multiple
Oct 12
Permira
Ancestry.com
Israel
1,224.5
3.3x
25.4x
May 12
KKR
Fotolia (50%)
France
353.7
Jan 12
Insight Venture
Jagex
UK
May 11
ECI Partners
CarTrawler
Ireland
100.0
Apr 11
TA & Summit
Bigpoint
Germany
408.5
Oct 10
General Atlantic & Index
Privalia
Spain
70.0
Sep 10
Montagu
Host Europe
UK
265.8
Jul 10
Permira
eDreams
Spain
300.0
May 10
Ardian
GoVoyages (majority)
France
400.0
0.5x
16.2x
Apr 10
DST
ICQ
Israel
142.2
40
NOAH Disruptor List
41
Media, Telecom, Gaming & Social Media
Source: Crunchbase, eMarketer, Statista.
* The company went public after July 2014
Company
Description
Funding ($m)
USA – Market size: Digital Media ($30bn) & Social Media ($12.6bn)
Image messaging app and smart glasses
4,700
Social media application
1,466
/
Multichannel media network
1,400
Fantasy league platforms
1,130
Zynga
Online games producer and developer
867
Realtime enterprise messaging
790
Crossplatform game engine
689
Online video service
683
Media company providing social news
496
Mobile messaging app
361
Developer of publishing platforms
317
Online media publisher
308
Social network to contact neighbors
285
Cloud communication company
261
Cloudbased communication platform
230
Questionandanswer website
226
Popular social magazine
211
Media player for streaming
209
Global marketplace for events
198
Highend precision gaming products
175
Video platform for websites
166
Manage team tasks and conversations
163
Content discovery platform
160
Developer and publisher of games
159
Mobile content sharing app
158
Conferencing, meetings, and messaging
146
Social publishing platform
132
Fashion and style website
125
Social photo sharing webstore and app
124
Delivers live virtual reality content
116
Crossplatform entertainment network
109
Mobile device operating systems
105
Online food network
80
Realtime social data mining platform
72
Workplace telecommunication
70
Question and answer website
68
Mobile photosharing and messaging
66
Tools to craft commercial content
66
SaaS for project management
63
Enterprise file sharing
63
Online anonymous community
61
Digital media content website
57
Mobile eSports tournaments
56
Media content website for news
46
Multiplayer game developer
45
image sharing platform
40
Streaming and community for gamers
36
Protocol used for file sharing
36
Company
Country
Description
Funding ($m)
Europe – Market Size: Digital Media ($16.8bn) & Social Media ($6.5bn)
Music streaming service
2,700
Crossplatform games community
554
International mobile phone
services
546
Music streaming service
346
Online audio sharing platform
468
Global music publisher and music
services
205
Social app for music
144
Online community to review and
discover companies
144
Global encrypted communication
130
Global WiFi network
110
Developer and publisher of
browser games
99
Global phone directory
93
Provider of online movie streaming
services
84
Developer and publisher of mobile
games
76
Developer of Massively Multiplayer
Online games
67
Businessoriented social
networking platform
60
Technology for television
broadcasters
50
Video and music streaming service
45
Music streaming service enabling
background music for businesses
33
Developer of mobile gaming app
32
Cloudbased document sharing and
collaboration platform
32
Developer and publisher of mobile
games
32
Voice over internet protocol
peering and clearing service
32
Cloudbased file transfer service
25
Developer and publisher of mobile
games
23
Locationbased mobile dating app
22
Crossplatform games community
17
*
*
NOAH Disruptor List (Cont'd)
42
Healthcare & Science
Company
Description
Funding ($m)
USA – Market Size: eHealth ($2.4bn)
SaaS for healthcare professionals
1,130
Health insurance company
728
Human genome research company
486
Collect and analyze medical metrics
422
Platform for cancer care
313
Population care management
240
Platform for booking doctors
223
PaaS that manage health data
222
Platform to connects with doctors
210
Application for healthcare costs
181
Telehealth platform
173
Social solutions for the health plan
164
Ondemand health care concierge
163
Electronic Health Record system
155
Health management services
141
SaaS to manage health business
138
Digital health program
127
Online pharmacy
118
Health IT software and services
103
App providing chat with a physician
87
Professional network for physicians
82
Clinical communication solutions
81
Medical booking platform for visits
59
Health engagement company
57
Health monitoring device via App
56
Platform for respiratory health
48
Data science platform for scientists
40
Healthcare software company
32
Company
Country
Description
Funding ($m)
Europe – Market Size: eHealth ($2.2bn)
Multisensory virtual reality
platform for motor rehabilitation
109
Online and mobile medical booking
platform
96
Professional network for scientists
and researchers
88
Healthcare application providing
video consultations with doctors
85
Groupe Santiane
Operator of a price comparison site
for healthcare insurance
60
Provider of a digital platform for
private health insurance
48
Online healthcare platform to find
local physicians
46
Patient Relationship management
platform
32
Blood glucose meter and web
software to manage diabetes
29
Online platform providing
information on and access to drugs
22
Medical Travel Platform
12
Bright light headphones that fights
seasonal affective disorder
10
Developer of a film sensor that
tracks sleeping conditions
9
Patientcontrolled medical records
system
7
Online platform where patients and
doctors can connect
6
Company
Description
Funding ($m)
USA – Market Size: Fitness & Wearables ($1.2bn)
Wearables to interact with digital devices
1,900
Social & live streaming cycling
445
HD wearable and personal cameras
288
Gym membership platform
154
Platform for sports video analysis
105
Developer for 3D motion control devices
94
Digital health services
75
Augmented reality platform & wearables
73
Wearable tech focusing on healthcare
66
Software developer for smart glasses
63
Sports tracking app
41
Wearable technology producer
29
Blood pressure management system
22
Sports wearable devices producer
20
Company
Country
Description
Funding ($m)
Europe – Market Size: Fitness & Wearables ($1bn)
Provider of realtime sports data
and content
98
Smartphone app that allows users
to monitor their training sessions
89
Sport media company
59
Wearable visual system for blind
and visually impaired persons
45
Global football community
20
Smartphone app that focuses on
what users eat
17
Sport wearable camera
12
Medicalgrade wearable physiology
monitoring device
10
Wearable technology for women
8
Mobile marketplace for gym
services
6
Wearable solutions for interaction
with multiple screens
4
Health and sports performance
optimizer
4
Wearable fitness device for water
sports
1
Fitness, Wearables & Sports
Source: Crunchbase, Statista.
* The company went public after July 2014
*
*
*
Company
Description
Funding ($m)
USA – Market Size: eLearning ($27.1bn)
Webbased Git repository hosting
service
350
Online university courses platform
210
Online learning and teaching
marketplace
173
Elearning solutions company
175
Education technology company
providing lecture capture service
165
Online training platform for
developers and IT professionals
163
Online courses for professionals
160
Adaptive learning technology
provider
157
online curriculum for kindergarten
and elementary school
150
Online computer programming
courses
120
Online language learning platform
108
Online community for crafters
featuring online classes
106
Provider of liberal arts and sciences
education
95
Social learning network enabling
teachers and students to connect
88
Platform that enables educators
and employers to share credentials
59
Allows schools to manage all their
apps through its platform
43
Platform that teaches employable
digital skills
43
Assessment and learning analytics
company
40
Personalized and adaptive language
learning platform
31
Online technology school for tech
job
12
NOAH Disruptor List (Cont'd)
43
Education
Company
Country
Description
Funding ($m)
Europe – Market Size: eLearning ($8.1bn)
Cloudbased educational software
for the preuniversity market
68
Online learning platform for foreign
languages
33
Social network that enables its
users to form study groups
39
Free gamebased platform for
learning
27
Online mathematics platform
23
elearning tool for academic and
career development courses
20
Online language learning platform
15
Online tools for teaching science
14
Online language learning platform
12
Brain training app
10
Interactive sheet music app
10
Online university courses
7
Online programs for developing
vocational tech skills
6
Online learning platform
6
Company
Description
Funding ($m)
USA – Market Size: Home Automation ($3.8bn)
Home remodeling, architecture and
interior design platform
614
Wireless multiroom music player
455
Home monitoring via mobile app
209
Platform for housing IoT
124
Wireless systems that facilitate
communication between devices
119
Smart WiFi system for use in
households
90
Free app that allows users to
control TVs and DVRs as well as
discover content
87
Smart energy efficiency solutions
for buildings
80
Cloud management system for
interoperability and IoT networks
75
Smart home appliances and access
systems
73
Voice recognition for automobile,
home and mobile
60
Home security solutions
57
Open source platform for managing
IoT "timeseries" data
25
Remote heat controller
10
Home Automation & IoT
Company
Country
Description
Funding ($m)
Europe  Market Size: Home Automation ($1.1bn)
Network for communication of
connected objects
277
Provider of M2M (Machine to
Machine) network software
100
Provider of cloudbased M2M
connectivity platform
84
Provider of techenable heating
system
66
Locationaware smart thermostat
56
WiFi and cloudbased internet
connectivity services to devices
44
Personal weather station with air
quality sensors
39
POS systems for the hospitality
industry
37
Smart solutions for home
surveillance
26
Energy marketplace and
management of energy assets
25
Smart controls for all house
appliances and heating
16
Smart lock systems
9
Intelligent heat controller
6
Enables the connection of non
smart appliances to the network
3
Home automation via smartphone
3
Source: Crunchbase, Statista, Docebo.
* The company went public after July 2014
NOAH Disruptor List (Cont'd)
44
Travel & Tourism
Company
Description
Funding ($m)
USA – Market Size: eTravel ($192bn)
Marketplace for people to list and
book accommodation
4,400
Cloudbased platform for the
business travel industry
539
Vacation property management
and marketing services
144
Mobile hotel booking application
118
Mobile App to predict and analyze
airfare
84
Personalized travel
recommendations
39
Online travel expense management
service
27
Travel website and browser addon
for tracking and booking flight
tickets
25
Travel community for free housing
lodging
24
A onestop shop to find and book
activities
17
Community that invites people to
dine in homes and connect with
hosts
8
Marketplace for hotel reservations
7
Booking of airport lounges
4
Company
Description
Funding ($m)
USA
Mobile app connecting passengers
with drivers for hire
22,200
Transportation network company
4,110
Urban logistics and delivery
platform
278
Realtime traffic data and traffic
speed
143
Peertopeer car sharing
marketplace that enables car
owners to rent out their cars
103
PeertoPeer car sharing
marketplace
172
Service that sends valets to park
the car wherever it is the position
76
Car rental platform that tackles
queues and paperwork
60
Solution to manage vehicle parking
through new sensing technologies
54
Mobile app that allows users to hail
a cab, track a ride, and make
payments
39
Company
Country
Description
Funding ($m)
Europe
Mobile app for booking taxis and
limos
613
Online cab service that enables
users to book vehicles and
chauffeurs
407
Carsharing website that connects
drivers with empty seats and
paying passengers
335
Mobile app that enables users to
track information on public
transport
132
Ondemand taxi hailing services for
licensed professional drivers
83
Urban transport app
50
PeertoPeer car rental platform in
France
43
Peertopeer car renting platform
for travelers at airports and train
stations
22
Online rental platform for
motorhomes and campervans
19
Peertopeer car rental
18
Smartphone app enabling users to
arrange carpools with the
community
14
App connecting users to taxi drivers
13
Cab services with flexible booking
options via a mobile app and the
web
11
Mobility – Market Size: Ridehailing ($40bn)
Company
Country
Description
Funding ($m)
Europe – Market Size: eTravel ($193bn)
Booking platform for tours and
activities
181
GetYourGuide
Booking platform for tours and
activities
170
Europefocused travel search
website
146
Globally expanding startup
specialized in selling cruises
73
Ticketing platform for rail travel
69
Online hotel search platform
54
One Two Trip
Travel booking website
48
Price comparison and online
booking portal for hotel
39
Online travel platform
39
Online hotel booking service
33
Hotel data and analytics company
30
Metasearch engine for vacation
rentals
30
Web platform helping travelers
design, estimate the cost, and book
28
Online travel booking platform
23
Online marketplace for multiday
tours
17
Zizooboats
Global boat rental platform
3
Members only luxury travel club
N/A
European bus operator
N/A
obilet.com
Online platform for bus tickets
N/A
Source: Crunchbase, Statista, Pwc (2016), Reuters.
* The company went public after July 2014
*