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1 Q1 2020 Sector Update Marketplaces Important disclosures appear at the back of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA 2 GP Bullhound is leading technology advisory and investment firm, providing transaction advice and capital to category leaders. Marketplaces perspectives EXECUTIVE SUMMARY Apax Partners ACQUIRED BY Baltic Classifieds Group UNDISCLOSED ACQUIRED BY UNDISCLOSED OLX (Naspers) AutoTrader SA Accel, Baring Vostok & Vostok New Ventures INVESTMENT BY Avito.ru $110m GP Bullhound, Cathay, Atomico and others INVESTMENT Ontruck €25m GP Bullhound, Lakestar, Korelya and others INVESTMENT Glovo €150m GP Bullhound’s marketplaces sector comprises the broader internet ecosystem, including online marketplaces, online classifieds, online travel and e-commerce. This reports aims to provide insights into public and private valuations across the transaction spectrum and qualitative insights into broader market trends. We also feature interviews with many of the leading companies and CEOs who are currently transforming the sector. In Q1 2020, the marketplaces sector experienced a broad impact due to the COVID-19 pandemic, further accelerating the transformation in evolving segments such as B2B commerce, recruitment, food and restaurant delivery. Going forward, the crisis presents a huge challenge for the sector and will undoubtedly present opportunities for new entrants and deal making. Based in our London office, Alessandro Casartelli heads up the marketplaces practice which has completed over 20 transactions. Several of GP Bullhound’s marquee marketplaces advisory transactions and investments are showcased below: 3 Key sector takeaways Recent marketplaces transaction trends Public company analyses Marketplaces CEO commentary Key marketplaces metrics Appendix A: Public comparables by category 1 3 4 5 6 Contents 2 Appendix B: GP Bullhound credentials and team 7 Appendix C: GP Bullhound corporate overview 8 4 Section 1 Key sector takeaways 5 The COVID-19 effect – how the marketplaces sector has fared Source: Capital IQ as of 31 March 2020 (1) 1 February 2020 - spread of COVID-19 cases in four territories outside of China. Acceleration of cases in Europe (Italy). GPB marketplaces stocks’ performance since 1 February 2020 (1) E-commerce (17.8%) Although isolation/quarantine will increase online sales in some sectors (i.e. groceries) and online players will acquire new consumers, expect a decrease in consumer spending due to the economic recession, negatively affecting e- commerce sales long-term. Large cap (7.4%) Expect resilience against economic sentiment and less affected than the other segments due to diversification of the product/service offering (i.e. Amazon and AWS). Online marketplaces (27.7%) The entire segment is likely be affected, but net positive in the long-term. Expect huge volatility across the segment. Top performer Worst performer 7.5% (29.6%) 212.2% (66.0%) (5.0%) (48.0%) Online travel (50.3%) Heavily affected across all constituents, including travel, hospitality and events. (26.5%) (70.7%) Classifieds (31.6%) Predict this segment to be hard-hit, with reduced consumer demand and less advertiser spending. However, the inherent profitability of business models and strong balance sheets should lend support through the downturn. (7.1%) (62.1%) (70%) (60%) (50%) (40%) (30%) (20%) (10%) 0% 10% 03-feb-20 13-feb-20 23-feb-20 04-mar-20 14-mar-20 24-mar-20 6 Sector impact differs by vertical Gaming Ticketing / travel Consumer staples Isolation/quarantine periods should provide an immediate increase in sales of equipment and gaming peripherals. Long periods spent at home should also deliver increased consumer adoption. Severe effect in the short-term due to mass cancellation of travel and experience activities. This may rebound towards the second half of the year post cocooning. Expect the net negative effect to continue in the medium-term as the economy slows. Positive change in consumer habits, which should boost online penetration. Additionally, the sector will be more resilient to any economic downturn. Expect grocery delivery, such as Ocado or Supermercato24, to be big winners. Consumer discretionary Decrease in discretionary spending will have a devastating impact. Some revenge spending will not materially counteract the overall contraction. Jobs As government furloughs are withdrawn and the economy slows, some companies will dissolve whilst others will reduce headcount. Consequently there will be fewer companies seeking candidates. Ride sharing Negative effect due economic slowdown, which should trigger decreased volume in a non-profitable industry -- it will have to transform services in a path towards profitability. Consolidation expected in the industry. Cars and property Net neutral effect, due to a combined effect of decreased spending offset by consumers looking for bargain deals on the demand side and sellers looking for asset liquidity on the supply side. Digital health (medical & pharmacy) Increased adoption due to restricted traditional access to healthcare. The pandemic is accelerating the transition to remotely delivered healthcare, which utilises the benefits of digital and data technologies. Home lifestyle Structural change in the industry, which will be positive for home fitness and lifestyle offerings due to increased consumer appreciation for the convenience and quality available from these products/services. 7 GP Bullhound’s views on current trends in marketplaces Future of work – digitalising the recruitment value chain 2 1 A watershed moment for grocery delivery and meal kits B2B marketplaces ecosystem aiming to outgrow B2C 3 Consolidation and profound transformation in restaurant delivery 4 8 GP Bullhound’s views on current trends in marketplaces 1 The COVID-19 pandemic has initiated a positive acceleration of consumer demand for grocery delivery and meal-kit players, due in large part to widespread isolation/quarantine measures. Several competitors are leveraging the momentum: – Instacart will hire 300k full-service shoppers for the increased demand in North America over the next three months (Mar-20). – Uber Eats accelerated its push into grocery deliveries through partnerships with local retailers, e.g. Carrefour in France and Galp in Spain (Mar-20). – Blue Apron and HelloFresh shares have tracked impressively since Feb-20 (up by 212% and 45%, since Feb-20), after they reported huge increases in demand due to the pandemic. This forced adoption should inevitably create positive consumer awareness centered around the convenience, health and economic benefits of home cooking. As discretionary substitutes such as restaurant and takeaway meals are challenged in a recessionary environment, these alternatives should benefit from an increase in share of wallet. A watershed moment for grocery delivery and meal kits Source: Capital IQ, Pitchbook, Mergermarket DEAL DATE: JUL-19 TTV: $38M EV/ REV: N/A DEAL DATE: JAN-20 TTV: $11M EV/ REV: N/A DEAL DATE: FEB-20 TTV: $5M EV/ REV: N/A DEAL DATE: JAN-20 TTV: $15M EV/ REV: N/A 9 GP Bullhound’s views on current trends in marketplaces Source: Capital IQ, Pitchbook, Mergermarket 2 Worldwide B2B marketplaces sales could reach £3.6 trillion in 2024, up from $680 billion in 2018, outgrowing the B2C sector as a result. Amazon business alone is set to top $31 billion in revenue and $52 billion in GMV by 2023. In 2019, gross sales grew by 60%, 1.6x faster than AWS and 2.9x faster than Amazon’s total sales. Alongside growth the ecosystem has experienced maturation over the past five years through the emergence of vertical players in industries such as food, agriculture and business supplies. 93% of B2B businesses prefer to purchase online direct from vendors. With this, businesses are using online marketplaces and realising the benefits of wide product selection, price comparability and customer reviews. Leading players such as Alibaba are also integrating on-platform payment and CRM tools to better manage their customer relationships. Other B2B marketplaces offer a range of digital tools that help both buyers and sellers by managing accounts, customising orders and monitoring spending. Development of these platforms is still in progress as they continue to innovate to offer increased personalisation and improvements in the buying experience. B2B marketplaces ecosystem aiming to outgrow B2C DEAL DATE: JAN-20 TTV: $30M EV/ REV: N/A DEAL DATE: JAN-20 TTV: $200M EV/ REV: N/A DEAL DATE: AUG-19 TTV: N/A EV/ REV: N/A DEAL DATE: JUN-19 TTV: $230M EV/ REV: N/A 10 GP Bullhound’s views on current trends in marketplaces Source: Capital IQ, Pitchbook, Mergermarket 3 Growth in service marketplaces is being led in part by the recruitment segment. Online job marketplaces have grown in popularity across both freelance, part-time and full-time labour supply. Platforms are beginning to extend themselves beyond being used to merely facilitate the demand and supply of labour, and the value chain is digitalising. PeoplePerHour, the freelancer recruitment marketplace, has launched a tech platform ‘Talent Desk’, which helps businesses manage on-demand teams through easy resource planning, budgeting, invoicing, payroll, etc. HR software players (e.g. SmartRecruiters) are extending their software offering by developing marketplaces that connect their clients with third-party tooling and software to support their recruitment. As the job market slows due to recessionary pressures, companies may see an opportunity to accelerate technology investments and optimise their HR and recruitment processes. Future of work – digitalising the recruitment value chain DEAL DATE: OCT-19 EV: $32M EV/ REV: N/A DEAL DATE: DEC-19 EV: $32M EV/ REV: N/A DEAL DATE: DEC-19 TTV: €70M EV/ REV: N/A 11 GP Bullhound’s views on current trends in marketplaces 4 Restaurant delivery saw several transformative deals in 2019, e.g. the merger agreement between Takeaway.com and Just Eat. Restaurant delivery has seen immediate tailwinds due to COVID-19, particularly on the supply side. Deliveroo enjoyed an 80% spike in the number of restaurants onboarded to its platform in recent weeks. Amidst the lockdowns, demand for restaurant delivery in urban areas has also increased. Expect this positive upswing to be temporary, hampered by multiple challenges such as: – Urban restaurants cannot be supported by delivery orders alone; the overhead for operating a large kitchen is simply too high. – As economic austerity spreads, consumers will look to restrict discretionary spend on restaurant deliveries. Several restaurant and hospitality chains have already filed for bankruptcy (e.g. Vapiano and Carluccio’s), initiating a major shakeout. For example: – A combination of highly operationally efficient restaurants and cloud-kitchens providing cost-efficient delivery options will co-exist with traditional restaurants focused on providing physical dining experiences. – As competition intensifies in the delivery ecosystem, we expect continued consolidation amongst the key competitors. Consolidation and profound transformation in restaurant delivery Source: Capital IQ, Pitchbook, Mergermarket DEAL DATE: NOV-19 TTV: $400M EV/ REV: N/A DEAL DATE: JUL-19 EV: $6.5BN EV/ REV: 5.9X DEAL DATE: FEB-20 TTV: $113M EV/ REV: N/A DEAL DATE: SEP-19 TTV: $40M EV/ REV: N/A 12 Section 2 Recent marketplaces transaction trends 13 0% 20% 40% 60% 80% 100% 2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q1US and Canada Europe Asia Other 0% 20% 40% 60% 80% 100% 2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q1US and Canada Europe Asia Other 0 100 200 300 400 $0B $10B $20B $30B $40B $50B 2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q1M&A M&A deals 0 500 1.000 1.500 2.000 $0B $10B $20B $30B $40B $50B 2016 Q12016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q1Total capital invested Deal count Uptick in M&A deal number, financings relatively stable M&A deal value decreases while volume increases Private placement deal value and volume stable in Q4 Asia M&A activity decreases in Q1 2020 Asia private placement volume dominates in Q1 2020 Source: Pitchbook as of 31 March 2019 Note: Data includes all “Marketplaces” M&A, private placement deals and IPOs as defined by Pitchbook regardless of geography or transaction size GLOBAL MARKETPLACES TRANSACTION TRENDS We expect a decrease in fundraising activity due to the consumer-facing nature of the majority of the companies in the space. However, we expect M&A volume to increase due to consolidation. 14 Announcement date Target Buyer Target description Value ($m) Implied EV/LTM Rev Mar-20 Second-hand shopping marketplace - - Mar-20 Membership programmes for fitness classes and activities (USA and Latin America respectively) - - Feb-20 Online personalised gift retailer 545 1.0x Feb-20 Vehicle subscription service 20 - Jan-20 Online marketplace for used and new car exchange 22 - Jan-20 Indian food delivery subsidiary of Uber 350 - Jan-20 Chinese online retailer of beauty products 128 - Jan-20 Mexican online travel agency for flights and travel accommodation 136 - Jan-20 DTC provider of shaving and body products - - Strategic M&A deals dominate with few marquee deals NOTABLE MARKETPLACES M&A DEALS Source: Capital IQ, Pitchbook, Mergermarket ROI Global & Jumei International Q1 2020 saw few deals led by financial investors and notable deals involved strategic acquirers. US strategics were particularly active in M&A on both the buy-side and sell-side. 15 Food delivery and mobility verticals continue mega rounds NOTABLE MARKETPLACES PRIVATE PLACEMENTS DEALS Source: Capital IQ, Pitchbook, Mergermarket Announcement date Issuer Lead investor Issuer description Value ($m) Mar-20 On-demand ride sharing and transportation platform 200 Mar-20 Online used car marketplace enabling users to buy, finance or rent cars 114 Mar-20 Online platform which provides a variety of services from payments, food delivery, transportation and logistics 1,200 Mar-20 Online and mobile C2C marketplace app for people to buy and sell electronics, furniture, and cars 120 Feb-20 Asian ride sharing and transportation provider 856 Feb-20 On-demand food delivery platform 112 Feb-20 Online marketplace to support the trade of sustainable agricultural products 175 Jan-20 European ride sharing platform 56 Jan-20 Online marketplace for DIY, home improvement, and gardening products 138 Jan-20 Online platform for emerging fashion designers and retailers 100 Jan-20 Shipping service provider for e-commerce businesses 40 Jan-20 Urban logistics mobile technology providing the instant delivery of goods in cities 38 Jan-20 Online mattress and sleep products retailer 24 Jan-20 Delivery service for Chinese food and groceries 20 Michael Moritz Undisclosed Q1 2020 saw strong momentum in mega rounds with eight transactions completed over $100m. Food delivery and mobility players dominated this space, but there were also large rounds in the online fashion and home lifestyle segments. 16 Public company analyses Section 3 17 Amazon continues to dominate the marketplaces universe Source: Capital IQ as of 31 March 2020 (1) Prosus’ market capitalisation includes stake in Tencent 8,4 8,8 9,6 10,3 10,4 10,6 10,9 13,8 14,8 14,9 23,9 24,3 41,9 42,8 48,2 55,2 59,2 113,0 521,8 970,7 Autohome Pinterest Zalando Rakuten VIP Shop Ocado Takeaway.com Trip.com Delivery Hero Chewy eBay Mercado Libre Pinduoduo Recruit Holdings Uber Booking.com JD.com Prosus Alibaba Amazon SELECTED MARKETPLACES PUBLIC COMPANY VALUATIONS Market cap values in $bn (1) 18 Share price performance L5Y Large caps are the best performing in the sector (LTM) Source: Capital IQ as of 31 March 2020 Notes: GP Bullhound Marketplaces index constituents are aligned with trading comps found in Appendix A. E-commerce (21.6%) Large cap 5.9% Online marketplaces (26.7%) S&P 500 7.4% Classifieds (13.2%) Online travel (34.7%) LTM performance SHARE PRICE PERFORMANCE OF KEY MARKETPLACES INDICES (50%) 0% 50% 100% 150% 200% 250% mar-15 ene-16 nov-16 sep-17 jul-18 may-19 mar-20 As the ongoing COVID-19 situation continues, we expect volatility to continue to particularly affect the Online Travel and Online marketplaces segments. Share price performance L5Y L3Y LTM L6M Since 01/02 S&P 500 Technology Sector 104.1% 56.1% 7.4% (16.61) (16.66%) Large cap 186.3% 90.0% 5.9% (11.3%) (4.9%) E-commerce (11.2%) (6.2%) (21.6%) (8.9%) (16.6%) Online marketplaces 44.5% 43.3% (26.7%) (10.1%) (5.8%) Classifieds 52.3% 30.4% (13.2%) (15.5%) (30.5%) Online travel (1.1%) (36.9%) (34.7%) (35.9%) (31.4%) 19 Indicative trading valuation benchmarks Source: Capital IQ as of 31 March 2020 (1) Average LTM gross margin (1) EV / CY20E revenue (1) CY19-21 rev growth (1) Selected companies Verticals 51% 3.6x 23% Large cap 58% 3.7x 27% Online marketplaces 64% 6.3x 12% Classifieds 79% 1.5x 4% Online travel 42% 1.1x 12% E-commerce 20 EV/NTM revenue trends L5Y Indices trading in line with 5-year averages Source: Capital IQ as of 31 March 2020 (1) Prosus excluded from Large Cap, revenue multiple not meaningful for comparison (data skewed by Tencent stake) 3.5x 5.3x 1.6x 1.3x 3.6x GP BULLHOUND MARKETPLACES INDEX VALUATIONS The recent correction has moved valuations to below 5-year averages for most segments. Valuations in the Large cap index remain the most stable due to their diversification. 0,0x 1,0x 2,0x 3,0x 4,0x 5,0x 6,0x 7,0x 8,0x 9,0x 10,0x mar-15 sep-15 mar-16 sep-16 mar-17 sep-17 mar-18 sep-18 mar-19 sep-19 mar-20 EV/NTM revenue average L5Y L3Y LTM L6M Since 01/02 Large cap(1) 4.0x 4.0x 4.3x 4.0x 3.9x E-commerce 1.9x 1.8x 1.7x 1.6x 1.5x Online marketplaces 5.3x 5.5x 5.2x 4.7x 4.5x Classifieds 6.6x 6.4x 6.3x 6.4x 6.3x Online travel 3.0x 2.9x 2.3x 2.2x 2.1x 21 Section 4 Marketplaces CEO commentary 22 CEO profile G2A.COM is the world's largest digital marketplace for gamers, making buying and selling video games simpler, safer and more affordable for everyone. Founded in 2010, the company soon launched what is now the one-stop platform for over 20 million gamers and geeks. It connects buyers and sellers around the world, enabling them to trade video games, hardware and gadgets at a discounted rate, all in one place. “Video games are currently on the rise. Recently in Italy, Internet traffic increased by 70% due to online gaming. This is a trend that we can observe worldwide. In our marketplace, we have noticed an influx of not only buyers, but also sellers. This is evidence that niche, specialised marketplace platforms are more resilient to market volatility to general counterparts. We don’t see the current situation as a challenge, but as an opportunity for marketplaces. More consumers are becoming aware that online shopping is faster, cheaper, more convenient and efficient. Whilst we expect further economic challenges ahead, the consumer landscape has changed. Recent events are also challenging companies operationally. Are they agile enough to be able to handle remote working? Is their infrastructure suited to customer and employee needs, and can it mitigate potential issues? Can all business requirements be met? In these testing times, companies must change and adapt, so that they not only survive, but also thrive in difficult circumstances.” Bartosz Skwarczek CO-FOUNDER & CEO Amsterdam, Netherlands 23 CEO profile Collectiv Food is a food distribution and supply chain company leading the change in food supply for the next generation of professional kitchens and food businesses. We deliver quality proteins, such as meat, seafood and plant-based alternatives, directly from producers at market beating prices. We own our supply chain from producer to restaurant; using proprietary technology and an innovative distribution model, we ensure that fresher ingredients are delivered in a safer and more sustainable way. “Recent global events have heavily impacted our sector with most restaurants closed. Businesses on the supply side that relied extensively on the foodservice industry have become obsolete. Driven by a sense of community we decided to build a DTC offering, Farmshop, which delivers fresh produce to homes from our supply network, via partnerships with Deliveroo and Slerp. We have seen similar initiatives take off in the city, with Leon transforming their restaurants into basic grocery shops. Traditional wholesalers and distributors, who are hugely capital intensive and inventory-based with large fleets of vehicles, have been really struggling, and it will take them much longer to recover. For us, our business is smaller, agile and more capital efficient. We have been able to adapt to position ourselves for a stronger future. As an extraordinary sign of these times, we have been approached by large supermarkets, as their existing supply chains aren’t proving strong enough to avoid shortages and cope with the transfer of demand from foodservice to retail.” Jeremy Hibbert-Garibaldi FOUNDER & CEO London, UK Investors 24 CEO profile Supermercato24 is the largest e-grocery delivery marketplace in Europe. Users can get groceries handpicked and delivered same-day from their favorite supermarket at the same price they would get in-store. The company is active in two countries, Italy and Poland, and partners with 20+ retailers including the two largest European grocery retailers, LIDL and Carrefour, and 100+ CPG Brands for product placement and data sharing. “We have always believed the shift to online grocery purchasing was inevitable. COVID-19 has accelerated this move from offline to online. Following these recent events we are experiencing a 10x spike of traffic versus the previous year, and now we are focusing on strengthening our supply chain to serve the resulting explosion in demand. Our mission has always been to improve and simplify people’s lives. We are now fulfilling this by providing a service which is seen to be critical by our consumers.” Federico Sargenti CEO Milan, Italy Investors 25 CEO profile PeoplePerHour is an online marketplace where freelancers and small businesses can connect. With a vibrant community of over 50,000 freelancers across 150 countries available to work at the click of a button, it's like having a virtual, on-demand global workforce at the ready. “We’ve been digitalising work since 2007, when I started PeoplePerHour.com. We have noticed the rise of the freelance economy originally fuelled the adoption of remote, distributed work. This is now becoming commonplace throughout the entire workforce as companies seek more efficient and flexible ways of working. We are witnessing a convergence into one distributed remote workforce with the nature of the contractual arrangement between employer and worker becoming less stringent. We started TalentDesk.io in 2017 to support this shift, enabling companies to operate remotely across their workforce in an organised way: staffing remotely executed projects with the appropriate talent, allocate tasks efficiently, set budgets, track progress and performance, and raise timesheets and execute payroll seamlessly. This transformation in the workplace really excites us, and we believe post-COVID-19 we will see a huge adoption throughout the economy. No company, small or large, can afford to ignore this movement and rethinking how they work.” Xenios Thrasyvoulou FOUNDER & CEO London, UK Investors 26 Section 5 Key marketplaces metrics 27 Tracking metric Calculation Description GMV / (Take rate %) GMV = Total value of transactions Take rate (%) = % * GMV GMV (Gross Merchandise Value) is the total value of merchandise sold through a marketplace Take rate is the commission that the company collects on sales Net revenue / (growth %) Net revenue = Total revenue less sales tax, returns and cancellations Include growth metrics: YoY / MoM CAGR Organic vs. acquisition Annual Run Rate Revenue (ARRR) Annual Run Rate Revenue (ARRR) Calculation: ARRR = revenue in period / # of days in period x 365 Indicator of financial performance which takes a company’s current revenue in a certain period and converts to an annual figure to get the full-year equivalent Implied assumption that present financial environment will not change significantly and sensitive to seasonal fluctuations in revenue Gross profit / (margin %) Contribution margin I (CM1) Net revenue = less COGS, discounts/promotions True calculation of gross profit includes any discounts Contribution margin II / (CMII margin %) CMII = CMI less logistics & packing, service costs & payment fees Business’ profitability following customer/order servicing Contribution margin III / (CMIII margin %) CMIII = CMII less sales and marketing costs Is the business profitable following customer acquisition and marketing efforts EBITDA (EBITDA margin %) EBITDA = CMIII less HR overhead, HQ costs & other general & administrative costs Underlying profitability of the business after all overheads and HQ costs If currently not profitable, does EBITDA margin progression give an indication of when the business could reach breakeven Common marketplaces headline financial KPIs 28 Tracking metric KPI Description Traffic statistics Visits (gross & unique) Sign-ups Organic vs. Paid traffic Application (mobile/tablet) vs. Desktop Conversion rates by channel Track overall visits funnel and conversion of traffic into leads, transactions and revenue Order statistics Orders / customer Product split (%) – e.g. private label vs. 3rd party Return rate (%) Average order value (AOV) Further analyse traffic funnel and understand conversion into revenue Order metrics can help analyse and shape product strategy/segmentation New vs. Repeat stats New vs. Repeat consumers / order / revenue New marketing spend Repeat marketing spend Consumers can be analysed by cohort e.g. by first purchase Run cohorts to look at customer retention over time to spot trends and ROI on sales and marketing initiatives Customer acquisition cost (CAC) CAC = Sales & marketing spend / number of new consumers Cost of acquiring one consumer/user All S&M expenses for new consumers. Sometimes excludes personnel management S&M costs CAC strategy can typically vary on a seasonal basis as S&M efforts, e.g. ramp-up or slowdown Customer lifetime value (CLV) CLV = Gross margin (%) x retention (%) x AOV Value a consumer contributes to a business over their lifetime Projected on a cohort basis e.g. 1-year, 2-year, 5-year etc. CLV:CAC ratio CLV:CAC = CLV / CAC How much value is a business making from consumers in relation to how much it cost me to acquire them Good benchmark is 3:1. 1:1 or below suggests a business loses money as it scales. If the ratio is too high (e.g. 5:1 or higher) this business could be under investing Common marketplaces headline financial KPIs 29 Appendix A: Public comparables by category Section 6 30 Public comparables – Large cap Source: Capital IQ as of 31 March 2020 Note: Prosus includes OLX, PayU, iFood, Delivery Hero, Swiggy, Tencent, Mail.ru and other smaller e-commerce companies Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Large cap Large cap Amazon United States 89% (3%) 970,680 993,194 3.0x 2.5x 2.2x 19.7x 15.7x 13.0x 41% 42% 41% 15% 16% 17% 18% 21% Alibaba China 84% (6%) 521,936 504,756 5.9x 4.5x 3.7x 19.7x 13.6x 11.3x 46% 45% 46% 30% 33% 33% 28% 29% Prosus The Netherlands 82% (4%) 112,987 107,972 4.7x 3.7x 3.2x 15.7x 12.5x 9.9x n.a. 39% 38% 30% 29% 32% n.a. n.a. JD.com China 89% 7% 59,217 55,765 0.6x 0.5x 0.4x 21.1x 14.8x 11.3x 9% 15% 8% 3% 3% 4% 19% 39% Pinduoduo China 80% 2% 41,880 36,938 5.7x 3.7x 3.0x n.m. 33.6x 12.3x 77% 78% 79% (7%) 11% 25% 52% n.m. eBay United States 72% (10%) 23,930 29,527 3.1x 2.9x 2.8x 8.3x 7.8x 7.4x 77% 77% 77% 37% 37% 38% (3%) 1% Rakuten Japan 62% (4%) 10,336 11,142 0.8x 0.7x 0.6x 9.4x 6.1x 5.0x 72% 80% n.m. 9% 12% 13% 16% 5% Pinterest United States 42% (30%) 8,841 7,348 5.1x 3.8x 3.0x n.m. 48.9x 21.3x 70% 71% 69% 0% 8% 14% 32% 200% Mean 75% (6%) 218,726 218,330 3.6x 2.8x 2.4x 15.7x 19.1x 11.4x 56% 56% 51% 15% 19% 22% 23% 49% Median 81% (4%) 50,549 46,352 3.9x 3.3x 2.9x 17.7x 14.2x 11.3x 70% 58% 46% 12% 14% 21% 19% 25% 31 Public comparables – E-commerce Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Source: Capital IQ as of 31 March 2020 E-commerce Online fashion VIP Shop China 87% 22% 10,446 9,539 0.7x 0.6x 0.6x 8.8x 7.3x 6.7x 22% 22% 22% 8% 9% 9% 8% 26% Zalando Germany 71% (20%) 9,563 9,031 1.1x 1.0x 0.8x 23.4x 14.8x 12.1x 43% 42% 43% 5% 6% 7% 16% 16% boohoo.com United Kingdom 50% (40%) 2,763 2,555 1.6x 1.1x 0.9x 14.5x 11.7x 9.1x 54% 54% 54% 11% 10% 10% 34% 29% Farfetch United Kingdom 29% (35%) 2,683 2,650 1.7x 1.4x 1.1x n.m. n.m. 21.3x 46% 46% 45% (6%) 0% 5% 41% n.m. Stitch Fix United States 39% (45%) 1,301 1,150 0.6x 0.5x 0.4x n.m. 26.7x 11.3x 44% 45% 45% 0% 2% 4% 15% 30% ASOS United Kingdom 29% (63%) 1,245 1,358 0.4x 0.3x 0.3x 9.2x 4.8x 3.9x 49% 48% 48% 4% 7% 7% 12% 46% The RealReal United States 23% (52%) 607 243 0.6x 0.5x 0.4x n.m. n.m. n.m. 65% 68% 64% (18%) (8%) (1%) 28% n.m. Rev olv e United States 18% (51%) 599 534 0.8x 0.7x 0.6x 9.6x 7.1x 5.5x 54% 53% 54% 8% 9% 11% 15% 16% Global Fashion Group Luxembourg 24% (43%) 227 54 0.0x 0.0x 0.0x n.m. n.m. 1.8x 41% 42% 40% (3%) (0%) 1% 13% n.m. Vertical E-commerce Ocado United Kingdom 78% (6%) 10,648 10,479 4.2x 3.7x 3.3x n.m. n.m. 47.6x 34% 39% 34% 1% 4% 7% 13% 46% Peloton United States 72% (18%) 7,452 6,493 3.5x 2.4x 1.7x n.m. n.m. 65.5x 42% 44% 42% (7%) (2%) 3% 47% n.a. Wayfair United States 32% (43%) 5,043 6,426 0.6x 0.5x 0.4x n.m. n.m. n.m. 23% 24% 24% (5%) (2%) (1%) 18% n.m. HelloFresh Germany 98% 45% 5,563 5,480 2.0x 1.7x 1.5x 25.8x 18.1x 12.9x 62% 62% 65% 8% 9% 11% 28% 145% Stamps United States 70% 75% 2,219 2,132 3.6x 3.4x n.a. 14.8x 13.1x n.a. 72% 73% 73% 25% 26% n.a. 6% (0%) Zooplus Germany 86% 37% 875 895 0.5x 0.4x 0.4x n.m. 23.6x 20.5x 29% 29% 25% 1% 2% 2% 13% 72% 1-800-flowers.com United States 61% (13%) 851 725 0.5x n.a. n.a. 7.2x n.a. n.a. 42% 42% 42% 7% n.a. n.a. n.a. n.a. AO World United Kingdom 57% (17%) 397 499 0.4x 0.3x n.a. 25.3x 16.6x n.a. 16% 16% 16% 1% 2% n.a. 8% 106% Blue Apron United States 42% 212% 160 242 0.7x 0.6x 0.5x n.m. 27.5x 11.1x 39% 40% 39% 0% 2% 5% (4%) n.m. Casper Sleep United States 27% n.a. 170 488 1.0x 0.8x 0.6x n.m. n.m. 77.5x 49% 51% 49% (14%) (6%) 1% 20% n.m. Oponeo Poland 58% (24%) 67 48 0.2x 0.2x n.a. 4.5x 4.4x n.a. 19% 19% 19% 4% 4% n.a. 7% 4% SRP Groupe France 22% (43%) 37 69 0.1x 0.1x n.a. 28.8x 7.8x n.a. n.a. n.a. 30% 0% 1% n.a. (3%) n.m. MySale Group Australia 14% (57%) 20 32 0.4x 0.4x n.a. n.m. 14.9x n.a. n.a. n.a. 9% (2%) 2% n.a. n.a. n.a. E-Commerce - Others Chewy United States 91% 41% 14,944 15,025 2.4x 2.0x 1.7x n.m. n.m. 67.3x 23% 24% 24% 0% 1% 3% 24% n.m. B2W Brazil 61% (44%) 4,851 4,897 3.4x 2.9x 2.5x 33.7x 23.8x 17.7x 30% 32% 30% 10% 12% 14% 15% 34% Cimpress Ireland 37% (56%) 1,394 3,006 1.4x 1.2x 1.2x 9.5x 7.3x 7.4x n.a. n.a. 50% 15% 16% 16% (5%) (6%) Yelp United States 44% (45%) 1,295 1,115 1.1x 1.0x 1.0x 5.8x 4.7x 4.3x 94% 94% 94% 20% 22% 22% 4% 6% Shutterstock United States 67% (26%) 1,142 895 1.3x 1.3x 1.2x 9.2x 8.3x 7.3x 58% 58% 57% 15% 15% 17% 3% 6% CEWE Germany 75% (19%) 632 668 0.9x 0.8x 0.8x 5.5x 4.9x 4.9x 73% 74% 74% 16% 16% 16% 4% 4% Quotient Technology United States 54% (35%) 583 534 1.1x 1.0x 0.9x 9.2x 6.8x 5.6x 43% 47% 40% 12% 15% 16% 13% 32% Groupon United States 26% (66%) 556 178 0.1x 0.2x 0.2x 2.0x 1.2x 1.1x 53% 63% 53% 6% 14% 15% (33%) (19%) Jumia Technologies Nigeria 6% (51%) 229 (22) n.m. n.m. n.m. 0.1x 0.1x 0.2x 46% 55% 47% (100%) (67%) (43%) 21% n.m. Ov ertstock.com United States 17% (39%) 201 170 0.1x 0.1x 0.1x n.m. n.m. n.m. 20% 21% 20% (3%) (3%) (2%) 0% n.m. Qliro Group Sweden 30% (46%) 59 76 0.2x 0.2x n.a. 4.9x 3.5x n.a. n.a. n.a. 25% 5% 7% n.a. 4% 149% Delticom Germany 42% (33%) 41 137 0.2x 0.2x 0.2x 8.6x 6.2x n.a. 27% 27% 22% 2% 3% n.a. 5% n.m. Mean 48% (18%) 2,614 2,582 1.1x 1.0x 0.9x 12.4x 11.0x 18.4x 44% 45% 42% 1% 4% 6% 12% 37% Median 43% (35%) 863 810 0.7x 0.6x 0.7x 9.2x 7.6x 9.1x 43% 45% 42% 3% 4% 7% 13% 27% 32 Public comparables – Online marketplaces Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Source: Capital IQ as of 31 March 2020 Online marketplaces Uber United States 59% (23%) 48,226 45,745 2.9x 2.2x 1.9x n.m. n.m. 26.7x 51% 54% 33% (12%) 1% 7% 20% n.m. Mercado Libre Argentina 65% (26%) 24,287 22,944 7.6x 5.6x 4.2x n.m. n.m. 45.0x 48% 48% 56% (3%) 4% 9% 33% n.m. Deliv ery Hero Germany 83% (5%) 14,764 13,970 5.6x 3.8x 2.6x n.m. n.m. n.m. 30% 31% 39% (23%) (4%) 0% 64% n.m. Takeaway.com Netherlands 69% (20%) 10,878 11,120 5.3x 4.1x 3.5x 45.9x 28.2x 19.4x 73% 66% 73% 12% 15% 18% 144% n.a. Lyft United States 35% (43%) 8,233 5,859 1.5x 1.1x 0.9x n.m. n.m. 21.4x 43% 53% 40% (16%) (3%) 4% 21% n.m. Etsy United States 54% (21%) 4,534 4,590 4.4x 3.7x 3.1x 20.0x 15.7x 12.1x 68% 67% 67% 22% 23% 25% 24% 25% GrubHub United States 51% (25%) 3,741 3,929 2.7x 2.4x 2.1x 35.9x 24.0x 17.4x 48% 43% 40% 8% 10% 12% 13% (6%) Kakaku.com Japan 64% (30%) 3,798 3,675 6.2x 5.6x 5.3x 12.6x 11.6x 11.1x n.a. n.a. 96% 49% 49% 48% 8% 6% CarGurus United States 44% (47%) 2,127 2,025 3.6x 2.7x 2.4x 36.6x 17.0x 12.6x 94% 93% 94% 10% 16% 19% 13% 24% Moneysupermarket.com United Kingdom 72% (12%) 2,030 2,043 4.0x 3.8x 3.7x 11.6x 10.7x 10.3x 70% 68% 69% 35% 36% 36% 5% 4% Gruppo MutuiOnline Italy 65% (25%) 629 745 4.0x 3.5x 3.3x 15.9x 12.2x 10.2x 44% n.a. 46% 25% 29% 32% (4%) (6%) TrueCar United States 33% (35%) 259 121 0.4x 0.4x 0.4x 7.1x n.m. 9.5x 91% 91% 91% 5% 0% 4% (10%) (89%) Redbubble Australia 28% (48%) 94 60 0.3x 0.2x 0.2x 9.8x 5.3x 3.2x 15% n.a. 15% 3% 4% 6% 17% 90% Mean 56% (28%) 9,508 8,987 3.7x 3.0x 2.6x 21.7x 15.6x 16.6x 56% 61% 58% 9% 14% 17% 27% 6% Median 59% (25%) 3,798 3,929 4.0x 3.5x 2.6x 15.9x 13.9x 12.4x 50% 60% 56% 8% 10% 12% 17% 5% 33 Public comparables – Classifieds Source: Capital IQ as of 31 March 2020 Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Classifieds Property, cars, general Autohome China 60% (7%) 8,408 6,578 5.2x 4.6x 4.0x 12.5x 10.7x 9.6x 91% 89% 91% 41% 43% 42% 9% 6% REA Group Australia 66% (38%) 6,221 6,369 11.5x 10.2x 8.8x 23.1x 16.7x 14.5x 72% 91% 72% 50% 61% 61% 6% 12% Zillow United States 51% (26%) 7,405 7,496 2.6x 1.3x 1.1x n.m. n.m. 49.1x n.a. n.a. n.a. (2%) 0% 2% 48% (20%) Scout24 Germany 82% (13%) 6,306 7,173 9.7x 8.6x 7.5x 17.5x 15.1x 29.0x 72% n.a. 72% 55% 57% 26% 11% 16% Rightmov e United Kingdom 69% (30%) 5,279 5,249 13.5x 13.1x 12.3x 17.8x 17.2x 16.3x 77% 76% 77% 76% 76% 76% 5% 4% Adev inta Norway 74% (27%) 6,127 6,322 7.7x 6.8x 6.0x 26.7x 20.7x 18.1x 65% n.a. 65% 29% 33% 33% 12% 19% Auto Trader United Kingdom 72% (26%) 5,018 5,398 11.3x 10.7x 10.4x 16.7x 15.2x 16.7x n.a. n.a. n.a. 68% 70% 62% 5% 3% Info Edge India 65% (28%) 3,308 3,108 16.9x 14.0x n.a. 47.0x 38.5x n.a. 52% n.a. 52% 36% 36% n.a. 17% 25% carsales.com Australia 60% (38%) 1,768 2,046 7.3x 6.8x 6.2x 13.2x 12.9x 11.3x 84% n.a. 84% 55% 52% 55% 10% 7% Redfin United States 47% (37%) 1,436 1,347 1.4x 1.0x 0.7x n.m. n.m. 35.3x 19% 18% 18% (3%) 1% 2% 32% n.m. Bitauto China 64% (31%) 729 3,126 2.0x 1.8x n.a. 17.5x 11.7x n.a. 60% 60% 61% 12% 16% n.a. 4% 20% Purplebricks United Kingdom 28% (62%) 164 115 0.7x 0.7x 0.6x 18.5x 7.9x 6.0x 58% n.a. 58% 4% 9% 10% 5% n.m. Jobs Recruit Holdings Japan 61% (35%) 42,839 42,562 1.9x 1.7x 1.5x 14.0x 11.5x 9.8x 53% n.a. 53% 14% 15% 16% 6% 11% 51job China 63% (15%) 4,100 2,719 4.8x 4.3x 4.0x 15.1x 12.5x 11.1x 70% 71% 69% 31% 34% 37% 8% 7% SEEK Australia 62% (40%) 3,199 4,235 3.8x 3.3x 2.9x 13.3x 12.2x 10.5x 47% n.a. 47% 29% 27% 28% 12% 9% DHI Group United States 49% (23%) 109 133 0.9x 0.8x n.a. 4.3x 3.5x n.a. 89% 89% 89% 20% 24% n.a. 4% 4% Freelancer Australia 30% (43%) 83 80 n.a. n.a. n.a. n.a. n.a. n.a. 84% n.a. 84% n.a. n.a. n.a. n.a. n.a. JcbNext Malaysia 74% (25%) 36 4 n.a. n.a. n.a. n.a. n.a. n.a. 33% n.a. 33% n.a. n.a. n.a. n.a. n.a. Mean 60% (30%) 5,696 5,781 6.3x 5.6x 5.1x 18.4x 14.7x 18.2x 64% 71% 64% 32% 35% 35% 12% 9% Median 62% (29%) 3,704 3,681 5.0x 4.4x 4.0x 17.1x 12.7x 14.5x 68% 76% 67% 30% 33% 33% 8% 8% 34 Public comparables – Online travel Source: Capital IQ as of 31 March 2020 Market cap EV EV / Revenues EV / EBITDA Gross margin (%) EBITDA margin 2019-2021 CAGR Company HQ (USD) (USD) CY2020 CY2021 CY2022 CY2020 CY2021 CY2022 CY2019 CY2020 LTM CY2020 CY2021 CY2022 Revenue EBITDA % of 52 week high Perf. since 1 Feb 2020 Online travel Booking.com United States 64% (27%) 55,241 57,021 4.8x 3.8x 3.4x 14.4x 10.1x 9.0x 100% 100% 100% 33% 37% 37% 0% (2%) Trip.com China 50% (27%) 13,798 15,410 3.8x 2.6x 2.3x n.m. 11.8x 9.7x 79% 75% 79% 3% 22% 24% 8% 10% Expedia United States 39% (48%) 7,877 11,209 1.3x 0.9x 0.9x 10.6x 5.1x 4.4x 83% 80% 82% 13% 18% 19% (0%) 2% MakeMyTrip India 40% (48%) 1,231 1,041 1.9x 1.2x 0.9x n.m. n.m. 11.4x n.a. n.a. 44% (10%) 1% 8% 9% n.m. Triv ago Germany 27% (44%) 515 371 0.7x 0.5x 0.5x 77.0x 4.7x 4.1x 99% 99% 99% 1% 10% 12% (7%) 1% Despegar.com Argentina 37% (62%) 384 101 0.2x 0.1x 0.1x 2.3x 1.4x 0.9x 66% 67% 66% 8% 11% 14% 15% 70% Webjet Australia 22% (71%) 313 334 1.3x 1.2x 1.2x 3.7x 3.1x 2.9x 70% 73% 71% 36% 38% 40% 5% 5% On The Beach United Kingdom 44% (47%) 359 291 1.8x 1.4x 1.5x 7.7x 5.0x 4.7x n.a. n.a. 66% 23% 29% 31% 4% 10% Lastminute.Com Netherlands 44% (52%) 246 162 0.8x 0.4x 0.4x 2.1x 2.0x n.a. 19% n.a. 79% 36% 22% n.a. 1% 9% Edreams Odigeo Luxembourg 34% (59%) 224 625 1.0x 1.0x 0.9x 4.5x 4.4x 3.8x n.a. n.a. 85% 22% 22% 23% 4% 5% Holidaycheck Germany 40% (47%) 82 62 0.3x 0.4x 0.2x n.m. 3.4x n.a. 72% n.a. 72% (21%) 10% n.a. 7% 62% Hostelworld Ireland 21% (67%) 63 48 0.5x 0.5x 0.5x 2.4x 2.0x 1.8x n.a. n.a. 100% 23% 25% 27% 4% 3% Trav elzoo United States 17% (61%) 45 39 0.3x 0.3x n.a. 2.7x 1.9x n.a. 89% 90% 89% 12% 17% n.a. 3% 37% Mean 37% (51%) 6,183 6,670 1.5x 1.1x 1.1x 12.7x 4.6x 5.3x 75% 83% 79% 14% 20% 24% 4% 18% Median 39% (48%) 359 334 1.0x 0.9x 0.9x 4.1x 3.9x 4.3x 79% 80% 79% 13% 22% 23% 4% 7% 35 Section 7 Appendix B: GP Bullhound credentials & team 36 GP Bullhound’s recent activity in the marketplaces space COMMERCIAL AGREEMENT INVESTMENT BY ACQUIRED BY ACQUIRED BY INVESTMENT BY INVESTMENT BY INVESTMENT BY ACQUIRED BY ACQUIRED BY ACQUIRED BY INVESTMENT BY ACQUIRED BY INVESTMENT BY INVESTMENT BY ACQUIRED BY ACQUIRED BY INVESTMENT BY INVESTMENT BY 37 Authors Alessandro Casartelli EXECUTIVE DIRECTOR Alessandro.Casartelli@gpbullhound.com Dipam Patel VICE PRESIDENT Dipam.Patel@gpbullhound.com Joaquin del Rio ANALYST Joaquin.Delrio@gpbullhound.com 38 Section 8 Appendix C: GP Bullhound corporate overview 39 Helping brave, brilliant leaders build the future 40 A leading technology advisory and investment firm ABOUT GP BULLHOUND (1) League table data represents selected transaction advisors. Time period is 2016-Q4 2019. Global M&A transactions between $10m and $300m ESSENCE BALTIC CLASSIFIEDS GROUP FALCON.IO JELLYFISH SPOTIFY SLACK REVOLUT GLOVO INNOGAMES DELIVERY HERO SIGNAVIO PRODIGY FINANCE TECHNOLOGY PREDICTIONS TITANS OF TECH SUMMIT MARBELLA INVESTOR ALLSTARS Mergers & Acquisitions Investments Capital Transactions Insights & Events We are the no. 1 global advisor (1) to leading technology companies in competitive international sale and acquisition processes. The firm has completed 420 successful M&A transactions to date, worldwide, with a total value of over $18bn. Through our investment team, we provide investors with access to category leading technology companies. Our four closed-end funds have a total value of more than €170m and our limited partners include institutions, family offices and entrepreneurs. We are a leading global advisor to companies and their owners on capital related transactions including venture capital, growth capital, acquisition funding, secondary block trades and initial public offerings. The firm has completed 120 rounds of financing for technology companies to date, with a total value of $2bn. Our events and speaking activities bring together thousands of leading digital entrepreneurs and technology investors throughout the year. Our thought-leading research is read by thousands of decision- makers globally and is regularly cited in leading newspapers and publications. UNITY FILTER ECOVADIS NORTHERN TECH AWARDS 41 41 Our focus sectors DIGITAL MEDIA DIGITAL SERVICES SOFTWARE MARKETPLACES FINTECH Confidential 42 Ian Carroll DIRECTOR FINANCE Victoria Palma Ehrichs PERSONAL ASSISTANT Julian Riedlbauer PARTNER Elsa Hu EXECUTIVE DIRECTOR Alon Kuperman EXECUTIVE DIRECTOR Ravi Ghedia DIRECTOR Joy Sioufi EXECUTIVE DIRECTOR Iman Crisby EXECUTIVE DIRECTOR MARKETING Fraenze Gade VP EVENTS Nikolas Westphal EXECUTIVE DIRECTOR Javed Huq DIRECTOR Karl Blomsterwall ASSOCIATE Joe Tabberer VICE PRESIDENT Johan Roslund VICE PRESIDENT Marvin Maerz VICE PRESIDENT Simon Miremadi VICE PRESIDENT Dave Nish VP TECHNOLOGY Brandon Overmyer VICE PRESIDENT Simon Nicholls PARTNER Sven Raeymaekers PARTNER Jon Cantwell PARTNER Joakim Dal PARTNER Alec Dafferner PARTNER Per Roman MANAGING PARTNER Hugh Campbell MANAGING PARTNER Claudio Alvarez PARTNER Robert Ahldin PARTNER Guillaume Bonneton PARTNER Manish Madhvani MANAGING PARTNER Alexis Scorer EXECUTIVE DIRECTOR Ben Prade EXECUTIVE DIRECTOR Alessandro Casartelli EXECUTIVE DIRECTOR Jack Chan DIRECTOR Adam Birnbaum DIRECTOR Oliver Schweitzer EXECUTIVE DIRECTOR Floris Backer van Ommeren EXECUTIVE DIRECTOR Miguel Kindelán EXECUTIVE DIRECTOR Elena Bocharova ASSOCIATE Felix Bratell VICE PRESIDENT Gioia Cerbelli ASSOCIATE Charlotte Carew- Gibbs HR MANAGER Evgeny Yakovlev ANALYST Bev Boettcher OFFICE MANAGER Susanna Andersson OFFICE MANAGER Ashleigh MacDonald FINANCE MANAGER Erik Andershed DATA SCIENTIST Mathilde Jakobsson EVENTS & MARKETING Caoimhe Bradley OFFICE MANAGER Geneshe Edelman OFFICE MANAGER Jade Williams PERSONAL ASSISTANT Victoria Martin PERSONAL ASSISTANT Michelle Hoo PERSONAL ASSISTANT Maria Lazareva PERSONAL ASSISTANT Joyce Byrne OFFICE MANAGER Olivia Hornstein OFFICE MANAGER Maria Sosna OFFICE MANAGER Maria Martinez OFFICE MANAGER Ed Prior ASSOCIATE Joaquin del Rio Briones ANALYST Kevin Siagam ASSOCIATE Jack Curran ASSOCIATE Pierce Lewis-Oakes ASSOCIATE Jaime Sendagorta VICE PRESIDENT Okan Inaltay ASSOCIATE Matthew Finegold ASSOCIATE Carolin Drewes ASSOCIATE Hampus Hellermark ASSOCIATE Luis Patiño Tornos ANALYST Vincent Wei ASSOCIATE Connor Smith ANALYST Rachael Shapiro ASSOCIATE Joel-Oskar Raisanen ANALYST Manon Rodier ANALYST Bulat Mardanov ASSOCIATE Alexis Majos ANALYST Pierre Van Kempen ANALYST Reda Ben Larbi ANALYST Felix Lutjen ANALYST Carl Wessberg PARTNER Greg Smith PARTNER Dennis Klein ANALYST Freddie Dodge ANALYST Gaia Cibrario ANALYST Candice Mostisser ANALYST Sir Martin Smith CHAIRMAN Staffan Ingeborn NON-EXECUTIVE DIRECTOR Cecilia Roman SENIOR ADVISOR Seth Alpert SENIOR ADVISOR Johannes Akermark DIRECTOR Eric Crowley DIRECTOR Jaime Moreno DIRECTOR STRATEGY Joy Abiola VICE PRESIDENT Praveena Muthukumar VP FINANCE Dipam Patel VICE PRESIDENT Adam Page VICE PRESIDENT Maria Maciagowska ANALYST Matthew Young ANALYST Andrea López DESIGN COORDINATOR Ana Navarrete PERSONAL ASSISTANT 43 Global marquee transactions Baltic Classifieds Group ACQUIRED BY GP Bullhound EcoVadis GP Bullhound Innogames INVESTED IN INVESTMENT BY INVESTED IN INVESTMENT BY UNDISCLOSED REALISED (DIRECT LISTING) $200M ACTIVE €260M VALUATION Apax Partners Spotify CVC Growth Partners Klarna Modern Times Group GP Bullhound INVESTED IN Jellyfish GP Bullhound Filter 13th Lab INVESTMENT BY INVESTED IN ACQUIRED BY ACQUIRED BY Slack Fimalac Group Avito Merkle Facebook REALISED (DIRECT LISTING) £500M REALISED (ACQUIRED BY NASPERS) UNDISCLOSED UNDISCLOSED 44 Thought-leading independent technology research – connecting people in the tech industry GP BULLHOUND INSIGHTS & EVENTS Titans of Tech ALL CHANGE AT THE TOP Technology Software Digital Services Fintech PREDICTIONS GLOBAL MARKET PERSPECTIVES GLOBAL MARKET PERSPECTIVES GLOBAL MARKET PERSPECTIVES Summit Northern Tech Investor Conference Market update MARBELLA AWARDS ALLSTARS RECEPTIONS WEBINARS 45 Disclaimer No information set out or referred to in this research report shall form the basis of any contract. 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