nordic marketplaces - schibsted · 2019-03-07 · real estate vertical . 29. revenue. 1 # of...
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NORDIC MARKETPLACES
NORDICMARKETPLACES
Unrivalled Nordic Marketplaces leadership positions
22
Revenue Position Traffic Sustainability
2,843NOKm1
#1in Norway and
Sweden
193mmonthly visits2
Boosts circular
economy saving
1.45m tonns CO2
emissions3
Value propositionMatching buyers and sellers, employers and employees
1) 2018
2) Datawarehouse of each entity
3) Schibsted Second Hand effect 2017
Anders Skoe
1,267NOKm1
EBITDA
No
rdic
Mar
ketp
lace
s
Unrivalled Nordic Marketplaces leadership positions through Finn, Blocket and Tori
Continue to capture adjacent markets with transaction triggered services
Impressive financial track record with robust growth, high margins and
strong cash conversion
Leveraging on Schibsted’s platform capabilities, such as traffic, data and consumer
insight
Nordic Marketplaces highlights
23
Nordic
Marketplaces
Unrivalled Nordic Marketplaces leadership positions in each
of its markets…
24
Traffic RevenueListings
Leadership positions
1
Traffic RevenueListings Traffic RevenueListings
1 1 1 11
1 1
2 22
2 1
Source: Company data
Nordic
Marketplaces
Generalist goods
Cars
Jobs
Real estate
Leadership positions
Strong financial performance
25
Nordic Marketplaces revenue and EBITDA margin, NOKm
43 63 100 135267
445654
9091 097 1 192
1 470
1 7301 944
2 205 2 260 2 3332 488
2 7022 843
(16%)
17%
39% 36% 38% 42% 42%48% 49% 47% 51% 51%
49% 48% 46% 46% 45% 42% 45%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Revenue EBITDA
Source: Company data. Based on combined revenues and EBITDA for Finn, Blocket and Tori
Nordic
Marketplaces
Finn is one of Norway’s strongest brands across all industries
Established in 2000
#1Unrivalled market leader in
all verticals
EUR 37.2Revenue per internet capita
201Visits per capita per year1
6mUnique visitors per week2
ü
ü
ü
ü
ü
ü
261) Adobe – via FINN datawarehouse
2) FINN datawarehouse
3) Brand Tracker FINN, aided
Nordic
Marketplaces
Revenue growth driven by verticals
27
656
798
945 377
414
457255
214
200
155
203
225
2016 2017 2018
Professional Private Advertising Other
Jobs33%
Real estate22%
Motor21%
Travel and other8%
Generalist goods
4%
Advertising12%
Diversified revenue base (2018)
High and predictable cash conversion1
still a growth company – even 19 years after inception
94% 94% 94%
2016 2017 2018
12% revenue CAGR
1,826
1,628
1,451
NOKm
1) Defined as EBITDA less maintenance capex
2) Other revenue includes: Personal Finance vertical, revenue from external daughter companies, cost of sales for other MediaHouses in Schibsted, invoicing for employees working for SPT, and more.
Source: Company data
Nordic
Marketplaces
4 2204 386
4 689
3 800
4 000
4 200
4 400
4 600
4 800
2016 2017 2018
333417
522
0
100
200
300
400
500
600
2016 2017 2018
Jobs vertical
28
Revenue1 Indexed trend in ARPU3# of employers/recruiters2
Jobmatch – reach passive candidates Subscription to effect packages Packaging of up-sale products
Market opportunities
100121
144
0
50
100
150
200
2016 2017 2018
1) Classifieds revenue only, not including advertising revenue
2) Professionals
3) Average revenue per user, professional users only
NOKm
Nordic
Marketplaces
PREMIUMPLUSS+30% +60%
236297
354
0
100
200
300
400
2016 2017 2018
2 658 2 601 2 787
0
500
1 000
1 500
2 000
2 500
3 000
2016 2017 2018
Real estate vertical
29
Revenue1 # of agents2 Indexed trend in ARPU3
Developers/New buildings Property rental Adjacent services
Market opportunities
100140
162
0
50
100
150
200
2016 2017 2018
NOKm
Nordic
Marketplaces
1) Classifieds revenue only, not including advertising revenue
2) Professionals
3) Average revenue per user, professional users only
277 309 329
0
50
100
150
200
250
300
350
2016 2017 2018
3 229 3 301 3 372
0
1 000
2 000
3 000
4 000
2016 2017 2018
Motor vertical
30
Revenue1 Indexed trend in ARPU3# of car dealers2
Digital purchase contract Insurance Blink for Motor
Market opportunities
100118 128
0
20
40
60
80
100
120
140
2016 2017 2018
NOKm
Nordic
Marketplaces
1) Classifieds revenue only, not including advertising revenue
2) Professionals
3) Average revenue per user, professional users only
109120 123
50
70
90
110
130
2016 2017 2018
89 81102
0
20
40
60
80
100
120
2016 2017 2018
Travel vertical
31
Revenue1 Indexed trend in ARPU3# of agents2
City packages Last minute travels Blocket Resor
Market opportunities
100119
96
0
20
40
60
80
100
120
140
2016 2017 2018
NOKm
Nordic
Marketplaces
1) Classifieds revenue only, not including advertising revenue
2) Professionals
3) Average revenue per user, professional users only
Blocket is a strong #1 in generalist goods, motor and jobs
Acquired by Schibsted in 2003
#1Clear market leader in
generalist goods and motor
EUR 11.7Revenue per internet capita
101Visits per capita per year1
5mUnique visitors per week2
321) Extasol – Blocket data warehouse
2) Extasol – Blocket data warehouse
Nordic
Marketplaces
Revenue growth driven by verticals
33
438 479 470
290284 252
249 224186
13 15
17
2016 2017 2018
Professional Private Advertising Other
Motor46%
Generalist goods21%
Jobs10%
Real estate1%
Advertising22%
Diversified revenue base (2018)
High and predictable cash conversion1
revenue turnaround underway
95% 95% 93%
2016 2017 2018
925
1,002989
NOKm
1) Defined as EBITDA less maintenance capex
2) Other revenue include: Licenscost use of Blocket platform, invoicing for employees working for other Schibsted companies, and more
Source: Company data
Nordic
Marketplaces
426 449 420
0
100
200
300
400
500
2016 2017 2018
5 152 5 124 5 080
0
1000
2000
3000
4000
5000
6000
2016 2017 2018
Motor vertical
34
Revenue1 Indexed trend in ARPU3# of car dealers2
Strengthen position within new cars segmentEntering the transactionNew effect-based pricing model
Market opportunities
100 109 106
0
20
40
60
80
100
120
2016 2017 2018
NOKm
Nordic
Marketplaces
1) Classifieds revenue only, not including advertising revenue
2) Professionals
3) Average revenue per user, professional users only
219 205 186
0
50
100
150
200
250
2016 2017 2018
3 154 2 931 2 760
0
500
1000
1500
2000
2500
3000
3500
2016 2017 2018
100 95 99
0
20
40
60
80
100
120
2016 2017 2018
Generalist goods vertical
35
Revenue1 # of listers2 Indexed trend in ARPU3
Experiment with pricing for private users Improve pro monetization Blocketpaketet
Market opportunities
NOKm
Nordic
Marketplaces
1) Classifieds revenue only, not including advertising revenue
2) Professionals
3) Average revenue per user, professional users only
61
88 95
0
20
40
60
80
100
2016 2017 2018
913 1 043 1 152
0
200
400
600
800
1000
1200
1400
2016 2017 2018
100127 123
0
20
40
60
80
100
120
140
2016 2017 2018
Jobs vertical
36
Revenue1 # of recruiters/employers2 Indexed trend in ARPU3
Blocket EducationPremium products and optimized portfolio Market consolidation
Market opportunities
NOKm
Nordic
Marketplaces
1) Classifieds revenue only, not including advertising revenue
2) Professionals
3) Average revenue per user, professional users only
22 21 21
0
4
8
12
16
20
24
28
2016 2017 2018
1 524 1 521 1 479
2016 2017 2018
100 99 98
0
20
40
60
80
100
120
2016 2017 2018
Real estate vertical
37
Revenue1 Indexed trend in ARPU3# of agents2
Developers/New buildingsProperty rental Holiday houses and rentals
Market opportunities
NOKm
Nordic
Marketplaces
1) Classifieds revenue only, not including advertising revenue
2) Professionals
3) Average revenue per user, professional users only
Qasa - Very attractive unit economics and strong synergies
38
Nordic
Marketplaces
…to convert users to new model
• Qasa is a fully digital real estate rental platform,
matching tenants and landlords
• Offering a secure digital service with focus on
simplicity and efficiency
• Collaboration with Blocket since 2017
• Enabling Blocket to take a big leap towards the
sub-letting market
Collaboration
starts
Monthly sign value1
Customer
Lifetime Value
Ads
(Real estate rental)
€12 €450
220 000 2 000
Marketplaces Nordics
A fully digital real estate rental platform
Finding suitable tenants Trust in renting process Guaranteed payments
Significant potential…
1) Leading indicator for revenue calculated: Number of Monthly signed contract times LTV of contracts
Schibsted has built Tori into a solid platform for further
potential initiatives
Established by Schibsted in 2009
EUR 630m GMV (the value of goods
sold through Tori in 2018)
335Items sold per hour
4.1Monthly visits per capita1
1.2mUnique visitors per week1
ü
ü
ü
ü
ü
391) Statistics Finland
Nordic
Marketplaces
48
71
92
0
100
2016 2017 2018
Revenue growth driven by verticals
40
Classifieds24%
Other2%
Advertising73%
#1 position in generalist goods vertical– strong growth in revenue
NOKm
38% Revenue CAGR
Source: Company data
Nordic
Marketplaces
• Target adjacent services (e.g.
insurance, purchase contract, payment
solutions, car tire shops)
Significant ramp-up potential
41
Selected growth opportunities
• Expand position in the Finnish real
estate market, especially in rentals
where marketplaces are immature and
without a clear leader
• Launch Schibsted-concepts proven in
Norway or Sweden and selectively
pursue partnerships and M&A to
establish new or strengthen existing
positions
Nordic
Marketplaces
42
Impressive financial track record for Nordic Marketplaces
2 488
2 7022 843
45% 42%45%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
500
1 000
1 500
2 000
2 500
3 000
2016 2017 2018
Revenue EBITDA margin
Strong revenue growth with stellar margins Capital light business model with high cash conversion1
NOKm
1) Defined as EBITDA less maintenance capex
Source: Company data
95% 95% 93%
2% 2%
3%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
2016 2017 2018
34%
39%
44%
49%
54%
59%
64%
69%
Cash conversion Capex as % of revenue
Nordic
Marketplaces
43
Multiple vectors of growth within Nordic Marketplaces
Monetisation
• Pricing model
• Advertising
• Traffic generations
• Premium features
• Cross-selling
• Partnerships
Product development
• Rating features
• Payment solutions
• Messaging &
Notifications
• Simplified transaction
experiences
1 2
M&A
• Selective Nordic M&A
43
New ventures
• Vertical white spotting
across geographies
e.g. rental market
Sweden, new
buildings Norway,
travel in Sweden
• Education
Nordic
Marketplaces
Nordic Marketplaces highlights
44
Nordic
Marketplaces
Unrivalled Nordic Marketplaces leadership positions through Finn, Blocket and Tori
Continue to capture adjacent markets with transaction triggered services
Impressive financial track record with robust growth, high margins and
strong cash conversion
Leveraging on Schibsted’s platform capabilities, such as traffic, data and consumer
insight
Blink (Targeted ads) – exemplifying Schibsted’s digital front-
runner capabilities and collaboration across digital positions
45
TRAFFIC AND DATA
Intentional data from Finn promoting tailored properties on VG
Nordic
Marketplaces
Traffic
Fund
Average +20%-30%
increase in
# of new visitors
Real estate agents
retention on site,
~5 times per object
Property seller retention,
~10 times
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NORDIC MARKETPLACES
Q&A
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