digital, media & internet monitor - gca altium · ev/sales: 1.9x ev/ebitda: 12.7x announced:...

Digital, Media & Internet MonitorQ3 2018

Communication regarding thisnewsletter should be directed [email protected]

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

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

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

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

Christopher Jones | Managing DirectorTel: +44 207 484 40 [email protected]

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

2

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

RELEVANT TRANSACTIONS CLOSED IN LAST 3 QUARTERS

3

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

EUROPE

NORTH &CENTRAL AMERICA

ASIA

4

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

o Share price performance was negative across almost all subsectors, except for Content Monetization (+5.5%) and Payment (+7.1%), the only sectors posting positive returns in Q3 2018. Inventory-based E-commerce (-12.2%), Social Networks & Communities (-14.6%), Gaming (-12.0%) and Gambling (-19.8%) had the weakest performances. In-line with a slow-down in the global equity market’s performance, technology and software stocks are posting weaker returns due to US-China trade tensions, data breaches affecting Facebook, Google and other companies, as well as rising interest rates.

o EV/EBITDA valuations (2018E) decreased or remained stagnant in most subsectors with Gaming (-11.4%), Gambling (-12.2%) and Classifieds (-11.3%) showing the largest losses, while E-Commerce & Marketing Solutions (+12.6%) had the highest uptick in EV/EBITDA valuation. Decreased valuations can mostly be attributed to weakened stock market performance.

o EV/Sales valuations (2018E) showed a significant decline throughout most subsectors. Inventory-based E-commerce (-14.2%), Social Networks and Communities (-15.4%) and Gambling (-15.4%) declined the most, whereas Diversified & Portals (+0.4%), Content Monetization (+0.1%) and Payment (+2.8%) posted the only exceptions with stagnant or slightly increased Sales valuation levels.

SECTOR PERFORMANCE & VALUATION

o The number of deals in Q3 2018 was down to 208, a significant decrease compared to 243 in Q3 2017.

o The total sector deal value (disclosed) at EUR 6.6bn was lower than the previous year’s third quarter of EUR 11.5bn, in-line with the decrease in deal volume this quarter. Comcast completed this quarter’s largest transaction by acquiring a majority stake in Sky for EUR 25.2bn1) (2.7x EV/Sales and 18.2x EV/EBITDA), while the acquisition of Acxiom’s marketing business for EUR 2.0bn (11.5x EV/EBITDA) by IPG was the second largest. Other transactions include the acquisition of Episerver by Insight Venture Partners for EUR 999m and the acquisition of XO Group by WeddingWire for EUR 788m (5.0x Sales and 39.8x EBITDA).

o 5 IPOs were completed in Q3 2018 with overall gross proceeds of EUR 1.1bn, a higher value and volume compared to Q3 2017, during which there were 2 IPOs in the Digital, Media & Internet sector. Farfetch dominates the value of gross proceeds during this quarter with a value of EUR 753m, which is followed by Eventbrite’s IPO of EUR 197m.

o Overall, multiples have decreased across the large majority of subsectors mostly due to weakening stock market performance, causing a slowdown in M&A and IPO activity and volume.

M&A AND IPO ACTIVITY

Note: Multiples based on latest available financial statements; 1) This transaction is not included in total sector deal value and volume due to focus on digital media sectors

Source: Capital IQ (08-Oct-2018); Mergermarket

5

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

Note: Multiples based on latest available financial statements

Source: Capital IQ (08-Oct-2018), Mergermarket

ONLINE LEGAL SERVICES FOR BUSINESSES AND FAMILIES

Transaction Value: EUR 427mSeller: Permira AdvisersEV/Sales: n/aEV/EBITDA: 28.6xAnnounced: 31/07/18

ACQUIRED AMINORITY STAKE

A CONSORTIUM LED BY

ACQUIRED

Transaction Value: EUR 427mSeller: Equistone PartnersEV/Sales: 1.9xEV/EBITDA: 12.7xAnnounced: 01/08/18

ACQUIRED

OPERATOR OF WEDDING AND EVENT MARKETPLACE WEBSITE

Transaction Value: EUR 788mSeller: Institutional investorsand publicEV/Sales: 5.0xEV/EBITDA: 39.8xAnnounced: 25/09/18

ACQUIRED

Transaction Value: EUR 2.0bnSeller: PublicEV/Sales: n/aEV/EBITDA: 11.5xAnnounced: 02/07/18

CUSTOMER DATA COLLECTION, ANALYSIS SOLUTIONS

BUSINESS OF MARKETING SOLUTIONS

WEB MANAGEMENT, DIGITAL COMMERCE AND MARKETING

Transaction Value: EUR 999mSeller: Accel-KKREV/Sales: n/aEV/EBITDA: n/aAnnounced: 06/09/18

ACQUIRED

Transaction Value: EUR 25.2bnSeller: Public (37% stake) and 21st Century Fox (39% stake)EV/Sales: 2.7xEV/EBITDA: 18.2xAnnounced: 22/09/18 and 26/09/18

MEDIA, TELEVISION AND TELECOMMUNICATIONS

ACQUIRED AMAJORITY STAKE

DIGITAL AUDIO INTERFACES AND AUDIO CONVERTERS

6

RECENT DEVELOPMENT OF ONLINE SUBSECTOR VALUATIONS

(6.7%)

(12.2%)

(1.5%)

(3.5%)

(3.9%)

5.5%

(14.6%)

(12.0%)

(19.8%)

(10.8%)

(3.7%)

(5.8%)

(10.3%)

(4.7%)

7.1%

(1.6%)

(0.1%)

(0.6%)

0.4%

(2.9%)

(1.7%)

(0.4%)

0.2%

0.7%

(0.1%)

2.0%

0.0%

0.0%

0.0%

0.0%

(9.1%)

(14.2%)

(4.2%)

(3.6%)

0.4%

(15.4%)

(13.9%)

(15.4%)

(7.3%)

(6.6%)

(8.8%)

(8.0%)

(6.6%)

2.8%

0.1%

MEDIAN TOTAL RETURN1)

(LAST 3 MONTHS)MEDIAN SALES2018 ESTIMATE

(1.8%)

(5.8%)

(1.0%)

(2.2%)

(3.6%)

(7.0%)

(2.0%)

(3.6%)

(0.7%)

(0.5%)

(9.2%)

0.7%

1.7%

-10 -5 0 5

0.0%

0.0%

(7.5%)

(9.0%)

(5.7%)

(3.6%)

0.6%

8.5%

(7.4%)

(11.4%)

(12.2%)

(11.3%)

1.4%

1.2%

12.6%

(5.2%)

3.3%

MEDIAN EV/SALES2018 VALUATION

MEDIAN EV/EBITDA2018 VALUATION

MEDIAN EBITDA2018 ESTIMATE

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

Source: Capital IQ (08-Oct-2018)

1 Champions

2 Inventory-based

Marketplaces

Travel

3 Diversifieds & Portals

Content Monetization

Social Netw. & Cmtys

Gaming

Gambling

4 Classifieds

Customer Acquisition

Oth. Online Marketing

E-comm. & Mktg. Solutions

5 Consumer/B2C Services

Payment

7

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

Number of transactions

Size of transactions(in EURbn)2)

268 262 267 239 196 187 204 176 149

67 66 6672

6559

0

250

500

Q3 16 Q4 16 Q2 17

243

Q1 17

20847

Q3 17 Q4 17

48

252

Q1 18

38

333

Q2 18 Q3 183)

335 328 311252

214

Internet Software and Services

Internet Retail

0

5

15

10

Q4 16Q3 16

11.5

Q1 17

6.0

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

14.0

10.5

7.69.2

6.64.6

13.7Internet Software and Services

Internet Retail

0

5

10

15

Q1 17Q4 16Q3 16 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18

11.514.0

10.5

7.69.2

4.66.0

13.7

6.6500 - 1000m

Over 1000m

250 - 500m

Under 250m

TRANSACTIONS

Note: 1) Target located in Europe or North America; 2) Includes only transactions for which financial details are publicly available; 3) Sky-Comcast transaction falls under separate category


8


TRANSACTIONS WITH EUROPEAN TARGETS IN Q3 2018

Origins oftargets

Origins ofbuyers

TRANSACTIONS WITH NORTH AMERICAN TARGETS IN Q3 2018

Origins oftargets

Origins ofbuyers

United States

94%

Canada

6%

Middle East

2%

North America

80%

Europe

9%

Asia

9%

ES

8%

DE

19%

FR

16%

NL

5% GB

12%

PL

11%

DK

4%

SE

5%

Other

15%

CZ

4%

RO

3% Middle East

1%

Europe

84%

North America

7%

Asia

8%

Note: 1) Target located in Europe or North America


9


Number of IPOs

Value of IPOproceeds(in EURbn)

IPOs

4

2

1

0

3

Q4 16

1.8

0.8

Q1 17Q3 16 Q2 17 Q3 17

0.0

Q4 17 Q1 18 Q2 18 Q3 18

0.4

0.9

0.4

3.52)

1.8

1.1


Internet Retail

5

32

0

5

10

15

Q1 17Q4 16 Q3 17Q3 16

7

Q2 18Q2 17

5

Q1 18Q4 17 Q3 18

4

11

7

9


Internet Retail

Note: 1) Company located in Europe or North America; 2) Includes Snap’s IPO of EUR 3.2bn


10

DIGITAL, MEDIA & INTERNET: HOW WE DEFINE THE UNIVERSE

1 Champions 2 E-commerce & Travel

Champions Inventory based Marketplaces Travel

# of companies 11 # of companies 28 # of companies 11 # of companies 12

Combined EV (EURbn) 4’475.5

Combined EV (EURbn) 89.7



3 Content & Communities

Diversified & Portals Content MonetizationSocial Network & Communities

Gaming Gambling

# of companies 21 # of companies 7 # of companies 15 # of companies 15 # of companies 15

Combined EV (EURbn) 719.7 Combined EV (€bn) 23.3




4 Marketing & Classifieds

ClassifiedsCustomer Acquisition

Other Online MarketingE-commerce &Mrkt. solutions

# of companies 14 # of companies 19 # of companies 15 # of companies 8





5 Consumer/B2C Services & Payment

Consumer/B2C Services

Payment Overall

# of companies 9 # of companies 6 # of companies 206



Combined EV (EURbn) 5’993.3

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


11

1 Champions

2 Inventory-based

Marketplaces

Travel




Gaming

Gambling

4 Classifieds





Payment

ONLINE SUBSECTOR VALUATIONS 2018 AND 2019

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

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


34.2%

3.9%

22.9%

16.8%

23.4%

23.8%

21.0%

20.3%

24.8%

32.6%

16.5%

11.8%

9.8%

20.5%

33.2%

33.9%

4.4%

25.5%

17.4%

24.1%

25.1%

27.0%

21.7%

23.4%

36.5%

17.3%

14.0%

11.7%

19.0%

36.4%

2018 2019

23.7%

17.5%

12.9%

5.1%

7.0%

14.0%

35.4%

9.5%

7.0%

17.8%

16.5%

9.9%

22.7%

23.0%

7.8%

21.0%

15.8%

13.1%

19.0%

6.5%

12.4%

15.6%

12.3%

5.8%

16.6%

13.5%

11.9%

24.5%

12.5%

10.4%

16.3x

11.8x

13.0x

12.9x

12.2x

15.8x

13.8x

12.0x

8.0x

18.4x

16.6x

12.9x

18.6x

13.9x

18.0x

14.6x

10.0x

11.4x

10.5x

11.3x

12.3x

11.2x

9.0x

7.5x

16.0x

12.8x

8.1x

14.9x

11.9x

15.7x

2017-18 2018-19

6.4x

0.7x

3.9x

1.8x

2.6x

2.6x

2.8x

2.3x

2.0x

5.9x

3.6x

1.1x

2.8x

2.7x

7.2x

5.2x

0.7x

3.6x

1.6x

2.6x

2.6x

2.8x

1.9x

1.9x

5.0x

3.0x

1.1x

2.3x

2.6x

6.4x

2018 2019 2018 2019

12

112.0%

6.0%

60.9%

6.5%

21.9%

88.9%

31.3%

53.6%

(15.5%)

25.4%

30.3%

(2.8%)

127.2%

96.5%

89.6%

18.9%

(10.9%)

15.0%

(13.3%)

(2.5%)

12.1%

(15.9%)

(5.9%)

(10.9%)

7.5%

3.7%

(26.1%)

18.2%

23.6%

32.5%

(6.7%)

(12.2%)

(1.5%)

(3.5%)

(3.9%)

5.5%

(14.6%)

(12.0%)

(19.8%)

(10.8%)

(3.7%)

(5.8%)

(10.3%)

(4.7%)

7.1%

ONLINE SUBSECTOR PERFORMANCE



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

1 Champions

2 Inventory-based

Marketplaces

Travel




Gaming

Gambling

4 Classifieds





Payment

13

GCA ALTIUM DIGITAL, MEDIA & INTERNET GROUP: LOCAL CONTACTS

LondonUK

Christopher JonesManaging [email protected]+44 20 7484 4040

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

FrankfurtGermany

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

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

MunichGermany

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

Georg [email protected]+49 89 413 12 124

ZurichSwitzerland

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

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

ManchesterUK

Phil AdamsGroup [email protected]+44 20 7484 4034

Simon LordManaging [email protected]+44 84 5505 4304

MilanItaly

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

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

APPENDIX:SECTOR CONSTITUTION

15

1: CHAMPIONS

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

Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19

Alibaba CN 338'771 343'043 12.0x 7.4x 5.2x 29.7x 21.6x 15.5x 40.5% 34.2% 33.9% 51%

Alphabet US 698'696 613'051 6.3x 5.1x 4.4x 19.7x 14.0x 11.6x 32.3% 36.5% 37.8% 20%

Amazon.com US 792'502 808'833 5.2x 4.0x 3.2x n/m 28.9x 22.0x 8.5% 13.7% 14.7% 27%

Apple US 941'911 979'935 4.7x 4.2x 4.0x 15.2x 13.8x 13.6x 31.0% 30.5% 29.2% 9%

Baidu CN 62'238 54'248 5.1x 4.1x 3.4x 15.7x 14.4x 12.1x 32.3% 28.5% 28.0% 22%

Facebook US 395'674 358'907 10.1x 7.4x 5.9x 17.7x 12.3x 10.4x 57.1% 60.4% 57.2% 30%

Microsoft US 740'794 700'565 8.4x 6.9x 6.2x 24.2x 16.5x 14.8x 34.8% 41.5% 42.1% 16%

Netflix US 132'484 136'350 13.4x 9.9x 7.9x n/m n/m n/m 7.8% 13.0% 15.8% 30%

PayPal US 83'093 75'784 6.6x 5.6x 4.8x 35.8x 22.0x 18.6x 18.5% 25.6% 26.1% 17%

Booking Inc. US 78'644 79'890 7.2x 6.4x 5.7x 18.6x 16.1x 14.4x 38.8% 39.8% 39.7% 13%

Tencent CN 316'835 324'929 10.9x 8.1x 6.0x 26.7x 21.7x 17.3x 40.6% 37.1% 34.8% 34%

Mean 8.2x 6.3x 5.2x 22.6x 18.1x 15.0x 31.1% 32.8% 32.7% 24.6%

Median 7.2x 6.4x 5.2x 19.7x 16.3x 14.6x 32.3% 34.2% 33.9% 22.3%



16

Inventory-based

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



1-800-FLOWERS.COM US 629 590 0.6x 0.6x 0.5x 9.6x 8.5x 7.9x 6.1% 6.7% 6.8% 4%

AO World GB 781 735 0.8x 0.7x 0.7x n/m n/m 47.4x -1.0% 0.3% 1.4% 12%

ASOS GB 5'121 5'078 2.2x 1.9x 1.5x 46.3x 25.8x 21.4x 4.7% 7.2% 7.0% 21%

Blue Apron US 247 259 0.3x 0.4x 0.4x n/m n/m n/m -17.0% -10.3% -3.0% -6%

boohoo group GB 2'992 2'829 4.9x 3.6x 2.4x n/m 35.6x 26.2x 9.1% 10.0% 9.3% 42%

Boozt (publ) SE 407 365 1.9x 1.4x 1.0x n/m 31.1x 19.2x -2.1% 4.4% 5.4% 35%

CJ ENM CO., KR 4'042 4'973 2.9x 1.6x 1.4x 13.9x 10.1x 9.0x 20.6% 16.0% 15.4% 44%

Cnova FR 1'378 1'646 0.8x n/a n/a n/m n/a n/a 0.2% n/a n/a n/a

Cogobuy Group CN 451 348 0.3x 0.1x n/a 7.4x 2.5x n/a 3.9% 5.0% n/a n/a

Delticom DE 112 169 0.3x 0.2x 0.2x 21.9x 13.3x 10.0x 1.2% 1.8% 2.3% 6%

Mango Excellent Media CN 4'199 4'078 3.9x 2.9x 2.4x n/a 10.3x 6.7x n/a 28.7% 35.5% 28%

JD.com CN 30'111 28'640 0.6x 0.5x 0.4x n/m 30.4x 20.3x 0.9% 1.6% 1.9% 27%

Jumei International Holding CN 255 -102 n/m n/a n/a n/m n/a n/a 0.3% n/a n/a n/a

LightInTheBox Holding CN 53 17 0.1x 0.1x 0.1x n/m n/a n/a -2.9% n/a n/a 3%

Ocado Group GB 6'216 6'133 3.7x 3.3x 3.0x n/m n/m n/m 4.8% 4.8% 5.8% 12%

Overstock.com US 667 604 0.4x 0.4x 0.3x n/m n/m n/m -1.7% -8.1% -2.0% 7%

PetMed Express US 543 460 2.0x 1.8x 1.7x 10.2x 9.2x 8.8x 19.3% 19.7% 19.3% 8%

Qliro Group (publ) SE 168 161 0.5x 0.5x 0.5x n/m n/m 9.6x 0.8% 0.7% 4.8% 4%

Rocket Internet SE DE 4'088 1'589 43.2x 37.2x 35.0x n/m n/m n/m -183.5% -126.2% -140.8% 11%

Shop Apotheke Europe NL 497 410 1.4x 0.7x 0.6x n/m n/m n/m -4.2% -0.5% 0.5% 58%

ZOZO, JP 7'561 7'609 10.6x 8.0x 5.5x 30.6x 26.4x 20.5x 34.5% 30.2% 27.0% 38%

Stitch Fix, US 2'238 1'978 2.1x 1.7x 1.4x n/m n/m n/m 3.5% 3.2% 2.5% 22%

U.S. Auto Parts Network US 46 48 0.2x 0.2x 0.2x 4.9x 4.6x 4.0x 3.7% 4.1% 4.5% 0%

Vipshop CN 3'173 2'969 0.3x 0.3x 0.2x 6.4x 6.9x 5.4x 5.1% 3.9% 4.2% 18%

Wayfair US 10'091 10'011 2.4x 1.7x 1.3x n/m n/m n/m -3.7% -2.9% -1.5% 35%

windeln.de SE DE 26 7 0.0x 0.0x 0.0x n/m n/m n/m -20.4% -6.4% -0.2% 6%

Zalando SE DE 8'078 7'084 1.6x 1.3x 1.1x 31.3x 28.1x 20.6x 5.0% 4.7% 5.3% 21%

zooplus DE 1'048 1'022 0.9x 0.7x 0.6x n/m n/m n/m 0.7% 0.4% 1.1% 20%

Mean 3.3x 2.8x 2.5x 18.2x 17.3x 15.8x -4.1% 0.0% 0.5% 19.0%

Median 0.9x 0.7x 0.7x 12.0x 11.8x 10.0x 0.9% 3.9% 4.4% 18.4%



17

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

Marketplaces

Travel



B2W - Companhia Digital BR 3'466 3'960 2.4x 2.5x 2.2x n/m 35.0x 18.9x 4.4% 7.3% 11.9% 4%

Cars.com US 1'637 2'251 4.1x 3.9x 3.6x 12.9x 11.4x 10.6x 31.9% 33.9% 34.0% 7%

Copart US 10'450 10'559 7.4x 6.4x 5.8x 18.5x 17.1x 15.1x 40.3% 37.6% 38.6% 13%

eBay US 28'097 32'658 3.9x 3.5x 3.2x 12.7x 10.3x 9.7x 30.7% 33.5% 33.3% 10%

Etsy US 4'487 4'233 11.0x 8.2x 6.3x n/m 36.0x 26.0x 10.9% 22.7% 24.4% 32%

Infibeam Avenues IN 456 436 5.1x 2.8x 1.7x 36.9x 12.3x 6.8x 13.9% 22.9% 25.5% 72%

MercadoLibre AR 13'065 12'997 10.7x 10.2x 7.0x n/m n/m n/m 13.3% 1.2% 6.3% 23%

Rakuten JP 8'860 11'972 1.6x 1.4x 1.3x 9.6x 8.1x 8.5x 17.1% 17.8% 15.0% 14%

Scout24 DE 3'856 4'437 9.0x 8.4x 7.2x 19.2x 15.5x 13.5x 46.6% 53.9% 53.2% 12%

Shutterstock US 1'501 1'248 2.6x 2.3x 2.0x 28.7x 13.6x 11.3x 8.9% 16.7% 18.0% 13%

Trade Me Group NZ 1'134 1'170 8.6x 8.0x 7.5x 14.7x 12.3x 11.5x 58.2% 65.7% 65.7% 7%

Mean 6.0x 5.2x 4.4x 19.2x 17.2x 13.2x 25.1% 28.5% 29.6% 18.6%

Median 5.1x 3.9x 3.6x 16.6x 13.0x 11.4x 17.1% 22.9% 25.5% 12.5%

MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGRCompany Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19

Besttone Holding CN 992 554 0.8x n/a n/a 15.0x n/a n/a 5.3% n/a n/a n/aCtrip.com, CN 16'421 16'561 4.9x 4.2x 3.3x 34.6x 21.2x 15.2x 14.2% 19.8% 21.9% 21%Despegar.com, AR 1'011 691 1.5x 1.4x 1.2x 10.4x 10.8x 7.9x 14.6% 13.3% 15.3% 12%eDreams ODIGEO S.A. LU 401 723 1.4x 1.4x 1.4x 6.5x 6.1x 5.6x 21.9% 23.0% 24.2% 2%Expedia Group US 15'967 17'076 1.9x 1.7x 1.6x 16.9x 10.3x 9.0x 11.5% 16.8% 17.4% 12%lastminute.com NL 168 116 0.4x 0.4x 0.4x n/m 4.8x 4.6x -0.7% 8.5% 8.6% 6%MakeMyTrip IN 2'178 1'869 3.4x 3.3x 2.7x n/m n/m n/m -31.4% -20.3% -8.6% 11%On the Beach Group GB 713 659 6.6x 5.8x 4.8x 21.6x 15.0x 12.2x 30.7% 38.4% 39.4% 17%TripAdvisor US 5'991 5'400 4.0x 3.8x 3.5x 35.8x 16.5x 15.1x 11.1% 23.0% 23.1% 7%trivago DE 1'587 1'486 1.4x 1.6x 1.5x n/m n/m n/m -1.1% -2.7% 1.5% -2%Tuniu CN 738 518 1.9x 1.8x 1.4x n/m n/m n/m -33.8% -8.5% 0.4% 18%Webjet AU 1'042 1'004 3.5x 5.0x 4.0x 25.5x 16.0x 12.1x 13.7% 30.9% 33.4% -7%

Mean 2.7x 2.8x 2.4x 20.8x 12.6x 10.2x 4.7% 12.9% 16.1% 8.8%Median 1.9x 1.8x 1.6x 19.3x 12.9x 10.5x 11.3% 16.8% 17.4% 10.8%



18

Diversifieds & Portals

3: CONTENT & COMMUNITIES (1/4)



CBS US 18'702 27'066 2.3x 2.1x 2.0x 10.2x 9.4x 8.7x 22.3% 22.6% 22.7% 7%

Comcast US 140'479 193'855 2.6x 2.5x 2.4x 8.0x 7.6x 7.3x 32.9% 32.8% 33.6% 4%

CyberAgent JP 5'311 5'150 1.7x 1.5x 1.3x 16.2x 14.7x 12.0x 10.8% 10.4% 11.0% 15%

Discovery US 19'533 36'963 6.2x 4.0x 3.7x 16.6x 10.4x 9.2x 37.1% 38.2% 40.6% 28%

IAC/InterActiveCorp US 14'756 15'599 5.4x 4.3x 3.8x n/m 18.1x 15.0x 10.2% 23.6% 25.1% 20%

Kakao KR 6'871 5'985 4.0x 3.2x 2.8x 26.5x 30.9x 22.4x 14.9% 10.4% 12.6% 18%

Lions Gate Entertainment US 4'188 6'202 1.6x 1.8x 1.7x 13.7x 13.4x 11.2x 12.0% 13.6% 15.3% -2%

Mail.ru Group CY 4'739 4'625 6.8x 4.8x 4.0x 33.6x 16.4x 11.6x 20.4% 29.3% 34.6% 31%

NAVER KR 15'547 13'887 3.9x 3.2x 2.8x 13.1x 13.8x 11.5x 29.6% 23.5% 24.6% 17%

People.cn CO., LTD CN 1'073 846 4.8x n/a n/a n/m n/a n/a 4.3% n/a n/a n/a

Phoenix New Media CN 244 150 0.8x 0.8x 0.7x 23.6x 16.5x 11.5x 3.2% 4.8% 5.9% 6%

ProSiebenSat.1 Media SE DE 5'092 7'401 1.8x 1.8x 1.7x 7.2x 7.1x 6.7x 25.3% 25.2% 25.7% 3%

Sohu.com CN 581 -151 n/m n/m n/m n/m n/m n/m 9.3% 2.1% 7.9% 11%

Sony JP 64'470 62'043 0.9x 0.9x 0.9x 6.5x 7.0x 6.7x 14.6% 13.2% 13.6% 2%

The Walt Disney Company US 150'377 171'700 3.5x 3.3x 3.2x 11.6x 11.1x 10.9x 30.4% 30.0% 29.5% 5%

Tribune Media Company US 2'920 4'745 2.9x 2.8x 2.8x 13.9x 9.4x 11.8x 21.2% 29.7% 24.1% 2%

Twenty-First Century Fox US 73'642 85'755 3.4x 3.1x 3.0x 15.0x 13.5x 12.8x 22.3% 23.2% 23.5% 6%

Viacom US 11'613 19'865 1.8x 1.8x 1.7x 7.8x 7.4x 6.9x 22.5% 23.6% 24.2% 2%

Yahoo Japan JP 15'865 12'004 1.8x 1.6x 1.6x 6.6x 7.7x 7.3x 26.9% 21.4% 21.5% 6%

Altaba US 33'293 37'170 n/m n/m n/a n/m n/m n/m 12.2% -19.0% n/a n/a

Yandex NL 9'524 8'863 7.2x 5.5x 4.3x 30.1x 18.8x 13.0x 24.0% 29.4% 33.3% 29%

Mean 3.3x 2.7x 2.5x 15.3x 12.9x 10.9x 19.3% 19.4% 22.6% 11.0%

Median 2.9x 2.6x 2.6x 13.7x 12.2x 11.3x 21.2% 23.4% 24.1% 5.9%



19



Social Networks and Communities



Cookpad JP 355 205 2.0x 2.2x 2.2x 4.2x 9.3x 8.9x 46.8% 23.8% 25.1% -6%

Leaf Group US 206 179 1.6x 1.3x 1.1x n/m n/m n/m -15.5% -0.9% 1.4% 18%

GoDaddy US 10'982 12'539 6.4x 5.4x 4.8x 49.4x 19.6x 17.7x 13.1% 27.7% 27.3% 15%

Pandora Media US 2'095 2'387 1.9x 1.8x 1.6x n/m n/m n/m -19.7% -7.2% -0.8% 9%

TechTarget US 460 454 4.8x 4.2x 3.7x 34.6x 16.3x 12.8x 13.9% 25.9% 29.1% 13%

TEGNA US 2'251 4'959 3.0x 2.6x 2.6x 9.1x 7.6x 8.4x 32.9% 34.5% 31.3% 6%

Yelp US 3'308 2'608 3.5x 3.1x 2.6x n/m 15.8x 12.3x 4.7% 19.7% 21.5% 15%

Mean 3.3x 2.9x 2.7x 24.3x 13.7x 12.0x 10.9% 17.6% 19.3% 10.3%

Median 3.0x 2.6x 2.6x 21.8x 15.8x 12.3x 13.1% 23.8% 25.1% 13.4%


DeNA JP 2'221 1'472 1.4x 1.4x 1.5x 4.4x 7.6x 5.5x 30.6% 18.5% 27.0% -5%Gree JP 968 296 0.5x 0.5x 0.5x 3.4x 3.7x 3.7x 14.9% 13.5% 12.4% 5%LINE JP 7'855 7'148 5.6x 4.4x 3.8x 43.0x 37.6x 26.0x 12.9% 11.6% 14.5% 21%The Meet Group US 328 352 3.3x 2.4x 2.2x 17.5x 14.4x 12.7x 18.7% 16.5% 17.2% 22%mixi JP 1'619 527 0.3x 0.4x 0.4x 0.8x 1.2x 1.6x 45.1% 32.3% 27.6% -12%Momo CN 6'776 6'407 5.6x 3.6x 2.8x 19.7x 13.1x 9.6x 28.3% 27.5% 28.9% 42%Renren CN 84 178 1.0x 0.4x n/a n/m n/m n/a -42.5% -8.0% n/a n/aSINA CN 3'996 3'387 2.5x 1.8x 1.4x 9.2x 6.8x 4.7x 26.6% 25.8% 29.1% 34%Snap US 8'327 6'973 9.7x 6.9x 5.1x n/m n/m n/m -410.3% -58.0% -32.0% 38%Tian Ge Interactive CN 650 468 4.1x 2.8x n/a 8.7x n/a n/a 46.9% n/a n/a n/aTwitter US 18'718 16'134 7.6x 6.4x 5.6x n/m 17.3x 14.9x 14.1% 36.8% 37.8% 16%Weibo CN 12'435 11'837 11.8x 7.6x 5.5x 32.1x 19.9x 13.9x 36.8% 38.2% 39.8% 46%Xing SE DE 1'557 1'526 8.3x 6.6x 5.6x 30.5x 21.2x 17.5x 27.1% 31.3% 32.0% 21%XO Group US 757 655 4.7x 4.5x 4.1x 44.8x 20.4x 18.3x 10.4% 21.9% 22.5% 7%YY CN 4'026 2'663 1.8x 1.3x 1.1x 7.3x 6.7x 4.9x 25.0% 20.1% 21.9% 31%

Mean 4.5x 3.4x 3.0x 18.4x 14.2x 11.1x -7.7% 16.3% 21.4% 20.5%Median 4.1x 2.8x 2.8x 13.3x 13.8x 11.2x 25.0% 21.0% 27.0% 21.2%



20

Gaming




Activision Blizzard US 51'580 51'077 8.4x 7.8x 7.2x 26.3x 21.3x 17.8x 31.7% 36.7% 40.6% 7%

Changyou.com CN 606 114 0.2x 0.3x 0.3x 0.7x 1.2x 1.1x 34.0% 24.5% 25.5% -11%

Electronic Arts US 29'386 25'919 5.8x 5.7x 5.1x 19.3x 16.3x 13.5x 30.2% 35.2% 37.8% 7%

Glu Mobile US 780 723 2.9x 2.2x 2.0x n/m 22.2x 15.3x -24.0% 9.9% 12.8% 22%

Gree JP 968 296 0.5x 0.5x 0.5x 3.4x 3.7x 3.7x 14.9% 13.5% 12.4% 5%

GungHo JP 1'227 760 1.1x 1.2x 1.3x 2.8x 4.3x 5.0x 38.5% 28.7% 26.3% -10%

Kingsoft CN 2'042 1'223 1.9x 1.7x 1.2x 10.6x 30.0x 7.2x 17.6% 5.7% 16.9% 24%

NCSOFT KR 6'850 5'819 4.3x 4.5x 3.6x 12.3x 11.8x 9.0x 35.0% 37.7% 40.1% 9%

NEOWIZ KR 221 135 1.0x 0.8x 0.8x 12.3x 5.9x 4.5x 8.2% 13.5% 17.2% 15%

NetDragon Websoft CN 862 776 1.6x 1.3x 1.1x 34.4x 14.8x 10.9x 4.6% 8.5% 9.6% 23%

NetEase CN 24'815 20'888 3.1x 2.4x 1.9x 12.8x 17.7x 13.6x 23.9% 13.5% 14.0% 27%

NEXON JP 9'977 6'772 3.7x 3.3x 3.1x 8.1x 7.5x 6.9x 46.2% 44.7% 44.5% 11%

Ubisoft Entertainment FR 9'846 10'395 6.2x 5.2x 4.2x 22.5x 12.0x 10.5x 27.4% 43.9% 40.1% 21%

Wemade Co.,Ltd. KR 357 248 2.9x 2.3x 1.7x 26.3x 11.7x 8.2x 11.2% 19.5% 20.3% 33%

Zynga US 2'909 2'567 3.4x 3.3x 2.7x 42.0x 16.1x 12.5x 8.1% 20.3% 21.7% 12%

Mean 3.1x 2.8x 2.4x 16.7x 13.1x 9.3x 20.5% 23.7% 25.3% 13.0%

Median 2.9x 2.3x 1.9x 12.6x 12.0x 9.0x 23.9% 20.3% 21.7% 12.0%



21

Gambling




888 GI 800 676 1.4x 1.4x 1.3x 9.6x 7.3x 6.8x 15.0% 19.0% 19.2% 5%

Bet-At-Home.com DE 410 349 2.6x 2.9x 3.0x 9.6x 9.7x 9.9x 26.5% 29.9% 30.2% -8%

GVC GB 5'869 7'885 8.8x 2.0x 1.9x 35.5x 9.4x 8.8x 24.8% 21.5% 22.3% 112%

International Game Technology GB 2'997 10'211 2.4x 2.4x 2.3x 8.1x 6.7x 6.5x 29.3% 35.5% 35.4% 1%

JPJ Group GB 600 987 2.8x 2.7x 2.6x 8.5x 8.0x 7.8x 33.6% 34.4% 32.8% 5%

Kindred Group MT 2'035 2'163 2.5x 2.1x 1.9x 10.4x 9.6x 9.9x 24.2% 22.2% 19.3% 15%

NetEnt SE 826 807 5.2x 4.8x 4.5x 13.1x 10.3x 9.5x 39.8% 46.1% 46.8% 8%

Paddy Power Betfair IE 6'034 5'866 3.0x 2.8x 2.6x 10.9x 11.2x 11.0x 27.1% 25.2% 23.4% 7%

Playtech IM 1'646 2'050 2.5x 1.7x 1.2x 8.0x 6.1x 5.0x 31.9% 26.9% 24.3% 45%

Sportech GB 137 118 1.6x 1.5x 1.4x n/m 12.2x 10.8x -1.8% 12.0% 12.8% 6%

Stride Gaming GB 87 63 0.6x 0.7x 0.7x 3.2x 3.4x 3.3x 18.8% 19.2% 20.3% -6%

The Rank Group GB 740 751 0.9x 0.9x 0.8x 5.3x 5.4x 5.2x 17.6% 16.2% 16.3% 6%

The Stars Group CA 5'422 7'194 6.3x 3.9x 2.9x 15.5x 10.4x 7.5x 40.5% 38.0% 38.5% 48%

William Hill GB 2'320 2'521 1.3x 1.3x 1.3x 6.8x 6.8x 6.4x 19.2% 19.7% 20.2% 0%

ZEAL Network GB 182 51 0.4x 0.3x 0.3x 2.5x 1.3x 1.1x 15.4% 24.8% 28.4% 11%

Mean 2.8x 2.1x 1.9x 10.5x 7.8x 7.3x 24.1% 26.0% 26.0% 17.1%

Median 2.5x 2.0x 1.9x 9.0x 8.0x 7.5x 24.8% 24.8% 23.4% 6.4%



22

Classifieds

4: MARKETING & CLASSIFIEDS (1/3)



51job CN 3'418 2'750 7.7x 5.8x 4.7x 23.4x 17.1x 12.8x 32.8% 33.9% 37.0% 27%

58.com CN 8'345 7'840 6.2x 4.7x 3.9x 27.9x 22.6x 15.0x 22.2% 21.0% 26.3% 25%

Auto Trader Group GB 4'412 4'795 12.9x 12.4x 11.9x 19.1x 17.8x 16.4x 67.6% 69.8% 72.4% 4%

Autohome CN 6'855 5'840 7.5x 6.4x 5.2x 21.8x 15.4x 12.1x 34.3% 41.5% 42.9% 20%

Bitauto CN 1'276 4'443 4.0x 3.3x 2.7x n/m 27.3x 17.7x -2.5% 12.2% 15.3% 22%

carsales.com AU 2'179 2'422 10.0x 8.2x 7.3x 22.1x 17.7x 15.6x 45.2% 46.2% 46.6% 17%

DHI Group US 88 96 0.5x 0.7x 0.7x 3.6x 3.5x 3.7x 14.7% 19.1% 19.1% -13%

Fang CN 919 1'284 3.3x 4.2x 3.3x 21.0x 15.9x 7.8x 15.8% 26.5% 42.5% 0%

Info Edge (India) IN 2'012 1'842 17.9x 15.0x 12.9x n/m 44.8x 35.8x 33.9% 33.5% 36.1% 18%

REA Group AU 6'470 6'665 14.1x 12.4x 10.9x 27.5x 21.4x 18.4x 51.4% 58.1% 59.1% 14%

Rightmove GB 4'544 4'528 16.4x 15.0x 13.8x 22.1x 19.6x 18.2x 73.9% 76.2% 75.9% 9%

SaraminHR KR 160 137 2.2x 2.0x 1.7x 10.1x 8.4x 7.5x 21.7% 24.4% 23.4% 12%

SEEK AU 4'432 5'187 7.1x 6.0x 5.3x 22.8x 18.9x 17.2x 31.2% 31.7% 30.5% 16%

Zillow Group US 7'207 6'767 7.2x 5.8x 4.0x n/m 31.4x 24.5x 7.7% 18.5% 16.3% 34%

Mean 8.4x 7.3x 6.3x 20.1x 20.1x 15.9x 32.1% 36.6% 38.8% 14.7%

Median 7.3x 5.9x 5.0x 22.1x 18.4x 16.0x 32.0% 32.6% 36.5% 16.7%



23





ANGI Homeservices US 8'717 8'754 13.6x 8.9x 7.2x n/m 37.5x 28.1x -9.0% 23.8% 25.8% 37%

Care.com US 595 541 3.6x 3.2x 2.8x n/m 19.6x 16.5x 6.7% 16.5% 17.3% 12%

Catena Media MT 388 522 7.8x 4.9x 4.1x 14.9x 9.8x 7.7x 52.7% 49.6% 53.8% 38%

Delivery Hero SE DE 6'785 6'122 11.3x 8.1x 5.7x n/m n/m n/m -39.5% -17.2% -10.7% 41%

eHealth US 498 472 3.1x 2.4x 2.1x n/m 22.4x 14.1x -14.7% 10.9% 15.0% 22%

Groupon US 1'877 1'495 0.6x 0.6x 0.6x 15.4x 6.0x 5.6x 3.9% 10.8% 11.5% -3%

GrubHub US 9'989 9'675 16.3x 11.3x 8.9x n/m 41.7x 31.5x 20.4% 27.1% 28.2% 35%

Gruppo MutuiOnline IT 604 661 4.3x 3.7x 3.4x 15.0x 12.2x 11.0x 28.6% 30.2% 30.6% 13%

Gurunavi JP 343 289 1.0x 1.1x 1.1x 4.7x 6.6x 7.3x 21.6% 16.7% 15.1% -4%

HolidayCheck Group DE 184 158 1.3x 1.2x 1.0x n/m 16.7x 12.9x -2.3% 7.0% 8.1% 10%

iSelect AU 98 78 0.7x 0.7x 0.7x 5.6x 12.6x 5.5x 11.8% 5.4% 11.8% 1%

Just Eat GB 4'911 4'864 7.8x 5.6x 4.6x 27.6x 23.7x 18.3x 28.3% 23.7% 25.1% 31%

Kakaku.com JP 3'452 3'301 9.5x 8.3x 7.3x 18.3x 16.5x 15.2x 51.6% 49.9% 48.0% 14%

LendingTree US 2'429 2'387 4.4x 3.6x 3.0x 32.2x 18.1x 14.2x 13.8% 20.1% 21.1% 21%

Moneysupermarket.com GB 1'660 1'632 4.4x 4.1x 3.9x 12.5x 11.2x 10.5x 34.9% 37.0% 36.9% 6%

Quotient Technology US 1'160 979 3.5x 2.8x 2.3x n/m 18.6x 12.7x 3.6% 15.2% 17.9% 24%

Takeaway.com NL 2'342 2'275 13.7x 9.7x 7.4x n/m n/m n/m -17.1% -3.7% 8.4% 36%

Travelzoo US 130 113 1.2x 1.1x 1.1x 20.5x 13.5x 10.5x 5.9% 8.3% 10.0% 7%

trivago DE 1'587 1'486 1.4x 1.6x 1.5x n/m n/m n/m -1.1% -2.7% 1.5% -2%

Mean 5.8x 4.4x 3.6x 16.7x 17.9x 13.8x 10.5% 17.3% 19.8% 17.8%

Median 4.3x 3.6x 3.0x 15.2x 16.6x 12.8x 6.7% 16.5% 17.3% 13.7%



24


Other Online Marketing

E-commerce & Marketing Solutions



1000mercis FR 65 54 0.9x 0.8x 0.8x 4.9x 5.9x 5.4x 17.8% 14.2% 13.9% 7%

Blucora US 1'511 1'675 3.8x 3.4x 3.2x 21.8x 16.3x 14.2x 17.3% 21.0% 22.2% 9%

comScore US 903 1'024 2.9x 2.8x 2.7x n/m n/m n/m -36.3% 0.1% 4.8% 4%

Criteo FR 1'342 942 0.5x 1.1x 1.1x 4.7x 3.6x 3.4x 10.0% 31.4% 31.4% -33%

Goldbach Group CH 194 153 0.3x n/a n/a 4.6x n/a n/a 7.4% n/a n/a n/a

LivePerson US 1'262 1'202 6.3x 5.6x 5.0x n/m n/m 47.5x 4.3% 9.1% 10.5% 12%

Marin Software US 17 5 0.1x n/a n/a n/m n/a n/a -26.5% n/a n/a n/a

Otello NO 232 197 0.5x 0.7x 0.6x n/m 16.1x 5.5x -0.8% 4.6% 10.9% -5%

OPT Holding JP 544 520 0.8x 0.7x 0.6x 20.3x 17.3x 15.6x 4.0% 4.3% 4.1% 13%

QuinStreet US 584 527 1.8x 1.4x 1.2x n/m 15.2x 11.9x 3.4% 9.2% 10.4% 20%

RhythmOne US 176 186 0.9x 0.6x 0.5x 19.7x 5.0x 3.5x 4.6% 11.8% 14.0% 36%

The Trade Desk US 4'933 4'810 17.9x 12.0x 9.1x n/m 38.6x 29.3x 24.1% 31.0% 31.0% 41%

Telaria US 107 51 1.3x 1.1x 0.9x n/m n/m 6.1x -42.0% -7.7% 14.5% 23%

Web.com US 1'180 1'714 2.6x 2.6x 2.6x 13.1x 10.6x 10.1x 20.0% 24.8% 25.4% 1%

Weborama FR 23 24 0.7x 0.6x 0.5x 9.1x 3.2x 2.4x 7.3% 19.8% 21.3% 13%

Mean 2.8x 2.6x 2.2x 12.3x 13.2x 12.9x 1.0% 13.4% 16.5% 10.9%

Median 0.9x 1.1x 1.1x 11.1x 12.9x 8.1x 4.6% 11.8% 14.0% 12.3%


Brightcove US 254 230 1.7x 1.6x 1.5x n/m n/m 30.9x -9.2% 1.3% 4.7% 8%Baozun CN 1'962 1'892 3.6x 2.8x 2.1x 49.0x 27.4x 17.1x 7.4% 10.1% 12.1% 32%Cafe24 KR 841 835 7.6x 6.3x 4.9x n/m 41.9x 23.9x 8.8% 14.9% 20.6% 24%HubSpot US 4'709 4'498 13.7x 10.3x 8.3x n/m n/m n/m -8.2% 9.5% 11.3% 29%InnerWorkings US 344 466 0.5x 0.5x 0.4x 12.5x 10.5x 7.9x 3.8% 4.4% 5.6% 3%Limelight Networks US 497 457 2.8x 2.6x 2.4x 29.2x 14.3x 11.6x 9.7% 18.1% 20.3% 10%Quotient Technology US 1'160 979 3.5x 2.8x 2.3x n/m 18.6x 12.7x 3.6% 15.2% 17.9% 24%Shopify CA 13'082 11'710 20.0x 13.0x 9.3x n/m n/m n/m -4.8% 3.4% 6.2% 46%

Mean 6.7x 5.0x 3.9x 30.2x 22.5x 17.4x 1.4% 9.6% 12.3% 22.0%Median 3.6x 2.8x 2.3x 29.2x 18.6x 14.9x 3.7% 9.8% 11.7% 24.1%



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


5: CONSUMER/B2C SERVICES & PAYMENT

Consumer / B2C Services

Payment



Chegg US 2'741 2'576 11.6x 9.6x 7.8x n/m 36.9x 27.3x -0.9% 26.1% 28.8% 22%

Cimpress NL 3'341 4'226 2.0x 1.8x 1.7x 21.5x 13.4x 11.1x 9.2% 13.3% 15.1% 9%

CTS Eventim DE 3'438 3'045 2.9x 2.7x 2.6x 17.2x 13.0x 11.6x 17.1% 21.0% 22.3% 7%

Live Nation Entertainment US 9'438 10'371 1.2x 1.1x 1.0x 20.1x 14.3x 12.7x 5.7% 7.9% 8.2% 5%

Proto Labs US 3'384 3'279 10.9x 8.4x 7.4x 41.5x 29.9x 26.4x 26.3% 28.2% 28.2% 21%

Qurate Retail US 8'444 14'677 1.6x 1.2x 1.2x 9.8x 8.0x 7.5x 16.5% 15.1% 15.6% 18%

Shutterfly US 1'812 2'703 2.6x 1.5x 1.4x 18.7x 7.5x 7.2x 13.9% 20.5% 19.0% 38%

Spotify Technology LU 25'612 24'174 5.9x 4.6x 3.6x n/m n/m n/m -8.0% -4.1% -1.7% 28%

Stamps.com US 3'437 3'262 8.0x 6.5x 5.4x 20.2x 14.5x 12.1x 39.5% 44.7% 44.3% 22%

Mean 5.2x 4.2x 3.6x 21.3x 17.2x 14.5x 13.3% 19.2% 20.0% 18.9%

Median 2.9x 2.7x 2.6x 20.1x 13.9x 11.9x 13.9% 20.5% 19.0% 21.2%



Intuit US 48'995 47'882 10.1x 8.7x 8.0x 33.6x 23.9x 21.7x 30.1% 36.3% 36.8% 13%

Global Payments US 16'248 19'700 5.7x 5.7x 5.2x 20.5x 16.3x 14.4x 27.8% 35.0% 35.9% 5%

SafeCharge International Group GG 532 458 4.7x 4.1x 3.6x 16.7x 13.9x 12.2x 28.2% 29.3% 29.2% 15%

Qiwi CY 654 350 1.3x 1.6x 1.5x 5.7x 5.0x 3.2x 22.4% 31.5% 45.7% -6%

Wirecard DE 20'537 19'373 12.6x 9.6x 7.6x 49.2x 34.6x 25.9x 25.7% 27.7% 29.3% 29%

Worldpay US 25'271 32'361 9.2x 9.4x 8.6x 41.8x 19.8x 17.0x 22.1% 47.8% 50.6% 4%

Mean 7.3x 6.5x 5.7x 27.9x 18.9x 15.7x 26.0% 34.6% 37.9% 9.8%

Median 7.5x 7.2x 6.4x 27.0x 18.0x 15.7x 26.7% 33.2% 36.4% 8.8%

digital, media & internet monitor - gca altium · ev/sales: 1.9x ev/ebitda: 12.7x announced:...

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