Clare Capital
Transcript of Clare Capital
Clare CapitalTech Updates #1-17
Table of Contents
# Title Date
1 NZ Tech EVAR v 1Y% v EV 22 July 2016
2 NZ Tech EVAR Over Time 29 July 2016
3 NZ v AU v US Tech Sector 05 August 2016
4 SaaS Gross Margin 12 August 2016
5 NZ Tech Value Shares Traded 19 August 2016
6 SaaS Revenue per Employee 26 August 2016
7 SaaS EBITDA Margins 02 September 2016
8 Rem. vs Performance 09 September 2016
9 Capital Used vs Recurring Revenue 16 September 2016
10 NZX Sectors Over Time 23 September 2016
11 ARR & Net ARR Over Time 30 September 2016
12 Company Spotlight 07 October 2016
13 SaaS Spotlight 14 October 2016
14 40% Rule 20 October 2016
15 Cash Burn & Runway 28 October 2016
15B Cash Burn & Runway 28 October 2016
16 Accounting Giants 04 November 2016
17 NZX vs ASX Valuation Multiples 11 November 2016
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 3 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 1 - NZ Tech EVAR v 1Y% v EV - 20160722
Share Price Movements as at 22 July 2016 Valuation Chart as at 22 July 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s
EROAD 2.05 (4%) (44%) 114 244
Finzsoft 2.30 - (32%) - -
Gentrack 2.97 (1%) 33% 156 654
GeoOp 0.28 (10%) (40%) 58 17
ikeGPS 0.65 14% (4%) 170 103
Orion Health 4.82 (1%) 23% 1,136 5,523
Plexure 0.34 - (11%) 199 67
Pushpay 2.30 (6%) 100% 172 417
Rakon 0.23 - (37%) 1,237 284
Serko 0.75 7% (14%) 42 30
SLI Systems 0.80 (1%) (2%) 2,479 1,990
SmartPay 0.23 41% 32% 16 3
Trade Me 5.23 6% 56% 4,744 24,129
Vista 6.05 1% 8% 200 1,201
Wynyard 0.62 - (59%) 163 100
Xero 19.14 6% 7% 550 10,177
Total 11,437 44,752
Average 3% 1%
Weighted Ave 4% 28%
Definitions
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week ('000s)
Val. '000s = Value of Shares Traded in the Last Week (NZD '000s)
Notes
This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth
rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.
The chart compares EV/Annualised Revenue v 1-year annualised revenue growth with the bubble showing Enterprise Value. The entities in light green are specific Software-as-a-
Service companies, while the dark green bubbles show other publicly-listed NZ technology companies with a market capitalisation of greater than NZD$10M.
EROAD
Finzsoft
Gentrack
GeoOp
ikeGPSOrion Health
Plexure
Pushpay
Rakon
Serko
SLI Systems
SmartPay
Trade Me
Vista
Wynyard
Xero
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(50%) - 50% 100% 150% 200% 250% 300% 350% 400%
EV
/An
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1Yr Annualised Revenue Growth
Size of the bubble represents Enterprise Value.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 4 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 22 July 2016 Definitions
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation
EROAD 124 111 28 4.0 44% n/a 34 3.3 34% EV = Enterprise Value
Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue
Gentrack 216 204 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple
GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth
ikeGPS 33 27 9 3.2 118% 65% 16 1.7 n/a GM% = Gross Margin %
Orion Health 771 713 211 3.4 26% 78% 260 2.7 26% CFY Rev = Current Financial Year Revenue
Plexure 31 28 5 5.3 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple
Pushpay 532 520 39 13.4 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth
Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a
Serko 55 48 13 3.6 20% n/a n/a n/a n/a Disclaimer
SLI Systems 50 44 36 1.2 23% 77% 35 1.3 25%
SmartPay 39 63 21 3.0 - n/a 24 2.6 18%
Trade Me 2,077 2,195 211 10.4 9% 94% 219 10.0 9%
Vista 486 463 76 6.1 28% n/a 93 5.0 43%
Wynyard 111 96 25 3.9 (20%) 64% n/a n/a n/a
Xero 2,623 2,438 258 9.5 62% 75% 312 7.8 n/a
Total & Average 7,224 7,038 1,106 6.4
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 22 July 2016
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
athenahealth 4,915 5,075 1,048 4.8 17% 50% 1,103 4.6 19%
Box 519 391 361 1.1 37% 64% 394 1.0 30%
Salesforce.com 55,928 55,962 7,666 7.3 27% 73% 8,300 6.7 24%
HubSpot 1,836 1,729 236 7.3 54% 75% 258 6.7 42%
Lifelock 1,541 1,339 637 2.1 18% 75% 667 2.0 13%
LogMeIn 1,612 1,438 319 4.5 30% 86% 331 4.3 22% Contact Details
Marketo 1,581 1,489 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner
New Relic 1,718 1,526 210 7.3 57% 79% 252 6.1 39% +64-21-470227 [email protected]
ServiceNow 11,841 11,423 1,224 9.3 44% 68% 1,368 8.4 36%
NetSuite 6,815 6,715 866 7.8 31% 67% 966 7.0 30%
RealPage 2,008 1,989 514 3.9 16% 53% 570 3.5 22%
Shopify 2,226 2,036 289 7.1 93% 52% 345 5.9 69%
Splunk 7,893 6,871 744 9.2 48% 82% 895 7.7 34%
Workday 9,516 7,950 1,381 5.8 38% 68% 1,553 5.1 34%
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
The information provided in this report has been solely
sourced from Factset. Clare Capital holds no
responsibility over the actual and forecast numbers
presented in this report. The forecasts are an average of
broker forecasts complied by Factset.
Global SaaS company data has been converted to USD
and will move with exchange rate changes. Clare Capital
is not an Authorised Financial Adviser.
This document is intended as analysis – not financial
advice. If you are making investment decisions you
should seek appropriate personalised financial advice
from a qualified professional to suit your circumstances.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 5 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 2 - NZ Tech EVAR Over Time - 20160729
Share Price Movements as at 29 July 2016 Valuation Chart as at 29 July 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s
EROAD 2.10 2% (42%) 134 279
Finzsoft 2.30 - (32%) 0 0
Gentrack 2.99 1% 36% 178 529
GeoOp 0.29 2% (43%) 33 9
ikeGPS 0.71 9% 8% 377 263
Orion Health 4.85 1% 23% 316 1,528
Plexure 0.32 (6%) (17%) 167 55
Pushpay 2.58 12% 121% 666 1,676
Rakon 0.23 (2%) (38%) 688 156
Serko 0.67 (11%) (23%) 47 34
SLI Systems 0.79 (1%) (1%) 78 62
SmartPay 0.23 - 32% - -
Trade Me 5.12 (2%) 53% 3,625 18,951
Vista 6.25 3% 11% 451 2,810
Wynyard 0.59 (5%) (61%) 364 218
Xero 19.79 3% 10% 566 11,216
Total 7,691 37,785
Average 0% 2%
Weighted Ave 2% 17%
Definitions
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week ('000s)
Val. '000s = Value of Shares Traded in the Last Week (NZD '000s)
Notes
The chart compares the EV/Annualised Revenue multiple for Pushpay (NZX:PAY), Trade Me (NZX:TME) and Xero (NZX:XRO) at the end of their financial years since their IPO. Clare
Capital has included semi-annual information for Pushpay as the company has only been listed since 2013.
This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth
rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.
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EV
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Financial Years since IPO
Trade Me Pushpay Xero
Size of the bubble represents Enterprise Value.
15% 7% 13% 9%
366% 532% 210% 109% 82%
1,149% 446%
81%102% 62%71%
Trade Me
Pushpay
Xero
Annualised Revenue Growth Rate
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 6 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 29 July 2016 Definitions
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation
EROAD 127 114 28 4.1 44% n/a 34 3.4 34% EV = Enterprise Value
Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue
Gentrack 217 205 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple
GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth
ikeGPS 36 30 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %
Orion Health 776 717 211 3.4 26% 78% 260 2.8 26% CFY Rev = Current Financial Year Revenue
Plexure 29 27 5 4.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple
Pushpay 596 584 39 15.1 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth
Rakon 43 55 109 0.5 (22%) n/a n/a n/a n/a
Serko 49 42 13 3.1 20% n/a n/a n/a n/a Disclaimer
SLI Systems 49 44 36 1.2 23% 77% 35 1.2 25%
SmartPay 39 63 21 3.0 - n/a 24 2.6 18%
Trade Me 2,033 2,152 211 10.2 9% 94% 219 9.8 9%
Vista 502 479 76 6.3 28% n/a 93 5.1 43%
Wynyard 106 91 25 3.7 (20%) 64% n/a n/a n/a
Xero 2,712 2,527 258 9.8 62% 75% 312 8.1 51%
Total & Average 7,348 7,162 1,036 6.5
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 29 July 2016
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
athenahealth 5,028 5,188 1,048 5.0 17% 50% 1,102 4.7 19%
Box 564 437 361 1.2 37% 64% 394 1.1 30%
Salesforce.com 55,420 55,454 7,666 7.2 27% 73% 8,300 6.7 24%
HubSpot 1,908 1,801 236 7.6 54% 75% 258 7.0 42%
Lifelock 1,574 1,372 637 2.2 18% 75% 667 2.1 13%
LogMeIn 2,174 1,994 333 6.0 28% 85% 334 6.0 23% Contact Details
Marketo 1,584 1,491 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner
New Relic 1,744 1,553 210 7.4 57% 79% 252 6.2 39% +64-21-470227 [email protected]
ServiceNow 12,208 11,892 1,365 8.7 38% 70% 1,376 8.6 37%
NetSuite 8,756 8,656 866 10.0 31% 67% 966 9.0 30%
RealPage 2,013 1,994 514 3.9 16% 53% 570 3.5 22%
Shopify 2,320 2,131 289 7.4 93% 52% 345 6.2 69%
Splunk 8,310 7,288 744 9.8 48% 82% 895 8.1 34%
All Global SaaS Companies Median 3.7 18% 66% 3.4 19%
The information provided in this report has been solely
sourced from Factset. Clare Capital holds no
responsibility over the actual and forecast numbers
presented in this report. The forecasts are an average of
broker forecasts complied by Factset.
Global SaaS company data has been converted to USD
and will move with exchange rate changes. Clare Capital
is not an Authorised Financial Adviser.
This document is intended as analysis – not financial
advice. If you are making investment decisions you
should seek appropriate personalised financial advice
from a qualified professional to suit your circumstances.
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 7 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 3 - NZ v AU v US Tech Sector - 20160805
NZ v AU v US Tech Sector (Jan11 - Jul16) NZ v AU v US Tech Sector (Jan14 - Jul16)
NZ v AU v US Tech Sector (Jan15 - Jul16) NZ v AU v US Tech Sector (Jan16 - Jul16)
Comparing Market Capitalisation Indices for New Zealand (NZ), Australia (AU) and United States (US) tech sectors over time.
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www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 8 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Chart Methodology Definitions
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Chart Commentary Vol. '000s = Volume of Shares Traded (Last Week)
Invest $1,000 at January 2011 into: Invest $1,000 at January 2014 into: Val. '000s = Value of Shares Traded (Last Week)
As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR Mkt Cap = Market Capitalisation
NZ Tech Sector 1,268 127% 16% NZ Tech Sector (302) (30%) (13%) EV = Enterprise Value
AU Tech Sector 2,656 266% 27% AU Tech Sector 543 54% 19% EV/AR = EV/Annualised Revenue multiple
US Tech Sector 938 94% 13% US Tech Sector 292 29% 11% Yr∆ AR = Annualised Revenue Growth
Invest $1,000 at January 2015 into: Invest $1,000 at January 2016 into: Disclaimer
As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR
NZ Tech Sector 279 28% 18% NZ Tech Sector 221 22% 49%
AU Tech Sector 470 47% 29% AU Tech Sector 262 26% 59%
US Tech Sector 159 16% 10% US Tech Sector 123 12% 26%
Share Price Movements as at 05 August 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap AR EV/AR Yr∆ AR
EROAD 2.10 - (42%) 859 1,789 127 28 4.1 44%
Finzsoft 2.30 - (32%) - - 20 14 1.5 (12%)
Gentrack 2.99 - 48% 530 1,590 217 47 4.4 14%
GeoOp 0.27 (5%) (46%) 45 12 13 4 2.5 204%
ikeGPS 0.69 (3%) 5% 144 101 35 9 3.4 118%
Orion Health 4.77 (2%) 24% 470 2,281 763 211 3.3 26%
Plexure 0.29 (11%) (19%) 242 72 26 5 4.3 70% Contact Details
Pushpay 2.61 1% 120% 247 640 603 39 15.2 330% Mark Clare
Rakon 0.22 (4%) (41%) 657 144 41 109 0.5 (22%) Managing Partner
Serko 0.67 - (22%) 54 36 49 13 3.1 20% [email protected]
SLI Systems 0.82 4% 2% 91 74 51 36 1.3 23% +64-21-470227
SmartPay 0.23 - 32% - - 39 21 3.0 0%
Trade Me 5.00 (2%) 47% 10,852 54,871 1,985 211 10.0 9%
Vista 6.21 (1%) 3% 488 3,054 499 76 6.2 28%
Wynyard 0.55 (7%) (62%) 523 301 99 25 3.4 (20%)
Xero 20.09 2% 15% 545 10,830 2,762 258 10.0 62%
Total & Average (2%) 2% 15,746 75,793 7,329 1,106 4.8
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
Due to new-listing (IPOs) increasing the number of companies in each of the indices through time, Clare Capital has
employed the principles of chain-linking to create these indices.
The information provided in this report has been solely
sourced from Factset.
Clare Capital holds no responsibility over the actual
numbers presented in this report.
Clare Capital is not an Authorised Financial Adviser. This
document is intended as analysis – not financial advice.
If you are making investment decisions you should seek
appropriate personalised financial advice from a
qualified professional to suit your circumstances.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 9 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 4 - SaaS Gross Margin - 20160812
Share Price Movements as at 12 August 2016 Indicator of Profitability - SaaS Gross Margin (%) as at 12 August 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s
EROAD 2.20 5% (41%) 433 942
Finzsoft 2.30 - (32%) - -
Gentrack 3.20 7% 55% 3,586 11,211
GeoOp 0.28 4% (44%) 22 6
ikeGPS 0.63 (9%) (2%) 108 70
Orion Health 4.55 (5%) 15% 321 1,479
Plexure 0.26 (9%) (30%) 263 71
Pushpay 2.40 (8%) 96% 407 1,023
Rakon 0.24 12% (33%) 1,002 222
Serko 0.66 (1%) (18%) 4 3
SLI Systems 0.90 10% 25% 84 75
SmartPay 0.23 - 36% - -
Trade Me 5.14 3% 61% 12,717 63,856
Vista 6.20 (0%) 3% 71 440
Wynyard 0.41 (25%) (72%) 2,273 957
Xero 20.14 0% 24% 367 7,398
Total 21,669 87,751
Average (1%) 3%
Weighted Ave (0%) 35%
Definitions
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week ('000s)
Val. '000s = Value of Shares Traded in the Last Week (NZD '000s)
Notes
The chart compares Gross Margin (%) for all global SaaS companies, grouped by years since their IPO.
This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth
rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.
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20%
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Gro
ss M
argi
n %
Years Since IPO
25-50% Percentile 50-75% percentile
n=123 n=32n=46n=103
x
x x
PAY
SLI XRO
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 10 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 12 August 2016 Definitions
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation
EROAD 133 120 28 4.3 44% n/a 34 3.5 34% EV = Enterprise Value
Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue
Gentrack 233 220 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple
GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth
ikeGPS 32 26 9 3.1 118% 65% 16 1.7 n/a GM% = Gross Margin %
Orion Health 728 669 211 3.2 26% 78% 260 2.6 26% CFY Rev = Current Financial Years Revenue
Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple
Pushpay 555 543 39 14.0 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth
Rakon 46 58 109 0.5 (22%) n/a n/a n/a n/a
Serko 48 41 13 3.1 20% n/a n/a n/a n/a Disclaimer
SLI Systems 56 50 36 1.4 23% 77% 35 1.4 25%
SmartPay 39 63 21 3.0 0% n/a 24 2.6 18%
Trade Me 2,041 2,160 211 10.2 9% 94% 218 9.9 9%
Vista 498 475 76 6.2 28% n/a 93 5.1 43%
Wynyard 73 59 25 2.4 (20%) 64% n/a n/a n/a
Xero 2,769 2,585 258 10.0 62% 75% 312 8.3 51%
Total & Average 7,308 7,122 1,106 6.4
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 12 August 2016
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
athenahealth 4,888 5,048 1,048 4.8 17% 50% 1,102 4.6 19%
Box 604 477 361 1.3 37% 64% 394 1.2 30%
Salesforce.com 55,304 55,339 7,666 7.2 27% 73% 8,304 6.7 25%
HubSpot 2,086 1,969 260 7.6 51% 75% 264 7.5 45%
Lifelock 1,580 1,424 658 2.2 13% 74% 666 2.1 13% Contact Details
LogMeIn 2,098 1,918 333 5.8 28% 85% 334 5.7 23% Mark Clare
Marketo 1,565 1,467 264 5.6 30% 67% 273 5.4 30% Managing Partner
New Relic 1,804 1,608 234 6.9 54% 80% 255 6.3 40% [email protected] +64-21-470227
ServiceNow 12,464 12,148 1,365 8.9 38% 70% 1,376 8.8 37%
NetSuite 8,789 8,667 923 9.4 30% 66% 966 9.0 30%
RealPage 2,011 2,011 571 3.5 24% 53% 570 3.5 22%
Shopify 2,666 2,487 347 7.2 93% 52% 366 6.8 79%
Splunk 8,535 7,512 744 10.1 48% 82% 896 8.4 34%
All Global SaaS Companies Median 3.8 19% 66% 3.7 19%
The information provided in this report has been solely
sourced from Factset. Clare Capital holds no
responsibility over the actual and forecast numbers
presented in this report. The forecasts are an average of
broker forecasts complied by Factset. Global SaaS
company data has been converted to USD and will move
with exchange rate changes back to its local currency.
Clare Capital is not an Authorised Financial Adviser. This
document is intended as analysis – not financial advice.
If you are making investment decisions you should seek
appropriate personalised financial advice from a
qualified professional to suit your circumstances.
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 11 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 5 - NZ Tech Value Shares Traded - 20160819
This report compares the montly value of shares traded for NZ-listed technology companies since January 2014.
Figure 1.a Monthly value of shares traded - Companies greater than NZD$60M Figure 1.b Monthly value of shares traded - Companies between NZD$60M & $1B
Figure 2. Monthly value of shares traded - Companies less than NZD$60M 19-Aug-16 ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap
EROAD 2.33 6% (37%) 271 597 140
Finzsoft 2.30 - (32%) - - 20
Gentrack 3.43 7% 70% 1,216 3,953 249
GeoOp 0.28 - (36%) - - 14
ikeGPS 0.65 3% - 168 108 39
Orion Health 4.46 (2%) 21% 455 2,073 713
Plexure 0.25 (4%) (29%) 77 20 23
Pushpay 2.59 8% 88% 419 1,084 599
Rakon 0.23 (6%) (34%) 571 137 43
Serko 0.66 - (27%) 2 1 48
SLI Systems 0.84 (7%) 15% 142 121 52
SmartPay 0.18 (20%) 9% 311 55 31
Trade Me 5.40 5% 74% 13,954 73,743 2,144
Vista 6.50 5% 13% 504 3,149 522
Wynyard 0.39 (6%) (72%) 2,233 825 69
Xero 19.79 (2%) 30% 300 5,988 2,721
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713 599 522 249 140 69
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2,721 2,144 713 599 522 249 140 69
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 12 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Chart Notes
Same as the charts on the previous page, but adding in the top and bottom 25% as well as the minimum and maximum monthly trade value for each company.
Figure 3.a Monthly value of shares traded - Companies greater than NZD$60M Figure 3.b Monthly value of shares traded - Companies between NZD$60M & $1B
Figure 4. Monthly value of shares traded - Companies less than NZD$60M Disclaimer
Contact Details
Mark Clare [email protected] +64-21-470227
The information provided in this report has been solely sourced from Factset. Clare
Capital holds no responsibility over the actual numbers presented in this report.
Clare Capital is not an Authorised Financial Adviser. This document is intended as
analysis – not financial advice.
If you are making investment decisions you should seek appropriate personalised
financial advice from a qualified professional to suit your circumstances.
Clare Capital is a corporate finance advisory firm built on a base of structured
fundamental analysis. We provide creative solutions for both origination and
analysis mandates. We have a strong track record for the successful execution of
commercial transactions.
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52 48 43 39 31 23 20 14
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2,721 2,144 713 599 522 249 140 69
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on
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00
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713 599 522 249 140 69
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 13 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 6 - SaaS Revenue per Employee - 20160826
Share Price Movements as at 26 August 2016 Indicator of Resource Efficiency - SaaS Revenue per Employee as at 26 August 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s
EROAD 2.37 2% (32%) 54 126
Finzsoft 2.30 - (28%) - -
Gentrack 3.35 (2%) 72% 576 2,007
GeoOp 0.26 (7%) (40%) 28 7
ikeGPS 0.61 (6%) 22% 186 118
Orion Health 4.22 (5%) 17% 195 850
Plexure 0.26 4% (26%) 322 83
Pushpay 2.54 (2%) 77% 195 502
Rakon 0.23 2% (30%) 394 89
Serko 0.68 3% (15%) 64 43
SLI Systems 0.84 - (5%) 159 131
SmartPay 0.20 11% 33% 311 56
Trade Me 5.39 (0%) 53% 15,578 84,417
Vista 6.20 (5%) 14% 1,393 8,835
Wynyard 0.28 (27%) (77%) 2,962 973
Xero 19.60 (1%) 43% 1,089 21,648
Total 23,506 119,886
Average (2%) 5%
Weighted Ave (2%) 41%
Definitions
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week ('000s)
Val. '000s = Value of Shares Traded in the Last Week (NZD '000s)
Notes
This tech update looks at revenue per employee. This metric is one of several indicators looking at efficient use of a company's resources. It is expected that the amount of revenue
per employee increases as the company matures. Early-stage companies are often hiring in advance to meet their expansion needs before they reach a certain revenue level.
This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth
rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.
-
50
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300
1 5 10 15
Re
ven
ue
pe
r Em
plo
yee
(U
SD 0
00
s)
Years Since IPO
25-50% Percentile 50-75% Percentile
x XRO
x
x
x
SLI
PAY
PLX
x GEO
n=121
n=32
n=45
n=77
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 14 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 26 August 2016 Definitions
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation
EROAD 143 130 28 4.7 44% n/a 34 3.8 34% EV = Enterprise Value
Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue
Gentrack 244 231 47 4.9 14% n/a 51 4.5 23% EV/AR = EV/Annualised Revenue multiple
GeoOp 13 10 4 2.3 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth
ikeGPS 36 31 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %
Orion Health 675 616 211 2.9 26% 78% 259 2.4 25% CFY Rev = Current Financial Years Revenue
Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple
Pushpay 587 575 39 14.8 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth
Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a
Serko 50 43 13 3.2 20% n/a n/a n/a n/a Disclaimer
SLI Systems 52 47 31 1.5 (10%) 77% 36 1.3 27%
SmartPay 34 58 21 2.8 0% n/a 24 2.4 18%
Trade Me 2,140 2,242 225 10.0 9% 94% 218 10.3 (0%)
Vista 498 475 76 6.2 28% n/a 88 5.4 34%
Wynyard 50 35 25 1.4 (20%) 64% 41 0.9 67%
Xero 2,695 2,511 28 9.7 62% 75% 314 8.0 52%
Total & Average 7,305 7,102 1,115 6.4
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 26 August 2016
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
athenahealth 4,803 4,964 1,048 4.7 17% 50% 1,102 4.5 19%
Box 632 504 361 1.4 37% 64% 394 1.3 30%
Salesforce.com 54,220 54,255 7,666 7.1 27% 73% 8,300 6.5 24%
HubSpot 2,007 1,890 260 7.3 51% 75% 264 7.2 45%
Lifelock 1,568 1,412 658 2.1 13% 74% 667 2.1 13%
LogMeIn 2,087 1,906 333 5.7 28% 85% 334 5.7 23% Contact Details
Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner
New Relic 1,838 1,642 234 7.0 54% 80% 255 6.4 40% +64-21-470227 [email protected]
ServiceNow 12,091 11,775 1,365 8.6 38% 70% 1,376 8.6 37%
NetSuite 8,816 8,695 923 9.4 30% 66% 966 9.0 30%
RealPage 2,071 2,071 571 3.6 24% 53% 570 3.6 22%
Shopify 2,852 2,672 347 7.7 93% 52% 366 7.3 79%
Splunk 7,776 6,756 851 7.9 43% 81% 913 7.4 37%
All Global SaaS Companies Median 3.9 19% 66% 3.8 19%
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
The information provided in this report has been solely
sourced from Factset. Clare Capital holds no
responsibility over the actual and forecast numbers
presented in this report. The forecasts are an average of
broker forecasts complied by Factset. Global SaaS
company data has been converted to USD and will move
with exchange rate changes back to its local currency.
Clare Capital is not an Authorised Financial Adviser. This
document is intended as analysis – not financial advice.
If you are making investment decisions you should seek
appropriate personalised financial advice from a
qualified professional to suit your circumstances.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 15 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 7 - SaaS EBITDA Margins - 20160902
Share Price Movements as at 11 November 2016 Indicator of Profitability - SaaS EBITDA Margin (%) as at 02 September 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s
EROAD 2.27 (4%) (37%) 147 346
Finzsoft 2.50 9% (22%) 0 1
Gentrack 3.29 (2%) 88% 536 1,769
GeoOp 0.30 13% (36%) 75 20
ikeGPS 0.61 - 22% 61 37
Orion Health 4.09 (3%) 14% 297 1,223
Plexure 0.25 (4%) (26%) 266 68
Pushpay 2.55 0% 79% 183 467
Rakon 0.21 (9%) (36%) 464 101
Serko 0.65 (4%) (19%) 18 12
SLI Systems 0.72 (14%) (24%) 211 156
SmartPay 0.19 (5%) 19% 598 112
Trade Me 5.61 4% 60% 9,713 53,205
Vista 6.61 7% 28% 1,577 9,898
Wynyard 0.24 (14%) (81%) 2,434 626
Xero 19.81 1% 45% 469 9,252
Total 17,045 77,295
Average (2%) 5%
Weighted Ave 1% 45%
Definitions
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week ('000s)
Val. '000s = Value of Shares Traded in the Last Week (NZD '000s)
Notes
The chart compares EBITDA Margin for global SaaS companies, grouped by years since their IPO. Most SaaS companies tend to be unprofitable in their first few years as they seek
growth over profitability. Although the SaaS sector is still relatively immature with very few "steady-state" SaaS businesses, long-term EBITDA margins are trending to ~25-35%.
This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth
rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.
(80%)
(60%)
(40%)
(20%)
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20%
40%
60%
1 5 10 15
EB
ITD
A M
arg
in %
Years Since IPO
50-75% Percentile 25-50% Percentile
n=105 n=34n=46n=96
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NZ LISTED TECH UPDATE
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If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 02 September 2016 Definitions
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation
EROAD 137 124 28 4.5 44% n/a 34 3.6 34% EV = Enterprise Value
Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue
Gentrack 239 227 47 4.8 14% n/a 51 4.4 23% EV/AR = EV/Annualised Revenue multiple
GeoOp 15 12 5 2.5 249% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth
ikeGPS 36 31 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin %
Orion Health 654 595 211 2.8 26% 78% 252 2.4 22% CFY Rev = Current Financial Years Revenue
Plexure 23 20 5 3.7 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple
Pushpay 590 577 39 14.9 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth
Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a
Serko 47 41 13 3.0 20% n/a n/a n/a n/a Disclaimer
SLI Systems 45 39 31 1.3 (10%) 77% 36 1.1 27%
SmartPay 33 57 21 2.7 0% n/a 24 2.4 18%
Trade Me 2,228 2,329 225 10.4 9% 94% 218 10.7 (0%)
Vista 531 508 76 6.7 28% n/a 90 5.7 37%
Wynyard 43 28 25 1.1 (20%) 64% 41 0.7 67%
Xero 2,724 2,540 258 9.8 62% 75% 314 8.1 52%
Total & Average 7,405 7,203 1,124 6.4
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 02 September 2016
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
athenahealth 4,863 5,024 1,048 4.8 17% 50% 1,102 4.6 19%
Box 685 570 383 1.5 30% 65% 395 1.4 31%
Salesforce.com 50,880 52,221 8,146 6.4 25% 71% 8,315 6.3 25%
HubSpot 2,015 1,899 260 7.3 51% 75% 264 7.2 45%
Lifelock 1,569 1,413 658 2.1 13% 74% 667 2.1 13%
LogMeIn 2,232 2,052 333 6.2 28% 85% 334 6.1 23% Contact Details
Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner
New Relic 1,910 1,714 234 7.3 54% 80% 255 6.7 40% +64-21-470227 [email protected]
ServiceNow 12,541 12,226 1,365 9.0 38% 70% 1,376 8.9 37%
NetSuite 8,818 8,696 923 9.4 30% 66% 966 9.0 30%
RealPage 2,036 2,036 571 3.6 24% 53% 570 3.6 22%
Shopify 2,914 2,734 347 7.9 93% 52% 366 7.5 79%
Splunk 7,892 6,871 851 8.1 43% 81% 913 7.5 37%
All Global SaaS Companies Median 4.1 20% 66% 4.0 19%
The information provided in this report has been solely
sourced from Factset. Clare Capital holds no
responsibility over the actual and forecast numbers
presented in this report. The forecasts are an average of
broker forecasts complied by Factset. Global SaaS
company data has been converted to USD and will move
with exchange rate changes back to its local currency.
Clare Capital is not an Authorised Financial Adviser. This
document is intended as analysis – not financial advice.
If you are making investment decisions you should seek
appropriate personalised financial advice from a
qualified professional to suit your circumstances.
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 17 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 8 - Rem. vs Performance - 20160909
Remuneration versus Company Performance DefinitionsLTM Rev. = Last Twelve Months
LTM Rev. = LTM Revenue
Ann. Rev. = Annualised Revenue
Rev./Emp = Revenue/EmployeeMkt Cap = Market Value
Yr∆ AR = 1 Year AR Growth
NPBT % = NPBT Margin
SP = Share Price
Wk∆ SP = 1Week Price Change
Yr∆ SP = 1Year Price Change
Volume = of Shares Traded
Category ERD FIN GTK GEO IKE OHE PLX PAY RAK SKO SLI SPY TME VGL WYN XRO Value = of Shares Traded
CEO Rem. $000 524 650 401 305 554 508 609 375 908 280 289 492 650 291 662 761 EV/LTM = EV/LTM Revenue
Rem. as % Rev % 2.1% 3.3% 1.0% 33% 6.5% 0.2% 11% 2.5% 0.8% 2.1% 1.0% 2.4% 0.3% 0.4% 2.7% 0.4% EV/AR = EV/AR multiple
% staff >$100k % 32% 40% 27% 25% 43% 51% 52% 20% 22% 21% 34% 14% 24% 22% 46% 44%
LTM Revenue $m 25 20 42 1 9 207 5 15 113 13 28 20 218 65 25 207 Disclaimer
Ann. Revenue $m 28 22 47 5 9 211 5 39 109 13 31 21 225 76 25 258
Employees # 196 95 220 40 56 1,240 52 216 589 140 175 125 464 350 297 1,450
Rev./Employee $000 130 206 190 23 153 167 103 68 191 94 161 163 470 187 83 143
EV $m 121 23 231 13 30 613 19 536 52 41 39 53 2,266 528 26 2,566
Mkt Cap $m 133 22 244 16 36 671 22 548 40 48 44 29 2,164 551 41 2,750
Yr∆ AR % 44% 39% 14% 249% 118% 26% 70% 330% (22%) 20% (10%) 0% 9% 28% (20%) 62%
NPBT % % (5%) 20% 23% (305%) (103%) (25%) (123%) (137%) (1%) (43%) (25%) 7% 56% 10% (165%) (39%)
SP $ 2.21 2.50 3.35 0.33 0.60 4.20 0.24 2.37 0.21 0.66 0.71 0.17 5.45 6.86 0.23 20.00
∆ Wkly
Wk∆ SP % (3%) - 2% 10% (2%) 3% (4%) (7%) - 2% (1%) (11%) (3%) 4% (4%) 1%
Yr∆ SP % (39%) (21%) 86% (26%) 20% 20% (31%) 74% (37%) (18%) (19%) 6% 53% 32% (82%) 41%
Volume (week) 000 194 - 2,180 58 46 499 182 154 187 2 153 35 8,942 485 2,402 1,078
Value (week) $000 429 - 7,274 17 27 2,043 45 375 39 1 111 6 50,622 3,300 566 21,701
EV/LTM Rev x 4.7 1.2 5.5 14.4 3.5 3.0 3.6 36.3 0.5 3.1 1.4 2.6 10.4 8.1 1.1 12.4
EV/AR x 4.3 1.0 4.9 2.9 3.5 2.9 3.6 13.8 0.5 3.1 1.2 2.5 10.1 6.9 1.1 9.9
This update compares SaaS remuneration information with Company size & performance. The entities in light green are specific Software-as-a-Service companies, green and blue
bubbles represent companies with some SaaS elements and the blue bubbles show other publicly-listed NZ technology companies with a market value of greater than NZD$10M.
The information provided in this
report has been solely sourced
from Factset and company
annual reports. Clare Capital
holds no responsibility over the
actual numbers presented in
this report. This document is
not intended for advice. Clare
Capital is not an Authorised
Financial Adviser. If you are
making investment decisions
you should seek appropriate
personalised financial advice
from a qualified professional to
suit your circumstances.
-
10%
20%
30%
40%
50%
60%
70%
Size of Bubble represents Enterprise Value (EV)
% o
f E
mp
loy
ee
s P
aid
>$
100
k
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NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
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Share Price Performance
Share price performance against the NZX50, indexed from Jan 2016.
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0.5
1.0
1.5
2.0
Vo
l ('0
00
s) p
er d
ay
Sh
are
Pri
ce In
dex
RAK-NZ
RAK-NZ NZX50-
1,000
2,000
3,000
4,000
-
0.5
1.0
1.5
2.0
Vo
l ('0
00
s) p
er d
ay
Sh
are
Pri
ce In
dex
SPY-NZ
SPY-NZ NZX50-
50
100
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200
-
0.5
1.0
1.5
2.0
Vo
l ('0
00
s) p
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ay
Sh
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Pri
ce In
dex
SKO-NZ
SKO-NZ NZX50-
500
1,000
1,500
2,000
-
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1.0
1.5
2.0
Vo
l ('0
00
s) p
er d
ay
Sh
are
Pri
ce In
dex
SLI-NZ
SLI-NZ NZX50
-
2,500
5,000
7,500
10,000
-
0.5
1.0
1.5
2.0
Vo
l ('0
00
s) p
er d
ay
Sh
are
Pri
ce In
dex
TME-NZ
TME-NZ NZX50
-
250
500
750
1,000
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0.5
1.0
1.5
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l ('0
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er d
ay
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are
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dex
XRO-NZ
XRO-NZ NZX50
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6,000
12,000
18,000
24,000
-
0.5
1.0
1.5
2.0
Vo
l ('0
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ce In
dex
VGL-NZ
VGL-NZ NZX50
-
500
1,000
1,500
2,000
-
0.5
1.0
1.5
2.0
Vo
l ('0
00
s) p
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ay
Sh
are
Pri
ce In
dex
WYN-NZ
WYN-NZ NZX50
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 19 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 9 - Capital Used vs Recurring Revenue - 20160916
Share Price Movements as at 16 September 2016 Indicator of Resource Efficiency - Capital Used per Recurring Revenue
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s
EROAD 2.20 (0%) (38%) 216 477
Finzsoft 2.50 - (17%) - -
Gentrack 3.18 (5%) 72% 1,930 6,417
GeoOp 0.20 (40%) (59%) 59 14
ikeGPS 0.59 (2%) 13% 138 82
Orion Health 3.97 (5%) 24% 491 2,003
Plexure 0.26 8% (19%) 148 37
Pushpay 2.50 5% 68% 357 870
Rakon 0.22 5% (36%) 596 123
Serko 0.60 (9%) (24%) 10 6
SLI Systems 0.65 (8%) (28%) 215 144
SmartPay 0.17 - 5% 63 11
Trade Me 5.46 0% 52% 4,459 24,278
Vista 6.75 (2%) 30% 5,209 34,896
Wynyard 0.22 (4%) (82%) 2,038 460
Xero 19.99 (0%) 45% 1,151 22,624
Total 17,081 92,443
Average (4%) 0%
Weighted Ave (0%) 42%
Definitions
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week ('000s)
Val. '000s = Value of Shares Traded in the Last Week (NZD '000s)
Notes
This week we are looking at the amount of capital used (Share Capital + Debt - Cash) to generate a $1 million in recurring revenue, another measure of resource efficiency. The
international median for SaaS companies is $1 million capital used to generate $1 million in recurring revenue (i.e. a 1:1 ratio).
This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth
rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.
Note: Some NZ Tech companies above have elements of non-recurring revenue as part of their total
revenue.
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
ERD GTK GEO IKE OHE PLX PAY SKO SLI SPY VGL WYN XRO
Ca
pit
al U
sed
to
Ge
ne
rate
$1M
Re
curr
ing
Re
ven
ue
Clare Capital's SaaS High Performance Threshold
Global SaaS International Median
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 20 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 16 September 2016 Definitions
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation
EROAD 133 120 28 4.3 44% n/a n/a n/a n/a EV = Enterprise Value
Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue
Gentrack 231 219 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple
GeoOp 10 7 5 1.5 249% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth
ikeGPS 35 30 9 3.5 118% 65% 16 1.9 87% GM% = Gross Margin %
Orion Health 635 576 211 2.7 26% 78% 252 2.3 22% CFY Rev = Current Financial Years Revenue
Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple
Pushpay 578 566 39 14.6 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth
Rakon 42 54 109 0.5 (22%) n/a n/a n/a n/a
Serko 44 37 13 2.7 20% n/a n/a n/a n/a Disclaimer
SLI Systems 40 35 31 1.1 (10%) 77% 36 1.0 27%
SmartPay 29 53 21 2.5 0% n/a n/a n/a n/a
Trade Me 2,168 2,270 225 10.1 9% 94% 218 10.4 (0%)
Vista 542 534 81 6.6 49% n/a 90 5.9 37%
Wynyard 39 25 26 1.0 4% 64% 41 0.6 67%
Xero 2,749 2,564 258 9.9 62% 75% 312 8.2 51%
Total & Average 7,321 7,132 1,129 6.3
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 16 September 2016
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
athenahealth 4,864 5,024 1,048 4.8 17% 50% 1,102 4.6 19%
Box 794 679 383 1.8 30% 65% 395 1.7 31%
Salesforce.com 49,654 50,995 8,146 6.3 25% 71% 8,315 6.1 25%
HubSpot 1,975 1,858 260 7.2 51% 75% 264 7.0 45%
Lifelock 1,490 1,334 658 2.0 13% 74% 667 2.0 13%
LogMeIn 2,294 2,114 333 6.3 28% 85% 334 6.3 23% Contact Details
New Relic 1,880 1,684 234 7.2 54% 80% 255 6.6 40% Mark Clare Managing Partner
ServiceNow 12,714 12,398 1,365 9.1 38% 70% 1,376 9.0 37% +64-21-470227 [email protected]
NetSuite 8,837 8,715 923 9.4 30% 66% 966 9.0 30%
RealPage 2,023 2,024 571 3.5 24% 53% 570 3.6 22%
Shopify 3,064 2,885 347 8.3 93% 52% 366 7.9 79%
Splunk 7,946 6,926 851 8.1 43% 81% 913 7.6 37%
Workday 10,583 9,036 1,510 6.0 34% 68% 1,557 5.8 34%
All Global SaaS Companies Median 3.9 19% 66% 3.8 18%
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
The information provided in this report has been solely
sourced from Factset and company annual reports. Clare
Capital holds no responsibility over the actual and
forecast numbers presented in this report. The forecasts
are an average of broker forecasts complied by Factset.
Global SaaS company data has been converted to USD
and will move with exchange rate changes back to its
local currency.
Clare Capital is not an Authorised Financial Adviser. This
document is intended as analysis – not financial advice.
If you are making investment decisions you should seek
appropriate personalised financial advice from a
qualified professional to suit your circumstances.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 21 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 10 - NZX Sectors Over Time - 20160923
NZX Sectors (Jan11 - Aug16) NZX Sectors (Jan14 - Aug16)
NZX Sectors (Jan15 - Aug16) NZX Sectors (Jan16 - Aug16)
Comparing the different sectors in the NZX over time.
50
100
150
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350
400
450
Jan
-11
Ap
r-11
Jul-
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Oct
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Jan
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Oct
-12
Jan
-13
Ap
r-13
Jul-
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Oct
-13
Jan
-14
Ap
r-14
Jul-
14
Oct
-14
Jan
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Jul-
15
Oct
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Jan
-16
Ap
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Jul-
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Mk
t C
ap
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n-1
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Tech Healthcare Wholesale Trade Retail Trade
Manufacturing Utilities Property Finance
5+ years
40
60
80
100
120
140
160
180
Jan
-14
Mar
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May
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p-1
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Mar
-15
May
-15
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15
Se
p-1
5
No
v-15
Jan
-16
Mar
-16
May
-16
Jul-
16
Mk
t C
ap
Ind
ex
Ja
n-1
4 =
10
0
Tech Healthcare Wholesale Trade Retail Trade
Manufacturing Utilities Property Finance
2+ years
80
90
100
110
120
130
140
150
Jan
-15
Feb
-15
Mar
-15
Ap
r-15
May
-15
Jun
-15
Jul-
15
Au
g-1
5
Se
p-1
5
Oct
-15
No
v-15
De
c-15
Jan
-16
Feb
-16
Mar
-16
Ap
r-16
May
-16
Jun
-16
Jul-
16
Au
g-1
6
Mk
t C
ap
Ind
ex
Ja
n-1
5 =
10
0
Tech Healthcare Wholesale Trade Retail Trade
Manufacturing Utilities Property Finance
18+ months
90
95
100
105
110
115
120
125
Jan
-16
Feb
-16
Mar
-16
Ap
r-16
May
-16
Jun
-16
Jul-
16
Au
g-1
6
Mk
t C
ap
Ind
ex
JA
n-1
6 =
10
0
Tech Healthcare Wholesale Trade Retail Trade
Manufacturing Utilities Property Finance
Current Calendar Year
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 22 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Chart Methodology Definitions
∆ = Directional Change in Share Price
Price = Share Price
1Week∆ = 1 Week Share Price Change
Chart Commentary 1Year∆ = 1 Year Share Price Change
Invest $1,000 at January 2011 into: Invest $1,000 at January 2016 into: Vol. '000s = Volume of Shares Traded (Last Week)
As at 31 August 2016 Profit Return CAGR As at 31 August 2016 Profit Return CAGR Val. '000s = Value of Shares Traded (Last Week)
Healthcare 3,046 305% 28% Tech 221 22% 41% Mkt Cap = Market Capitalisation
Tech 1,268 127% 16% Healthcare 210 21% 39% EV = Enterprise Value
Property 1,199 120% 15% Retail Trade 209 21% 38% EV/AR = EV/Annualised Revenue multiple
Utilities 649 65% 9% Manufacturing 191 19% 35% Yr∆ AR = Annualised Revenue Growth
Manufacturing 398 40% 6% Utilities 167 17% 30%
Retail Trade 218 22% 4% Wholesale Trade 120 12% 21% Disclaimer
Wholesale Trade 166 17% 3% Property 109 11% 19%
Finance 105 10% 2% Finance (31) (3%) (5%)
Share Price Movements as at 23 September 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap AR EV/AR Yr∆ AR
EROAD 1.90 (14%) (45%) 68 136 114 28 3.7 44%
Finzsoft 2.50 - (17%) - - 22 22 1.0 39%
Gentrack 3.23 2% 70% 2,570 8,098 235 47 4.8 14%
GeoOp 0.20 - (56%) - - 10 5 1.5 249%
ikeGPS 0.60 2% 3% 222 131 36 9 3.5 118%
Orion Health 3.50 (12%) 2% 700 2,696 560 211 2.4 26%
Plexure 0.26 - (21%) 119 31 24 5 3.9 70%
Pushpay 2.50 - 43% 253 633 578 39 14.6 330%
Rakon 0.22 - (19%) 548 120 42 109 0.5 (22%)
Serko 0.58 (3%) (28%) 29 17 42 13 2.6 20% Contact Details
SLI Systems 0.60 (8%) (31%) 95 58 37 31 1.0 (10%) Mark Clare Managing Partner
SmartPay 0.18 3% (8%) 40 7 30 21 2.6 0% +64-21-470227 [email protected]
Trade Me 5.61 3% 55% 7,593 41,950 2,228 225 10.4 9%
Vista 6.55 (3%) 26% 9,531 64,196 526 81 6.4 49%
Wynyard 0.21 (5%) (81%) 2,526 535 38 26 0.9 4%
Xero 19.90 (0%) 41% 1,310 26,187 2,736 258 9.9 62%
Total 25,602 144,794 7,257 1,129
Average (2%) (4%) 4.3 63%
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
The information provided in this report has been solely
sourced from Factset and company annual reports.
Clare Capital holds no responsibility over the actual
numbers presented in this report.
Clare Capital is not an Authorised Financial Adviser. This
document is intended as analysis – not financial advice.
If you are making investment decisions you should seek
appropriate personalised financial advice from a
qualified professional to suit your circumstances.
Due to new-listing (IPOs) increasing the number of companies in each of the indices through time, Clare Capital has
employed the principles of chain-linking to create these indices.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 23 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 11 - ARR & Net ARR Over Time - 20160930
Share Price Movements as at 30 September 2016 Figure 1 - ARR since IPO
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s
EROAD 1.86 (2%) (30%) 1,137 2,017
Finzsoft 2.50 - - - -
Gentrack 3.25 1% 71% 197 632
GeoOp 0.21 8% (48%) 74 15
ikeGPS 0.58 (3%) (18%) 28 16
Orion Health 3.49 (0%) 4% 283 984
Plexure 0.31 19% (6%) 287 84
Pushpay 2.56 2% 71% 203 511
Rakon 0.21 (5%) (9%) 342 72
Serko 0.53 (9%) (34%) 105 55
SLI Systems 0.50 (17%) (37%) 163 87
SmartPay 0.18 - (8%) 90 16
Trade Me 5.62 0% 54% 7,178 40,306
Vista 6.50 (1%) 27% 497 3,235
Wynyard 0.18 (14%) (84%) 9,067 1,907 Figure 2 - Net ARR since IPO
Xero 19.35 (3%) 29% 305 5,965
Total 19,954 55,901
Average (1%) (1%)
Top SaaS firms at the end of 10 years Definitions
ARR Net ARR 1Week∆ = 1 Week Price Change
Salesforce Salesforce 1Year∆ = 1 Year Share Change
Citrix Systems Citrix Systems
Synchronoss Synchronoss
CSG Systems J2 Global
Manhattan CSG Systems
Notes
This reports compares ARR and Net ARR (ARR times Gross Margin %) for SaaS companies over time. The green band represents the upper and lower quartile ARR for global SaaS
companies over time. A high gross margin (70-80>%) results in a greater Net ARR - a key feature of a high-quality SaaS company.
This report outlines company and valuation metrics for NZ-listed
technology companies. Email us if there is anything you would like to see.
Vol. '000s = Volume of Shares
Traded in the Last Week
Val. '000s = Value of Shares
Traded in the Last Week (NZD)
-255075
100125150175200225250275300325350375
- 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38
AR
R (
NZ
D M
)
Quarters since IPO
XRO (EV/ARR 9.6x)
SLI (EV/ARR 0.8x)
PAY (EV/ARR 15.0x)
GEO (EV/ARR 1.8x)
PLX (EV/ARR 4.8x)
75% Quartile
25% Quartile
-255075
100125150175200225250275300325350375
- 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38
Ne
t A
RR
(N
ZD
M)
Quarters since IPO
XRO (EV/Net ARR 12.6x)
SLI (EV/Net ARR 1.0x)
PAY (EV/Net ARR 27.2x)
GEO (EV/Net ARR 2.3x)
PLX (EV/Net ARR 6.3x)
25% Quartile
75% Quartile
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 24 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 30 September 2016 Definitions
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation
EROAD 112 100 28 3.6 44% n/a 33 3.0 30% EV = Enterprise Value
Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue
Gentrack 236 224 47 4.8 14% n/a 51 4.4 23% EV/AR = EV/Annualised Revenue multiple
GeoOp 11 8 5 1.8 249% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth
ikeGPS 37 32 9 3.7 118% 65% 16 2.0 87% GM% = Gross Margin %
Orion Health 558 499 211 2.4 26% 78% 244 2.0 18% CFY Rev = Current Financial Years Revenue
Plexure 28 26 7 3.6 66% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple
Pushpay 592 580 39 15.0 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth
Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a
Serko 39 32 13 2.4 20% n/a n/a n/a n/a Disclaimer
SLI Systems 31 24 31 0.8 (10%) 77% 36 0.7 2%
SmartPay 30 54 21 2.6 0% n/a n/a n/a n/a
Trade Me 2,232 2,333 225 10.4 9% 94% 218 10.7 (0%)
Vista 522 513 81 6.3 49% n/a 90 5.7 37%
Wynyard 32 18 26 0.7 4% 64% 41 0.4 67%
Xero 2,661 2,476 258 9.6 62% 75% 312 7.9 51%
Total & Average 7,184 6,994 1,131 6.2 74%
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 30 September 2016
Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
athenahealth 4,962 5,122 1,048 4.9 17% 50% 1,102 4.6 19%
Box 848 734 383 1.9 30% 65% 395 1.9 30%
Salesforce.com 48,326 4,667 8,146 6.1 25% 71% 8,315 6.0 25%
HubSpot 2,037 1,920 260 7.4 51% 75% 264 7.3 45%
Lifelock 1,567 1,411 658 2.1 13% 74% 667 2.1 13%
LogMeIn 2,287 2,107 333 6.3 28% 85% 334 6.3 23% Contact Details
New Relic 1,948 1,752 234 7.5 54% 80% 255 6.9 40% Mark Clare Managing Partner
ServiceNow 13,020 12,704 1,365 9.3 38% 70% 1,376 9.2 37% +64-21-470227 [email protected]
NetSuite 8,958 8,836 923 9.6 30% 66% 966 9.2 30%
RealPage 2,063 2,063 571 3.6 24% 53% 570 3.6 22%
Shopify 3,170 2,990 347 8.6 93% 52% 367 8.2 79%
Splunk 7,895 6,874 851 8.1 43% 81% 913 7.5 37%
Workday 10,911 9,364 1,510 6.2 34% 68% 1,557 6.0 34%
All Global SaaS Companies Median 3.9 19% 66% 3.9 18%
Clare Capital is a corporate finance advisory firm built on
a base of structured fundamental analysis. We provide
creative solutions for both origination and analysis
mandates. We have a strong track record for the
successful execution of commercial transactions.
The information provided in this report has been solely
sourced from Factset and company annual reports. Clare
Capital holds no responsibility over the actual and
forecast numbers presented in this report. The forecasts
are an average of broker forecasts complied by Factset.
Global SaaS company data has been converted to USD
and will move with exchange rate changes back to its
local currency.
Clare Capital is not an Authorised Financial Adviser. This
document is intended as analysis – not financial advice.
If you are making investment decisions you should seek
appropriate personalised financial advice from a
qualified professional to suit your circumstances.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 25 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 12 - Company Spotlight - 20161007
1. Gentrack (GTK-NZ) as at 07 October 2016 2. Trade Me (TME-NZ) as at 07 October 2016
Mkt Cap (M) 246 Share Price 3.39 Mkt Cap (M) 2,136 Share Price 5.38
EV/AR 5.0 52 Week Change 71% EV/AR 9.9 52 Week Change 47%
EV/Net AR n/a AR/Employee 212,645 EV/Net AR 10.6 AR/Employee 461,922
AR Growth 14% EBITDA/Employee 64,068 AR Growth 9% EBITDA/Employee 291,834
3. Vista (VGL-NZ) as at 07 October 2016 4. Pushpay (PPH-NZ) as at 07 October 2016
Mkt Cap (M) 511 Share Price 6.36 Mkt Cap (M) 520 Share Price 2.25
EV/AR 6.2 52 Week Change 25% EV/AR 13.1 52 Week Change 24%
EV/Net AR n/a AR/Employee 232,709 EV/Net AR 23.8 AR/Employee 180,326
AR Growth 49% EBITDA/Employee 45,311 AR Growth 330% EBITDA/Employee (88,056)
Notes
This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth
rates and some high-level company specific data. Email us if there is anything you would like to see.
This report looks at the top four share price performers out of the NZX tech sector over the last 52 weeks. The yellow highlights emphasise key SaaS metrics for each company.
-
5,000
10,000
15,000
-
1.0
2.0
Vo
l ('0
00
s) p
er
da
y
Sh
are
Pri
ce In
de
x
TME-NZ NZX50-
1,000
2,000
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-
1.0
2.0
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l ('0
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da
y
Sh
are
Pri
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2.0
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00
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Sh
are
Pri
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de
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PAY-NZ NZX50
-
10,000
20,000
30,000
-
1.0
2.0
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l ('0
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y
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are
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www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 26 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Share Price Movements as at 07 October 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
EROAD (ERD-NZ) 1.75 (6%) (35%) 2,252 3,672 105 93 28 3.3 44% n/a 33 2.8 30%
Finzsoft (FIN-NZ) 2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a
Gentrack (GTK-NZ) 3.39 4% 71% 966 3,256 246 234 47 5.0 14% n/a 51 4.6 23%
GeoOp (GEO-NZ) 0.20 (5%) (56%) 41 9 11 8 5 1.7 249% 80% n/a n/a n/a
ikeGPS (IKE-NZ) 0.58 - (21%) 17 10 37 32 9 3.7 118% 65% 16 2.0 87%
Orion Health (OHE-NZ) 3.35 (4%) (4%) 209 720 536 477 211 2.3 26% 78% 244 2.0 18%
Plexure (PLX-NZ) 0.28 (10%) (13%) 1,027 299 26 23 7 3.2 66% n/a n/a n/a n/a
Pushpay (PPH-NZ) 2.25 (12%) 24% 909 2,042 520 508 39 13.1 330% 55% n/a n/a n/a
Rakon (RAK-NZ) 0.22 5% (8%) 247 52 42 54 109 0.5 (22%) n/a n/a n/a n/a
Serko (SKO-NZ) 0.50 (6%) (38%) 133 70 36 30 13 2.2 20% n/a n/a n/a n/a
SLI Systems (SLI-NZ) 0.47 (6%) (40%) 630 294 29 22 31 0.7 (10%) 77% 36 0.6 2%
SmartPay (SPY-NZ) 0.18 - (8%) 4 1 30 54 21 2.6 0% n/a n/a n/a n/a
Trade Me (TME-NZ) 5.38 (4%) 47% 6,135 34,449 2,136 2,238 225 9.9 9% 94% 218 10.3 (0%)
Vista (VGL-NZ) 6.36 (2%) 25% 290 1,863 511 502 81 6.2 49% n/a 90 5.6 37%
Wynyard (WYN-NZ) 0.18 (3%) (85%) 2,596 462 31 17 26 0.7 4% 64% 41 0.4 67%
Xero (XRO-NZ) 19.00 (2%) 19% 962 18,718 2,613 2,428 258 9.4 62% 75% 298 8.1 44%
Average (3%) (8%) 1,026 4,120 433 421 71 4.1 63% 74% 114 4.0 34%
Definitions Disclaimer
∆ = Directional Change in Share Price
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week
Val. '000s = Value of Shares Traded in the Last Week
Mkt Cap = Market Capitalisation
EV = Enterprise Value
AR = Annualised Revenue Contact Details
EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner
Yr∆ AR = Annualised Revenue Growth +64-21-470227 [email protected]
GM% = Gross Margin %
CFY Rev = Current Financial Years Revenue
EV/CFY = EV/CFY Revenue multiple
Yr∆ CFY = CFY Revenue Growth
Clare Capital is a corporate finance advisory firm built on a base of structured fundamental
analysis. We provide creative solutions for both origination and analysis mandates. We have a
strong track record for the successful execution of commercial transactions.
The information provided in this report has been solely sourced from Factset and company
annual reports. Clare Capital holds no responsibility over the actual and forecast numbers
presented in this report. The forecasts are an average of broker forecasts complied by
Factset.
Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –
not financial advice. If you are making investment decisions you should seek appropriate
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 27 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 13 - SaaS Spotlight - 20161014
1. Salesforce.com (CRM-US) as at 14 October 2016 2. Citirix Systems (CTXS-US) as at 14 October 2016
Develops on-demand customer relationship management software technology. Designs, develops and markets technology solutions.
Mkt Cap (M) 50,436 USD Share Price 74.27 USD Mkt Cap (M) 13,025 USD Share Price 83.64 USD
EV/AR 6.4 52 Week Change 2% EV/AR 3.9 52 Week Change 14%
EV/Net AR 8.9 AR/Employee 428,762 USD EV/Net AR 4.7 AR/Employee 354,939 USD
AR Growth 25% EBITDA/Employee 55,367 USD AR Growth 6% EBITDA/Employee 101,539 USD
3. Synchronoss (SNCR-US) as at 14 October 2016 4. CSG Systems (CSGS-US) as at 14 October 2016
Provides cloud solutions and software-based activation for connected devices. Provides business support solutions.
Mkt Cap (M) 1,675 USD Share Price 37.10 USD Mkt Cap (M) 1,286 USD Share Price 39.75 USD
EV/AR 2.8 52 Week Change 4% EV/AR 1.8 52 Week Change 26%
EV/Net AR 7.0 AR/Employee 332,561 USD EV/Net AR 3.7 AR/Employee 232,227 USD
AR Growth 14% EBITDA/Employee 75,332 USD AR Growth 4% EBITDA/Employee 54,074 USD
This report looks at the top four international SaaS firms after 10 years by ARR, showing their share price over the last 52 weeks. The yellow highlights emphasise key SaaS metrics.
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www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 28 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Share Price Movements and Valuation Metrics as at 14 October 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY
EROAD (ERD-NZ) 1.90 9% (25%) 224 411 114 102 28 3.7 44% n/a 33 3.1 30%
Finzsoft (FIN-NZ) 2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a
Gentrack (GTK-NZ) 3.40 0% 70% 1,749 5,931 247 235 47 5.0 14% n/a 51 4.6 23%
GeoOp (GEO-NZ) 0.24 20% (47%) 36 8 13 15 5 3.2 249% 80% n/a n/a n/a
ikeGPS (IKE-NZ) 0.56 (3%) (14%) 65 37 36 31 9 3.6 118% 65% 16 1.9 87%
Orion Health (OHE-NZ) 3.35 - (4%) 166 552 536 477 211 2.3 26% 78% 244 2.0 18%
Plexure (PLX-NZ) 0.26 (7%) (19%) 169 45 24 21 7 3.0 66% n/a n/a n/a n/a
Pushpay (PPH-NZ) 1.99 (12%) (4%) 682 1,484 498 486 48 10.1 244% 55% n/a n/a n/a
Rakon (RAK-NZ) 0.22 - (12%) 360 79 42 54 109 0.5 (22%) n/a n/a n/a n/a
Serko (SKO-NZ) 0.50 - (38%) 61 29 36 30 13 2.2 20% n/a n/a n/a n/a
SLI Systems (SLI-NZ) 0.47 - (41%) 615 279 29 22 31 0.7 (10%) 77% 36 0.6 2%
SmartPay (SPY-NZ) 0.18 - 5% 121 21 30 54 21 2.6 0% n/a n/a n/a n/a
Trade Me (TME-NZ) 5.24 (3%) 42% 5,790 30,778 2,081 2,183 225 9.7 9% 94% 218 10.0 (0%)
Vista (VGL-NZ) 6.36 - 24% 1,156 7,358 511 502 81 6.2 49% n/a 90 5.6 37%
Wynyard (WYN-NZ) 0.21 20% (83%) 1,667 335 38 23 26 0.9 4% 64% 41 0.6 67%
Xero (XRO-NZ) 17.89 (6%) 12% 1,062 19,688 2,460 2,276 258 8.8 62% 75% 298 7.6 44%
Average 1% (8%) 870 4,190 420 408 71 4.0 57% 74% 114 4.0 34%
Definitions Disclaimer
∆ = Directional Change in Share Price
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week
Val. '000s = Value of Shares Traded in the Last Week
Mkt Cap = Market Capitalisation
EV = Enterprise Value
AR = Annualised Revenue Contact Details
EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner
Yr∆ AR = Annualised Revenue Growth +64-21-470227 [email protected]
GM% = Gross Margin %
CFY Rev = Current Financial Years Revenue
EV/CFY = EV/CFY Revenue multiple
Yr∆ CFY = CFY Revenue Growth
Clare Capital is a corporate finance advisory firm built on a base of structured fundamental
analysis. We provide creative solutions for both origination and analysis mandates. We have a
strong track record for the successful execution of commercial transactions.
The information provided in this report has been solely sourced from Factset and company
annual reports. Clare Capital holds no responsibility over the actual and forecast numbers
presented in this report. The forecasts are an average of broker forecasts complied by
Factset.
Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –
not financial advice. If you are making investment decisions you should seek appropriate
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 29 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 14 - 40% Rule - 20161020
Share Price Movements as at 20 October 2016 Revenue Growth vs. EBITDA Margin
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s
EROAD (ERD-NZ) 1.85 - (29%) 201 381
Finzsoft (FIN-NZ) 2.00 (20%) (20%) n/a n/a
Gentrack (GTK-NZ) 3.40 1% 67% 1,690 5,798
GeoOp (GEO-NZ) 0.25 4% (38%) 147 36
ikeGPS (IKE-NZ) 0.58 - (23%) 193 108
Orion Health (OHE-NZ) 3.15 (5%) (14%) 198 642
Plexure (PLX-NZ) 0.24 (8%) (29%) 315 81
Pushpay (PPH-NZ) 1.82 (13%) (7%) 510 997
Rakon (RAK-NZ) 0.20 (9%) (27%) 401 85
Serko (SKO-NZ) 0.45 (10%) (47%) 8 4
SLI Systems (SLI-NZ) 0.40 (15%) (49%) 175 75
SmartPay (SPY-NZ) 0.17 (3%) 2% 156 28
Trade Me (TME-NZ) 4.87 (8%) 30% 5,156 26,535
Vista (VGL-NZ) 6.17 (3%) 13% 660 4,081
Wynyard (WYN-NZ) 0.20 (2%) (82%) 593 126
Xero (XRO-NZ) 18.09 3% 13% 867 15,465
Average (5%) (15%) 751 3,629
Definitions
∆ = Directional Change in Share Price Data
Price = Share Price Ticker Rev Grwth EBITDA% Combined Ticker Rev Grwth EBITDA% Combined
1Week∆ = 1 Week Share Price Change ERD 45% 20% 65% RAK (14%) 4% (10%)
1Year∆ = 1 Year Share Price Change FIN (9%) 8% (1%) SKO 28% (49%) (21%)
Vol. '000s = Volume of Shares Traded in the Last Week GTK 9% 34% 43% SLI 24% (0%) 24%
Val. '000s = Value of Shares Traded in the Last Week GEO 111% (193%) (82%) SPY (7%) 39% 32%
IKE 134% (107%) 27% TME 9% 65% 74%
Notes OHE 26% (22%) 4% VGL 39% 17% 56%
PLX 134% (122%) 12% WYN (2%) (132%) (133%)
PPH 209% (128%) 80% XRO 67% (30%) 37%
The report looks at share price movements, current market valuations relative
to growth rates and some high-level company specific data.
The chart this week looks at the trade-off between growth and profitability. US technology investors have proposed a '40% Rule' - adding a company's annual growth rate to the
EBITDA margin. The rule proposes that a number above 40% is a high performance company. The chart below shows a spectrum from lower growth but high profitability (TME) to
high growth but loss making (PPH). The chart has the 40% line marked - but we have also included the 20% line (middle of the orange range) and the 0% line.
ERDFIN
GTK
GEO
IKE
OHE
PLX PPH
RAK
SKO
SLI
SPYTME
VGL
WYN
XRO
(220%)
(180%)
(140%)
(100%)
(60%)
(20%)
20%
60%
(20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200%
EB
ITD
A M
arg
inRevenue Growth
40% Rule
High Performance
Poor Performance
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 30 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Financial and Valuation Metrics as at 20 October 2016
Name ∆ Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% AR/Emp EV/Nt AR UC/AR CFY Rev EV/CFY Yr∆ CFY
EROAD (ERD-NZ) 111 99 28 3.6 44% n/a 20% 142 n/a 1.7 33 3.1 30%
Finzsoft (FIN-NZ) 18 18 14 1.3 (41%) n/a 8% 154 n/a 0.3 n/a n/a n/a
Gentrack (GTK-NZ) 247 235 47 5.0 14% n/a 34% 213 n/a 1.0 51 4.6 23%
GeoOp (GEO-NZ) 13 15 5 3.3 249% 80% (193%) 114 3.8 3.4 n/a n/a n/a
ikeGPS (IKE-NZ) 37 32 9 3.7 118% 65% (107%) 153 5.5 3.7 16 2.0 87%
Orion Health (OHE-NZ) 504 445 211 2.1 26% 78% (22%) 175 2.7 0.5 244 1.8 18%
Plexure (PLX-NZ) 22 19 7 2.7 66% n/a (122%) 137 n/a 2.6 n/a n/a n/a
Pushpay (PPH-NZ) 456 443 48 9.2 244% 55% (128%) 223 16.8 0.8 n/a n/a n/a
Rakon (RAK-NZ) 38 50 109 0.5 (22%) n/a 4% 186 n/a 1.7 n/a n/a n/a
Serko (SKO-NZ) 33 26 13 1.9 20% n/a (49%) 106 n/a 1.4 n/a n/a n/a
SLI Systems (SLI-NZ) 25 18 31 0.6 (10%) 77% (0%) 183 0.8 0.4 36 0.5 2%
SmartPay (SPY-NZ) 29 53 21 2.5 0% n/a 39% 167 n/a 3.7 n/a n/a n/a
Trade Me (TME-NZ) 1,934 2,036 225 9.1 9% 94% 65% 462 9.7 5.2 218 9.3 (0%)
Vista (VGL-NZ) 495 487 81 6.0 49% n/a 17% 233 n/a 0.5 90 5.4 37%
Wynyard (WYN-NZ) 39 24 26 0.9 4% 64% (132%) 86 1.4 4.9 41 0.6 67%
Xero (XRO-NZ) 2,488 2,303 258 8.9 62% 75% (30%) 178 11.9 1.2 301 7.6 45%
Average 406 394 71 3.8 52% 74% (37%) 182 6.6 2.1 114 3.9 34%
Definitions Disclaimer
Name = Company Name and Ticker
∆ = Directional Change in Share Price
Mkt Cap = Market Capitalisation (NZD M)
EV = Enterprise Value (NZD M)
AR = Annualised Revenue (NZD M)
EV/AR = EV/Annualised Revenue multiple
Yr∆ AR = Annualised Revenue Growth
GM% = Gross Margin %
EM% = EBITDA Margin % Contact Details
AR/Emp = Annualised Revenue per Employee ('000s) Mark Clare Managing Partner
EV/Nt AR = Enterprise Value/Net Annualised Revenue +64-21-470227 [email protected]
UC/AR = Used Capital/Annualised Revenue
CFY Rev = Current Financial Years Revenue (NZD M)
EV/CFY = EV/CFY Revenue multiple
Yr∆ CFY = CFY Revenue Growth
The information provided in this report has been solely sourced and calculated from Factset
and company reports. Clare Capital holds no responsibility over the actual and forecast
numbers (complied by Factset) presented in this report.
Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –
not financial advice. If you are making investment decisions you should seek appropriate
personalised financial advice from a qualified professional.
Clare Capital is a corporate finance advisory firm built on a base of structured fundamental
analysis. We provide creative solutions for both origination and analysis mandates. We have
a strong track record for the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 31 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 15 - Cash Burn & Runway - 20161028
Figure 1. Months of Cash Runway Figure 2. Monthly Cash Burn (NZD M)
Monthy Cash Burn and Runway Metrics Calculations
Calculated Monthly Months of Burn Last Raise Last Raise Announced Next Raise
Cash Bal. Cash Burn Runway % of Cash Amount Date Breakeven Date
TME 58.4 8.1 Cash +ve 14%
OHE 71.4 2.1 Cash +ve 3%
GTK 12.6 0.5 Cash +ve 4%
SLI 6.9 0.1 Cash +ve 1%
RAK 3.5 0.0 Cash +ve 1%
PPH 43.0 (1.7) 25.1 (4%) 43 Oct-16 Dec-17 Not Req'd
XRO 139.7 (7.4) 18.9 (5%) 147 Feb-15 n/a Not Req'd
GEO 3.9 (0.3) 15.0 (7%) 4 Oct-16 H2 Y17 Not Req'd Definition
SKO 4.8 (0.4) 11.1 (9%) 8 Dec-15 Mar-18 Not Req'd Cash Bal. = Calculated cash balance at 30-Sept-16
SPY 2.0 (0.2) 8.8 (11%) n/a n/a n/a H1 Y17 Cash Burn = Monthly cash burn
IKE 8.3 (1.1) 7.8 (13%) 8 Sep-16 2017 Not Req'd Runway = Months of cash runway from 30-Sep-16
VGL 8.5 (1.6) 5.4 (18%) n/a n/a n/a Now Burn (%) = Monthly Cash Burn as a % of Calculated Cash
PLX 2.3 (0.6) 3.7 (27%) 4 May-16 n/a Now Last Raise = Last capital raised amount
ERD 2.5 (1.8) 1.4 (72%) n/a n/a n/a Now Date = Last capital raised date
FIN 0.0 (0.1) 0.4 (275%) n/a n/a n/a Now Breakeven = Company announcement on breakeven date
WYN 0.2 (4.8) 0.1 (1,972%) 32 Mar-16 n/a Now Next Raise = Clare Capital's expectation on next raise date
This report looks at months of cash runway and monthly cash burn calculated from a company's Cashflows statement rather than profitability from the Profit & Loss statement. Of
the ~70% of the NZX-listed tech companies that are cashflow negative, NZD$20M is being burned each month.
--------------------- Cashflow Positive ---------------------
--------------------- Cashflow Positive ---------------------
--------------------- Cashflow Positive ---------------------
--------------------- Cashflow Positive ---------------------
--------------------- Cashflow Positive ---------------------
Calculated cash balance at 30-Sep-16 based on a company's
cash balance at report date + monthly cash burn + any new
capital raised.
Months of cash runway is from 30-Sep-16 based on the
calculated cash balance / monthly cash burn.
Monthly cash burn is calculated by Operating + Investing
cashflows from the company's latest annual/interim report.
6 12 25
-
5
10
15
20
25
PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN
Ca
sh R
un
wa
y
(8)
(7)
(6)
(5)
(4)
(3)
(2)
(1)
-
PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN
Ca
sh B
urn
(N
ZD
M)
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 32 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Share Price Movements and Valuation Metrics as at 28 October 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% 40% Rule AR/Emp UC/AR
EROAD (ERD) 1.81 (2%) (30%) 113 205 109 97 28 3.5 44% n/a 20% 65% 142 1.7
Finzsoft (FIN) 2.00 - (33%) - - 18 18 14 1.3 (41%) n/a 8% (1%) 154 0.3
Gentrack (GTK) 3.50 3% 72% 692 2,367 254 242 47 5.2 14% n/a 34% 43% 213 1.0
GeoOp (GEO) 0.23 5% (49%) 59 14 16 18 5 3.9 249% 80% (193%) (82%) 114 3.4
ikeGPS (IKE) 0.58 - (25%) 36 21 37 32 9 3.7 118% 65% (107%) 27% 153 3.7
Orion Health (OHE) 3.20 (2%) (13%) 460 1,482 512 453 211 2.2 26% 78% (22%) 4% 175 0.5
Plexure (PLX) 0.24 - (24%) 45 11 22 19 7 2.7 66% n/a (122%) 12% 137 2.6
Pushpay (PPH) 1.76 (5%) (2%) 548 1,001 441 428 48 8.9 244% 55% (128%) 80% 223 0.8
Rakon (RAK) 0.20 (3%) (22%) 507 101 37 49 109 0.4 (22%) n/a 4% (10%) 186 1.7
Serko (SKO) 0.42 (7%) (50%) 330 140 31 24 13 1.8 20% n/a (49%) (21%) 106 1.4
SLI Systems (SLI) 0.38 (10%) (51%) 1,293 498 24 17 31 0.5 (10%) 77% (0%) 24% 183 0.4
SmartPay (SPY) 0.14 (20%) (18%) 70 11 23 47 21 2.3 0% n/a 39% 32% 167 3.7
Trade Me (TME) 4.88 (1%) 32% 6,360 31,592 1,938 2,040 225 9.1 9% 94% 65% 74% 462 5.2
Vista (VGL) 6.01 (2%) 14% 145 872 483 474 81 5.8 49% n/a 17% 56% 233 0.5
Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 4% 64% (132%) (133%) 86 4.9
Xero (XRO) 17.84 (1%) 13% 236 4,240 2,454 2,269 258 8.8 62% 75% (30%) 37% 178 1.2
Average (3%) (17%) 681 2,660 402 391 71 3.8 52% 74% (37%) 13% 182 2.1
Definitions Disclaimer
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week
Val. '000s = Value of Shares Traded in the Last Week
Mkt Cap = Market Capitalisation
EV = Enterprise Value
AR = Annualised Revenue
EV/AR = EV/Annualised Revenue multiple Contact Details
Yr∆ AR = Annualised Revenue Growth Mark Clare Managing Partner
GM% = Gross Margin % +64-21-470227 [email protected]
EM% = EBITDA Margin %
40% Rule = Revenue Growth % + EBITDA Margin %
AR/Emp = Annualised Revenue per Employee ('000s)
UC/AR = Used Capital/Annualised Revenue
The information provided in this report has been solely sourced and calculated from Factset and
company reports. Clare Capital holds no responsibility over the actual and forecast numbers presented
in this report. The forecasts are an average of broker forecasts complied by Factset.
Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – not
financial advice. If you are making investment decisions you should seek appropriate personalised
financial advice from a qualified professional.
Clare Capital is a corporate finance advisory firm built on a base of structured fundamental analysis. We
provide creative solutions for both origination and analysis mandates. We have a strong track record for
the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 33 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 15B - Cash Burn & Runway - 20161028
Figure 1. Monthly Cash Burn from Net OPERATING Activities (NZD M) Figure 2. Monthly Cash Burn from Net OPERATING + INVESTING Activities (NZD M)
Monthly Cash Burn and Runway Metrics as at 30-Sept-16
Figure 3. Months of Cash Runway (OPERATING + INVESTING Activities) Calculated
Cash Bal. Cash Burn Mnth Runway Cash Burn Mnth Runway
TME 58.4 10.2 Cash +ve 8.1 Cash +ve
GTK 12.6 0.2 Cash +ve 0.5 Cash +ve
SLI 6.9 0.1 Cash +ve 0.1 Cash +ve
RAK 3.5 0.6 Cash +ve 0.0 Cash +ve
SPY 2.0 0.5 Cash +ve (0.2) 8.8
VGL 8.5 0.1 Cash +ve (1.6) 5.4
FIN 0.0 0.0 Cash +ve (0.1) 0.4
ERD 2.5 (0.0) 52.1 (1.8) 1.4
XRO 139.7 (2.9) 48.2 (7.4) 18.9
PPH 43.0 (1.4) 30.7 (1.7) 25.1
OHE 71.4 (2.7) 26.5 2.1 Cash +ve
Calculations GEO 3.9 (0.2) 17.1 (0.3) 15.0
SKO 4.8 (0.4) 12.9 (0.4) 11.1
IKE 8.3 (0.8) 10.1 (1.1) 7.8
PLX 2.3 (0.4) 6.2 (0.6) 3.7
WYN 0.2 (1.6) 0.2 (4.8) 0.1
This report looks at months of cash runway and monthly cash burn calculated from a company's Cashflow Statement rather than profitability from the Profit & Loss Statement. Of
the ~70% of the NZX-listed tech companies that are cashflow negative (when both OPERATING & INVESTING activities are included), NZD$20M is being burned each month.
OPERATING+INVESTINGOPERATING ACTIVITIES
Calculated cash balance at 30-Sep-16 is based on a the cash balance at report date +
monthly net operating and investing activities cash burn + any new capital raised.
Months of cash runway is from 30-Sep-16, based on the calculated cash balance /
monthly net operating and investing activities cash burn.
(8)
(6)
(4)
(2)
-
2OHE PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN
Ca
sh B
urn
(N
ZD
M)
(8)
(6)
(4)
(2)
-
2OHE PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN
Ca
sh B
urn
(N
ZD
M)
6 12 25
-
5
10
15
20
25
PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN
Ca
sh R
un
wa
y
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 34 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Share Price Movements and Valuation Metrics as at 28 October 2016
Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% 40% Rule AR/Emp UC/AR
EROAD (ERD) 1.81 (2%) (30%) 113 205 109 97 28 3.5 44% n/a 20% 65% 142 1.7
Finzsoft (FIN) 2.00 - (33%) - - 18 18 14 1.3 (41%) n/a 8% (1%) 154 0.3
Gentrack (GTK) 3.50 3% 72% 692 2,367 254 242 47 5.2 14% n/a 34% 43% 213 1.0
GeoOp (GEO) 0.23 5% (49%) 59 14 16 18 5 3.9 249% 80% (193%) (82%) 114 3.4
ikeGPS (IKE) 0.58 - (25%) 36 21 37 32 9 3.7 118% 65% (107%) 27% 153 3.7
Orion Health (OHE) 3.20 (2%) (13%) 460 1,482 512 453 211 2.2 26% 78% (22%) 4% 175 0.5
Plexure (PLX) 0.24 - (24%) 45 11 22 19 7 2.7 66% n/a (122%) 12% 137 2.6
Pushpay (PPH) 1.76 (5%) (2%) 548 1,001 441 428 48 8.9 244% 55% (128%) 80% 223 0.8
Rakon (RAK) 0.20 (3%) (22%) 507 101 37 49 109 0.4 (22%) n/a 4% (10%) 186 1.7
Serko (SKO) 0.42 (7%) (50%) 330 140 31 24 13 1.8 20% n/a (49%) (21%) 106 1.4
SLI Systems (SLI) 0.38 (10%) (51%) 1,293 498 24 17 31 0.5 (10%) 77% (0%) 24% 183 0.4
SmartPay (SPY) 0.14 (20%) (18%) 70 11 23 47 21 2.3 0% n/a 39% 32% 167 3.7
Trade Me (TME) 4.88 (1%) 32% 6,360 31,592 1,938 2,040 225 9.1 9% 94% 65% 74% 462 5.2
Vista (VGL) 6.01 (2%) 14% 145 872 483 474 81 5.8 49% n/a 17% 56% 233 0.5
Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 4% 64% (132%) (133%) 86 4.9
Xero (XRO) 17.84 (1%) 13% 236 4,240 2,454 2,269 258 8.8 62% 75% (30%) 37% 178 1.2
Simple Average (3%) (17%) 681 2,660 402 391 71 3.8 52% 74% (37%) 13% 182 2.1
Definitions Disclaimer
Price = Share Price
1Week∆ = 1 Week Share Price Change
1Year∆ = 1 Year Share Price Change
Vol. '000s = Volume of Shares Traded in the Last Week
Val. '000s = Value of Shares Traded in the Last Week
Mkt Cap = Market Capitalisation
EV = Enterprise Value
AR = Annualised Revenue
EV/AR = EV/Annualised Revenue multiple Contact Details
Yr∆ AR = Annualised Revenue Growth Mark Clare Managing Partner
GM% = Gross Margin % +64-21-470227 [email protected]
EM% = EBITDA Margin %
40% Rule = Revenue Growth % + EBITDA Margin %
AR/Emp = Annualised Revenue per Employee ('000s)
UC/AR = Used Capital/Annualised Revenue
The information provided in this report has been solely sourced and calculated from Factset and
company reports. Clare Capital holds no responsibility over the actual and forecast numbers presented
in this report. The forecasts are an average of broker forecasts complied by Factset.
Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – not
financial advice. If you are making investment decisions you should seek appropriate personalised
financial advice from a qualified professional.
Clare Capital is a corporate finance advisory firm built on a base of structured fundamental analysis. We
provide creative solutions for both origination and analysis mandates. We have a strong track record for
the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 35 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 16 - Accounting Giants - 20161104
LTM Revenue Multiple vs. Growth for Accounting Giants Chart Notes
Size of the bubble represents Enterprise Value in USD millions.
Definitions Units
Mkt Cap = Market Capitalisation USD millions
EV = Enterprise Value USD millions
LTM Rev. = Last Twelve Months (LTM) Revenue USD millions
EV/LTM. = EV/LTM Revenue Multiple x
LTM Growth = LTM Revenue Growth %
EBITDA% = EBITDA Margin %
40% Rule = Revenue Growth + EBITDA Margin %
Gross% = Gross Margin %
Rev./Emp = LTM Revenue per Employee USD '000s
Used Capital = Share Capital + Debt - Cash USD millions
UC/LTM Rev. = Used Capital (UC)/LTM Revenue x
Metrics as at 11 November 2016
Ticker Mkt Cap EV LTM Rev. EV/LTM. LTM Growth EBITDA% 40% Rule Gross% Rev./Emp Used Capital UC/LTM Rev.
Intuit 27,156 27,076 4,694 5.8 12% 32% 44% 87% 594 4,362 0.9
MYOB 1,631 1,918 265 7.3 20% 45% 65% 66% 221 1,161 4.4
Sage 9,263 9,594 1,861 5.2 3% 27% 31% 92% 140 1,036 0.6
Xero 1,755 1,654 181 9.1 52% (19%) 33% 75% 119 269 1.5
Metrics as at 11 November 2015
Ticker Mkt Cap EV LTM Rev. EV/LTM. LTM Growth EBITDA% 40% Rule Gross% Rev./Emp Used Capital UC/LTM Rev.
Intuit 27,412 27,788 4,192 6.6 (1%) 27% 26% 87% 544 4,383 1.0
MYOB 1,384 1,698 206 8.3 17% 39% 55% 69% n/a 1,122 5.5
Sage 9,046 9,574 2,209 4.3 10% 29% 38% 90% 177 1,371 0.6
Xero 1,599 1,443 107 13.5 73% (48%) 25% 74% 92 180 1.7
With Xero (XRO-NZ) realising its interim FY17 statements last week, this report compares the company against three of its biggest rivals (Intuit in the US, Sage in the UK and MYOB
in Australia & NZ). Note: only Xero is a 'pure' SaaS company, so in order to compare fairly no SaaS metrics have been used (e.g. Annualised Recurring Revenue (ARR)).
The green coloured bubble illustrate a company being above the 40% Rule
(Revenue Growth + EBITDA Margin), while orange is below 40%.
The arrows show the movement of EV/LTM Revenue multiple and LTM
Revenue Growth rate from the previous 12 months, at November 2015.INTU-US
MYO-AU
SGE-GB
XRO-NZ
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2
4
6
8
10
12
- 10% 20% 30% 40% 50% 60% 70%
EV
/LT
M R
eve
nu
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LTM Revenue Growth
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 36 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Share Price Movements and Valuation Metrics as at 04 November 2016
Name ∆ Price 1Week∆ 1Year∆ Volume Value Mkt Cap EV AR EV/AR GM% Yr∆ AR EM% 40% Rule AR/Emp UC/AR
EROAD (ERD) 1.75 (3%) (30%) 60 107 105 93 28 3.3 n/a 44% 20% 65% 142 1.7
Finzsoft (FIN) 2.50 25% (23%) 3 8 22 23 14 1.6 n/a (41%) 8% (1%) 154 0.3
Gentrack (GTK) 3.50 - 74% 244 855 254 212 47 5.2 n/a 14% 34% 43% 213 1.0
GeoOp (GEO) 0.21 (9%) (52%) 112 25 15 16 5 3.6 80% 249% (193%) (82%) 114 3.4
ikeGPS (IKE) 0.58 - (28%) 26 15 37 32 9 3.7 65% 118% (107%) 27% 153 3.7
Orion Health (OHE) 3.00 (6%) (18%) 290 909 480 421 211 2.0 78% 26% (22%) 4% 175 0.5
Plexure (PLX) 0.22 (8%) (35%) 113 25 20 17 7 2.5 n/a 66% (122%) 12% 137 2.6
Pushpay (PPH) 1.74 (1%) (11%) 417 706 436 423 48 8.8 55% 244% (128%) 80% 223 0.8
Rakon (RAK) 0.19 (3%) (24%) 280 54 36 48 109 0.4 n/a (22%) 4% (10%) 186 1.7
Serko (SKO) 0.37 (13%) (55%) 117 46 27 20 13 1.5 n/a 20% (49%) (21%) 106 1.4
SLI Systems (SLI) 0.46 21% (42%) 2,160 841 29 22 31 0.7 77% (10%) (0%) 24% 183 0.4
SmartPay (SPY) 0.15 7% (12%) 5 1 25 49 21 2.3 n/a 0% 39% 32% 167 3.7
Trade Me (TME) 4.47 (8%) 16% 11,007 51,994 1,775 1,877 225 8.3 94% 9% 65% 74% 462 5.2
Vista (VGL) 5.85 (3%) 10% 1,157 6,797 470 461 81 5.7 n/a 49% 17% 56% 233 0.5
Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 64% 4% (132%) (133%) 86 4.9
Xero (XRO) 17.45 (2%) (2%) 495 8,597 2,400 2,216 303 7.3 75% 39% (30%) 37% 209 1.1
Simple Average (0%) (20%) 1,030 4,436 386 374 74 3.6 74% 51% (37%) 13% 184 2.0
Definitions Units Disclaimer
Price = Share Price NZD
1Week∆ = 1 Week Share Price Change %
1Year∆ = 1 Year Share Price Change %
Volume = Volume of Shares Traded (Last Week) '000s
Value = Value of Shares Traded (Last Week) NZD '000s
Mkt Cap = Market Capitalisation NZD millions
EV = Enterprise Value NZD millions
AR = Annualised Revenue NZD millions
EV/AR = EV/Annualised Revenue multiple x Contact Details
Yr∆ AR = Annualised Revenue Growth % Mark Clare Managing Partner
GM% = Gross Margin % +64-21-470227 [email protected]
EM% = EBITDA Margin %
40% Rule = Revenue Growth + EBITDA Margin %
AR/Emp = Annualised Revenue per Employee NZD '000s
UC/AR = Used Capital/Annualised Revenue x
The information provided in this report has been solely sourced and calculated from Factset
and company reports. Clare Capital holds no responsibility over the actual numbers
presented in this report.
Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis –
not financial advice. If you are making investment decisions you should seek appropriate
personalised financial advice from a qualified professional.
Clare Capital is a corporate finance advisory firm built on a base of structured fundamental
analysis. We provide creative solutions for both origination and analysis mandates. We have a
strong track record for the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 37 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 17 - NZX vs ASX Valuation Multiples - 20161111
Figure 1: NZX-listed Tech Companies Figure 2: Selection of ASX-listed Tech Companies
Chart Notes
NZX Share Price Movements as at 11 November 2016 NZX Share Price Movements as at 11 November 2016
Name ∆ Price 1Week∆ 1Year∆ Volume Value Name ∆ Price 1Week∆ 1Year∆ Volume Value
ERD 1.75 - (26%) 139,100 245,343 RAK 0.20 3% (22%) 186,880 35,732
FIN 2.50 - (23%) - - SKO 0.33 (10%) (61%) 55,964 19,530
GTK 3.52 1% 76% 253,535 908,084 SLI 0.45 (2%) (40%) 998,624 460,407
GEO 0.20 (5%) (50%) 14,738 3,085 SPY 0.14 (4%) (16%) 150,870 21,122
IKE 0.52 (10%) (35%) 56,000 29,120 TME 4.72 6% 29% 9,292,881 41,758,818
OHE 2.80 (7%) (22%) 691,544 2,032,995 VGL 5.78 (1%) 8% 2,170,033 12,717,765
PLX 0.25 14% (26%) 22,000 5,440 WYN 0.22 - (84%) - -
PPH 1.92 10% 1% 388,287 697,323 XRO 17.62 1% (11%) 653,810 11,466,630
Given the recent issue of NZ companies listing on the ASX rather than the NZX due to perceived higher valuations, this report compares NZX-listed Tech companies versus a
selection of ASX-listed tech companies. The median EV/AR multiples for NZX-listed companies is 3.1x, while ASX is 3.2x.
Size of the bubble represents Enterprise Value (NZD M). The bubble colour represents the "40% Rule" where the green bubbles show companies with a value greater than 40%
when LFY Revenue Growth Rate + LFY EBITDA margin are added together; orange is between 20-40% and red is less than 20%.
ERD
GTK
GEOIKEOHE
PLX
PPH
SKO
SPY
TME
VGL
WYN
XRO
-
2.5
5.0
7.5
10.0
12.5
15.0
17.5
- 50% 100% 150% 200% 250% 300%
EV
/An
nu
ali
sed
Re
ven
ue
Mu
ltip
le
Annualised Revenue Growth Rate
ACXALU
APXBPS
CAR
DTL
FLN
GLHHSNIRE IRI ISD
MBE
MDG
MYO
PPS
PROPRY
REA
RFL
RKN
SPZ
TCH WEB
WTC
-
2.5
5.0
7.5
10.0
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15.0
17.5
- 25% 50% 75%
EV
/An
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sed
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ven
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Mu
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Annualised Revenue Growth Rate
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 38 of 41
NZ LISTED TECH UPDATE
Source: Clare Capital Data: Factset and Company Reports
If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZX Financial & Valuation Metrics (all in NZD) as at 11 November 2016 Selection of ASX Financial & Valuation Metrics (all in NZD) as at 11 November 2016
Ticker EV AR EV/AR Yr∆ AR Yr∆ LFY EM% G+M Ticker EV AR EV/AR Yr∆ AR Yr∆ LFY EM% G+M
ERD (EROAD) 93 28 3.3 44% 45% 20% 65% 1ST (1st Available) 4 2 1.8 391% 582% (157%) 425%
FIN (Finzsoft) 23 14 1.6 (41%) (9%) 8% (1%) 8CO (8Common) 9 4 2.3 (8%) 16% (19%) (3%)
GTK (Gentrack) 244 47 5.2 14% 9% 34% 43% ACX (Aconex) 1,136 135 8.4 53% 50% 11% 61%
GEO (GeoOp) 16 5 3.5 249% 111% (193%) (82%) ALU (Altium) 1,043 139 7.5 27% 34% 31% 64%
IKE (ikeGPS) 28 9 3.3 118% 134% (107%) 27% APX (Appen) 286 107 2.7 49% 62% 17% 80%
OHE (Orion Health) 389 211 1.8 26% 26% (22%) 4% BPS (BPS Tech.) 110 50 2.2 8% 16% 22% 38%
PLX (Plexure) 20 7 2.8 66% 134% (122%) 12% CAR (Carsales.com) 2,792 353 7.9 10% 10% 50% 60%
PPH (Pushpay) 468 48 9.8 244% 209% (128%) 80% COO (Corum Group) 7 16 0.5 (18%) (13%) 5% (8%)
RAK (Rakon) 49 109 0.4 (22%) (14%) 4% (10%) DTL (Data#3) 147 1,049 0.1 13% 13% 2% 15%
SKO (Serko) 17 13 1.3 20% 28% (49%) (21%) FLN (Freelancer) 540 52 10.4 57% 49% (9%) 40%
SLI (SLI Systems) 21 31 0.7 (10%) 24% (0%) 24% GEG (Grays eCommerce) 171 112 1.5 (24%) 1% (12%) (11%)
SPY (SmartPay) 48 21 2.3 0% (7%) 39% 32% GLH (Global Health) 17 7 2.3 69% 45% 22% 67%
TME (Trade Me) 1,976 225 8.8 9% 9% 65% 74% HSN (Hansen Tech.) 769 150 5.1 31% 40% 30% 71%
VGL (Vista) 456 81 5.6 49% 39% 17% 56% IRE (IRESS) 2,148 389 5.5 12% 10% 29% 39%
WYN (Wynyard) 24 26 0.9 4% (2%) (132%) (133%) IRI (Integrated Research) 393 90 4.4 23% 20% 36% 57%
XRO (Xero) 2,285 303 7.5 39% 67% (30%) 37% ISD (iSentia Group) 761 160 4.7 23% 23% 32% 54%
7,500 333 22.5 175% 175% 5% 180% JCS (JCurve Solutions) 3 9 0.4 (14%) (17%) (1%) (18%)
Disclaimer MBE (Mobile Embrace) 107 65 1.6 74% 85% 16% 101%
MDG (Medtech Global) 10 21 0.5 30% 12% 3% 15%
MIG (migme) 61 30 2.0 393% 213% (168%) 44%
MOQ (MOQ) 45 34 1.3 452% 989% 1% 990%
MYO (MYOB) 2,638 357 7.4 11% 14% 46% 60%
PPS (Praemium) 190 30 6.3 23% 28% 6% 34%
PRO (Prophecy Intl.) 49 13 3.7 20% 48% 32% 80%
PRY (Primary Health Care) 2,925 1,604 1.8 3% 4% 20% 23%
REA (REA Group) 7,683 630 12.2 20% 20% 55% 75%
Definitions Units RFL (Rubik Financial) 47 45 1.0 18% 11% 14% 25%
EV = Enterprise Value NZD millions RKN (Reckon) 254 114 2.2 6% 4% 35% 39%
AR = Annualised Revenue NZD millions SPZ (Smart Parking) 83 32 2.6 25% 35% 6% 41%
EV/AR = EV/Annualised Revenue Multiple x TCH (Touchcorp) 248 44 5.6 20% 71% 32% 103%
Yr∆ AR = Annualised Revenue Growth Rate % TNE (Technology One) 1,758 67 26.2 (62%) 11% 18% 29%
Yr∆ LFY = Last Financial Year (LFY) Revenue Growth Rate % UBN (Urbanise.com) 38 10 3.6 (16%) (10%) (116%) (126%)
EM% = LFY EBITDA Margin % WEB (Webjet) 985 160 6.2 31% 30% 23% 53%
G+M = LFY Revenue Growth + LFY EBITDA Margin % WTC (Wisetech Global) 1,721 108 15.9 27% 29% 32% 61%
The information provided in this report has been solely sourced and calculated from
Factset and company reports. Clare Capital holds no responsibility over the actual
numbers presented in this report. Exchange rate movements will apply when
converting AUD to NZD. Clare Capital is not an Authorised Financial Adviser. This
document is intended as analysis – not financial advice. If you are making investment
decisions you should seek appropriate personalised financial advice from a qualified
professional.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 39 of 41
About Clare Capital
Clare Capital is a Wellington-based boutique investment bank founded by Mark Clare.
Clare Capital adds value by:
Originating ideas for clients.
Assisting clients by completing analysis of issues.
Assisting clients to complete commercial transactions.
Clare Capital provides advisory and transactional services across:
Mergers & Acquisitions (M&A) – combining detailed financial analysis with
extensive M&A experience to help our clients maximize outcomes.
Capital Management – advising clients on their capital raising activities.
Corporate Finance – combining fundamental corporate finance principles
with real-world practical experience to provide clients with: valuations,
capital structure advice, and option and incentive schemes.
Strategic Advice – strategic and commercial advice to clients including:
detailed strategic options analysis for clients facing key decisions and
structuring and negotiating financial and commercial agreements.Mobile +64-21-470227
Email: [email protected]
Clare Capital
www.clarecapital.co.nz
Level 18, 125 The Terrace
PO Box 10269, The Terrace, Wellington 6143
Contact: Mark Clare
Phone: +64-4-4985104
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 40 of 41
Recent Major Transactions
Mergers & Acquisitions Capital Management Corporate Finance Strategic Advice
EOS – Advised the business on their sale
to SLR Consulting. 2014
Heyday – Advised the owner of Heyday
on their sale to WPP. 2014
ProActive Rehab – Advised the company
on its purchase of IPH and Physio
Solutions. 2015
ProActive Rehab – Advised the company
on its purchase of Plus Rehab and Oasis.
2016
North American Oil and Gas Company –
Advised a North American oil and gas
company on strategic options in the New
Zealand market. This analysis included
detailed M&A options. 2012
Australasian Financial Institution –
Advised an Australasian financial
institution on strategic options in the New
Zealand market. This analysis included
detailed M&A options. 2012
Backdoor Surf – Completed a valuation
and strategic advice report for the
company. This analysis included detailed
M&A options. 2014
BNZ – Led the process for BNZ
Insurances on the sale of their commercial
insurance channel business to AON. 2011
Radian Technology – Led the process for
Radian Technology on the sale of their
business to Tru-Test. 2012
MetOcean – Led the process for the
owners of MetOcean on the sale of the
business to MetService. 2013
LifeDirect – Advised the Board on the
sale of LifeDirect to Trade Me. 2013
NZX – Led the process for NZX on the
sale of their NewsRoom business unit to
Sublime Group. 2014 NZ Rewards Company – Provided
strategic advice to a rewards and loyalty
programme company. 2015
CricHQ – Advised CricHQ on their capital
raising from offshore and local investors.
2012
Scoop Media – Advised Scoop on
company reorganization and capital
raising from a local investor. 2013
Raygun – Advised the company on their
capital raising from local investors. 2014
ProActive Rehab – Advised the company
on financing options for its M&A strategy.
2014
Cin7 – Advised the company on their
capital raise from local investors. 2015
Cin7 – Advised the company on their
second capital raising round from local
investors. 2015
Cin7 – Completed operational budgeting
and management forecasting for the
company. 2016
Raygun – Advised the company on their
second capital raising round from local
investors. 2016
Cin7 – Built a financial model of Cin7 for
the company. 2015
Pushpay – Released multiple equity
research reports commissioned by the
company. 2015
Rubio – Built a financial model of Rubio
for the company. 2015
Heyday – Completed a valuation of the
digital design agency company for
financial reporting purposes. 2012
Seaworks – Completed a valuation of the
marine transport company for financial
reporting purposes. 2010 and 2013
Raygun – Built a financial model of
Raygun for the company. 2014
Xero – Built a financial model of Xero for
the company. 2014
Pushpay – Built a financial model of
Pushpay for the company. 2014
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 41 of 41