Harris Williams - European Technology Update · 2011-09-30 · Indra Sistemas acquired Visiant...

European Technology Update

Member FINRA/SIPC

European Technology Update6 July 2011

Thierry MonjauzeThierry MonjauzeManaging Director63 Brook StreetLondon W1K 4HSUnited KingdomPhone: +44 20 7518 [email protected]

Francois MorinDirector63 Brook Street

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63 Brook StreetLondon W1K 4HSUnited KingdomPhone: +44 20 7518 [email protected]

Recent Developments

S1 Corporation and Fundtech have agreed to a $700 million merger, creating a leader in banking softwareExperian acquired Medical Present Value, a provider of software to the US healthcare market, for $185 million CompuGroup Medical acquired a 75% stake in Lauer-Fischer, the German software solutions provider to pharmacies, for €52.5 millionTaleo acquired Jobpartners, a provider of talent management and recruitment software, for $38 millionNews Corp sold MySpace to Specific Media, one of the largest ad networks in the US, for $35 millionIndra Sistemas acquired Visiant Galyleo, the Italian provider of CRM and payment systems, for €21 millionC id l UK b d li d i i d 75% f G i O li Li b d

Company Specific

News

p

Cupid plc, a UK-based online dating company, acquired 75% of two German competitors, OnlineLiebe and WomenWeb, for €2.75 millionBridgepoint backed the management buyout of Welsh semiconductor company SPP Process Technology SystemsLivingSocial acquired GoNabit, Ensogo and DealKerena to continue its global expansion into AsiaMedidata Solutions acquired Clinical Force, a SaaS-based clinical trial management systems providerIpari, the France-based software publisher, was acquired by its UK counterpart i2KKR and Silver Lake Partners are nearing a deal to buy GoDaddy for c.$2 billionHulu is reportedly considering a sale after a potential buyer approached it with an unsolicited offer Baidu invested $306 million in Qunar, a Chinese travel search engine, for a majority stakeOnline home goods retailer CSN Stores raised $165 million from Battery Ventures, Spark Capital, HarbourVestO e o e goods eta e CSN Sto es a sed $ 65 o o atte y Ve tu es, Spa Cap ta , a bou VestPartners and Great Hill PartnersMobile payment firm Square raised $100 million in a round led by Kleiner Perkins, at a c.$1 billion valuationFoursquare, the social networking service, raised $50 million in a round led by Andreessen-Horowitz and Spark Capital and included the existing venture capital investorsBraintree, a US-based online and mobile payments company, raised $34 million from Accel PartnersShazam, a UK-based mobile music identification service provider, raised $32 million in a round led by KleinerPerkins and Institutional Venture Partners RockMelt, the social web browser, raised $30 million from various venture capital companiesAylus Networks, a US-based company which enables video services over mobile, raised $16 million in a round led b L d b d 8 C it lby London-based m8 CapitalEnablon, a French sustainability management software provider, received a $15 million investment from the Environmental Technologies FundNuel, a UK-based wireless technology company, raised £8 million in a round led by DFJ Esprit Site Intelligence, a provider of multi-channel customer intelligence software, raised $7 million in a round led by Nauta Capital and Oxford Capital PartnersFacebook received a $6.6 million investment from GSV Capital, in a deal that valued the company at c.$70 billionSpark Ventures sold half of its stake in Mind Candy, a UK-based creator of online children’s games, at a $200 million valuationEagle Eye Solutions raised £1.5 million for its mobile coupon technology in a round led by Sir Terry Leahy

The number of tablet owners in the US will double in the next year with an estimated 58 million people owning a d i b l 2012 di t OPA

g y p gy y y ySocial gaming developer Zynga filed for an IPO to raise up to $1 billionHomeaway raised $216 million from its IPO, which saw its share price rise 39% on the first dayBlueArc, a provider of network storage solutions, filed for a $100 million IPOImperva, a provider of security solutions for business data, filed for an NYSE IPO to raise $75 millionLivingSocial is reportedly planning an IPO that could value it up to $15 billionTomTom shares fell 27% after a profit warning forecast that revenues for the year would fall by €200 million

Industry device by early 2012, according to OPAGlobal mobile app store revenues are expected to reach $36.7 billion by 2015, according to CanalysThe global location-based services market for smartphones is expected to be worth $10.3 billion in 2015, nearly quadruple its value since 2010, according to Pyramid Research US ecommerce revenue increased 13% year on year in May to $12.3 billion, according to comScoreMobile shopping revenue is expected to reach $31 billion by 2016, according to Forrester ResearcheMarketer estimates Facebook's share of the US online display ad revenues will grow to 17.7% in 2011Google is integrating real-time video chat into its Chrome browser in a move to compete with SkypeThe US display ad market is set to increase by 24.5% year on year to reach $12.3 billion in 2011PayPal predicts its mobile payments will double to $3 billion in 2011

Trends

y p p yTotal investments made into music start-ups such as Spotify and Soundcloud have reached $400 million in 2011Google launched its own social networking website in an attempt to directly compete with FacebookUS social gaming revenues are expected to exceed $1 billion in 2011, according to eMarketerGoogle grew its share of US search advertising market to 80% in the second quarter

Source: Industry news sources. 1

Public Market Trading Statistics

Stock Performance

Last 30 Days

g

0%

5%

(15%)

(10%)

(5%)

29 May 05 Jun 12 Jun 19 Jun 26 Jun

DJ Stoxx 600 Technology Nasdaq Composite Software and IT Services Communications Internet and Digital Media

(2.6% )(2.7% )(3.7% )(7.4% )(9.1% )

Last Twelve Months

10%

20%

30%

40%

50%

60%

70%

46.2%33.1%28.6%27.9%23.3%

Comparable Trading

Sources: Capital IQ, 1 July 2011; Brokers’ reports.

CY2011EEBITDA Margin Growth CY2011E CY2012E CY2011E CY2012E CY2011E CY2012E

P / EEV / Revenue EV / EBITDA

(10%)

0%

10%

Jul 2010 Oct 2010 Jan 2011 Apr 2011 Jul 2011

DJ Stoxx 600 Technology Nasdaq Composite Software and IT Services Communications Internet and Digital Media

Summary Software and IT ServicesEnterprise Applications 19.1% 9.9% 1.7x 1.6x 9.1x 7.7x 16.7x 14.7xEuropean Large Cap Software 32.4% 11.0% 3.6x 3.3x 10.9x 9.5x 19.1x 16.2xFinancial Software 23.8% 8.0% 2.3x 2.1x 9.3x 8.2x 19.5x 16.4xHealthcare Software 20.7% 18.8% 2.0x 1.8x 9.0x 7.7x 19.3x 17.0xLarge Cap IT Services 13.2% 17.6% 0.9x 0.8x 6.4x 5.7x 13.8x 11.8xMid Cap IT Services 11.3% 11.3% 0.8x 0.7x 6.4x 6.0x 11.0x 9.9xOffshore IT Services 23.9% 23.8% 3.6x 3.0x 14.8x 12.4x 21.3x 17.9xSecurity Software 37.0% 11.3% 3.9x 3.6x 9.9x 8.8x 18.9x 16.3x

CommunicationsCommunicationsDigital Broadband 12.5% 12.6% 0.6x 0.6x 4.9x 4.2x 11.9x 9.7xDiversified Communication Equipment 13.5% 15.8% 1.4x 1.2x 10.6x 7.5x 19.0x 15.1xMobile Content / Solutions Providers 17.1% 30.7% 1.7x 1.4x 8.9x 6.2x 19.3x 18.8xMobile Infrastructure Software 17.6% 9.2% 2.2x 2.1x 11.6x 8.8x 23.8x 20.0x

Internet and Digital MediaChinese Internet Leaders 34.9% 38.8% 10.3x 7.4x 16.0x 15.9x 21.1x 19.0xOnline Classifieds 41.9% 25.9% 6.4x 5.5x 14.9x 12.2x 24.3x 18.4xContent Providers / Communities 18.1% 15.2% 5.5x 4.0x 12.8x 9.7x 28.5x 25.6xEcommerce 17.3% 33.4% 4.0x 3.1x 22.6x 16.7x 33.2x 31.1xGlobal Internet Leaders 35 0% 31 0% 6 4 4 9 17 1 13 1 20 7 18 7

2

Global Internet Leaders 35.0% 31.0% 6.4x 4.9x 17.1x 13.1x 20.7x 18.7xInteractive Entertainment 20.3% 31.4% 1.2x 1.1x 7.7x 9.2x 23.8x 20.4xIntermediation and Comparison 25.6% 13.3% 2.1x 1.9x 8.6x 7.5x 23.3x 19.9xOnline Gambling 27.2% 42.6% 1.9x 1.7x 6.6x 5.6x 11.8x 9.6xOnline Marketing 15.3% 23.9% 1.4x 1.2x 10.1x 7.6x 22.4x 16.9xOnline Travel 29.8% 23.8% 4.5x 3.7x 13.7x 10.6x 25.1x 19.6x

Software and IT Services

5%

Last 30 Days Performance

(10%)

(5%)

0%

Security Software 1.0%H lth S ft (0 3% )

(20%)

(15%)


European Large Cap Software Financial SoftwareEnterprise Applications Healthcare Software

Healthcare Software (0.3% )Financial Software (2.0% )Offshore IT Services (2.3% )European Large Cap Software (3.7% )Large Cap IT Services (3.9% )Enterprise Applications (8.2% )Mid Cap IT Services (14.5% )

p ppSecurity Software Large Cap IT ServicesMid Cap IT Services Offshore IT Services

Last Twelve Months Performance

50%

60%

Security Software 51.5%Financial Software 44.9%Enterprise Applications 40.8%Offshore IT Services 35.7%European Large Cap Software 35.0%

20%

30%

40%

50% Mid Cap IT Services 32.7%Healthcare Software 24.5%Large Cap IT Services 22.1%

(10%)

0%

10%


European Large Cap Software Financial SoftwareEnterprise Applications Healthcare Software

Source: Capital IQ, 1 July 2011.3

p ppSecurity Software Large Cap IT ServicesMid Cap IT Services Offshore IT Services

Software and IT Services(Continued)(Continued)

Market Enterprise CY2011ECap ($m) Value ($m) EBITDA Margin Growth CY2011E CY2012E CY2011E CY2012E CY2011E CY2012E

European Large Cap SoftwareSAP 71,859 70,950 34.5% 23.4% 3.5x 3.2x 10.1x 9.2x 15.7x 13.9xDassault Systemes 10,322 9,054 30.7% 20.8% 3.6x 3.3x 11.8x 10.6x 21.0x 18.8xAutonomy 6,650 6,353 47.7% 19.0% 6.1x 5.3x 12.9x 10.3x 22.4x 17.8x

EV / Revenue EV / EBITDA P / E

y , ,Sage 6,150 6,268 26.9% 6.9% 2.6x 2.5x 9.7x 9.0x 14.5x 13.3xSoftware AG 5,138 5,315 29.1% 16.0% 3.1x 2.9x 10.6x 9.7x 16.6x 15.0xTemenos 2,203 2,368 29.3% 19.6% 4.3x 3.8x 14.7x 12.2x 18.8x 16.1xMisys 2,166 782 24.0% (26.6%) 1.2x 1.0x 4.9x 4.0x 25.7x 18.3xAveva 1,899 1,653 32.5% 20.4% 5.4x 4.8x 16.7x 14.1x 27.0x 22.7xMicro Focus 1,079 1,093 36.8% (0.5%) 2.5x 2.5x 6.9x 6.8x 10.2x 9.9x

Mean 32.4% 11.0% 3.6x 3.3x 10.9x 9.5x 19.1x 16.2xMedian 30.7% 19.0% 3.5x 3.2x 10.6x 9.7x 18.8x 16.1x

Financial SoftwareIntuit 15,765 14,935 37.1% 12.8% 3.7x 3.4x 10.0x 9.2x 19.4x 17.5xTemenos 2,203 2,368 29.3% 19.6% 4.3x 3.8x 14.7x 12.2x 18.8x 16.1x, ,Misys 2,166 782 24.0% (26.6%) 1.2x 1.0x 4.9x 4.0x 25.7x 18.3xFidessa 1,138 1,037 20.9% 12.1% 2.2x 2.0x 10.7x 10.0x 24.8x 22.6xSimCorp 875 800 24.0% 16.0% 2.8x 2.4x 11.5x 9.5x 19.1x 15.2xInnovation 339 296 12.8% 11.1% 1.0x 1.0x 8.0x 7.3x 22.3x 19.0xORC 314 270 23.9% 11.5% 1.7x 1.5x 7.0x 5.6x 17.3x 12.8xMicrogen 207 169 25.0% 14.7% 2.9x 2.6x 11.5x 10.4x 21.2x 18.7xLinedata 186 183 21.3% 4.8% 0.9x 0.9x 4.3x 4.1x 9.9x 9.0xStatPro 100 108 19.8% 4.3% 2.0x 1.9x 10.2x 9.3x 16.3x 14.6x


Enterprise Applicationsp ppUnit 4 1,060 1,262 21.0% 19.8% 1.9x 1.7x 8.8x 7.9x 23.1x 17.2xSDL 879 805 18.2% 11.5% 2.3x 2.1x 12.6x 11.5x 19.5x 17.8xExact 699 616 23.7% 7.8% 1.9x 1.8x 7.9x 7.4x 13.9x 13.0xKofax 628 557 20.3% (12.6%) 2.2x 2.0x 10.8x 9.5x 20.5x 16.8xF-Secure 559 505 20.3% 20.2% 2.4x 2.2x 11.9x 9.5x 20.5x 16.0xIFS 490 425 16.3% 10.6% 1.0x 0.9x 6.0x 5.2x 14.4x 12.0xCegid 274 373 24.5% 13.1% 1.0x 1.0x 4.0x 3.8x 9.3x 8.6xKewill 148 121 16.2% 8.8% 1.2x 1.2x 7.4x 6.3x 12.8x 11.2xAlterian 100 88 11.1% 10.2% 1.4x 1.3x 12.6x 8.0x NM 19.6x


Healthcare SoftwareMcKesson 20,584 20,976 2.4% 6.4% 0.2x 0.2x 7.3x 6.4x 14.9x 12.7xCerner 10,315 9,806 31.9% 13.3% 4.7x 4.1x 14.6x 12.5x 34.0x 28.4xAllscripts Healthcare Solutions 3,694 3,998 24.8% 14.2% 2.8x 2.5x 11.3x 9.5x 21.7x 18.2xCegedim 788 1,472 19.1% 11.7% 1.1x 1.0x 5.5x 5.1x 9.1x 7.7xCompuGroup 759 1,000 20.3% 38.7% 1.7x 1.5x 8.3x 6.4x 17.1x 11.1xAdvanced Computer Software 224 273 25.3% 28.6% 1.7x 1.7x 6.8x 6.4x NA 23.6x


4Sources: Capital IQ, 1 July 2011; Brokers’ reports.

Software and IT Services(Continued)(Continued)


Security SoftwareSymantec 14,899 14,601 34.9% 9.1% 2.2x 2.1x 6.4x 5.9x 12.8x 11.3xCheck Point 11,801 10,719 59.3% 13.0% 8.7x 8.0x 14.7x 13.5x 20.6x 18.5xTrend Micro 4 062 2 683 33 3% 3 0% 2 2x 2 1x 6 7x 6 1x 21 6x 19 5x

P / EEV / Revenue EV / EBITDA

Trend Micro 4,062 2,683 33.3% 3.0% 2.2x 2.1x 6.7x 6.1x 21.6x 19.5xF-Secure 559 505 20.3% 20.2% 2.4x 2.2x 11.9x 9.5x 20.5x 16.0x


Large Cap IT ServicesAccenture 38,936 34,142 15.6% 15.6% 1.3x 1.2x 8.4x 7.7x 17.4x 15.5xCap Gemini 9,024 7,472 9.4% 20.6% 0.5x 0.5x 5.7x 5.1x 15.7x 13.1xCapita Group 6,983 8,818 17.1% 10.8% 1.8x 1.7x 10.8x 10.0x 14.8x 13.4xComputer Sciences 5,882 6,680 13.6% 0.1% 0.4x 0.4x 3.0x 2.7x 9.3x 7.5xAtos Origin 3,940 4,149 10.2% 40.7% 0.4x 0.3x 4.3x 3.3x 12.0x 9.6x


Mid Cap IT ServicesCGI 6,513 7,488 18.7% 18.3% 1.6x 1.5x 8.5x 8.1x 15.1x 13.6xLogica 3,432 3,869 9.2% 8.1% 0.6x 0.6x 6.8x 6.3x 10.2x 9.1xIndra Sistemas 3,363 3,869 12.2% 10.5% 1.0x 1.0x 8.3x 7.9x 11.9x 11.3xTieto 1,209 1,332 10.7% 15.6% 0.5x 0.5x 4.7x 4.4x 11.3x 9.3xSopra 1,021 1,107 11.4% 6.1% 0.7x 0.6x 5.9x 5.7x 10.0x 9.5xGroupe Steria 844 995 9.1% 7.4% 0.4x 0.4x 4.5x 4.2x 9.5x 8.1xGFI Informatique 306 454 7.7% 13.4% 0.5x 0.4x 5.9x 5.4x 9.3x 8.4x


Offshore IT ServicesTata 52,149 50,634 29.7% 27.2% 5.1x 4.1x 17.2x 14.2x 22.7x 19.5xInfosys 37,651 33,863 30.7% 21.0% 4.9x 4.1x 15.9x 13.5x 22.0x 18.0xWipro 23,132 21,726 20.6% 15.4% 2.8x 2.4x 13.6x 11.7x 18.3x 15.0xCognizant 22,314 20,146 20.8% 31.0% 3.4x 2.8x 16.2x 13.2x 26.4x 21.9xHCL 7,670 7,738 17.7% 24.3% 2.0x 1.6x 11.3x 9.5x 17.2x 15.1x



Communications


5%

Mobile Infrastructure Software (2.2% )Mobile Content / Solutions Providers (12.6% )Digital Broadband (12.8% )Diversified Communication Equipment (23.2% )

(20%)

(15%)

(10%)

(5%)

0%

(35%)

(30%)

(25%)

(20%)


Digital Broadband Diversified Communication Equipment

80%

90%


Diversified Communication Equipment 46.5%Mobile Content / Solutions Providers 31.5%Mobile Infrastructure Software 20.3%Digital Broadband 4.6%


Mobile Infrastructure Software Mobile Content / Solutions Providers

20%

30%

40%

50%

60%

70%

(10%)

0%

10%



Mobile Infrastructure Software Mobile Content / Solutions ProvidersMobile Infrastructure Software Mobile Content / Solutions Providers

6Source: Capital IQ, 1 July 2011.

Communications(C ti d)(Continued)


Digital BroadbandLogitech 2,006 1,485 9.3% 7.4% 0.6x 0.5x 6.5x 5.1x 16.8x 16.8xTomTom 1,176 1,615 18.1% (9.4%) 0.9x 0.8x 4.9x 4.7x 9.6x 6.8xTechnicolor 1 065 2 510 14 1% 16 9% 0 5x 0 5x 3 4x 3 1x NA NA

P / EEV / EBITDAEV / Revenue

Technicolor 1,065 2,510 14.1% 16.9% 0.5x 0.5x 3.4x 3.1x NA NAKudelski 824 1,099 13.3% 1.3% 0.9x 0.9x 6.9x 5.9x 13.4x 9.7xPace 506 828 8.9% 22.8% 0.3x 0.3x 3.7x 3.2x 5.1x 3.9xParrot 505 373 17.2% 20.7% 1.0x 0.9x 5.6x 5.0x 14.6x 12.9xAdvanced Digital Broadcast 132 97 6.5% 28.5% 0.2x 0.2x 3.2x 2.2x NM 8.0x


Diversified Communication EquipmentLM Ericsson Telephone 45,985 37,917 16.3% 20.0% 1.1x 1.0x 6.5x 6.0x 16.1x 13.7xNokia 23,963 16,507 5.4% 0.3% 0.3x 0.3x 5.4x 4.4x 24.9x 15.5xAlcatel-Lucent 13,121 13,887 9.3% 15.4% 0.6x 0.5x 6.1x 5.2x 17.2x 12.1xADTRAN 2 503 2 413 30 1% 20 0% 3 4x 3 1x 11 2x 10 0x 17 9x 16 4xADTRAN 2,503 2,413 30.1% 20.0% 3.4x 3.1x 11.2x 10.0x 17.9x 16.4xCIENA 1,759 2,694 6.2% 23.2% 1.5x 1.3x 23.6x 11.9x NM 17.6x


Mobile Infrastructure SoftwareQUALCOMM 94,813 83,135 44.5% 32.3% 5.5x 4.8x 12.2x 10.9x 18.0x 15.9xAmdocs 5,642 4,486 20.6% 6.0% 1.4x 1.3x 6.8x 6.7x 13.2x 12.2xVeriSign 5,637 4,274 54.2% 4.3% 5.5x 5.1x 10.2x 9.0x 23.4x 18.5xComverse Technology 1,589 1,684 15.0% 7.7% 1.0x 1.0x 7.0x 6.4x 13.1x 10.8xSynchronoss Technologies 1,201 1,022 26.5% 33.2% 4.6x 3.8x 17.3x 13.4x 39.0x 30.2xSonus Networks 902 569 8.6% 16.2% 2.1x 2.0x 24.2x 20.0x NM 42.3xTekelec 630 389 13 4% (7 2%) 1 0x 1 0x 7 4x 6 7x 34 7x 23 2xTekelec 630 389 13.4% (7.2%) 1.0x 1.0x 7.4x 6.7x 34.7x 23.2xTeleCommunication Systems 274 377 13.8% 13.0% 0.8x 0.8x 6.1x 5.1x 26.4x 22.0xOpenwave Systems 195 113 (1.0%) (4.2%) 0.7x 0.6x NM 6.5x NM NMSmith Micro Software 151 87 (10.6%) (32.1%) 1.0x 0.7x NM 4.9x NM 12.1xRedknee Solutions 83 76 8.4% 32.3% 1.1x NA 13.1x 7.0x 22.7x 12.5x


Mobile Content / Solutions ProvidersOpera Software 754 663 24.7% 41.2% 4.0x 3.1x 16.1x 10.6x 28.1x 18.4xGameLoft 550 513 21.7% 23.8% 2.2x 2.0x 10.1x 8.5x 24.6x 20.7xBuongiorno 214 276 11.5% 37.6% 0.6x 0.5x 5.1x 4.1x 17.9x 11.2xDanal 127 104 17 7% 29 3% 0 9x 0 7x 5 0x 3 8x 15 0x 11 0xDanal 127 104 17.7% 29.3% 0.9x 0.7x 5.0x 3.8x 15.0x 11.0xDada 73 137 11.2% (27.4%) 0.9x 0.8x 7.9x 6.7x NM 47.9xSynchronica 27 28 16.1% 79.5% 1.5x 1.1x 9.2x 3.2x 10.9x 3.6x



Internet and Digital Media


g

Intermediation and Comparison 6.0%Content Providers / Communities 1.3%Online Marketing (1.7% )Online Gambling (2.4% )Ecommerce (6.1% )Global Internet Leaders (9 3% )

(15%)

(10%)

(5%)

0%

5%

10%

Global Internet Leaders (9.3% )Interactive Entertainment (9.7% )Online Classifieds (16.4% )Online Travel (22.5% )Chinese Internet Leaders (29.3% )

(40%)

(35%)

(30%)

(25%)

(20%)

( )


160%


Global Internet Leaders EcommerceOnline Travel Online MarketingContent Providers / Communities Intermediation and ComparisonOnline Classifieds Chinese Internet LeadersOnline Gambling Interactive Entertainment

Online Travel 92.2%Ecommerce 65.4%Chinese Internet Leaders 64.2%

40%

60%

80%

100%

120%

140% Online Classifieds 60.1%Online Marketing 45.3%Intermediation and Comparison 42.5%Global Internet Leaders 39.8%Content Providers / Communities 29.0%Interactive Entertainment 23.4%Online Gambling (14.0% )

(40%)

(20%)

0%

20%

Jul 2010 Oct 2010 Jan 2011 Apr 2011 Jul 2011Global Internet Leaders EcommerceOnline Travel Online MarketingC t t P id / C iti I t di ti d C iContent Providers / Communities Intermediation and ComparisonOnline Classifieds Chinese Internet LeadersOnline Gambling Interactive Entertainment

8Source: Capital IQ, 1 July 2011.

Internet and Digital Media(Continued)(Continued)


Global Internet LeadersApple 310,413 281,179 32.9% 49.6% 2.5x 2.1x 7.7x 6.6x 12.8x 11.2xMicrosoft 219,252 183,700 41.8% 9.0% 2.6x 2.4x 6.1x 5.4x 10.0x 8.8x

EV / EBITDA P / EEV / Revenue

Google 163,182 131,603 41.8% 26.0% 3.6x 3.0x 8.6x 7.2x 15.1x 12.7xAmazon 92,438 85,557 5.9% 38.1% 1.8x 1.4x 30.8x 23.0x NM NMBaidu 48,879 47,615 58.2% 72.5% 23.6x 15.8x 40.6x 27.2x NM 35.2xeBay 41,883 36,913 34.9% 18.3% 3.4x 3.0x 9.8x 8.6x 16.6x 14.5xYahoo! 19,596 16,888 37.3% (0.6%) 3.7x 3.5x 10.0x 9.2x 18.6x 16.1xAlibaba 8,062 6,574 34.0% 25.3% 6.3x 5.2x 18.4x 14.7x 27.3x 21.3xMail.ru 7,093 6,954 46.2% 55.8% 14.8x 11.4x 31.9x 23.1x 43.0x 30.2xIAC 3,437 2,275 17.2% 15.9% 1.2x 1.1x 6.9x 6.0x 22.5x 18.6x


EcommerceAmazon 92,438 85,557 5.9% 38.1% 1.8x 1.4x 30.8x 23.0x NM NMeBay 41,883 36,913 34.9% 18.3% 3.4x 3.0x 9.8x 8.6x 16.6x 14.5xNetflix 13,789 13,682 15.0% 50.8% 4.2x 3.1x 27.9x 20.5x NM 40.3xMercadolibre 3,502 3,448 35.9% 37.1% 11.8x 9.1x 32.8x 24.6x 48.7x 36.0xAsos 2,843 2,836 9.8% 56.5% 3.8x 2.8x 38.7x 28.0x NM NMVistaprint 2,062 1,854 18.5% 23.6% 2.1x 1.7x 11.2x 8.8x 20.1x 16.8xOpenTable 1,957 1,902 37.6% 49.1% 12.9x 9.9x 34.4x 23.9x NM NMShutterfly 1,939 1,723 19.5% 61.7% 3.6x 2.8x 18.5x 12.6x NM 40.9xOcado 1,601 1,601 5.9% 25.2% 1.6x 1.3x 26.7x 17.4x NM NMDigital River 1,275 906 21.3% 12.3% 2.2x 1.9x 10.5x 8.2x 28.3x 21.3xYOOX 972 956 10.0% 43.7% 2.3x 1.8x 23.5x 16.8x NM 43.1xBlue Nile 643 564 8.7% 11.7% 1.5x 1.4x 17.6x 15.5x 41.9x 36.1xOverstock 354 295 2.3% 6.3% 0.3x 0.2x 11.0x 9.8x 43.5x NM


Online TravelPriceline 25,416 24,303 31.5% 36.6% 5.8x 4.7x 18.3x 14.3x 25.2x 19.6xExpedia 7,925 7,814 26.0% 14.8% 2.0x 1.9x 7.8x 7.1x 15.5x 13.8xCtrip 6,185 5,687 40.7% 29.7% 10.2x 8.1x 25.1x 19.9x 33.1x 26.4xWotif 1,106 977 55.9% 13.8% 6.0x 5.4x 10.8x 9.5x 18.2x 15.7xTravelzoo 1,064 1,012 30.6% 43.8% 6.2x 4.8x 20.4x 13.9x 39.3x 27.4xOrbitz 255 574 14.6% 3.4% 0.7x 0.7x 5.1x 4.4x NM 24.9xhotel.de 62 48 9.6% 24.2% 0.8x 0.7x 8.1x 5.1x 19.4x 9.3x


Online MarketingValueClick 1,306 1,106 29.9% 21.4% 2.1x 1.9x 7.1x 6.4x 18.4x 15.6xConstant Contact 748 634 16.0% 25.2% 2.9x 2.4x 18.2x 12.8x 40.3x 27.6xLBI 349 309 17.8% 22.9% 1.1x 1.1x 6.3x 5.6x 13.0x 10.7xInfoSpace 338 88 10.8% 1.7% 0.4x 0.3x 3.3x 3.0x 33.4x 31.0xMarchex 330 290 14.5% 42.6% 2.1x 1.7x 14.5x 11.0x NM NMTradeDoubler 275 236 5.4% 13.3% 0.5x 0.4x 9.0x 7.8x 16.5x 14.2xHi-Media 265 316 9.5% 19.8% 0.9x 0.8x 9.3x 7.9x 16.3x 13.0x1000mercis 217 186 39.4% 38.3% 3.1x 2.7x 7.9x 6.9x 13.8x 12.0xSedo 132 103 6.2% 23.4% 0.5x 0.5x 8.8x 6.2x 18.8x 12.8xad pepper media 62 43 3.2% 30.5% 0.5x 0.5x 16.4x 8.2x 31.5x 15.0x


Content Providers / CommunitiesWebMD Health 2,693 2,428 35.4% 18.5% 3.9x 3.3x 10.9x 8.9x 31.0x 26.8xMixi 713 550 23.0% 14.7% 2.4x 2.1x 10.5x 9.0x 40.3x 25.7xMeetic 499 446 21.1% 13.9% 1.6x 1.5x 7.4x 6.6x 13.0x 11.6xXING 405 313 31.4% 33.6% 3.3x 2.8x 10.4x 8.4x 29.0x 22.1xMove 348 311 13.3% 2.2% 1.5x 1.5x 11.6x 10.2x 29.3x 20.6xXO Group 314 213 14.0% 8.4% 1.8x 1.6x 12.5x 10.1x NM 47.1x


p


Internet and Digital Media(Continued)(Continued)


Intermediation and ComparisonMoneysupermarket 849 790 27.5% 17.2% 2.9x 2.7x 10.6x 9.5x 18.3x 16.0xLiquidity Services 659 563 15.4% 16.7% 1.7x 1.5x 10.8x 9.2x 29.7x 22.5x

P / EEV / EBITDAEV / Revenue

eHealth 286 155 16.3% (3.9%) 1.1x 1.0x 6.5x 6.1x 34.3x 31.8xGruppo MutuiOnline 253 227 43.0% 23.3% 2.8x 2.4x 6.4x 5.4x 11.1x 9.2x


Online ClassifiedsSEEK 2,327 2,575 44.0% 25.9% 6.4x 5.6x 14.6x 12.4x 18.6x 15.0xRightmove 2,055 2,018 68.8% 17.6% 13.1x 11.5x 19.1x 16.6x 27.2x 22.8xMonster 1,790 1,719 17.5% 17.2% 1.6x 1.4x 8.9x 6.5x 34.2x 18.5x51job 1,588 1,323 34.4% 28.7% 6.4x 5.2x 18.7x 14.7x 27.8x 22.5xSouFun 1,572 1,352 42.2% 46.0% 4.5x 3.7x 10.7x 8.6x 16.3x 13.3xCarsales.au 1,171 1,150 55.3% 22.9% 6.7x 6.0x 12.1x 10.7x 18.1x 15.9xDice 901 874 40.9% 38.6% 4.9x 4.1x 12.0x 9.7x 28.1x 20.6xLoopNet 735 638 32.2% 10.2% 7.4x 6.5x 23.1x 18.4x NM NM


Chinese Internet LeadersTencent 49,549 47,162 51.5% 46.0% 10.9x 8.4x 21.2x 16.3x 28.7x 22.4xBaidu 48,879 47,615 58.2% 72.5% 23.6x 15.8x 40.6x 27.2x NM 35.2xAlibaba 8,062 6,574 34.0% 25.3% 6.3x 5.2x 18.4x 14.7x 27.3x 21.3xSina 6,857 6,053 17.6% 22.0% 12.5x 9.8x NM 46.9x NM NMNetease 5,887 4,302 50.0% 30.0% 4.1x 3.6x 8.2x 7.0x 13.2x 11.7xFocus Media 4,157 3,599 39.4% 22.6% 5.4x 4.5x 13.6x 11.2x 20.8x 17.0x, ,Renren 3,469 3,870 (0.1%) 58.9% 31.8x 19.2x NM NM NM NMSohu 2,767 2,154 39.4% 30.3% 2.7x 2.3x 6.9x 5.5x 14.9x 12.4xShanda Interactive 2,235 1,550 17.2% 34.2% 1.4x 1.2x 8.1x 6.0x 26.4x 18.7xSouFun 1,572 1,352 42.2% 46.0% 4.5x 3.7x 10.7x 8.6x 16.3x 13.3x


Online Gamblingbwin.party digital entertainment 2,056 1,844 22.2% 130.5% 1.6x 1.5x 7.2x 6.0x 11.9x 9.7xPlaytech 1,365 1,270 58.7% 40.6% 4.6x 3.8x 7.9x 7.2x 9.1x 8.0xBetfair 1,309 1,030 19.9% 23.8% 1.6x 1.5x 8.0x 6.3x 20.9x 14.5xSportingbet 600 520 23.7% 10.7% 1.4x 1.2x 5.9x 5.1x 7.9x 7.5xSportingbet 600 520 23.7% 10.7% 1.4x 1.2x 5.9x 5.1x 7.9x 7.5x888 192 129 11.9% 7.6% 0.5x 0.4x 3.9x 3.5x 9.4x 8.3x


Interactive EntertainmentActivision 13,364 10,005 37.5% (12.0%) 2.5x 2.2x 6.6x 5.8x 15.5x 12.7xElectronic Arts 7,820 5,583 12.6% 6.3% 1.4x 1.4x 11.3x 9.2x 31.3x 21.8xTake-Two Interactive Software 1,324 1,151 9.6% (4.6%) 1.0x 1.0x 10.8x 24.5x 19.0x 42.2xUbisoft Entertainment 950 1,030 37.3% 32.2% 0.7x 0.6x 1.8x 1.6x 23.8x 14.9xTHQ 247 262 3.8% 13.5% 0.3x 0.3x 8.1x 5.0x 29.6x 10.3x



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