IMPAC T OF COVID -19 ON VALUATION LEVELS IN THE GLOBAL ... · companies and leading corporations...
Transcript of IMPAC T OF COVID -19 ON VALUATION LEVELS IN THE GLOBAL ... · companies and leading corporations...
I M PA C T O F C O V I D - 1 9 O N V A L U AT I O N L E V E L S I N T H E G L O B A L T E C H N O L O G Y, S O F T W A R E A N D I T S E R V I C E S S E C T O RA p r i l 2 0 2 0
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AGENDA
Executive summary2 7
Update on GCA Altium1 2
Details on the current valuation environment3 11
Get in contact4 21
AppendixA 24
3
Operates as GCA in the US, Japan and the rest of Asia and GCA Altium in Europe
GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANK
Birmingham | Frankfurt | Lausanne | Leeds | London | Manchester | Milan | Munich | Paris | Tel Aviv | Stockholm | ZurichNew York | San Francisco
Delhi | Fukuoka | Ho Chi Minh City | Kyoto | Mumbai | Nagoya | Osaka | Shanghai | Singapore | Taipei | Tokyo
GLOBAL
Global reach with 25 offices in key M&A markets – but deep local roots ensure close, hands-on support for our clients
TECH &INTERNET
Leading advisor in Tech and Internet sectors with strong networks in key tech hubs, including Silicon Valley
CROSS-BORDER
Expert advisor for cross-border transactions – about 50% of transactions are cross-border
GROWTHCOMPANIES
Strong expertise in advising growth companies and leading corporations
500+
Geographically balanced business with more than 500professionals across the Group
500+
Over 500 deals closed in last 3 years
4
We advise on placement of stock, equity-linked debt, equity lines for acquisitions and roll-ups, domestic and international IPOs. We source capital from venture and crossover firms to hedge funds, sovereign wealth funds, public mutual funds and family offices.
Our services include capital raising and rescue / bridge financing, covenant resets, distressed M&A, and assessment of strategic alternatives including complete restructurings of the balance sheet with write-downs and debt-to-equity swaps.
Our global footprint gives us integrated international coverage, while our deep local roots mean that we have a thorough understanding of the markets we cover. We can help you navigate markets and cultures and find solutions adapted to your needs, goals and circumstances.
Our services include acquisition, growth, and asset-based financings as well as refinancings and recapitalizations. Our capital sources include not only traditional commercial banks, but also non-traditional sources such as credit funds, hedge funds and private sources of debt capital.
Our team delivers advisory services for public and private companies, including buyside, sellside, public takeovers and going-private transactions, as well as hostile, defense and strategic alliances.
M&A ADVISORY
We provide a comprehensive range of M&A and Debt Advisory services for companies and financial sponsors
OUR SERVICES
As a leading independent global M&A and debt
advisor, our focus is on providing our clients
impartial and insightful corporate finance advice.
DEBT ADVISORY
FINANCIAL RESTRUCTURING CROSS-BORDER ADVISORY EQUITY CAPITAL MARKETS
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GCA Altium is one of the leading and most active advisors for Software transactions in Europe
UNIQUE TRACK-RECORD IN SOFTWARE TRANSACTIONS
Note: Flag to the left: target; Flag to the right: acquirer
Workflow solutions
Data-driven intelligence
Cloud-based communication
Cloud-based utility ERP
Corporation tax software
Digital workplaces
Contact centresoftware
Cloud-based ERP
Recruitment software
DMS and CRM software
Insurance software
PIM softwareField services
ERPData
transformationCloud based
CRM platformLoyalty
programs
Marketing software
Cloud-based data storage
Terminal mgt. systems
Mid-office travel software
Cloud-based project mgt.
ERP softwareMarket research
softwareVisual data
research software
Field servicessoftware
Reservation management
Healthcaresoftware
Contextual intelligence
Cloud-based accounting
Cloud-based ERP
Fuel pricing software
Recruiting platform
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Connectivity solutions
Selected Semiconductor and IT Services transactions
DEEP EXPERTISE IN ADVISING SEMICONDUCTOR AND IT SERVICES COMPANI ES
Note: Flag to the left: target; Flag to the right: acquirer
IT ServicesSemiconductor
PTC equipment
Component refurbishment
Sensor technology
Micro & opto-electronic systems
Component refurbishment
LiDAR sensor technology
3D semicon-ductor solutions
Nanofabrication equipment
Power and energy solutions
Semiconductor test business
Semiconductor test sockets
Digital power IC solutions
Semiconductor encapsulating
Flow&measure-ment instruments
Electrical inter-connect systems
Outsourced software testing
IT infrastructure outsourcing
IT outsourcingservices
Software dev. services
Digital advertising services
IT services for the education industry
Outsourced digitalcommunication
IT consulting services
IT and digital operations support
IT managementconsulting
Digital visualization services
ICT equipment and related services
IT lifecycle and system support
Enterprise softwaresolutions provider
Microsoft-based business software
solutions
SAP consulting and support services
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AGENDA
Executive summary2 7
Update on GCA Altium1 2
Details on the current valuation environment3 11
Get in contact4 21
AppendixA 24
8
EXECUTIVE SUMMARY (I/II)
Technology companies, in particular Software companies, have so far preserved value with overall stable valuation multiples. However, given reduced earnings expectations, absolute valuations are c. 10% lower1
Main driver for lower market capitalizations and asset valuations are reduced earning expectations. However, as many companies did not yet report on their current trading nor updated their full-year guidance, the degree to which COVID-19 impacts the valuation of the global technology, Software and IT Services sector cannot yet be predicted
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In the mid-term, we expect a further set-back of stock market valuations once more companies report on current-year trading and update their full-year guidance. In particular in comparison with the Global Financial Crisis 2007-2009, there appears to be room for further downward adjustment of valuations
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Longer term, liquidity is expected to flow even more strongly into stable, crisis-proof assets, such as mission-critical software companies with a high degree of recurring revenues and strong margins. Given the scarcity of such assets, we may even see increasing valuation multiples for high-quality assets – nevertheless, we still see attractive investment opportunities within the sector
4
Given multi-months lead times of M&A projects, the effects on the technology M&A market remain to be seen. Currently, deal volumes are at a historic low. Assuming we do not experience a significant increase in bid-ask spreads, M&A markets are likely to rebound quickly. In particular, we expect high investor demand for high-quality assets with highly recurring revenues
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• EBITDA multiples of Horizontal Software companies have remained stable over the last quarter• There was even an uptick in share prices for payment and Cloud Infrastructure companies• Our outlook: We expect Horizontal Software companies to preserve value best. For high-quality companies with mission-
critical software, we even expect increasing valuation levels
• While EBITDA multiples of Vertical Software companies have also remained rather stable over the last quarter, we see a mixed picture
• In particular, capital markets appear to have not yet fully factored in the expected downward adjustment of earnings, which we expect to vary greatly, depending on the respective end-markets
• Our outlook: We expect Vertical Software companies to develop more heterogeneously, reflecting the quality of the underlying asset and exposure to end-markets
• Given their nature of relatively high fixed costs and CAPEX-intensive business models, Hardware and Hardware-related services companies valuations have seen a relatively strong decline in valuation levels
• Robotics and Automation companies are less impacted as production automation will be key in the expected re-nationalization or nearshoring of production
• Our outlook: We expect Robotics and Automation companies to preserve value best or even profit in the mid-term, whereas Semiconductor and EMS companies will develop heterogeneously, reflecting the exposure to the underlying end-markets
• IT Services companies have experienced the strongest decline in valuation in the technology space due to their perceived project nature of the business model
• Our outlook: We expect valuation levels to return to pre-crisis levels relatively soon as digitalization projects will not be stopped or even increased as they are crucial for a lot of companies’ survival
EXECUTIVE SUMMARY (II/II)
Horizontal Software
Vertical Software
Hardware
IT Services
Peer group CommentCurrent assessment
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Media outlets see both risks and chances in the current market environment, expecting software and technology companies to yield higher
M&A activity and preserve more value than other sectors
CURRENT VIEW ON THE SITUATION IN THE MEDIA
“M&A has largely slowed down in the current market, but there remain pockets of activity when the timing and price are right”
Goldman Sachs considers software companies as a mid-term buying opportunity as they are “relatively better than most other portfolio companies”. A crisis like this does also serve to accelerate new technologies and shifts in business models as well as consolidation.
“But despite all the worries about churn and changing sentiment, SaaS companies are still richly valued compared to historical norms”
“Despite having lost big chunks of market value since the beginning of the year, nearly every company among the big five (Microsoft, Apple, Amazon, Alphabet, Facebook) will do just fine when this crisis eventually passes.”
“90% of tech-M&A bankers expect acquisition prices to decrease”
“Bid-ask-spreads of historic dimensions”
“M&A volumes in March and April at historic low”
draws a rather pessimistic and bearish picture of the current situation…
…while others see opportunities
“The decline in multiples is more severe and quicker than in the Credit Crisis”
“The current sentiment is even lower than at the height of the Credit Crisis in December ‘08”
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AGENDA
Executive summary2 7
Update on GCA Altium1 2
Details on the current valuation environment3 11
Get in contact4 21
AppendixA 24
12
30-Dec 24-Feb13-Jan 9-Mar10-Feb27-Jan
110%
23-Mar 6-Apr 20-Apr
70%
50%
60%
80%
90%
100%
120%
Software companies outperform all other peer groups and indices, demonstrating strong crisis-resilience
STOCK MARKET PERFORMANCE OF TECHNOLOGY INDICES AND KEY PEER GROUPS
Source: Capital IQ as of 27-Apr-2020
(8%)23%(32%)
(2%)21%(23%)
(3%)20%(24%)
(27%)12%(39%)
(14%)17%(31%)
(0%)22%(23%)
(14%)21%(36%)
(28%)
Payment Cloud
Infrastructure
Business
Software
TravelPLM HCM Financial
Software
Healthcare
(14%)
Robotics /
Automation
(41%)
Semi-
conductors
12%
EMS IT Services
Large
IT Services
Small / Mid
21%
1%
(8%) (3%)(14%) (9%) (9%)
(26%) (27%)
Horizontal Software Vertical Software Hardware IT Services
Subsector performance: 30-Dec-2019 to 27-Apr-2020
Share price development of technology indices vs. key peer groups
LowUptick
from lowPerformance since Dec-19
Technology indices
Horizontal Software
IT Services
Vertical Software
Hardware
NASDAQ
EuroStoxx Tech
MSCI World Tech
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30-Dec 13-Jan 9-Mar 23-Mar 6-Apr27-Jan 10-Feb
120%
24-Feb 20-Apr50%
110%
60%
70%
80%
90%
100%
EBITDA multiples of Horizontal and Vertical Software companies as well as Hardware companies have remained rather stable over the last
quarter. Multiples for IT Services companies compressed by c. 18%
EV/EBITDA VALUATION DEVELOPMENT OF OUR KEY PEER GROUPS
Note(s): 1) EV to next-twelve months EBITDA; 2) Strong decline in earnings forecasts for the travel sector with a corresponding moderate drop in share prices have driven the peer group valuation up significantlySource: Capital IQ as of 27-Apr-2020
(18%)22%60%
13%38%75%
0%27%74%
2%36%65%
Development of peer group forward-looking1) valuation levels
LowUptick
from lowPerformance since Dec-19
HCM
(9%)
Payment
(24%)
TravelCloud
Infrastructure
HealthcareBusiness
Software
PLM Financial
Software
Robotics /
Automation
Semi-
conductors
EMS IT Services
Large
IT Services
Small / Mid
15%0%
9%
(23%)
6%
(2%)
73%2)
4%
(14%) (20%) (13%)
Horizontal Software Vertical Software Hardware IT Services
Subsector performance: 30-Dec-2019 to 27-Apr-2020
Horizontal Software
Vertical Software
Hardware
IT Services
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As of today1), only ¼ of our total peer group has adjusted or suspended their outlook for 2020
QUALITATIVE ANALYSIS OF OUTLOOK ADJUSTMENTS DURING THE COVID -19 CRISIS
Note: 1) As of 28-Apr-2020
15%
11%
41%
34%
• Overall, c. one-third of the analyzed companies did not yet comment on the expected earnings impact of the COVID-19 crisis. We expect most companies will update their guidance when reporting their Q1 results
• Software companies with a high degree of recurring revenue streams have mostly only moderately adjusted their outlooks, i.e. only 16% adjusted or suspended their full-year guidance
• On the other hand, almost half of the IT Services companies suspended or (significantly) adjusted their full-year outlook
∑ 103 companies
Complete observed group Key peer groups
46%
40%
3%
11%10%
10%
25%55%
21%
9%
45%
24%33%
13%40%
13%
Horizontal Software
Hardware
Vertical Software
IT services
∑ 35 ∑ 20
∑ 33 ∑ 15
Outlook suspended Adjustment of outlook No adjustment of outlook / moderate adjustment No news, yet / n.a.
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WHO declares COVID-19 international emergency
Multiples for HCM Software companies decreased as their forecasted earnings do not (yet) mirror the steep decline in the share price over
the past weeks. For Business and PLM Software, valuation multiples remained rather stable during COVID-19
HORIZONTAL SOFTWARE I: BUSINESS, HCM AND PLM SOFTWARE
Note(s): 1) NTM = Next twelve months; 2) USD 2tn Coronavirus Aid, Relief, and Economic Security Act; 3) “GFC” = Change in valuation multiples during the Global Financial Crisis 12/07 – 03/09 in %; “n.a.” = Comparison not applicable, as peer group was not listed in 2007Source: Capital IQ as of 27-Apr-2020
EV/Sales NTM1) First COVID-19 cases in Europe
IT imposes national lockdown
US passes CARES Act2)
US/DE order closureof stores, bars, pubs
EV/EBITDA NTM
WHO officially declares COVID-19 a pandemic
Ho
rizo
nta
l So
ftw
are
I: B
usi
ne
ss,
HC
M a
nd
PLM
So
ftw
are
6-Apr 20-Apr10-Feb30-Dec 9-Mar27-Jan13-Jan 24-Feb 23-Mar
10x
20x
30x
40x
50x
(23%)28.7x37.2x
(9%)15.8x17.4xBusiness Software
HCM
PLM
n.a.
(39%)
9%31.7x29.0x (48%)
30-Dec 27-Apr Delta GFC
31.7x
28.7x
15.8x
30-Dec 13-Jan 27-Jan 10-Feb 9-Mar24-Feb 6-Apr23-Mar 20-Apr
2.5x
5.0x
7.5x
10.0x
12.5x
PLM
Business Software
HCM (9%)8.2x9.0x
(19%)5.0x6.1x
n.a.
(52%)
13%8.4x7.4x (67%)
30-Dec 27-Apr Delta GFC3)
8.4x
8.2x
5.0x
>1m cases globally
First indications of a flattened
curve in Europe
16
WHO declares COVID-19 international emergency
First COVID-19 cases in Europe
IT imposes national lockdown
US passes CARES Act2)
US/DE order closureof stores, bars, pubs
WHO officially declares COVID-19 a pandemic
>1m cases globally
As providers of Payment solutions and Cloud Infrastructure are considered beneficiaries of the COVID-19 crisis, multiples of these companies
remained stable or even increased
HORIZONTAL SOFTWARE II: PAYMENT AND CLOUD INFRASTRUCTURE SOFTWAR E
Note(s): 1) NTM = Next twelve months; 2) USD 2tn Coronavirus Aid, Relief, and Economic Security Act; 3) “GFC” = Change in valuation multiples during the Global Financial Crisis 12/07 – 03/09 in %; “n.a.” = Comparison not applicable, as peer group was not listed in 2007Source: Capital IQ as of 27-Apr-2020
9-Mar30-Dec 10-Feb13-Jan 6-Apr27-Jan 23-Mar24-Feb 20-Apr
5x
10x
15x
20x
25x
16.1x
21.0x
23-Mar24-Feb27-Jan 10-Feb30-Dec 13-Jan 9-Mar 6-Apr 20-Apr
2x
4x
6x
8x
10x
6.8x
6.8x
First indications of a flattened
curve in Europe
Ho
rizo
nta
l So
ftw
are
II:
Pay
me
nt
and
Clo
ud
Infr
astr
uct
ure
So
ftw
are
Payment
Cloud Infrastruct. 6%6.8x6.5x
11%6.8x6.1x
n.a.
n.a.
30-Dec 27-Apr Delta GFC3)
0%16.1x16.0x
15%21.0x18.2x
Cloud Infrastruct.
Payment
n.a.
n.a.
30-Dec 27-Apr Delta GFC
EV/Sales NTM1)
EV/EBITDA NTM
17
23-Mar30-Dec 13-Jan 27-Jan 10-Feb 24-Feb 6-Apr9-Mar 20-Apr
5x
10x
15x
20x
25x
WHO declares COVID-19 international emergency
First COVID-19 cases in Europe
IT imposes national lockdown
US passes CARES Act2)
US/DE order closureof stores, bars, pubs
WHO officially declares COVID-19 a pandemic
>1m cases globally
As expected, multiples for mission-critical Software for the Healthcare and Financial sectors have remained stable. Interestingly, multiples for
Travel technology companies increased as investors look through short term earnings downgrades to an expected rebound post COVID-19
VERTICAL SOFTWARE: HEALTHCARE, TRAVEL AND FINANCIAL SOFTWARE
Note(s): 1) NTM = Next twelve months; 2) USD 2tn Coronavirus Aid, Relief, and Economic Security Act; 3) “GFC” = Change in valuation multiples during the Global Financial Crisis 12/07 – 03/09 in %; “n.a.” = Comparison not applicable, as peer group was not listed in 2007Source: Capital IQ as of 27-Apr-2020
23-Mar9-Mar 6-Apr
6.0x
30-Dec 27-Jan13-Jan 24-Feb10-Feb 20-Apr
1.5x
3.0x
4.5x
7.5x
Travel
Healthcare
Financial Software
5.1x
4.7x
First indications of a flattened
curve in Europe
17.4x
21.1x
Ve
rtic
al S
oft
war
e:
He
alth
care
, Tra
vel a
nd
Fin
anci
al S
oft
war
e
(9%)4.7x5.1x
(8%)3.8x4.2x
n.a.
(25%)
30-Dec 27-Apr Delta GFC3)
(8%)5.1x5.6x (44%)
3.8x
15.3x
Strong decline in earnings forecasts for the Travel sector with a
corresponding moderate drop in share prices have driven the peer group valuation up by almost 75%
73%21.1x12.2x
6%15.3x14.4x
n.a.
(36%)
(2%)17.4x17.7x (39%)
30-Dec 27-Apr Delta GFC
Healthcare
Travel
Financial Software
EV/Sales NTM1)
EV/EBITDA NTM
18
WHO declares COVID-19 international emergency
First COVID-19 cases in Europe
IT imposes national lockdown
US passes CARES Act2)
US/DE order closureof stores, bars, pubs
WHO officially declares COVID-19 a pandemic
>1m cases globally
Robotics and Automation companies are less impacted as production automation will be key in re-nationalization of production
HARDWARE: ROBOTICS / AUTOMATION, EMS AND SEMICONDUCTOR COMPANIES
Note(s): 1) NTM = Next twelve months; 2) USD 2tn Coronavirus Aid, Relief, and Economic Security Act; 3) “GFC” = Change in valuation multiples during the Global Financial Crisis 12/07 – 03/09 in %Source: Capital IQ as of 27-Apr-2020
30-Dec 10-Feb13-Jan 27-Jan
18x
9-Mar24-Feb 23-Mar 6-Apr 20-Apr
3x
6x
9x
12x
15x
(20%)5.5x6.8x
4%16.2x15.6x
Semiconductors
Robot. / Autom.
EMS (40%)
(43%)
(14%)12.5x14.6x 11%
30-Dec 27-Apr Delta GFC
12.5x
5.5x
16.2x
2x
1x
23-Mar30-Dec 13-Jan 9-Mar27-Jan 6-Apr10-Feb
6x
24-Feb 20-Apr
3x
4x
5x
4.1x
0.3x
3.1x
First indications of a flattened
curve in Europe
Robot. / Autom.
Semiconductors
EMS (28%)0.3x0.4x
(3%)3.1x3.2x
(54%)
(64%)
(15%)4.1x4.8x (24%)
30-Dec 27-Apr Delta GFC3)
Har
dw
are
: Ro
bo
tics
/ A
uto
mat
ion
, EM
S an
d S
em
ico
nd
uct
or
Co
mp
anie
s
EV/Sales NTM1)
EV/EBITDA NTM
19
WHO declares COVID-19 international emergency
First COVID-19 cases in Europe
IT imposes national lockdown
US passes CARES Act2)
US/DE order closureof stores, bars, pubs
WHO officially declares COVID-19 a pandemic
>1m cases globally
Stock market valuations do yet not reflect positive medium-to-long term positive digitalization impact on IT Services companies as potential
start dates for new projects are uncertain
IT SERVICES: LARGE CAP AND SMALL / MID CAP IT SERVICES COMPANIES
Note(s): 1) NTM = Next twelve months; 2) USD 2tn Coronavirus Aid, Relief, and Economic Security Act; 3) “GFC” = Change in valuation multiples during the Global Financial Crisis 12/07 – 03/09 in %Source: Capital IQ as of 27-Apr-2020
2x
23-Mar24-Feb30-Dec 6-Apr9-Mar
4x
27-Jan13-Jan 10-Feb 20-Apr
6x
8x
10x
12x
(13%)8.5x9.7x
(24%)6.6x8.7xIT Services - Large
IT Services - S / M (44%)
(43%)
30-Dec 27-Apr Delta GFC
30-Dec 13-Jan 24-Feb27-Jan 10-Feb 9-Mar 6-Apr23-Mar 20-Apr
0.5x
1.0x
1.5x
IT Services - Large
IT Services - S / M (21%)0.8x1.0x
(23%)0.9x1.2x
(64%)
(44%)
30-Dec 27-Apr Delta GFC3)
0.9x
0.8x
First indications of a flattened
curve in Europe
6.6x
8.5x
IT S
erv
ice
s: L
arge
cap
an
d S
mal
l / M
id C
ap IT
Se
rvic
es
Co
mp
anie
s
EV/Sales NTM1)
EV/EBITDA NTM
20
Scarcity of high-quality assets
Liquidity in markets remains high: We expect high investor demand
for high-quality assets that are expected to come out of the crisis almost unaffected. This is likely to
drive valuations for premium assets
The global technology M&A markets are currently on hold and the impact on valuation levels remains yet to be seen
RECENT DEVELOPMENT OF THE GLOBAL TECHNOLOGY M&A MARKET
Note: 1) Projected valueSource(s): 451 Research‘s M&A KnowledgeBase, S&P Global Market Intelligence
84 71 12763
125 165 161 138 134 126 99 111 84
984918 872
811949 992
927 877 911 877984
898 878
Q1 ’17 Q4 ’18Q1 ’18Q2 ’17 Q3 ’17 Q2 ’18Q4 ’17 Q3 ’18 Q1 ’19 Q2 ’19 Q3 ’19 Q4 ’19 Q1 ’20
Total # of deals Total deal value in USDbn
• As M&A projects typically have a lead time of c. 6 months, and given the fact that COVID-19 related shut-downs only came to effect in March, M&A activity in Q1 ‘20 does not reflect economic contraction, yet
• Hence, possible distortions in valuations and deal volume can only be read off at a later point in time
30
43
12
Feb-20Jan-20 Mar-20 Apr-20
51)
Total deal value in USDbn
Cu
rre
nt
situ
atio
n in
th
e M
&A
mar
ket
Ou
tlo
ok
• The COVID-19 crisis has put the global technology M&A markets on pause. Deal volumes in March and April were at historic lows.
Prices are expected to come down
We believe the global stock markets have not yet factored in
the full earnings impact of the current standstill and thus expect an adverse effect on valuations of public markets for the mid-term
Risk of an increasing bid-ask-spread
M&A activity may be negatively affected by widening bid-ask
spreads. In particular, we do not expect that sellers are willing to
accept a significant valuation discount for an impact that is
considered exceptional
Software assets expected to come out on top
Software assets with a high share of recurring revenues are expected to preserve value more than other
IT markets
Quarterly global technology & telecommunication M&A activity Monthly global technology & telecommunication deal value
The overall effect of the COVID-19 crisis on valuations and deal volumes remains to be seen –we expect the following factors to drive M&A valuation in the technology sector:
21
AGENDA
Executive summary2 7
Update on GCA Altium1 2
Details on the current valuation environment3 11
Get in contact4 21
AppendixA 24
22
GET IN CONTACT (I/II)
Mario Schlup, Director Guido Viggiani, AnalystSascha Pfeiffer, Member of the Board Raiko Stelten, Managing Director
• More than 13 years of corporate finance experience with more than 40 completed transactions in the Technology and Tech-enabled Services sectors
• Prior to joining GCA Altium, Raiko worked for DC Advisory
• Member of GCA Altium’s Executive Committee and GCA’s global board of directors
• More than 20 years of corporate finance experience with more than 100 completed transactions predominantly in software / technology M&A
• Prior to joining GCA Altium in 2013, Sascha worked for DC Advisory / Close Brothers in Frankfurt and London
[email protected]+49 (69) 20 434 64 -15+49 177 74 156 43
[email protected]+49 (69) 20 434 64 -18+49 171 33 508 79
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Dedicated European Technology Team
GET IN CONTACT (II/II)
Sigurd Solheim, Managing [email protected]
Lausanne
Raymond Frojd, Managing [email protected]
Kristoffer Källeskog, Managing [email protected]
Stockholm
Sébastien Delattre, [email protected]
Thomas Egli, Managing [email protected]
Alexander Grünwald, Member of the [email protected]
Zurich
Malte Abrams, [email protected]
Tobias Schultheiss, Managing [email protected]
Frankfurt
Alessandro Soprano, Managing [email protected]
Milan
Hugues Archambault, Managing [email protected]
Paris
James Craven, Managing [email protected]
London
Xavier Moreels, Managing [email protected]
BENELUX
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AGENDA
Executive summary2 7
Update on GCA Altium1 2
Details on the current valuation environment3 11
Get in contact4 21
AppendixA 24
25
PEER GROUP CONSTITUENTS OVERVIEW (I/III)
PLM Software
Payment Software
HCM Software
Cloud Infrastructure Software Business Software
Ho
rizo
nta
l So
ftw
are
26
PEER GROUP CONSTITUENTS OVERVIEW (II/III)
Note: 1) Only included in the qualitative analysis of management statements about outlook adjustments
Robotics / Automation
Healthcare Software
Semiconductors
Financial Software
EMS
Travel Software
Ve
rtic
al S
oft
war
eH
ard
war
e
1)
1)
27
PEER GROUP CONSTITUENTS OVERVIEW (III/III)
Large Cap Small / Mid Cap
IT S
erv
ice
s
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Basis of this presentation
LEGAL DISCLAIMER
The views presented herein are for discussion purposes only and are based on publicly available information.
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