european technology updateeuropean technology update · 3/30/2011 · oakley capital has acquired...

European Technology UpdateEuropean Technology UpdateMarch 30, 2011

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

Francois MorinDirector63 Brook Street

www.harriswilliams.comThis report has been prepared by Harris Williams & Co. Ltd and approved by Sturgeon Ventures LLP in accordance with Conduct Of Business rules COBS 4 of the FSA Handbook.

Harris Williams & Co. Ltd is an authorised representative of Sturgeon Ventures LLP which is Authorised and Regulated by the Financial Services Authority. This report is being made by Harris Williams & Co. Ltd. Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris

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

Recent Developments

Company Specific

News

p

Ecommerce solutions provider GSI Commerce has agreed to be acquired by eBay for $2.4 billionAT&T has agreed to acquire T-Mobile USA, the 4th largest US mobile network, for $39 billionIsraeli microchip developer Provigent has agreed to be acquired by Broadcom for $400 millionVisual effects software provider The Foundry has been acquired by CarlyleVisual effects software provider The Foundry has been acquired by CarlyleGimv has sold audio-visual performance software provider Psytechnics to Netscout SystemsOakley Capital has acquired a majority stake in Dutch online auction site Emesa for €27 millionUS-based First Coverage, a transmitter of trading ideas from brokerage houses, has been acquired by London-based competitor youDeviseFacebook has acquired Snaptu, an Israeli mobile software developerEssential Viewing Systems, a UK provider of wireless data transmission technology, has been acquired by Digital Barriers for £5 millionSilicon Hive, a provider of parallel processing technology, a portfolio company of New VentureSilicon Hive, a provider of parallel processing technology, a portfolio company of New Venture Partners and former subsidiary of Philips Electronics, has been acquired by IntelDaily deal site LivingSocial is in discussions to raise $400-500 million at a c.$2 billion valuationJust-Eat, a UK-based online take-out ordering service, has raised $48 million from GreylockPartners, Redpoint Ventures and Index VenturesOnline jewellery marketplace Gemvara has raised $15 million from Balderton Capital, Highland Capital Partners and Canaan PartnersFrench augmented reality software developer Total Immersion has raised $5.5 million from Intel Capital, Partech Ventures, iSource and Elaia Partnersp , ,French-American cloud storage provider Scality has raised $4.9 million from IdInvest Partners, Credit Agricole Private Equity and GalileoTechnology infrastructure services provider Altobridge has raised $12 million from Intel CapitalWeb-based workflow software provider MatsSoft has raised €3 million from BeringeaAlven Capital has invested €3 million in French cloud content solutions provider EntropysoftFourth Hospitality, a provider of software for the hospitality sector, has raised financing from ECIGroupon is contemplating an IPO that could value the company as high as $25 billionLenovo has launched its tablet PC, LePad, exclusively in ChinaTwitter is now used to send out nearly 1 billion tweets per week by users globally, a rate more than double the 25 billion sent during the full year 2010Oracle reported a 78% increase in net income on a 37% increase in revenue for the third quarter, significantly exceeding analyst estimatesRIM reported fourth quarter earnings in line with estimates, but expressed a cautious outlook on costs associated with its upcoming PlayBook tablet launch

According to a survey by GetJar, 40% of smartphone users are considering a switch to an Android smartphone compared to 18% for the iPhoneFollowing the shutdown of Limewire in October, the percentage of US internet users engaging in P2P file sharing fell to 9% in Q4 2010 from a high of 16% in Q4 2007According to ComScore, the number of US mobile banking users rose 54% in Q4 2010 to 29.8 million users

Industry Trends

million usersGrowth in US social networking users has slowed significantly with penetration expected to be 63.7% in 2011 (up from 60.1% in 2010) and expand to 67.0% in 2013

Source: Industry news sources. 1

Public Market Trading Statistics

Stock Performance

Last 30 Days

g

6.5%2.3%

(0 4% )0%

5%

(0.4% )(0.6% )(1.4% )

(10%)

(5%)

0%

22 Feb 28 Feb 06 Mar 12 Mar 18 Mar

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

Last Twelve Months

32.2%21.8%14.1%13.6%11.3%

(10%)

0%

10%

20%

30%

40%

Comparable Trading

Sources: Capital IQ, 28 March 2011; Brokers’ reports.

(30%)

(20%)

Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011

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

CY2011EEBITDA Margin Growth CY2011E CY2012E CY2011E CY2012E CY2011E CY2012E

P / EEV / Revenue EV / EBITDA

Summary Software and IT ServicesEnterprise Applications 20.5% 4.8% 1.8x 1.7x 8.8x 7.7x 16.4x 13.7xEuropean Large Cap Software 33.2% 6.1% 3.5x 3.2x 10.3x 9.1x 17.8x 15.5xFinancial Software 24.1% 5.7% 2.2x 2.0x 8.6x 7.5x 17.8x 15.1xHealthcare Software 20.9% 14.6% 2.0x 1.8x 8.9x 7.8x 19.4x 16.2xLarge Cap IT Services 13.4% 12.5% 1.0x 0.9x 6.8x 6.2x 14.1x 12.3xMid Cap IT Services 11.3% 5.1% 0.8x 0.7x 6.5x 6.0x 10.8x 9.8xOffshore IT Services 24.4% 24.4% 3.8x 3.1x 15.1x 12.7x 22.0x 18.6xSecurity Software 36.3% 7.8% 3.5x 3.2x 9.1x 8.0x 17.0x 14.9x

CommunicationsCommunicationsDigital Broadband 13.3% 10.5% 0.8x 0.7x 5.8x 5.0x 12.3x 11.7xDiversified Communication Equipment 14.5% 12.0% 1.4x 1.3x 9.3x 7.7x 17.9x 15.6xMobile Content / Solutions Providers 17.4% 29.4% 1.6x 1.3x 8.4x 6.0x 20.8x 16.6xMobile Infrastructure Software 19.6% 11.0% 2.4x 2.3x 12.7x 8.2x 25.1x 18.6x

Internet and Digital MediaChinese Internet Leaders 40.1% 30.1% 8.0x 6.2x 20.0x 15.1x 22.2x 23.3xOnline Classifieds 41.2% 21.1% 6.1x 5.3x 16.1x 12.6x 26.3x 22.6xContent Providers / Communities 23.3% 11.6% 2.3x 2.1x 10.2x 8.4x 26.2x 24.2xEcommerce 16.4% 26.8% 3.6x 2.9x 20.2x 15.2x 34.8x 31.4xGlobal Internet Leaders 34 9% 26 0% 6 4x 5 0x 16 7x 13 0x 21 5x 21 3x

2

Global Internet Leaders 34.9% 26.0% 6.4x 5.0x 16.7x 13.0x 21.5x 21.3xInteractive Entertainment 19.8% 37.5% 1.1x 1.0x 6.9x 5.7x 20.0x 16.2xIntermediation and Comparison 25.6% 7.3% 1.9x 1.7x 7.5x 6.6x 20.9x 18.4xOnline Gambling 27.5% 12.7% 1.9x 1.8x 6.8x 5.9x 12.4x 10.8xOnline Marketing 15.1% 13.5% 1.6x 1.4x 10.2x 8.2x 18.9x 17.1xOnline Travel 29.8% 16.8% 4.6x 3.9x 14.7x 11.6x 23.4x 19.6x

Software and IT Services

10%

Last 30 Days PerformanceOffshore IT Services 6.6%Enterprise Applications 5.0%Mid Cap IT Services 3.9%Large Cap IT Services 3.4%Healthcare Software 1 8%

0%

5%

Healthcare Software 1.8%Financial Software 0.1%European Large Cap Software (0.6% )Security Software (2.4% )

(10%)

(5%)

25 Feb 03 Mar 09 Mar 15 Mar 21 Mar 27 Mar

European Large Cap Software Financial SoftwareEnterprise Applications Healthcare SoftwareEnterprise Applications Healthcare SoftwareSecurity Software Large Cap IT ServicesMid Cap IT Services Offshore IT Services

Last Twelve Months Performance

40% Enterprise Applications 37.5%Offshore IT Services 29.5%Financial Software 26.2%European Large Cap Software 19 5%

(10%)

0%

10%

20%

30% European Large Cap Software 19.5%Healthcare Software 14.6%Mid Cap IT Services 14.5%Large Cap IT Services 12.8%Security Software 8.5%

(30%)

(20%)

(10%)


European Large Cap Software Financial SoftwareEnterprise Applications Healthcare SoftwareSecurity Software Large Cap IT Services

Source: Capital IQ, 28 March 2011.3

Security Software Large Cap IT ServicesMid Cap IT Services Offshore IT Services

Software and IT Services(Continued)

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

European Large Cap SoftwareSAP 71,817 73,027 34.9% 13.1% 3.7x 3.4x 10.7x 9.7x 16.2x 14.5xDassault Systemes 9,190 7,999 30.5% 12.8% 3.3x 3.0x 10.7x 9.6x 19.2x 17.3xAutonomy 6 178 5 938 51 1% 11 5% 6 1x 5 5x 12 0x 10 6x 21 5x 18 2x

EV / Revenue EV / EBITDA P / E

Autonomy 6,178 5,938 51.1% 11.5% 6.1x 5.5x 12.0x 10.6x 21.5x 18.2xSage 5,803 6,095 26.8% 3.7% 2.5x 2.4x 9.4x 8.9x 13.6x 12.6xSoftware 4,614 4,851 28.8% 6.9% 2.9x 2.8x 10.1x 9.3x 15.6x 14.2xTemenos 2,634 2,657 29.8% 22.7% 4.7x 4.2x 15.8x 13.1x 21.6x 18.7xAveva 1,775 1,551 35.4% 11.7% 5.4x 4.8x 15.1x 13.0x 25.0x 21.4xMisys 1,663 282 24.7% (29.3%) 0.4x 0.4x 1.7x 1.4x 18.4x 13.7xMicro Focus 1,038 1,079 36.6% 1.3% 2.5x 2.4x 6.7x 6.4x 9.3x 8.9x

Mean 33.2% 6.1% 3.5x 3.2x 10.3x 9.1x 17.8x 15.5xMedian 30.5% 11.5% 3.3x 3.0x 10.7x 9.6x 18.4x 14.5x

Financial SoftwareIntuit 15,544 15,650 37.4% 12.1% 3.9x 3.6x 10.5x 9.8x 19.6x 17.8xTemenos 2 634 2 657 29 8% 22 7% 4 7x 4 2x 15 8x 13 1x 21 6x 18 7xTemenos 2,634 2,657 29.8% 22.7% 4.7x 4.2x 15.8x 13.1x 21.6x 18.7xMisys 1,663 282 24.7% (29.3%) 0.4x 0.4x 1.7x 1.4x 18.4x 13.7xFidessa 1,007 906 20.7% 9.5% 1.9x 1.7x 9.4x 8.8x 22.3x 20.3xSimCorp 732 673 24.1% 7.3% 2.4x 2.1x 9.9x 8.1x 16.2x 12.8xORC 378 339 25.0% 13.8% 1.9x 1.8x 7.8x 6.1x 17.4x 12.7xInnovation 248 206 13.2% 7.5% 0.7x 0.7x 5.5x 4.9x 17.1x 14.2xLinedata 194 197 20.0% (1.2%) 1.0x 0.9x 5.0x 4.7x 10.7x 10.0xMicrogen 180 142 25.0% 11.4% 2.4x 2.2x 9.7x 8.7x 18.4x 16.3xStatPro 113 122 21.2% 3.1% 2.2x 2.1x 10.6x 9.4x 16.0x 14.1x


Enterprise ApplicationsEnterprise ApplicationsUnit 4 991 1,188 21.1% 10.4% 1.8x 1.7x 8.6x 7.7x 22.3x 16.7xSDL 832 758 19.6% 7.2% 2.2x 2.0x 11.1x 10.1x 18.6x 16.9xKofax 733 663 18.5% (12.4%) 2.5x 2.3x 13.3x 11.4x 27.3x 22.0xExact 702 621 23.5% 0.3% 1.9x 1.8x 8.2x 7.7x 14.5x 13.5xF-Secure 524 478 20.9% 10.4% 2.4x 2.2x 11.3x 9.5x 18.7x 15.5xIFS 450 399 17.0% 4.1% 0.9x 0.9x 5.5x 4.8x 12.6x 10.8xCegid 271 374 24.7% 4.9% 1.0x 1.0x 4.1x 3.9x 8.7x 8.0xAlterian 178 165 24.7% 13.1% 2.2x 1.9x 8.8x 7.2x 13.3x 11.0xKewill 137 118 14.0% 5.4% 1.2x 1.1x 8.4x 6.8x 11.9x 8.8x


Healthcare SoftwareMcKesson 20,237 21,086 2.6% 5.7% 0.2x 0.2x 7.1x 6.8x 14.7x 13.1xCerner 9,087 8,609 31.9% 12.6% 4.1x 3.7x 12.9x 11.1x 30.6x 25.6xAllscripts-Misys 4,019 4,382 24.0% 14.4% 3.1x 2.8x 12.7x 10.6x 24.8x 21.1xCegedim 945 1,585 19.9% 4.4% 1.2x 1.1x 5.8x 5.4x 9.8x 8.5xCompuGroup 811 1,056 22.0% 26.5% 1.8x 1.7x 8.4x 7.2x 17.2x 12.9xAdvanced Computer Software 194 246 25.1% 24.0% 1.6x 1.5x 6.2x 5.9x NA NA


4Sources: Capital IQ, 28 March 2011; Brokers’ reports.

Software and IT Services(Continued)


Security SoftwareSymantec 13,822 14,017 34.7% 6.5% 2.2x 2.1x 6.3x 5.2x 12.1x 10.3xCheck Point 10,287 9,197 59.2% 12.1% 7.6x 6.9x 12.8x 11.8x 18.1x 16.3x


, ,Trend Micro 3,534 2,106 30.3% 2.4% 1.8x 1.7x 5.8x 5.3x 19.0x 17.4xF-Secure 524 478 20.9% 10.4% 2.4x 2.2x 11.3x 9.5x 18.7x 15.5x


Large Cap IT ServicesAccenture 35,234 31,011 15.6% 15.4% 1.2x 1.1x 7.8x 7.5x 16.2x 14.6xCap Gemini 9,237 8,120 9.4% 10.6% 0.6x 0.6x 6.4x 5.7x 16.1x 13.7xComputer Sciences 7,626 8,866 14.8% 1.7% 0.5x 0.5x 3.6x 3.4x 9.3x 8.4xCapita Group 7,306 9,127 16.8% 7.6% 1.9x 1.8x 11.4x 10.5x 15.8x 14.2xAtos Origin 4,208 4,411 10.4% 27.3% 0.5x 0.4x 4.7x 3.7x 13.3x 10.7x

Mean 13 4% 12 5% 1 0x 0 9x 6 8x 6 2x 14 1x 12 3xMean 13.4% 12.5% 1.0x 0.9x 6.8x 6.2x 14.1x 12.3xMedian 14.8% 10.6% 0.6x 0.6x 6.4x 5.7x 15.8x 13.7x

Mid Cap IT ServicesCGI 5,507 6,538 18.7% 14.1% 1.4x 1.3x 7.6x 7.1x 13.1x 11.7xLogica 3,468 3,917 9.3% 3.5% 0.6x 0.6x 6.9x 6.4x 10.2x 9.3xIndra Sistemas 3,285 3,700 12.4% 2.0% 1.0x 1.0x 8.1x 7.6x 11.7x 11.1xTieto 1,320 1,402 10.8% 4.5% 0.6x 0.5x 5.2x 4.8x 11.1x 9.7xSopra 1,245 1,326 11.3% 7.6% 0.8x 0.7x 6.7x 6.1x 11.4x 10.4xGroupe Steria 910 1,056 8.8% (0.3%) 0.4x 0.4x 5.1x 4.6x 10.1x 8.8xGFI Informatique 282 425 7.7% 4.4% 0.4x 0.4x 5.7x 5.3x 8.2x 7.4x

Mean 11.3% 5.1% 0.8x 0.7x 6.5x 6.0x 10.8x 9.8xMedian 10 8% 4 4% 0 6x 0 6x 6 7x 6 1x 11 1x 9 7xMedian 10.8% 4.4% 0.6x 0.6x 6.7x 6.1x 11.1x 9.7x

Offshore IT ServicesTata 48,967 47,668 29.3% 25.9% 4.9x 3.8x 16.7x 13.6x 22.8x 19.3xInfosys 40,023 36,474 32.3% 23.4% 5.2x 4.3x 16.1x 13.5x 22.3x 18.0xWipro 25,094 24,007 21.4% 17.1% 3.1x 2.6x 14.4x 12.6x 19.1x 16.9xCognizant 24,346 22,120 21.0% 28.4% 3.8x 3.1x 18.0x 14.9x 29.4x 24.4xHCL 7,287 7,396 18.0% 27.3% 1.9x 1.5x 10.4x 8.8x 16.4x 14.2x



Communications

10%

15%

Last 30 Days PerformanceMobile Content / Solutions Providers 4.6%Mobile Infrastructure Software 0.3%Diversified Communication Equipment (1.2% )Digital Broadband (5.0% )

(5%)

0%

5%

10%

(15%)

(10%)

24 Feb 02 Mar 08 Mar 14 Mar 20 Mar

Digital Broadband Diversified Communication Equipment

Mobile Infrastructure Software Mobile Content / Solutions Providers

30%

40%

50%

60%


Diversified Communication Equipment 39.8%Mobile Content / Solutions Providers 8.9%Digital Broadband 8.3%Mobile Infrastructure Software 6.3%

(20%)

(10%)

0%

10%

20%

30%

(30%)

( )


Digital Broadband Diversified Communication Equipment

Mobile Infrastructure Software Mobile Content / Solutions Providers

6Source: Capital IQ, 28 March 2011.

Communications(Continued)


Digital BroadbandLogitech 3,253 2,784 11.6% 11.5% 1.1x 1.0x 9.3x 7.4x 16.0x 27.4xTomTom 1,990 2,388 18.1% 1.1% 1.1x 1.1x 6.2x 5.9x 9.9x 8.5xTechnicolor 1 234 2 637 14 2% 8 3% 0 5x 0 5x 3 6x 3 3x 14 5x 9 6x


Technicolor 1,234 2,637 14.2% 8.3% 0.5x 0.5x 3.6x 3.3x 14.5x 9.6xKudelski 992 1,243 13.6% (5.7%) 1.1x 1.0x 8.0x 6.9x 15.0x 11.3xPace 780 1,102 10.4% 18.2% 0.4x 0.4x 4.3x 3.9x 6.1x 5.1xParrot 451 322 16.6% 13.5% 0.8x 0.8x 5.1x 4.5x 13.9x 12.1xAdvanced Digital Broadcast 179 155 8.6% 26.9% 0.3x 0.3x 3.9x 3.2x 10.5x 7.8x


Diversified Communication EquipmentLM Ericsson Telephone 40,630 32,035 15.7% 7.0% 0.9x 0.9x 6.1x 5.6x 15.1x 13.5xNokia 32,367 24,661 8.7% 2.4% 0.4x 0.4x 4.7x 4.3x 17.9x 13.8xAlcatel-Lucent 13,042 13,535 9.4% 7.3% 0.6x 0.5x 6.0x 5.2x 18.5x 12.5xADTRAN 2 680 2 539 29 4% 17 4% 3 6 3 3 12 3 11 5 20 1 18 4ADTRAN 2,680 2,539 29.4% 17.4% 3.6x 3.3x 12.3x 11.5x 20.1x 18.4xCIENA 2,280 3,097 9.4% 25.8% 1.7x 1.4x 17.7x 12.2x NM 19.6x


Mobile Infrastructure SoftwareQUALCOMM 86,708 77,505 42.4% 24.7% 5.4x 5.0x 12.7x 11.9x 17.4x 15.7xVeriSign 6,279 4,800 51.9% 4.6% 6.2x 5.6x 12.0x 10.5x 24.6x 19.2xAmdocs 5,542 4,290 21.3% 5.3% 1.3x 1.3x 6.3x 6.2x 12.7x 11.0xComverse Technology 1,524 1,589 6.6% 27.0% 0.8x NA 12.7x NA NM NASynchronoss Technologies 1,255 1,082 26.9% 31.0% 4.9x 4.2x 18.4x 14.3x 42.4x 32.0xSonus Networks 1,038 717 14.4% 16.2% 2.6x 2.6x 18.1x 12.9x NM 32.5xT k l 526 305 13 3% (10 1%) 0 8 0 8 6 1 5 4 32 8 NATekelec 526 305 13.3% (10.1%) 0.8x 0.8x 6.1x 5.4x 32.8x NASmith Micro Software 320 247 12.7% (16.4%) 2.3x 1.7x 17.8x 5.7x 38.0x 12.6xTeleCommunication Systems 235 314 14.7% 15.0% 0.7x 0.6x 4.7x 3.9x 14.9x 11.6xOpenwave Systems 185 85 2.7% (1.0%) 0.5x 0.5x 19.0x 4.0x NM 20.8xRedknee Solutions 74 66 8.6% 24.4% 1.0x 0.9x 11.7x 6.7x 18.2x 11.7x


Mobile Content / Solutions ProvidersOpera Software 622 531 25.6% 30.0% 3.3x 2.7x 13.0x 9.1x 23.8x 16.6xGameLoft 487 452 21.2% 10.4% 2.1x 1.9x 9.8x 7.8x 23.4x 18.5xBuongiorno 191 251 12.1% 6.6% 0.7x 0.6x 5.5x 5.5x 10.6x 12.0xDanal 171 149 17.7% 23.0% 1.0x 0.8x 5.9x 4.5x 15.0x 11.0xDada 95 164 12.0% 3.9% 0.7x 0.7x 5.9x 5.2x 36.8x 36.3xSynchronica 37 37 16.2% 102.3% 1.7x 1.4x 10.5x 3.9x 15.2x 5.0x



Internet and Digital Media

Last 30 Days Performance

g

25%

Online Travel 23.4%Chinese Internet Leaders 8.3%Ecommerce 8.3%Online Classifieds 4.3%Online Gambling 2.4%

5%

10%

15%

20%

Intermediation and Comparison 2.2%Online Marketing 0.8%Content Providers / Communities 0.4%Global Internet Leaders (0.8% )Interactive Entertainment (4.5% )

(10%)

(5%)

0%

25 Feb 03 Mar 09 Mar 15 Mar 21 Mar 27 MarGlobal Internet Leaders EcommerceO li T l O li M k i


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

60%

80%Ecommerce 63.0%Chinese Internet Leaders 50.7%Online Classifieds 50.5%Online Travel 50.0%Global Internet Leaders 24.9%O i i 21 2%

(20%)

0%

20%

40%

60% Online Marketing 21.2%Content Providers / Communities 14.7%Intermediation and Comparison 11.1%Interactive Entertainment (5.7% )Online Gambling (37.3% )

(60%)

(40%)

(20%)

Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011Global Internet Leaders EcommerceOnline Travel Online MarketingContent Providers / Communities Intermediation and ComparisonOnline Classifieds Chinese Internet Leaders

8Source: Capital IQ, 28 March 2011.

Online Classifieds Chinese Internet LeadersOnline Gambling Interactive Entertainment

Internet and Digital Mediag(Continued)


Global Internet LeadersApple 323,866 296,889 30.5% 35.5% 3.0x 2.5x 9.7x 8.2x 15.3x 13.3xMicrosoft 215,269 184,970 42.3% 9.0% 2.6x 2.4x 6.1x 5.5x 9.8x 8.8xGoogle 186 399 157 250 43 9% 22 7% 4 4x 3 8x 10 1x 8 6x 16 8x 14 6x


Google 186,399 157,250 43.9% 22.7% 4.4x 3.8x 10.1x 8.6x 16.8x 14.6xAmazon 77,113 69,216 6.7% 31.8% 1.5x 1.2x 23.0x 17.6x NM 37.4xBaidu 47,019 45,795 57.5% 64.9% 23.8x 16.3x 41.4x 28.6x NM 36.4xeBay 41,133 36,325 35.5% 14.5% 3.5x 3.1x 9.8x 8.7x 16.5x 14.7xYahoo! 22,208 19,402 37.1% (1.2%) 4.3x 4.0x 11.6x 10.5x 21.8x 18.2xAlibaba 8,639 7,166 33.7% 25.2% 6.8x 5.6x 20.2x 15.8x 27.3x 22.0xMail.ru 6,164 5,994 45.3% 46.9% 13.5x 10.6x 29.8x 21.8x 44.5x 31.1xIAC 2,690 1,540 16.7% 11.1% 0.8x 0.8x 5.0x 4.4x 19.8x 16.6x


EcommerceA 77 113 69 216 6 7% 31 8% 1 5 1 2 23 0 17 6 NM 37 4Amazon 77,113 69,216 6.7% 31.8% 1.5x 1.2x 23.0x 17.6x NM 37.4xeBay 41,133 36,325 35.5% 14.5% 3.5x 3.1x 9.8x 8.7x 16.5x 14.7xNetflix 12,165 12,051 15.8% 46.0% 3.8x 2.9x 24.1x 16.5x NM 35.9xMercadolibre 3,257 3,195 36.0% 33.6% 11.2x 8.7x 31.1x 23.3x 45.9x 35.1xOpenTable 2,386 2,344 37.1% 50.0% 15.8x 12.1x 42.7x 29.6x NM NMVistaprint 2,061 1,883 20.8% 19.2% 2.2x 1.9x 10.5x 8.6x 19.9x 15.5xAsos 2,059 2,052 9.7% 44.2% 2.9x 2.2x 29.6x 22.3x NM 40.3xOcado 1,877 2,044 6.3% 23.2% 2.1x 1.7x 32.7x 20.2x NM 36.1xDigital River 1,401 1,027 21.7% 12.1% 2.5x 2.2x 11.7x 8.9x 31.6x 23.7xShutterfly 1,384 1,132 21.0% 31.6% 2.9x 2.4x 13.9x 11.1x 47.9x 37.1xGSI Commerce 1,301 1,226 10.5% 31.4% 0.7x 0.6x 6.6x 5.3x 42.5x 21.4xBlue Nile 802 689 8.7% 11.2% 1.9x 1.7x 21.6x 19.6x NM 43.0x

OO 666 634 9 9% 29 8% 1 6 1 3 16 11 9 41 1 29 6YOOX 666 634 9.9% 29.8% 1.6x 1.3x 16.5x 11.9x 41.1x 29.6xDrugstore 412 393 3.8% 16.3% 0.7x 0.6x 19.4x 14.5x NM 38.9xOverstock 358 283 2.3% 7.4% 0.2x 0.2x 10.3x 9.3x 33.1x NM


Online TravelPriceline 23,937 22,797 30.6% 29.1% 5.7x 4.8x 18.7x 14.8x 26.4x 20.9xExpedia 5,983 6,462 26.9% 11.2% 1.7x 1.6x 6.5x 5.9x 12.1x 10.6xCtrip 5,605 5,112 41.6% 29.1% 9.2x 7.2x 22.2x 17.3x 25.4x 20.1xWotif 1,161 1,038 56.3% 8.9% 6.7x 5.9x 11.8x 10.3x 19.6x 16.9xTravelzoo 1,003 962 24.5% 20.4% 7.1x 6.1x 28.9x 21.1x NM 40.4xOrbitz 366 764 17.9% 2.9% 1.0x 0.9x 5.5x 5.0x 39.8x 18.1xhotel.de 74 59 10.7% 15.8% 1.0x 0.8x 9.1x 6.5x 17.2x 10.5x


Online MarketingValueClick 1,173 975 30.0% 13.2% 2.0x 1.9x 6.7x 6.0x 17.2x 15.1xConstant Contact 1,037 913 16.0% 25.3% 4.2x 3.4x 26.2x 19.1x NM 39.2xLBI 358 345 17.8% 13.5% 1.3x 1.2x 7.3x 6.4x 14.3x 11.5xInfoSpace 312 59 9.0% 2.9% 0.2x 0.2x 2.6x 2.4x 37.3x 21.6xTradeDoubler 312 279 5.3% 9.2% 0.6x 0.5x 10.8x 9.3x 18.3x 15.8xMarchex 265 228 14.8% 22.4% 1.9x 1.7x 13.1x 9.9x NM NMHi-Media 216 270 9.3% 10.5% 0.8x 0.7x 8.2x 7.0x 12.9x 11.2x1000mercis 202 182 34.5% 11.8% 3.5x 3.1x 10.2x 9.0x 16.0x 13.8xSedo 145 140 7.7% 9.8% 0.8x 0.7x 10.3x 8.1x 21.1x 15.2xad pepper media 51 31 6.4% 16.4% 0.4x 0.4x 6.3x 4.7x 14.1x 10.9x


Content Providers / CommunitiesWebMD Health 3,193 2,792 35.6% 18.8% 4.4x 3.7x 12.4x 10.3x 38.1x 31.0xMeetic 497 472 22.3% 7.1% 1.7x 1.6x 7.5x 6.6x 12.0x 10.8xMove 352 310 13.3% 2.3% 1.5x 1.4x 11.5x 10.2x 33.5x 20.9xThe Knot 343 203 13.5% 8.0% 1.7x 1.5x 12.4x 8.9x NM 42.0x


XING 295 216 31.6% 21.8% 2.3x 2.0x 7.4x 6.0x 21.1x 16.4x


Internet and Digital Mediag(Continued)


Intermediation and ComparisonMoneysupermarket 711 652 27.8% 13.3% 2.5x 2.3x 9.0x 8.0x 15.6x 13.7xLiquidity Services 454 373 14.2% 12.0% 1.1x 1.0x 8.1x 6.9x 22.7x 17.4xeHealth 272 144 17 2% (7 1%) 1 0x 1 0x 5 9x 5 4x 33 5x 32 5x


eHealth 272 144 17.2% (7.1%) 1.0x 1.0x 5.9x 5.4x 33.5x 32.5xGruppo MutuiOnline 267 242 43.0% 19.8% 3.0x 2.7x 7.1x 5.9x 12.0x 9.9x


Online ClassifiedsSEEK 2,211 2,449 44.2% 19.0% 6.5x 5.8x 14.7x 12.7x 18.5x 15.0xMonster 1,991 1,952 17.1% 19.1% 1.7x 1.6x 10.2x 7.6x 35.6x 19.6x51job 1,728 1,479 17.7% 41.4% 6.5x 5.4x 37.0x 23.2x 34.0x 26.9xRightmove 1,620 1,583 68.2% 16.4% 10.4x 9.2x 15.3x 13.3x 22.4x 18.8xSouFun 1,355 1,129 41.4% 13.2% 4.9x 4.1x 11.7x 9.7x NA NACarsales.au 1,279 1,259 55.2% 18.4% 7.6x 6.8x 13.8x 12.1x 20.5x 17.9xDi 995 991 40 1% 39 2% 5 6 4 8 13 9 11 6 33 0 25 4Dice 995 991 40.1% 39.2% 5.6x 4.8x 13.9x 11.6x 33.0x 25.4xSeloger 885 867 55.1% 24.2% 6.3x 5.4x 11.4x 9.4x 19.7x 16.1xLoopNet 565 473 31.6% 10.0% 5.5x 4.8x 17.5x 13.6x NM 40.9x


Chinese Internet LeadersBaidu 46,584 45,359 57.5% 64.9% 23.6x 16.2x 41.0x 28.3x NM 36.4xTencent 45,343 42,814 52.8% 37.5% 10.5x 8.2x 20.0x 15.4x 27.3x 21.4xAlibaba 8,639 7,166 33.7% 25.7% 6.8x 5.6x 20.2x 15.8x 27.3x 22.0xSina 6,329 5,547 22.9% 23.6% 11.3x 8.9x 49.5x 34.9x NM 42.8xNetease 6,289 4,849 50.3% 31.4% 4.6x 4.0x 9.1x 7.9x 14.3x 12.5xF M di 3 957 3 366 39 5% 19 2% 5 2 4 4 13 1 10 8 22 3 17 7Focus Media 3,957 3,366 39.5% 19.2% 5.2x 4.4x 13.1x 10.8x 22.3x 17.7xSohu 3,172 2,597 41.4% 26.4% 3.4x 2.9x 8.2x 6.9x 17.4x 14.8xShanda Interactive 2,413 1,708 21.0% 29.8% 1.6x 1.4x 7.6x 5.9x 24.8x 18.5xSouFun 1,355 1,129 41.4% 13.2% 4.9x 4.1x 11.7x 9.7x NA NA


Online GamblingBetfair 1,635 1,356 19.8% 20.0% 2.1x 1.9x 10.4x 7.7x 24.2x 16.0xbwin Interactive 1,342 1,118 23.9% 14.0% 1.5x 1.5x 6.5x 6.0x 12.8x 11.4xPlaytech 1,341 1,262 54.6% 43.6% 4.5x 3.9x 8.2x 7.4x 9.9x 8.3xPartyGaming 1,274 1,081 32.5% 8.8% 2.0x 1.9x 6.1x 5.6x 12.1x 11.4xS ti b t 403 329 23 0% 6 2% 0 9 0 9 4 0 3 7 7 1 6 5Sportingbet 403 329 23.0% 6.2% 0.9x 0.9x 4.0x 3.7x 7.1x 6.5x888 246 176 11.4% 3.8% 0.7x 0.6x 5.8x 5.2x 8.0x 11.2x


Interactive EntertainmentActivision 12,969 9,461 39.1% (13.1%) 2.4x 2.1x 6.1x 5.4x 15.3x 12.6xElectronic Arts 6,589 4,618 13.9% 6.0% 1.2x 1.2x 8.5x 8.2x 25.5x 21.8xTake-Two Interactive Software 1,332 1,140 9.1% (5.2%) 1.0x 0.9x 11.4x 7.7x 18.7x 13.3xUbisoft Entertainment 975 1,053 30.6% 26.1% 0.7x 0.6x 2.2x 1.8x 22.9x 17.7xTHQ 328 319 4.8% 29.8% 0.3x 0.3x 6.9x 5.4x 19.9x 20.5x



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