GP Bullhound：2022年第三季度電子商務(wù)報(bào)告

CommercesectorupdateQualitativeinsightsintobroaderDigitalCommercetrendsandpublicandprivatevaluationsacrossthetransactionsectorImportantdisclosuresappearattheendofthisreportGPBullhoundCorporateFinanceLtdandGPBullhoundAssetManagementLimitedareauthorisedandregulatedbytheFinancialConductAuthorityGPBullhoundIncisamemberofFINRAGPBullhoundHongKongLimitedisauthorisedandregulatedbytheSecurities&FuturesCommissionGPBullhoundLuxembourgSàrlisauthorisedasanAIFMinLuxembourgbytheCommissiondeSurveillanceduSecteurFinancierTakeawaysTakeawaysQ3DigitalCommerceperspectivesfromGPBullhoundTHEAGRISECTORISTRANSFORMINGDIGITALADOPTIONGAMIFICATIONOFEDUCATIONINCREASINGLYENTHUSIASMFROMEDUCATORSANDLEARNERSPERSONALISATIONISBECOMINGANINCREASINGLYIMPORTANTCX?>85%offarmersaresellingandbuyingonlinein2022,a790%increasefromadecadeago?Digitalplatformsincreasemarketefficiencyandreducewaste,resultinginimprovedmarginsandhigher-qualityproduce?Theonlineagriculturemarketwassizedat$11bnin2021andissetforan8.2%CAGRto2026?TheGame-BasedLearningMarketislikelytoreach$62bnby2030,a21%CAGRfrom2022?Gamificationprovestoimproveengagementbothatworkandineducation?Asthemarketmaturesandcontinuestogrowat>20%p.a.weexpecttoseeincreasingamountsofM&Aactivity,askeyplayerslooktoconsolidatetheirpositions?75%ofconsumersexperiencednewshoppingmethodsduringthepandemic?80%ofconsumersaremorelikelytomakeapurchaseifthecompanyoffersapersonalisedshoppingexperience?Retailersseethemselvesincreasinginvestmentintopersonalisationeffortsby75%overthenextthreeyearsTakeawaysTakeawaysGPBULLHOUND’SSECTORTAKEAWAYSTheagrisectoristransformingthankstodigitaladoptionEcommerceishavingastronginfluenceontheagricultureindustrySelectedtransactionsThepandemicledtogreateradoptionofecommerce,>85%offarmersarenowsellingandbuyingonline.A790%Selectedtransactionsfromoveradecadeago.ProducersandconsumersalikearewelcomingthesealternativesaleschannelsSomeofthemostnoticeablebenefitsfromagricultureecommerceinclude:?Increasedmarketefficiency/reducedwaste?Digitalcommerceplatformsgiveproducersdirectaccesstoawiderrangeofbuyers(agriculturebusinesses,DEALANNOUNCEMENTDATE:AUG-22DEALSIZE:$8MrestaurantsretailersetcandmarketsThisbroaderaccesshelpstomitigateDEALANNOUNCEMENTDATE:AUG-22DEALSIZE:$8Mproducersinbumperyears?Improvedincome&profitabilitymargins?Agridigitalcommerceplatformsgivefarmersgreatervisibilityoverwhatplayersarepricingsimilarproduceat.Intermediariesnolongerhavetheedgetosqueezeproducersandbuycheapfromthem.Agriecommerceprovides?HigherqualityproduceandopportunityforboutiqueproducersFUNDRAISEDATE:JUL-22DEALSIZE:$14MOntheotherside,thedigitisationofagriculturegivesFUNDRAISEDATE:JUL-22DEALSIZE:$14Mincentivisedtoimprovequalitytocompete?AgridigitalcommerceplatformsdemocratisethemarketbymakingitpossibleforsmallholderstoparticipateonthesamestageasbigproducersremarketwassizedatbninandissetforanCAGRuntilPinduoduoisanexampleofanagriecommerceplatformhelpingnicheproducers.Inthiscase,villagersinHengshan,China.Theseproducersearn30xmorefromtheirproducebyconnectingwithawideraudienceontheplatform?OtherexamplesofinnovativeagriculturemarketplacesenablingthetransformationintheindustryincludeAgriconomie(France),Frubana(Colombia)andKisaanTrade(India)DEALSIZE:$12MSources:Agriland,GSMA,Market.US,TheBusinessResearchCompany?67%ofstudents?67%ofstudentsfoundgamifiedlearningmoremotivatingandengagingthantraditionalcourses?Therewasa35%increaseinstudentperformancewithchallenge-basedgamificationineducation?Atwork:TalentLMSGamificationsurveyfoundthat:?Gamificationincreasedlearningengagementby30%,italsoincreasedthedesiretobeengagedatworkby30%?What’snext??Greateracceptanceofemergingtechnology:VRandthemetaversecouldgreatlycontributetotheworldoflearning,offeringmoreengagingandimmersivewaysofinteracting,bothincorporateandeducationalsettings?KeyplayerslikelytolooktoM&Atoconsolidatetheirpositions:aninterestingexampleisMicrosoft'sacquisitionofActivisionBlizzard.Inacommentaboutthedeal,veterantechnologyjournalist,MartinBanks,saidthattheuseofvideoetclosetojustifyingtheinvestmentinitsownright?Asthemarketmaturesandgrowthratesremain>20%p.a.,wewilllikelyseeincreasinglevelsofM&Ainthespace,asplayerslooktoexpandcapabilities,targetaudiences,andgeographiesTakeawaysGPBULLHOUND’SSECTORTAKEAWAYSThegamificationofeverything…Gamificationofeducationincreasinglypopular,withenthusiasmfromeducatorsandlearnersalike?Ahigh-growthniche?Ahigh-growthnichewithinEdtech?AccordingtoareportbyVerifiedMarketResearch,theGame-BasedLearningMarketisprojectedtoreach$62bnby?Ashifttoonlinelearning;theCovid-19pandemiccreatedalastingadjustmentinteachingmethodologies,withmanyobligatedtoadoptonlineeducation?TheEUlaunchedadigitaleducationplan(2021-2027)thatseekstopromotethedevelopmentofahigh-performancedigitaleducationalecosystem?ProvenimpactonperformanceandengagementDEALDEALDATE:AUG-22?Forstudents:theInternationalJournalofHuman-ComputerStudiesstudyestablishedthat:DEALDEALDATE:JUL-22DEALDEALDATE:APR-22DEALSIZE:>￡210MTakeawaysTakeawaysGPBULLHOUND’SSECTORTAKEAWAYSPersonalisationisanincreasinglyimportantCXdifferentiatorPersonailisationhasproventotranslateintoincreasedrevenuesforcompanies?Whydoonline?Whydoonlineretailersseepersonalisedshoppingexperiencesasastrategicpriority??BostonConsultingGroup’s(BCG)personalisationmaturityindexshowsstatisticallysignificantcorrelationbetweenmaturityofacompany'spersonalisationofferingandrevenueup-lift,withbest-in-classcompaniesachieving25%+increasesRISESTORECONCEPTLONDONCONNECTINGREAL-TIMESHOPPERDATAWITH?McKinseyresearchshowsthat71%ofconsumersexpectRISESTORECONCEPTLONDONCONNECTINGREAL-TIMESHOPPERDATAWITHconsumersstatingtheyaremorelikelytomakeapurchaseifthecompanyoffersapersonalisedexperience:?Consumersareagnostic:Duringthepandemic75%ofconsumerstriedanewshoppingmethod,highlightingthatIN-STOREEXPERIENCESoftencompaniesthatofferbettercustomerexperienceachievehighercustomeracquisitionlevels?Shoppersspendmorewithtailoredexperiences:ABCGreportintoretailexperiencesrevealedconsumersincreasespendby40%andare110%morelikelytoaddadditionalitemstotheirbasketiftheyfeeltheyhavebeenofferedapersonalisedexperience?Whatdoesmaturepersonalisationlooklikeforretailers?2022RETAILPERSONALISATIONINDEXWINNERSINTEGRATEDIN-STORE&APPEXPERIENCE2022RETAILPERSONALISATIONINDEXWINNERSINTEGRATEDIN-STORE&APPEXPERIENCEconsumershoppingbehaviours?Asretailplayersmature,theymayofferincreasinglydynamicwebsiteexperiences,improveomnichanneldatacollectionandrundynamicsearchadsandengageinSEOoptimisation?Morematureplayers,likeAmazoncreateindividualprofilesbasedon>200datapoints,foreachoftheircustomers?Whatdoesthefutureofpersonalisedshoppinglooklike??RetailerssuchasAmazon,SephoraandNikeareprovidingadvancedomnichannelpersonalisationtoconnectashopper'sjourneyacrossalldigitalandphysicalretailexperiences.ThisisbeingenhancedbyAIandML,whichactonreal-timedatadeliveringon-demandsalesandperformancedriversDEALDATE:JAN-22echnologytoDEALDATE:JAN-22campaignmanagementSources:Epsilon,McKinsey,BCG,Amazon,FortuneBusinessInsightsGlobalRetailinAIMarketreportCEOcommentaryCEOcommentaryrendsNOTABLEDIGITALCOMMERCEM&AMegadealsledbyShopifyandProsuswerethehighlightoftheslowerDigitalCommerceM&AactivityinQ32022DealdateTargetdescriptionImpliedEV($’m)US-basedoperatorofonlinegroceryshoppinganddeliveryplatformn.d.Singapore-basedonlineshoppingandsellingmarketplaceliaUK-basedonlineclassifiedadvertisementplatformdesignedtoconnectbuyersandsellersBrazil-basedproviderofonlinefoodorderinganddeliveryservicesNorway-basedproviderofeTendersystems,facilitatingthetransactionsbetweenbuyersandUS-baseddeveloperofonlinedogwalkingplatformmeanttofacilitatesearchforqualifieddogwalkersChina-basedonlineshoppingportalfocusedontheonline-to-offlinebusinessmodelUK-baseddeveloperofonlineparkingreservationplatformMexico-baseddailycommutesmarttransportationplatformFrance-basedrewardplatformdesignedtofacilitateaccesstosocialbenefitsforemployeesUS-basedtech-enabledecommercefulfillmentserviceplatformNetherlands-baseddeveloperofanonlinedomainmarketplaceSources:Pitchbook,MergerMarket,SECfilingsNote:(1)AlibabaincreasedmajoritystakeinLazada,(2)Transactionalsoincludedacquisitionofotherclassifieds:Autotrader&Carsguide;(3)OriginalamountreportedinGBP,exchangedusingAugust19thGBP/USDspotrate(1.1829);(4)WagLabswasaSPACacquisitionrendsrendsNOTABLEDIGITALCOMMERCEPRIVATEPLACEMENTSInvestorsarebeingselective,butsignificantamountofcapitalisstillbeingdeployedinthespaceDealdateLeadinvestorIssuerdescriptionDealValue($’m)Indonesia-basedoperatorofonlinetravelsearchenginesettorevolutionisehumanmobility300India-basedhyperlocalmarketplacedesignedtoofferelectronicproductsonline75Thailand-basedproviderofonline-to-offlineservices,includingfood,groceryandparceldeliveries265US-baseddigitalplatformdesignedtoprovidedigitallyconnectedshopperexperiences100US-basedoperatorofelectronicconsumerproductscompany100Indonesia-basedecommercebusinessdevelopmentplatformintendedtooptimisebrandmarketing60US-basedmobile-focusedeventticketpurchaseplatformChina-baseddeveloperofecommerceinformationtechnologysolutions110UK-basedonlineelectriccarsubscriptionplatformfacilitatingEVownership60US-basedsocialshoppingplatformdesignedtoblendsocialmediaandecommerce60Malaysia-baseddeveloperofe-paymenttechnologyofferinge-paymentsolutionstoretailers168USbasedrestauranttechnologyplatformfacilitatingrestaurateurs'entryintonewmarkets100n.d.US-basedproduceroffreshmealsintendedtosupporthealthyconsumerlifestyles200Spain-basedproviderofon-demandtransportationservicesUS-basedoperatoroflivestreamplatformandmarketplacefocusingonlimited-editioncollectibles260Sources:Pitchbook,MergerMarket,CrunchbaseJDJD.com,Inc.PubliccompanyanalysesPubliccompanyanalysesSELECTEDDIGITALCOMMERCEPUBLICCOMPANYVALUATIONSAmazonstillthedominantforceinDigitalCommercedespiteuncertaintiesinthemacroeconomicenvironmentMarketcapvaluesin$bnA,IncAlibabaGroupInc.Airbnb,IncAirbnb,Inc.Co.,Ltd.Technologies,Inc.ShopifyInc.MercadoLibre,Inc.DoorDash,Inc.JDHealthInternationalInc.eBayInc.Coupang,IncChewy,Inc. WayfairInc.===797773676552464234292019181693Source:CapitalIQ(asof30SeptemberSource:CapitalIQ(asof30September2022);Note:1)JDHealthSharepriceperformanceL5YnceS&P500(40.8%)Marketplaces(70.2%)OnlineSharepriceperformanceL5YnceS&P500(40.8%)Marketplaces(70.2%)Onlinetravel(39.7%)ClassifiedsPubliccompanyanalysesGPBULLHOUNDKEYINDICESSHAREPRICEPERFORMANCEDigitalCommercesell-offcontinues,withpricesbackat2017levelsforonlinetravelandecommerceSharepriceperformanceL5YS&P500TechnologySector101.3%47.1%(21.9%)(25.4%)Largecap23.6%4.8%(40.8%)(15.0%)Ecommerce(46.7%)(22.3%)(68.9%)(46.1%)Marketplaces24.6%(29.7%)(70.2%)(44.8%)Onlinetravel(37.3%)(32.6%)(39.7%)(33.4%)1.6%(19.2%)(47.2%)(30.7%)Cla1.6%(19.2%)(47.2%)(30.7%)ClassifiedsEcommerce400%(68.9%)300%Largecap(47.2%)Oct-21Apr-22Oct-22(47.2%)Oct-21Apr-22Oct-22Source:CapitalIQ(asof30September2022)(1)Peergroupsrelatetocomparablegroupsonslides17-22PubliccompanyPubliccompanyanalysesGPBULLHOUNDDIGITALCOMMERCEINDICESINDICATIVETRADINGVALUATIONBENCHMARKSIndicativetradingvaluationbenchmarksVerticalsLargeLargecapEcommerceMarketplacesClassifiedsOnlinetravelSelectedcompaniesSource:CapitalIQ(asof30September2022);Note:1)MeanCY20-22RevenueCAGR(1)margin(1)EV/CY22ERevenue(1)Takeaways2.9x2.6xTakeaways2.9x2.6xGPBULLHOUNDDIGITALCOMMERCEINDEXVALUATIONSValuationsacrossDigitalCommercecontinuetodeclineandaresignificantlybelowhistoricalaveragesEV/NTMrevenueaverageEV/NTMrevenueaverageLargecapEcommerceMarketplacesOnlinetravelClassifiedsSource:CapitalIQ(asof30September2022)(1)Peergroupsrelatetocomparablegroupsonslides17-22?Description:Ecommerceplatformmersinstantrebates?Description:EcommerceplatformmersinstantrebatesOfferingamount:$8m?HQcountry:UnitedStates?MarketCap:$34mDescriptionTechnologydrivenecommercemarketplacepOfferingamount:$5m?HQcountry:UnitedKingdom?Marketcap:$80m?Description:Largestcar-sharingOfferingamount$78m?HQcountry:SouthKorea?Marketcap:$384m-89%-39%+6%-62%**Description:Subscription-basedaudiostreamingserviceOfferingamount0m?HQcountry:France?Marketcap:$415m?Description:EcommercesolutionforlargeparcelmerchandiseOfferingamount:$36m?HQcountry:China?Marketcap:$411m-36%-79%-38%PubliccompanyanalysesALCOMMERCEIPOSIPOactivitystillmutedwithafewcompaniesgoingpublicinspiteofmarketconditions?Description:EcommerceconsumerproductgoodscompanyOfferingAmount:$16m?HQcountry:Israel?MarketCap:$9m?Description:On-demanddogwalkingplatformOfferingamount0m?HQcountry:UnitedStates?Marketcap:$52mEcommerceMarketplacesSharepriceperformanceasof30SeptemberSources:CapitalIQ,Pitchbook,Crunchbase,andMergermarket(asof30September2022)Note:*SPAC;SharepriceperformancecalculatedwithCapitalIQfromlistingdateto30September2022,Grindr,FreightoshavebeenannouncedinQ2andnotcompletedyetPubliccompanyanalysesPubliccompanyanalysesGITALCOMMERCEFUTUREIPOSQ3-22remainedshortofupcomingannouncementsforpubliclistingsinDigitalCommerceCompanyHQVerticalsDescriptionCompanyHQVerticalsDescriptionMarketplacesMarketplaceforluxurywatchesMarketplacesSocialnetworkingandonlinedatingapplicationMarketplacesOnlinemarketplaceforautomobilesMarketplacesOnlinegrocerydeliverymarketplace*MarketplacesMarketplaceplatformforhealthservicesandmedicationifiedsellingplatformMarketplacesUS-basedonlinewholesalemarketplaceMarketplacesFooddeliveryplatformMarketplacesEcommerceforconsumerproductsEcommerceOnlinedrugdeliveryplatformMarketplacesUS-basedfoodandgrocerydeliveryplatformMarketplacesOn-demandonlinedeliveryMarketplacesrtopeercarsharingplatformSources:Pitchbook,Crunchbase,andMergermarket(asof30September2022)Note:*ListingviaSPACCEOcommentaryCEOcommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORTiagoPessoa,Founder&CEOTIAGOPESSOAFOUNDER&CEO,AGRIMARKETPLACE"Ourgoalistobeareferencewhenitcomestodigitalagriculturaltransactions,creatingadigitalplatformwiththepromotefairtrade,sothatproducerscanincreasetheirinsandsothatindustryandfoodprocessorscangettheproductstheyneedatmorefavourableprices.Currentlythemarketforagriculturalproductsisdominatedbytthemostemarginstayswiththeseintermediaries,hurtingthefarmerswhohavethelargestshareordersandtheirbuyordersinawaythatensuresthecompatibilitybetweenthesalepricesandthedemandprices,allowingbusinesstobedone,essentially,inafairandeasyway.logistics,securepayments,andinlegalareastoensurethegreatestfluidityofthetradingprocessandthencreateasustainablecommercialnetworktoallowtheeasyandfastuseplatformbybothsidesofthemarketAgriMarketplaceAgriMarketplaceisadigitalB2Bmarketsolutionthatbringstogetherfarmersandindustrialbuyers.Foundedin2016byagroupoffounderswholeveragetheirknowledgeandexperienceinFarming,IndustryProcurement,DigitalBusinessandDisruptiveInnovation.AgriMarketplace’spositioningistoredistributevaluethroughtheagriculturalsupplychain,correspondingtothemarketneedforsimplicity,trust,transparencyandfoodtraceability.CO-CO-FOUNDER,FENIXFAMILY"Everysinglefamilyneedsourservicesandcustomersareoftennotinapositiontoshoparound.Theyareusedtodemandingavailability,transparencyandconvenienttech-enabledservicesfromotherindustries.However,ourmarketisfragmented,localanduntransparent.Fenixempowersfamiliesbydemocratisinggenerationplanningandmakinghighqualityfuneralandestateservicestransparentlyavailableonline.Fenixmultichannelcustomeracquisitionandservicedeliverymodelmakeusuniquelypositionedtoofferpremiumservicesatanaffordableprice.Moreover,weachievehighscalabilitywhilemaintainingasignificantshareofwallet."InvestorsCEOcommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORCharlotteRunius,Co-FounderFenixFenixisalow-touchmanagedmarketplaceconnectinghigh-touchserviceproviderswithfamilies.Thecompanyoffersfuneralservices,estatemanagementandgenerationplanningprimarilyinSwedenandintheUK.CEOcommentaryCEOcommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORPaulMcElvaney,Founder&ExecutiveChairmanPAULMcELVANEYFOUNDER&EXECUTIVECHAIRMAN,LEARNINGPOOL"Everyenterprise,especiallyglobalones,isstrugglingtoattractandretainskilledemployees.Thewideningskillsgapsthatarestoppingbusinessesfromgrowingatthepacetheydesireareapparentineveryboardroomconversation.Thisisnotaprobleminisolation,butsitsalongsidechallengesofmaintainingcompliance,helpingnewstartsgettocompetencequickly,andkeepingpacewithchangingmarketconditions.Thefragmentednatureofthesuppliercommunitydoesn'thelpthesebusinesses.LearningPoolstandsaloneastheonlyprovidertooffertheintegratedtools,technologyandcontentthatcompaniesneedtodeliveraworld-classlearninganddevelopmentexperience.”InvestorsLearningPoolisoneoftheUK'slargestandfastestgrowingInvestorsonlinelearningcompanies,deliveringextraordinaryoutcomesforclients’peopleanddrivingtheirbusinessstrategy.Thecompanyoffersafullscopeofservicesfromlearningplatformstolearningcontentandexperiences,throughtotoolsandtechnologieswhichenablelearningprofessionalstodrivetheirstrategicactivities.LearningPoolfocusesonthreemainbusinesspriorities:compliance,onboardingandupskilling.PubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–LargecapLargeLargecapLargecapAmAmazonesAlibabaChina44%211,776188,5451.6x1.5x1.4x9.7x8.5x7.1x9%n.a.36%17%18%19%17%1%uoduoChinanm.JDcomChina76,85263,2160.5x0.4x0.4x46.8x15.8x11.6x9%14%8%1%3%3%20%30%TheNetherlandsnm.eBayUnitedStates25,3102.4x2.6x2.5x7.3x7.6x7.3x75%73%73%33%34%35%5%2%esnm.Mean52%44%53%49%28%29%28%22%14%Median54%42%58%43%16%18%19%20%12%Source:CapitalIQ(asof30thSeptember2022);PubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–ecommerce(1/2)OnlinefashionChinaZalandoGermanyTheRealRealesAboutyouGesn.m.n.m.n.m.n.a.n.a.n.a.n.m.GlobalFashionGroupbourgn.m.n.a.n.m.Revolveesn.m.n.m.n.m.n.a.n.a.n.a.n.m.Germanyn.m.n.m.n.m.n.m.n.a.n.a.n.m.Ecommerce-OthersCoupangSouthKorean.m.n.m.n.m.n.a.n.a.n.m.Chewyesn.m.n.a.n.m.AmericanasS.A.Yelpesn.m.stockesOesCimpressIrelandn.a.JumiaTechnologiesn.m.n.m.n.m.n.a.n.a.n.a.n.m.CEWEGermanyGrouponesn.m.QuotientTechnologyesChinan.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.DelticomGermanyn.a.Source:CapitalIQ(asof30thSeptember2022)Note:EV/EBITDAmultiplesinredexcludedfrommean&mediansPubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–ecommerce(2/2)VerticalecommerceJDHealthChinan.m.n.m.n.a.Ocadon.m.n.m.n.a.n.a.n.m.GermanyWayfairesn.m.n.m.n.m.n.a.n.a.n.a.Chinanrun.a.n.a.n.m.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.m.Germanyn.a.n.a.n.m.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.tonesn.m.n.m.n.m.n.a.n.a.n.a.n.a.GoodRxesn.m.esn.m.ngChinan.m.n.m.n.a.n.a.n.m.npign.a.esTheHonestCompanyesn.m.n.m.n.m.n.a.n.a.n.a.n.m.Hepsiburadan.m.n.m.n.m.n.a.n.a.n.a.n.m.OWorldn.m.esn.m.n.m.n.m.n.a.n.a.n.a.n.m.SRPGroupeFrancen.a.Germanyn.m.n.a.n.a.OponeoPolandFoodBagNewZealandn.a.Mn.m.n.m.n.m.n.a.n.a.n.a.n.m.MeanMedian29%23%43%42%45%46%42%40%8%5%9%5%9%6%15%12%22%5%Source:CapitalIQ(asof30thSeptember2022)Note:EV/EBITDAmultiplesinredexcludedfrommean&mediansPubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–MarketplacesMMarketplacesresnn.m.nn.a.nn.m.MercadoLibreyshesn.m.n.a.n.m.esGermanyn.m.n.m.n.m.n.a.n.a.n.m.omatoIndian.m.n.m.n.m.n.a.n.a.n.a.n.a.n.a.n.a.esn.m.n.a.n.m.Polandn.a.KJapann.a.TNetherlandsn.m.n.m.n.a.n.a.n.a.Farfetchn.m.n.m.n.a.n.a.n.m.Carvanaesn.m.n.m.n.m.n.a.n.a.n.m.Opendooresn.m.n.m.n.a.n.m.BIndonesian.m.n.m.n.m.n.m.n.m.n.m.n.a.n.a.n.a.n.m.eliveroon.m.n.m.n.m.n.a.n.a.n.a.n.m.CarGurusesAuto1GroupGermanyn.m.n.m.n.m.n.a.n.a.n.a.n.m.rkesn.m.n.m.n.m.n.a.n.a.n.a.n.a.aeln.m.n.a.n.m.MGermanyn.m.n.a.n.a.uiOnlinen.a.Roveresn.m.n.a.n.m.Chinan.m.n.a.n.m.esn.m.n.m.n.m.n.a.n.a.n.a.n.m.Cazoon.m.n.m.n.m.n.a.n.a.n.a.n.m.esn.m.n.m.n.m.n.a.n.a.n.a.n.m.esn.m.n.m.n.m.n.a.n.a.n.a.n.m.roomesn.m.n.m.n.m.n.a.n.a.n.a.n.m.TrueCaresn.m.n.m.n.m.n.a.n.a.n.a.n.a.ctorianPlumbingn.a.AcastSwedenn.m.n.m.n.m.n.a.n.a.n.a.n.m.Redbubbleralian.m.n.m.n.m.n.a.n.a.n.a.n.a.n.a.MeanMedian28%25%47%47%46%43%45%45%21%23%14%9%14%10%42%34%27%20%Source:CapitalIQ(asof30thSeptember2022)Note:EV/EBITDAmultiplesinredexcludedfrommean&medians20PubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–ClassifiedssProperty,cars,generalREAGroupraliaAdevintarwayn.a.esn.m.n.a.n.a.n.a.n.a.foEdgeIndian.m.n.m.n.a.AutoTralian.a.Scout24GermanyAutohomeChinaHemnetSwedenn.a.ACVAuctionsesn.m.n.m.n.m.n.a.n.a.n.a.n.m.BalticClassifiedsGrouphuanian.a.n.a.n.a.esn.m.n.m.n.m.n.a.n.a.n.a.n.a.CarTradeIndian.m.n.a.n.a.n.a.n.a.AramisGroupFrancen.m.n.a.n.a.n.a.s7n.m.n.m.n.a.n.a.n.a.n.a.JobsJapann.a.ralian.a.esesFreelancerralian.a.n.a.n.m.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.m.JcbNextMalaysian.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.MeanMedian50%52%70%68%72%86%62%65%36%34%41%40%39%35%41%30%48%35%Source:CapitalIQ(asof30thSeptember2022)PubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–OnlinetravelAirbnbUnitedStatesxx6.3xn.m.22.1x19.1x81%82%82%9%33%33%57%n.m.BookingcomUnitedStates5.6x3.6x3.2x19.9x11.7x9.7x80%100%84%28%31%33%57%150%TripTripcomChinan.m.n.a.nm.ExpediaUnitedStates2.0x1.5x1.3x35.1x7.0x5.9x82%85%85%6%21%22%50%n.m.Indian.m.n.a.n.a.nm.WebjetAustralia69%1,1681,092n.a.6.6x4.3xn.a.23.1x9.7x70%73%29%n.a.28%45%91%n.m.EdreamsEdreamsOdigeoSpainn.m.n.a.n.a.nm.TrivagoGermany36%4182260.6x0.4x0.3x17.3x2.4x2.2x97%98%97%4%17%16%48%n.m.DespegarDArgentinan.m.n.a.nm.HolidaycheckGermany