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European Technology Update

Member FINRA/SIPC

European Technology Update8 June 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

Williams & Co. Ltd. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business in the U.S. and Europe, respectively.

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

Recent Developments

Company Specific

News

p

Match.com offered to acquire European online dating service provider Meetic for €350 millionLenovo agreed to acquire a majority stake in Medion, the German manufacturer of computers and electronics, for $258 million with a conditional takeover to followSkyworks Solutions acquired Advanced Analogic Technologies, a supplier of power management semiconductors for mobile consumer electronic devices, for $243 millionThe Hut Group acquired the online nutrition retailer Myprotein com for an estimated £58 millionThe Hut Group acquired the online nutrition retailer Myprotein.com for an estimated £58 millionPayment solutions providers Applied Card Technologies and sQuid have merged to form Smart Transactions Group in a £54 million dealAgilysys agreed to sell its Technology Solution Group division for $64 million to OnX Enterprise SolutionsLitorina Kapital sold a majority stake in Coromatic Group, the physical IT security solutions provider, to EQT for €40 millionSoftware AG announced the acquisitions of Metismo, a provider of multifunctional platforms for the development of device independent mobile apps, for an estimated $15 million, and Terracotta, a leader in in-memory and cloud enabling technologyNielsen acquired the remaining interest in neuromarketing agency NeuroFocusAirbnb, a US-based peer-to-peer online apartment rentals marketplace, acquired its German competitor AccoleoStirling Square Capital Partners sold Metroweb, an Italian provider of fibre optic connectivity, to F2iLivingSocial expanded its European footprint with the acquisition of French daily deals site Dealissime.comFinnish game developer Supercell raised $12 million from Accel PartnersThe Russian government is investing $245 million into Crocus, a US-based MRAM providerWooga, the Berlin based social gaming company, raised $24 million in a round led by Highland Capital Partners, Tenaya Capital, Balderton Capital and Holtzbrinck VenturesNext Performance, the online ad company specialising in dynamic audience targeting, has raised €16 million from Kennet PartnersIndian online private sales site Exclusively in has raised $16 million from Tiger Global Management AccelIndian online private sales site Exclusively.in has raised $16 million from Tiger Global Management, AccelPartners India and Helion Venture PartnersMind Technologies plans to raise up to €5 million in order to fund the development of its advanced headsetsSocial games publisher Pixonic raised $5 million from Ventech, Kite Ventures and TA VenturesBrigthpearl, which provides cloud-based integrated applications for SMEs, raised €3.5 million from Notion Capital and Eden VenturesConversocial raised £1.5 million from DFJ Esprit for its social media tools which allow companies to run marketing and customer support through social media sitesRussian search engine Yandex raised $1.3 billion in a Nasdaq IPO and saw its shares rise 55% in the first dayFreescale Semiconductor raised $783 million in a NYSE IPO, closing the day 3.5% below its opening priceAmadeus Capital Partners floated network solutions provider Transmode on the Nasdaq OMX Stockholm, raising €59 millionGroupon filed for an IPO to raise up to $750 million, valuing the Company up to $20 billionMusic streaming service Pandora filed for a NYSE IPO to raise up to $142 million Zynga announced its intention to file for an IPO Nokia downgraded its sales and margins outlook for the second quarter leading to a 17% decline in share priceElectronic payment solutions company VeriFone announced second quarter profits increased by 25% compared to 2010

IAB announced online advertising revenues hit a record high of $7.3 billion in the US in the first quarterAndroid accounted for 36% of the US smartphone market, compared to 26% by iPhone, according to Nielsen Google predicts display advertising spend, currently a $24 billion market, will hit $200 billion over the next few yearseMarketer estimated that half of web users in the US redeemed an online coupon whilst shopping online in 201123% of the US population will play mobile games this year, according to eMarketerOne quarter of US internet users make VoIP calls, according to Pew InternetApproximately 20 million users engaged in mobile banking in the EU in March, according to ComScoreeMarketer estimates that 20 million consumers will own an eReader device by the end of 2011M bil d t t f t t d t hit $1 t illi d d b 2016 di t J i

Industry Trends

Mobile data costs for operators are expected to hit $1 trillion and exceed revenues by 2016, according to JuniperAccording to Microsoft, the UK online advertising industry could double to become an £8 billion marketFree apps account for 97% of app downloads on Android smartphones, according to ChompHulu accounted for 29% of video ad views in the US last month, generating 1.1 billion impressions

Source: Industry news sources. 1

Public Market Trading Statistics

Stock Performance

Last 30 Days

g

0%

5%

(3 3% )

(15%)

(10%)

(5%)

02 May 09 May 16 May 23 May 30 May

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

(3.3% )(4.2% )(7.6% )(9.0% )

(11.2% )

Last Twelve Months

10%

20%

30%

40%

50%

60%

70%52.2%40.1%37.0%30.8%27.6%

Comparable Trading

Sources: Capital IQ, 3 June 2011; Brokers’ reports.

CY2011EEBITDA Margin Growth CY2011E CY2012E CY2011E CY2012E CY2011E CY2012E

P / EEV / Revenue EV / EBITDA

(10%)

0%

10%

Jun 2010 Sep 2010 Dec 2010 Mar 2011 Jun 2011

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

Summary Software and IT ServicesEnterprise Applications 19.1% 11.2% 1.7x 1.6x 9.4x 7.8x 16.8x 14.8xEuropean Large Cap Software 32.5% 11.6% 3.7x 3.4x 11.2x 9.8x 19.4x 16.6xFinancial Software 23.9% 9.5% 2.3x 2.1x 9.2x 8.1x 19.3x 16.3xHealthcare Software 20.8% 18.5% 2.0x 1.8x 8.9x 7.7x 18.6x 15.1xLarge Cap IT Services 13.2% 18.3% 0.9x 0.8x 6.4x 5.7x 13.7x 11.7xMid Cap IT Services 11.3% 13.4% 0.8x 0.7x 6.6x 6.1x 11.2x 10.1xOffshore IT Services 23.9% 22.8% 3.6x 3.0x 14.9x 12.5x 21.2x 17.8xSecurity Software 37.0% 11.5% 3.8x 3.5x 9.8x 8.6x 18.5x 16.0x

CommunicationsCommunicationsDigital Broadband 12.6% 9.1% 0.7x 0.7x 5.3x 4.5x 12.7x 10.7xDiversified Communication Equipment 14.2% 16.9% 1.4x 1.3x 9.3x 7.7x 19.1x 15.4xMobile Content / Solutions Providers 17.2% 31.1% 1.8x 1.5x 9.5x 6.5x 20.2x 13.4xMobile Infrastructure Software 16.8% 10.8% 2.2x 2.0x 11.7x 8.8x 23.5x 19.7x

Internet and Digital MediaChinese Internet Leaders 38.9% 36.5% 8.0x 6.1x 16.2x 15.9x 21.9x 19.5xOnline Classifieds 42.1% 26.5% 6.3x 5.4x 14.6x 11.9x 23.9x 18.1xContent Providers / Communities 22.0% 15.6% 2.8x 2.4x 13.3x 9.8x 25.1x 25.6xEcommerce 16.0% 32.5% 3.7x 2.9x 21.8x 16.2x 32.8x 35.3xGlobal Internet Leaders 35 0% 31 1% 6 3x 4 8x 16 7x 12 9x 20 9x 21 8x

2

Global Internet Leaders 35.0% 31.1% 6.3x 4.8x 16.7x 12.9x 20.9x 21.8xInteractive Entertainment 20.2% 31.4% 1.2x 1.1x 8.6x 9.9x 24.1x 21.3xIntermediation and Comparison 25.5% 13.3% 2.0x 1.9x 8.2x 7.2x 22.4x 19.1xOnline Gambling 27.2% 42.8% 1.8x 1.5x 6.0x 5.0x 11.0x 8.8xOnline Marketing 15.8% 23.2% 1.4x 1.2x 9.5x 7.3x 21.6x 16.0xOnline Travel 29.9% 23.5% 4.7x 3.9x 14.2x 10.9x 25.9x 20.3x

Software and IT Services

10%

Last 30 Days PerformanceFinancial Software 5.8%European Large Cap Software 3.5%Offshore IT Services (0.2% )Security Software (0.3% )

0%

5%

Healthcare Software (3.4% )Enterprise Applications (4.3% )Large Cap IT Services (4.9% )Mid Cap IT Services (5.5% )

(10%)

(5%)


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

Last Twelve Months Performance

50%

60%

Enterprise Applications 52.7%Financial Software 52.3%Security Software 48.0%European Large Cap Software 43.6%Mid Cap IT Services 39.7%

20%

30%

40%

50% Offshore IT Services 36.6%Healthcare Software 21.8%Large Cap IT Services 21.1%

(10%)

0%

10%


European Large Cap Software Financial SoftwareEnterprise Applications Healthcare Software

Source: Capital IQ, 3 June 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 72,994 72,082 34.6% 23.8% 3.5x 3.3x 10.2x 9.3x 15.9x 14.1xDassault Systemes 10,312 9,040 30.8% 21.3% 3.6x 3.3x 11.7x 10.5x 20.9x 18.7xAutonomy 7,254 6,951 48.6% 16.0% 6.9x 6.0x 14.2x 11.8x 24.3x 19.8x

EV / Revenue EV / EBITDA P / E

y , ,Sage 6,251 6,370 26.9% 8.8% 2.6x 2.5x 9.6x 9.0x 14.6x 13.4xSoftware AG 4,953 5,130 29.1% 16.4% 3.0x 2.8x 10.2x 9.4x 15.7x 14.5xTemenos 2,553 2,720 29.5% 20.4% 4.9x 4.4x 16.7x 13.8x 21.0x 18.4xMisys 1,962 553 24.0% (25.2%) 0.8x 0.7x 3.4x 2.8x 23.2x 16.4xAveva 1,921 1,671 32.7% 21.9% 5.4x 4.8x 16.6x 13.9x 27.4x 23.0xMicro Focus 1,230 1,271 36.5% 0.8% 2.9x 2.8x 8.0x 7.7x 11.9x 11.4x

Mean 32.5% 11.6% 3.7x 3.4x 11.2x 9.8x 19.4x 16.6xMedian 30.8% 16.4% 3.5x 3.3x 10.2x 9.4x 20.9x 16.4x

Financial SoftwareIntuit 15,632 14,802 37.1% 12.8% 3.7x 3.4x 9.9x 9.1x 19.2x 17.3xTemenos 2,553 2,720 29.5% 20.4% 4.9x 4.4x 16.7x 13.8x 21.0x 18.4x, ,Misys 1,962 553 24.0% (25.2%) 0.8x 0.7x 3.4x 2.8x 23.2x 16.4xFidessa 1,131 1,028 20.9% 14.6% 2.2x 1.9x 10.4x 9.7x 24.5x 22.3xSimCorp 854 779 24.0% 16.5% 2.7x 2.4x 11.1x 9.3x 18.5x 14.7xInnovation 311 267 12.8% 13.1% 0.9x 0.9x 7.2x 6.5x 22.0x 18.2xORC 296 251 24.1% 14.4% 1.5x 1.4x 6.3x 5.0x 15.4x 11.5xLinedata 204 200 21.3% 5.6% 1.0x 1.0x 4.7x 4.5x 10.7x 9.8xMicrogen 192 154 25.0% 16.8% 2.6x 2.3x 10.2x 9.3x 19.3x 17.1xStatPro 118 127 19.8% 6.3% 2.3x 2.2x 11.7x 10.7x 19.0x 17.0x


Enterprise Applicationsp ppUnit 4 1,079 1,282 21.0% 20.4% 1.9x 1.7x 8.9x 8.0x 23.5x 17.5xSDL 910 835 19.6% 13.3% 2.3x 2.2x 11.9x 10.8x 19.4x 17.7xExact 733 650 23.7% 8.5% 2.0x 1.9x 8.2x 7.7x 14.5x 13.6xKofax 670 598 20.3% (11.1%) 2.3x 2.1x 11.4x 10.0x 21.7x 17.7xF-Secure 573 519 20.3% 20.7% 2.5x 2.2x 12.2x 9.8x 20.8x 16.2xIFS 528 462 16.3% 12.7% 1.0x 1.0x 6.4x 5.6x 15.2x 12.7xCegid 284 383 24.6% 13.8% 1.0x 1.0x 4.1x 3.9x 9.6x 8.8xKewill 144 124 15.2% 10.5% 1.2x 1.2x 8.0x 6.6x 9.5x 8.9xAlterian 105 94 11.1% 12.3% 1.5x 1.4x 13.2x 8.3x NM 20.4x


Healthcare SoftwareMcKesson 21,249 21,641 2.4% 6.3% 0.2x 0.2x 7.6x 6.7x 14.9x 12.8xCerner 9,813 9,304 31.9% 13.3% 4.4x 3.9x 13.9x 11.8x 32.3x 27.0xAllscripts Healthcare Solutions 3,758 4,062 24.8% 14.2% 2.8x 2.6x 11.4x 9.6x NA NACegedim 849 1,535 19.1% 12.2% 1.1x 1.0x 5.7x 5.3x 10.0x 8.5xCompuGroup 804 1,047 21.1% 34.5% 1.8x 1.6x 8.6x 7.1x 17.1x 12.1xAdvanced Computer Software 184 238 25.1% 30.4% 1.5x 1.4x 5.9x 5.6x NA NA


4Sources: Capital IQ, 3 June 2011; Brokers’ reports.

Software and IT Services(Continued)(Continued)


Security SoftwareSymantec 13,985 13,687 35.0% 9.1% 2.1x 2.0x 6.0x 5.5x 12.0x 10.6xCheck Point 11,484 10,401 59.3% 13.0% 8.5x 7.7x 14.3x 13.1x 20.0x 18.0xTrend Micro 4 077 2 693 33 3% 3 4% 2 2x 2 1x 6 7x 6 1x 21 3x 19 3x


Trend Micro 4,077 2,693 33.3% 3.4% 2.2x 2.1x 6.7x 6.1x 21.3x 19.3xF-Secure 573 519 20.3% 20.7% 2.5x 2.2x 12.2x 9.8x 20.8x 16.2x


Large Cap IT ServicesAccenture 36,243 32,020 15.7% 15.7% 1.3x 1.2x 8.0x 7.3x 16.6x 14.6xCap Gemini 8,691 7,134 9.5% 20.6% 0.5x 0.5x 5.4x 4.9x 15.0x 12.7xCapita Group 7,282 9,151 17.1% 13.0% 1.9x 1.7x 11.0x 10.1x 15.1x 13.7xComputer Sciences 5,966 6,708 13.6% 0.2% 0.4x 0.4x 3.0x 2.7x 9.4x 7.6xAtos Origin 4,059 4,269 10.2% 41.8% 0.4x 0.4x 4.4x 3.4x 12.3x 9.9x


Mid Cap IT ServicesCGI 6,077 7,037 18.6% 16.1% 1.5x 1.5x 8.2x 7.7x 14.3x 12.9xLogica 3,447 3,892 9.2% 10.2% 0.6x 0.6x 6.7x 6.2x 10.0x 9.0xIndra Sistemas 3,403 3,911 12.2% 10.9% 1.0x 1.0x 8.4x 7.9x 11.9x 11.4xSopra 1,455 1,541 11.5% 18.4% 0.8x 0.8x 7.3x 6.8x 12.5x 11.6xTieto 1,204 1,328 10.7% 16.4% 0.5x 0.5x 4.7x 4.3x 11.1x 9.1xGroupe Steria 895 1,046 9.0% 8.3% 0.4x 0.4x 4.7x 4.4x 9.4x 8.1xGFI Informatique 306 454 7.7% 13.8% 0.5x 0.4x 5.8x 5.4x 9.2x 8.3x


Offshore IT ServicesTata 50,351 48,846 29.7% 25.7% 5.0x 4.0x 16.8x 13.7x 21.9x 18.7xInfosys 35,860 32,097 30.4% 20.2% 4.7x 3.9x 15.3x 13.1x 21.2x 17.4xWipro 24,120 22,724 20.9% 14.3% 3.0x 2.6x 14.2x 12.4x 19.1x 15.6xCognizant 22,457 20,289 20.8% 30.9% 3.4x 2.8x 16.3x 13.3x 26.7x 22.1xHCL 7,868 7,935 17.6% 23.1% 2.1x 1.8x 11.8x 9.7x 17.0x 15.3x



Communications

Last 30 Days Performance

5%

Mobile Content / Solutions Providers 4.7%Mobile Infrastructure Software (1.7% )Digital Broadband (7.7% )Diversified Communication Equipment (10.4% )

(5%)

0%

(15%)

(10%)


Digital Broadband Diversified Communication Equipment

80%

90%


Diversified Communication Equipment 62.5%Mobile Content / Solutions Providers 43.1%Digital Broadband 18.8%Mobile Infrastructure Software 12.8%


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, 3 June 2011.

Communications(C ti d)(Continued)


Digital BroadbandLogitech 2,338 1,814 9.3% 7.2% 0.7x 0.7x 7.9x 6.2x 19.6x 19.6xTomTom 1,792 2,232 19.1% (3.1%) 1.1x 1.0x 5.5x 5.3x 9.0x 8.4xTechnicolor 1 194 2 644 14 1% 8 0% 0 5x 0 5x 3 5x 3 2x NA NA


Technicolor 1,194 2,644 14.1% 8.0% 0.5x 0.5x 3.5x 3.2x NA NAKudelski 913 1,190 13.4% (7.8%) 1.0x 0.9x 7.3x 6.2x 14.3x 10.4xPace 552 881 8.9% 19.5% 0.3x 0.3x 3.9x 3.3x 5.5x 4.2xParrot 526 394 17.2% 11.5% 1.0x 0.9x 5.9x 5.2x 15.2x 13.3xAdvanced Digital Broadcast 131 96 6.5% 28.5% 0.2x 0.2x 3.2x 2.2x NM 8.0x


Diversified Communication EquipmentLM Ericsson Telephone 47,658 39,439 16.2% 21.8% 1.1x 1.0x 6.7x 6.2x 16.2x 13.9xNokia 24,227 16,743 5.4% 0.8% 0.3x 0.3x 5.4x 4.2x 25.2x 14.4xAlcatel-Lucent 12,612 13,381 9.3% 16.0% 0.5x 0.5x 5.9x 4.9x 16.3x 11.5xADTRAN 2 611 2 520 30 1% 20 0% 3 5x 3 2x 11 7x 10 4x 18 7x 17 1xADTRAN 2,611 2,520 30.1% 20.0% 3.5x 3.2x 11.7x 10.4x 18.7x 17.1xCIENA 2,359 3,176 10.1% 25.9% 1.7x 1.5x 16.8x 12.5x NM 20.2x


Mobile Infrastructure SoftwareQUALCOMM 95,230 83,552 44.8% 32.0% 5.5x 4.9x 12.3x 11.1x 18.1x 16.1xVeriSign 5,881 4,518 53.5% 4.2% 5.9x 5.4x 11.0x 9.7x 24.4x 19.3xAmdocs 5,456 4,300 20.8% 5.9% 1.3x 1.3x 6.4x 6.4x 13.0x 12.3xComverse Technology 1,597 1,607 6.5% 29.2% 0.8x 0.9x 12.8x NA 17.3x 13.4xSynchronoss Technologies 1,087 907 26.6% 32.9% 4.1x 3.4x 15.4x 11.9x 35.2x 27.2xSonus Networks 846 514 8.6% 16.2% 1.9x 1.8x 21.8x 18.1x NM 39.7xTekelec 600 359 13 4% (7 2%) 0 9x 0 9x 6 9x 6 2x 33 0x 22 1xTekelec 600 359 13.4% (7.2%) 0.9x 0.9x 6.9x 6.2x 33.0x 22.1xTeleCommunication Systems 263 366 14.1% 11.9% 0.8x 0.8x 5.8x 4.9x 25.4x 21.1xOpenwave Systems 198 115 (1.0%) (4.2%) 0.7x 0.6x NM 6.7x NM NMSmith Micro Software 173 109 (10.6%) (32.1%) 1.2x 0.9x NM 6.2x NM 14.0xRedknee Solutions 79 72 8.4% 29.8% 1.1x 1.0x 12.6x 6.7x 21.8x 12.0x


Mobile Content / Solutions ProvidersOpera Software 773 682 24.6% 41.5% 4.1x 3.2x 16.6x 11.0x 28.9x 19.1xGameLoft 571 534 21.9% 23.2% 2.3x 2.1x 10.6x 9.0x 25.4x 20.9xBuongiorno 218 280 11.5% 38.2% 0.6x 0.5x 5.2x 4.2x 18.2x 11.4xDanal 131 108 17 7% 27 9% 0 9x 0 8x 5 3x 4 0x 15 0x 11 0xDanal 131 108 17.7% 27.9% 0.9x 0.8x 5.3x 4.0x 15.0x 11.0xDada 80 144 11.2% (27.1%) 0.9x 0.9x 8.3x 7.1x NM NMSynchronica 33 35 16.1% 82.9% 1.8x 1.3x 11.1x 3.9x 13.6x 4.5x



Internet and Digital Media

Last 30 Days Performance

g

Interactive Entertainment 5.1%Intermediation and Comparison 4.3%Ecommerce (2.9% )Online Marketing (3.1% )Global Internet Leaders (3.9% )Content Providers / Communities (5 1% )

(5%)

0%

5%

10%Content Providers / Communities (5.1% )Chinese Internet Leaders (5.3% )Online Gambling (5.4% )Online Travel (8.7% )Online Classifieds (9.1% )

(20%)

(15%)

(10%)

04 May 10 May 16 May 22 May 28 MayGlobal Internet Leaders Ecommerce

120%

140%


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

Online Travel 88.6%Chinese Internet Leaders 69.5%Ecommerce 73.3%Online Classifieds 63.2%

20%

40%

60%

80%

100%

120% Online Marketing 42.7%Intermediation and Comparison 40.0%Global Internet Leaders 30.6%Content Providers / Communities 32.7%Interactive Entertainment 15.8%Online Gambling (28.7% )

(40%)

(20%)

0%

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

8Source: Capital IQ, 3 June 2011.

Internet and Digital Media(Continued)(Continued)


Global Internet LeadersApple 317,598 288,364 32.8% 49.2% 2.6x 2.2x 8.0x 6.8x 13.2x 11.6xMicrosoft 201,585 166,033 41.8% 9.0% 2.3x 2.2x 5.5x 4.9x 9.2x 8.0xGoogle 168,563 136,984 41.8% 26.7% 3.7x 3.1x 8.9x 7.5x 15.5x 13.1x


g , ,Amazon 85,129 78,248 5.9% 38.1% 1.7x 1.3x 28.1x 21.0x NM 49.3xBaidu 46,465 45,201 58.0% 72.0% 22.5x 15.1x 38.8x 26.1x NM 33.5xeBay 39,326 34,356 35.0% 18.0% 3.2x 2.8x 9.1x 8.0x 15.6x 13.6xYahoo! 20,430 17,722 36.7% 0.9% 3.8x 3.7x 10.5x 9.6x 19.5x 16.8xAlibaba 8,545 7,056 34.3% 25.0% 6.7x 5.5x 19.6x 15.6x 28.4x 22.6xMail.ru 7,198 7,059 46.2% 55.8% 15.0x 11.5x 32.4x 23.5x 44.6x 31.3xIAC 3,254 2,092 17.2% 15.8% 1.1x 1.0x 6.4x 5.6x 21.3x 17.7x


EcommerceAmazon 85,129 78,248 5.9% 38.1% 1.7x 1.3x 28.1x 21.0x NM 49.3xeBay 39,326 34,356 35.0% 18.0% 3.2x 2.8x 9.1x 8.0x 15.6x 13.6xNetflix 14,367 14,260 15.3% 50.8% 4.4x 3.3x 28.5x 21.1x NM 42.0xMercadolibre 3,958 3,904 36.1% 37.8% 13.3x 10.3x 36.8x 27.8x NM 40.7xAsos 2,460 2,452 9.5% 56.2% 3.2x 2.3x 33.8x 24.2x NM 41.9xGSI Commerce 2,124 2,341 10.3% 34.2% 1.3x 1.1x 12.4x 9.9x 49.5x 25.7xVistaprint 2,072 1,864 18.5% 23.6% 2.1x 1.7x 11.2x 8.9x 20.3x 16.9xOpenTable 2,008 1,953 37.6% 48.7% 13.3x 10.2x 35.4x 24.6x NM NMShutterfly 1,941 1,725 19.4% 61.4% 3.6x 2.8x 18.6x 12.7x NM 41.5xOcado 1,926 1,926 6.0% 28.7% 1.9x 1.5x 31.2x 20.2x NM NMDigital River 1,230 862 21.3% 12.4% 2.1x 1.8x 9.9x 7.7x 27.3x 20.5xYOOX 994 979 10.1% 43.7% 2.4x 1.9x 23.8x 17.3x NM 45.0xBlue Nile 682 604 8.5% 11.7% 1.6x 1.5x 19.2x 17.0x 44.5x 37.0xDrugstore 405 387 3.8% 16.3% 0.7x 0.6x 19.1x 14.3x NM 37.9xOverstock 325 266 2.3% 6.3% 0.2x 0.2x 9.9x 8.8x 39.9x 47.3x


Online TravelPriceline 25,211 24,098 31.5% 36.6% 5.7x 4.6x 18.1x 14.2x 25.0x 19.4xExpedia 7,553 7,442 26.0% 14.8% 1.9x 1.8x 7.5x 6.8x 14.8x 13.1xCtrip 6,449 5,951 40.7% 29.6% 10.7x 8.5x 26.4x 20.6x 34.5x 27.5xWotif 1,122 994 56.2% 13.5% 6.2x 5.5x 10.9x 9.6x 18.3x 15.9xTravelzoo 1,086 1,034 30.8% 41.5% 6.5x 5.0x 21.0x 14.3x 40.5x 28.2xOrbitz 276 594 14.7% 3.5% 0.8x 0.7x 5.2x 4.5x NM 26.9xh l d 75 62 9 6% 24 7% 1 0 0 9 10 4 6 5 22 3 10 7hotel.de 75 62 9.6% 24.7% 1.0x 0.9x 10.4x 6.5x 22.3x 10.7x


Online MarketingValueClick 1,367 1,167 29.8% 21.6% 2.3x 2.0x 7.6x 6.7x 19.2x 16.3xConstant Contact 652 538 16.0% 25.2% 2.5x 2.0x 15.4x 10.9x 35.1x 24.2xLBI 360 321 17.8% 23.3% 1.2x 1.1x 6.5x 5.8x 13.4x 11.0xInfoSpace 334 85 10.6% 5.1% 0.3x 0.3x 3.1x 3.1x 27.5x 24.1xMarchex 299 259 14.5% 43.6% 1.9x 1.5x 12.9x 9.8x NM NMTradeDoubler 288 248 5.5% 15.9% 0.5x 0.5x 9.1x 8.0x 16.2x 14.3xHi-Media 242 293 9.4% 19.9% 0.8x 0.7x 8.6x 7.3x 14.0x 11.9x1000mercis 218 187 43 4% 26 0% 3 4x 2 7x 7 9x 6 9x 16 8x 12 0x1000mercis 218 187 43.4% 26.0% 3.4x 2.7x 7.9x 6.9x 16.8x 12.0xSedo 142 113 7.4% 20.2% 0.6x 0.6x 8.3x 6.8x 20.8x 15.2xad pepper media 60 41 3.2% 31.0% 0.5x 0.5x 15.6x 7.8x 31.8x 15.2x


Content Providers / CommunitiesWebMD Health 2,793 2,527 35.4% 18.5% 4.0x 3.4x 11.3x 9.3x 32.1x 27.8xMeetic 502 448 21.1% 15.2% 1.6x 1.5x 7.4x 6.6x 12.9x 11.5xXING 437 345 31.4% 34.1% 3.6x 3.0x 11.4x 9.2x 30.5x 23.2xThe Knot 307 206 14.0% 8.2% 1.7x 1.5x 12.1x 9.7x NM 47.7xMove 297 260 13.3% 2.2% 1.3x 1.2x 9.7x 8.5x 25.0x 17.6x



Internet and Digital Media(Continued)(Continued)


Intermediation and ComparisonMoneysupermarket 824 764 27.6% 17.1% 2.8x 2.6x 10.2x 9.2x 17.8x 15.6xLiquidity Services 598 501 15.1% 16.4% 1.5x 1.3x 9.8x 8.4x 26.6x 20.2xeHealth 282 152 16.3% (3.9%) 1.0x 1.0x 6.3x 5.9x 33.9x 31.4x


eHealth 282 152 16.3% (3.9%) 1.0x 1.0x 6.3x 5.9x 33.9x 31.4xGruppo MutuiOnline 257 230 43.0% 23.7% 2.8x 2.4x 6.5x 5.4x 11.2x 9.3x


Online ClassifiedsSEEK 2,414 2,662 44.2% 24.7% 6.7x 5.9x 15.2x 13.0x 19.3x 15.6xRightmove 1,883 1,845 68.8% 19.8% 11.8x 10.4x 17.1x 14.9x 24.8x 20.8xSouFun 1,666 1,447 42.2% 46.0% 4.8x 4.0x 11.4x 9.2x 17.7x 14.5xMonster 1,658 1,587 17.5% 17.2% 1.4x 1.3x 8.2x 6.0x 31.7x 17.1x51job 1,589 1,324 35.2% 32.9% 6.2x 5.1x 17.7x 13.6x 27.1x 21.9xCarsales.au 1,175 1,154 55.4% 22.4% 6.7x 6.0x 12.2x 10.7x 18.2x 16.0xDice 908 882 41.0% 38.9% 5.0x 4.1x 12.1x 9.6x 28.7x 20.6xLoopNet 734 637 32.2% 10.2% 7.4x 6.5x 23.1x 18.3x NM NM


Chinese Internet LeadersTencent 51,845 49,457 51.6% 45.5% 11.5x 8.8x 22.3x 17.2x 30.3x 23.7xBaidu 46,465 45,201 58.0% 72.0% 22.5x 15.1x 38.8x 26.1x NM 33.5xAlibaba 8,545 7,056 34.3% 25.0% 6.7x 5.5x 19.6x 15.6x 28.4x 22.6xSina 6,894 6,090 18.7% 22.1% 12.6x 9.8x NM 44.8x NM NMNetease 5,871 4,286 49.7% 30.5% 4.1x 3.5x 8.2x 7.0x 13.2x 11.7xFocus Media 4,075 3,517 39.3% 22.8% 5.2x 4.4x 13.3x 10.9x 20.6x 17.0xSohu 2,984 2,370 39.1% 30.4% 3.0x 2.5x 7.7x 6.1x 16.1x 13.4xShanda Interactive 2,304 1,619 17.2% 34.3% 1.5x 1.3x 8.5x 6.3x 26.9x 19.3xSouFun 1,666 1,447 42.2% 46.0% 4.8x 4.0x 11.4x 9.2x 17.7x 14.5x


Online Gamblingbwin.party digital entertainment 1,971 1,774 22.9% 130.2% 1.5x 1.4x 6.7x 5.6x 10.2x 8.7xBetfair 1,411 1,126 20.0% 27.5% 1.7x 1.5x 8.5x 6.3x 20.4x 13.7xPlaytech 1,308 1,212 57.9% 39.9% 4.4x 3.6x 7.6x 6.9x 9.2x 7.9xSportingbet 346 264 23.1% 8.6% 0.7x 0.7x 3.1x 2.9x 5.8x 5.6x888 194 130 11.9% 7.6% 0.5x 0.4x 4.0x 3.5x 9.5x 8.4x

Mean 27 2% 42 8% 1 8x 1 5x 6 0x 5 0x 11 0x 8 8xMean 27.2% 42.8% 1.8x 1.5x 6.0x 5.0x 11.0x 8.8xMedian 22.9% 27.5% 1.5x 1.4x 6.7x 5.6x 9.5x 8.4x

Interactive EntertainmentActivision 13,547 10,188 37.6% (12.0%) 2.5x 2.2x 6.7x 5.9x 15.7x 12.9xElectronic Arts 7,989 5,752 12.6% 6.3% 1.5x 1.4x 11.7x 10.3x 31.9x 22.2xTake-Two Interactive Software 1,402 1,228 9.6% (4.6%) 1.1x 1.1x 11.5x 26.2x 20.1x 44.7xUbisoft Entertainment 955 1,035 37.8% 32.2% 0.7x 0.6x 1.8x 1.6x 24.0x 15.0xTHQ 281 295 3.2% 13.4% 0.4x 0.3x 11.1x 5.6x 28.9x 11.7x



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