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EUROPEAN TECHNOLOGY

0

INDUSTRY UPDATE │ MARCH 2016

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www.harriswilliams.com

RECENT DEVELOPMENTS

1

COMPANY SPECIFIC NEWS

EUROPEAN TECHNOLOGY


CONTENTS

RECENT DEVELOPMENTS

PUBLIC MARKET TRADING

SOFTWARE

IT SERVICES

COMMUNICATIONS

INTERNET AND DIGITAL MEDIA

TMT GROUP OVERVIEW

Our Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies. Our extensive industry knowledge and transaction leadership experience spans the software, digital media, IT Services and communications sectors. Our professionals in London, Boston and San Francisco have global relationships with leading technology companies and financial investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations.

CONTACTS

EUROPE

Thierry MonjauzeManaging [email protected]+44 (0) 20 7518 8901

Jonathan [email protected]+44 (0) 20 7518 8909

UNITED STATES

Jeff BistrongManaging [email protected]+1 (617) 482-7501

Michael WilkinsManaging [email protected]+1 (415) 288-4260

Sam HendlerManaging [email protected]+1 (617) 654-2117

Liberty Global Europe and Vodafone, in a joint venture, have agreed toacquire Ziggo, the Netherlands-based provider of communication servicesthrough cable, valuing the business at c. €14bn

Vivendi has announced the intention to launch a tender offer for 70% ofGameloft, the France-based video game developer, valuing the businessat c. €577m

freenet AG has agreed to acquire Media Broadcast Group, the Germany-based provider of broadcast and media services, valuing the business atc. €295m

Sparebankstiftelsen has agreed to acquire Amedia, the Norway-basednewspaper publisher and TV station operator, valuing the business at NOK1.4bn

HCL Technologies Limited has agreed to acquire the external IT business ofVolvo IT, the Sweden-based provider of IT solutions for the automotive andmanufacturing industries, valuing the business at c. SEK 1.1bn

Finda Oy has agreed to acquire a 42% stake in Anvia Oyj, the Finland-based provider of communication, information management and securitysolutions, valuing the business at c. €119m

Banco Bilbao Vizcaya Argentaria has acquired Holvi Payment Services Oy,the Finland-based provider of online banking services, valuing the businessat c. $100m

Aconex has agreed to acquire Conject Holding, the Germany-basedprovider of cloud-based and mobile collaboration services, valuing thebusiness at €65m

Delticom has agreed to acquire ES Food and a 90% stake in GourmondoFood, Germany-based providers of online specialty food and groceries,valuing the businesses at €33m

Wirecard has acquired Provus Service Provider, the Romania-basedcompany provider of transactions processing, card personalisation andretail sector services for financial and non-financial institutions, valuing thebusiness at €32m

Johnston Press has agreed to acquire The Independent, the UK-basedpublisher of The Independent newspaper, valuing the business at £24m

Industrial & Financial Systems has acquired MainIoT Software, the Finland-based provider of software solutions for EAM and ESM, valuing the businessat €8m

Altor Equity Partners has agreed to acquire Infotheek Groep, theNetherlands-based wholesaler of IT products related software and services

Cornerstone Partners and Oaktree Capital have agreed to acquireProService Agent Transferowy, the Poland-based provider of professionalsupport services of accounting and IT solutions for financial institutions

Livingbridge has acquired a majority stake in BoilerJuice, the UK-basedonline retailer of heating oils

Riverside has agreed to acquire Guestline, the UK-based provider ofhospitality software

Vitruvian Partners has acquired Unifaun, the Sweden-based provider oftransport management software solutions

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(30%)

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(5%)

0%

5%

10%

15%

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Mar 2015 Jun 2015 Sep 2015 Dec 2015 Mar 2016

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

According to eMarketer, social network ad spending is expected to reach $36 billion by 2017, representing 16% of total digital ad spending, dominated by Facebook

Juniper Research estimates 148 million people globally will use their mobile devices to make a purchase in a physical store by the end of 2016

Global mobile phone roaming revenue is projected to decrease by an average 7% globally and 28% in Europe in 2017, as operators become more obliged to phase out any premiums for international calls, text and data while roaming within the European Union, according to JuniperResearch

The world used 2.6 million servers in the fourth quarter of 2015, according to IDC, an increase of 4% compared to the final quarter of 2014, driving $15.3 billion in revenue, a 5.2% increase YoY. For the full 2015 year, server revenues rose 8% to $55.1 billion and shipments increased 5% to 9.7 million machines

According to Forrester, 42% of businesses use some sort of outsourced disaster recovery service as many businesses feel they do not have the in-house expertise to run their entire disaster recovery programs, says Forrester

By 2020, half of all PaaS applications will be IoT-centric, according to Gartner, with the widespread adoption of the IoT driving PaaS utilisation

INDUSTRY TRENDS AND NEWS

RECENT DEVELOPMENTS

2

EUROPEAN TECHNOLOGY


LAST TWELVE MONTHS

Stock Performance

LAST 30 DAYS

PUBLIC MARKET TRADING STATISTICS

Source: Various industry news outlets

5.8%

4.1%

1.6%

(0.3%)

(3.6%)

(20.2%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

10 Feb 17 Feb 24 Feb 02 Mar 09 Mar

Internet and Digital Media Communications

IT Services Software

Nasdaq Composite DJ Stoxx 600 Technology

8.9%

8.1%

8.1%

8.1%

6.2%

5.5%

http://www.forbes.com/sites/greatspeculations/2016/03/07/is-linkedin-prioritizing-ad-revenue-through-the-launch-of-its-new-account-targeting-feature/#3f02ac705ae2

http://www.mobilecommercepress.com/consumers-comfortable-cards-mobile-payments/8521400/

http://www.juniperresearch.com/press/press-releases/mobile-roaming-revenues-to-fall-by-28-in-europe-as

http://www.nextplatform.com/2016/03/11/rising-clouds-lift-server-fortunes/

http://www.computerweekly.com/feature/Virtualisation-and-the-cloud-aid-disaster-recovery-in-Spain

http://www.gartner.com/newsroom/id/3241817

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PUBLIC MARKET TRADING STATISTICS

3

EUROPEAN TECHNOLOGY


COMPARABLE TRADING SUMMARY

Rev. Growth EBITDA Margin CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

Software

European Large Cap. Software 6.6% 35.0% 4.9x 4.6x 14.1x 13.0x 21.7x 19.8x

Application Software 7.6% 27.9% 3.9x 3.6x 14.7x 12.3x 20.8x 19.1x

Infrastructure Software 8.3% 27.6% 2.6x 2.4x 9.9x 8.9x 15.7x 15.1x

Large Cap. SaaS 26.7% 16.1% 5.6x 4.4x 25.7x 24.9x 21.9x 30.2x

Small Cap. SaaS 16.5% 8.9% 2.5x 2.1x 22.6x 18.7x NA 32.5x

HCM/WFM 23.7% 13.9% 5.2x 4.2x 27.5x 26.6x 26.2x 28.8x

FinTech 16.3% 28.4% 4.8x 4.3x 16.6x 14.1x 23.3x 22.3x

Healthcare IT 15.9% 17.2% 2.8x 2.6x 12.0x 10.8x 20.0x 18.8x

Data and Data Analytics 10.4% 22.6% 3.6x 3.3x 13.3x 10.7x 15.0x 15.7x

Security Software 13.8% 22.4% 4.1x 3.6x 13.8x 13.6x 23.0x 19.0x

CAx/PLM 2.6% 24.9% 4.5x 4.2x 14.3x 13.1x 24.3x 21.9x

IT Services

IT Services 1.4% 13.5% 1.0x 1.0x 7.6x 7.2x 15.2x 13.5x

Offshore IT Services 12.8% 24.1% 2.8x 2.6x 11.5x 10.8x 16.7x 14.9x

Managed Services, Colocation and Hosting 11.2% 28.0% 2.4x 2.2x 8.4x 7.6x 17.8x 17.1x

Data Centres 22.1% 54.1% 8.2x 7.5x 15.1x 13.6x 27.8x 38.3x

PaaS/IaaS 12.0% 25.4% 2.7x 2.4x 11.8x 9.5x 15.0x 20.5x

Communications

Digital Broadband 11.7% 10.9% 0.9x 0.9x 8.4x 7.8x 18.7x 16.5x

Diversified Communication Equipment 3.8% 12.6% 1.1x 1.0x 9.3x 8.1x 15.9x 13.2x

Mobile Content/Solutions Providers 12.4% 14.3% 1.6x 1.5x 11.3x 8.8x 21.7x 27.5x

Mobile Infrastructure Software 1.8% 25.9% 2.6x 2.8x 10.1x 8.7x 18.2x 15.1x

Internet and Digital Media

Global Internet Leaders 14.2% 35.3% 5.6x 4.8x 16.6x 13.6x 22.0x 18.1x

Chinese Internet Leaders 43.6% 10.6% 3.8x 2.8x 14.8x 13.2x 24.9x 22.7x

Online Classifieds 19.0% 28.8% 4.9x 4.4x 12.6x 11.1x 23.0x 19.4x

Content Providers/Communities 16.1% 15.8% 2.8x 2.4x 14.8x 16.9x 34.0x 28.2x

Ecommerce 16.0% 18.2% 3.5x 2.9x 16.4x 14.6x 25.1x 26.5x

Interactive Entertainment 30.1% 25.5% 2.4x 2.3x 11.3x 8.6x 17.7x 22.7x

Intermediation and Comparison 6.9% 19.6% 2.5x 2.3x 12.8x 11.1x 19.3x 19.7x

Online Gambling 12.0% 28.9% 3.0x 2.7x 10.0x 9.0x 16.3x 14.5x

Digital Marketing 16.4% 13.3% 1.8x 1.5x 13.1x 9.9x 16.4x 15.3x

Online Travel 18.0% 20.6% 4.2x 3.6x 13.4x 13.2x 23.7x 22.1x

Educational Technology (0.5%) 7.2% 1.5x 2.3x 9.4x 8.6x 22.8x 14.5x

Internet Services 39.3% 16.3% 2.6x 2.0x 16.8x 10.4x 13.5x 12.1x

P / EEV / Revenue EV / EBITDACY2016E

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0%

10%

20%

30%


Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

SOFTWARE

4

EUROPEAN TECHNOLOGY


LAST 30 DAYS PERFORMANCE

LAST TWELVE MONTHS PERFORMANCE

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

Mar 2015 Jun 2015 Sep 2015 Dec 2015

Application Software CAx/PLM Data and Data Analytics European Large Cap. Software

Fintech HCM/WFM Healthcare IT Infrastructure Software

Large Cap. SaaS Security Software Small Cap. SaaS

(1) Infrastructure Software index has been normalised to reflect Hewlett-Packard’s split into two independent businesses

(1)

(1)

Large Cap. SaaS 23.8%

Small Cap. SaaS 19.6%

HCM/WFM 12.4%

Data and Data Analytics 11.8%

Security Software 10.4%

Fintech 8.9%

Infrastructure Software 8.7%

Application Software 6.9%

CAx/PLM 6.4%

Healthcare IT 3.5%

European Large Cap. Software 2.1%

European Large Cap. Software 14.7%

Application Software 13.8%

Fintech 9.4%

Large Cap. SaaS 3.4%

Data and Data Analytics (3.1%)

CAx/PLM (4.6%)

HCM/WFM (5.3%)

Security Software (7.8%)

Small Cap. SaaS (12.5%)

Healthcare IT (18.4%)

Infrastructure Software (18.7%)

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SOFTWARE

5

EUROPEAN TECHNOLOGY


(1) EQT Partners entered into an agreement to acquire a 63% stake in IFS; share price as at 27 November 2015

(1)

Market Enterprise CY2016E

Cap ($m) Value ($m) EBITDA Margin Rev. Growth CY2016E CY2017E CY2016E CY2017E CY2016E CY2017E

European Large Cap. Software

SAP 91,896 101,817 34.0% 7.0% 4.1x 3.9x 12.0x 11.1x 17.5x 16.3x

Dassault Systemes 19,495 18,491 34.1% 8.1% 5.3x 4.9x 15.7x 14.1x 28.5x 25.6x

Sage 9,080 10,138 29.5% 7.8% 4.7x 4.3x 15.8x 14.8x 22.6x 21.0x

Micro Focus 4,580 6,094 44.7% 1.3% 5.0x 5.0x 11.1x 10.7x 14.2x 13.3x

Temenos 3,418 3,767 38.3% 12.6% 6.2x 5.7x 16.2x 14.4x 25.8x 22.2x

Aveva 1,392 1,244 29.6% 2.7% 4.1x 4.0x 13.8x 13.1x 21.4x 20.3x

Mean 35.0% 6.6% 4.9x 4.6x 14.1x 13.0x 21.7x 19.8x

Median 34.0% 7.4% 4.8x 4.6x 14.7x 13.6x 22.0x 20.7x

Application Software

Microsoft 411,679 374,876 36.5% 3.2% 4.0x 3.8x 11.0x 9.8x 19.3x 16.8x

Oracle 159,856 159,951 45.8% (0.7%) 4.3x 4.2x 9.4x 9.2x 15.0x 13.8x

SAP 91,896 101,817 34.0% 7.0% 4.1x 3.9x 12.0x 11.1x 17.5x 16.3x

Intuit 25,174 26,806 38.3% 5.1% 5.7x 5.1x 14.8x 12.8x 27.3x 22.6x

Sage 9,080 10,138 29.5% 7.8% 4.7x 4.3x 15.8x 14.8x 22.6x 21.0x

Constellation Software 8,373 8,641 25.6% 16.6% 4.1x 3.5x 16.0x 13.9x 20.0x 17.4x

Tyler Technologies 4,375 4,551 28.4% 31.7% 5.9x 5.3x 20.9x 17.2x 36.5x 32.7x

Guidewire Software 3,706 3,264 19.3% 10.9% 7.5x 6.6x 39.0x 25.5x NM NM

IFS 1,080 1,059 20.5% 5.6% 2.5x 2.3x 12.0x 10.1x 25.0x 20.3x

SDL 512 464 12.5% (8.0%) 1.3x 1.2x 10.2x 9.1x 18.2x 15.2x

Cegid 507 577 27.0% 10.1% 1.6x 1.6x 6.1x 5.7x 16.6x 15.0x

American Software 253 193 16.9% 2.1% 1.7x 1.5x 9.8x 8.5x 32.0x NA

Mean 27.9% 7.6% 3.9x 3.6x 14.7x 12.3x 20.8x 19.1x

Median 27.7% 6.3% 4.1x 3.8x 12.0x 10.6x 19.7x 17.1x

Infrastructure Software

Hewlett-Packard Enterpise Co. 27,293 37,475 16.1% (2.7%) 0.7x 0.7x 4.6x 4.6x 8.9x 8.5x

VMware 20,875 15,823 35.9% 3.7% 2.3x 2.2x 6.4x 6.3x 12.5x 11.8x

Red Hat 12,795 12,877 26.4% 15.2% 5.7x 5.0x 21.5x 18.1x 35.2x 30.0x

CA Technologies 12,499 12,636 38.5% 0.5% 3.1x 3.1x 8.2x 7.3x 12.5x 11.9x

Citrix Systems 11,655 12,338 32.1% 2.2% 3.7x 3.6x 11.6x 10.9x 16.4x 14.7x

F5 Networks 6,769 5,332 34.1% 4.8% 2.6x 2.4x 7.7x 6.4x 14.3x 13.0x

Brocade 4,066 3,569 25.6% 2.1% 1.6x 1.5x 6.1x 6.7x 10.0x 10.0x

Software AG 2,551 2,675 30.3% 1.5% 2.7x 2.6x 8.9x 8.6x 14.5x 14.2x

Netscout Systems 1,900 1,986 31.4% 52.8% 1.6x 1.5x 5.3x 5.7x 11.6x 9.6x

Pegasystems 1,895 1,685 16.8% 16.3% 2.2x 1.9x 12.8x 10.5x 26.1x 23.3x

Progress Software 1,254 1,144 32.8% 3.7% 2.7x 2.6x 8.1x 7.7x 15.1x 14.5x

Radware 507 399 10.7% (0.6%) 1.9x 1.7x 17.3x 14.4x 26.3x 19.1x

Mean 27.6% 8.3% 2.6x 2.4x 9.9x 8.9x 15.7x 15.1x

Median 30.8% 2.9% 2.5x 2.3x 8.2x 7.5x 14.3x 13.6x

Large Cap. SaaS

Salesforce 47,433 49,503 20.5% 22.1% 6.1x 5.1x 29.7x 25.5x NM NM

Workday 13,908 12,149 8.4% 33.7% 7.8x 6.0x NM NM NM NM

Athenahealth 5,241 5,219 21.0% 19.9% 4.7x 3.9x 22.4x 18.2x NM NM

NetSuite 5,050 5,099 8.7% 30.1% 5.3x 4.2x NM 46.0x NM NM

The Ultimate Software Group 4,989 5,048 24.7% 25.2% 6.5x 5.4x 26.5x 21.4x NM 44.5x

Guidewire Software 3,706 3,264 19.3% 10.9% 7.5x 6.6x 39.0x 25.5x NM NM

Veeva Systems 3,473 3,020 28.2% 26.3% 5.9x 4.8x 20.9x 16.7x NM 35.0x

Medidata Solutions 2,017 1,996 23.3% 15.5% 4.3x 3.6x 18.6x 14.9x 35.6x 28.8x

Cornerstone OnDemand 1,672 1,760 8.6% 25.6% 4.1x 3.3x 47.7x 38.9x NM NM

Paylocity 1,529 1,545 4.4% 39.6% 6.1x 4.8x NM 45.1x NM NM

Fleetmatics 1,516 1,405 33.6% 21.0% 4.1x 3.5x 12.2x 9.9x 22.8x 18.7x

Xero 1,465 1,283 (15.4%) 56.7% 6.4x 4.4x NM NM NM NM

LogMeIn 1,275 1,125 23.8% 20.5% 3.5x 3.0x 14.5x 12.2x 29.2x 24.2x

Mean 16.1% 26.7% 5.6x 4.4x 25.7x 24.9x 21.9x 30.2x

Median 20.5% 25.2% 5.9x 4.4x 22.4x 21.4x 26.0x 28.8x

EV / Revenue EV / EBITDA P / E

(1)

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Small Cap. SaaS

Benefitfocus 912 899 (5.1%) 28.2% 3.8x 3.1x NM NM NM NM

Cvent 854 745 12.5% 23.3% 3.2x 2.7x 25.9x 19.8x NM NM

Callidus 725 707 11.0% 22.8% 3.3x 2.8x 30.3x 22.7x NM 35.8x

SPS Commerce 699 580 13.6% 21.5% 3.0x 2.5x 22.1x 16.7x NM 34.5x

Textura 470 394 18.1% 24.8% 3.6x 3.0x 20.2x 13.1x NM 25.6x

SciQuest 362 234 21.4% 4.8% 2.1x 1.9x 9.9x 8.6x NM 34.0x

Channel Advisors 288 219 2.0% 15.3% 1.9x 1.7x NM 43.5x NM NM

JIVE 269 180 2.8% 4.1% 0.9x 0.9x 32.0x 16.4x NM NM

Marin Software 119 78 3.9% 4.1% 0.7x 0.7x 17.8x 8.6x NM NM

Mean 8.9% 16.5% 2.5x 2.1x 22.6x 18.7x NA 32.5x

Median 11.0% 21.5% 3.0x 2.5x 22.1x 16.6x NA 34.3x

HCM/WFM

Workday 13,908 12,149 8.4% 33.7% 7.8x 6.0x NM NM NM NM

The Ultimate Software Group 4,989 5,048 24.7% 25.2% 6.5x 5.4x 26.5x 21.4x NM 44.5x

Cornerstone OnDemand 1,672 1,760 8.6% 25.6% 4.1x 3.3x 47.7x 38.9x NM NM

Paylocity 1,529 1,545 9.7% 39.6% 6.1x 4.8x NM 45.1x NM NM

Benefitfocus 912 899 (5.1%) 28.2% 3.8x 3.1x NM NM NM NM

ATOSS Software 293 269 26.8% 13.3% 4.7x 4.2x 17.7x 15.8x 30.6x 28.1x

Halogen 142 105 1.1% 11.4% 1.4x 1.3x NM NM NM NM

Invision Software 108 109 37.2% 12.8% 6.8x 5.5x 18.4x 11.8x 21.7x 13.6x

Mean 13.9% 23.7% 5.2x 4.2x 27.5x 26.6x 26.2x 28.8x

Median 9.2% 25.4% 5.4x 4.5x 22.4x 21.4x 26.2x 28.1x

Healthcare IT

McKesson 36,830 41,448 2.6% 3.8% 0.2x 0.2x 8.0x 7.7x 11.6x 10.8x

Cerner 18,157 17,875 33.9% 12.5% 3.6x 3.2x 10.6x 9.4x 22.2x 19.3x

Sysmex 13,494 12,571 26.5% 14.6% 4.9x 4.3x 18.4x 16.0x 36.8x 30.9x

Allscripts Healthcare Solutions 2,424 2,868 19.2% 3.2% 2.0x 1.9x 10.4x 9.3x 21.3x 18.1x

CompuGroup 1,942 2,359 22.8% 6.7% 3.6x 3.3x 15.8x 13.8x 20.9x 18.1x

EMIS 970 973 33.0% 6.2% 4.0x 3.7x 12.1x 11.3x 21.2x 19.6x

Computer Programs & Systems 710 659 27.7% 69.7% 2.1x 2.0x 7.6x 6.9x 15.0x 13.5x

Sectra Aktiebolag 461 438 19.6% 10.7% 3.2x 2.9x 16.2x 14.4x 28.2x 25.3x

Cegedim 378 570 17.5% 0.8% 1.0x 1.0x 5.6x 5.3x 17.4x 9.0x

Craneware 292 251 31.3% 12.1% 4.7x 4.2x 15.1x 13.6x 25.3x 22.8x

Castlight Health 291 206 (45.3%) 34.2% 2.1x 1.6x NM NM NM NM

Mean 17.2% 15.9% 2.8x 2.6x 12.0x 10.8x 20.0x 18.8x

Median 22.8% 10.7% 3.2x 2.9x 11.4x 10.3x 21.2x 18.7x

Security Software

Check Point 14,993 13,644 55.5% 8.1% 7.8x 7.2x 14.0x 13.0x 18.1x 16.5x

Palo Alto Networks 13,322 13,115 23.3% 37.9% 8.4x 6.5x 35.9x 25.0x NM NM

Symantec 11,544 11,687 34.1% (33.6%) 3.2x 3.2x 9.5x 8.5x 17.4x 14.6x

Verisign 9,543 9,798 68.7% 6.9% 8.7x 8.4x 12.6x 12.4x 25.9x 24.2x

Gemalto 6,506 6,748 19.2% 5.7% 1.8x 1.7x 9.5x 8.3x 15.0x 13.1x

Trend Micro 5,336 3,858 29.9% 11.9% 3.1x 2.9x 10.4x 9.0x 28.5x 25.5x

Fortinet 4,719 4,083 17.7% 24.2% 3.3x 2.7x 18.4x 14.6x NM 34.0x

FireEye 2,899 2,517 (14.0%) 32.9% 3.0x 2.4x NM NM NM NM

Proofpoint 2,077 2,089 3.7% 31.9% 6.0x 4.7x NM NM NM NM

Imperva 1,472 1,299 4.4% 33.0% 4.3x 3.4x NM 46.2x NM NM

AVG Technologies 1,027 1,153 35.8% 4.4% 2.6x 2.4x 7.2x 6.9x 10.3x 9.4x

Qualys 835 723 32.1% 20.0% 3.7x 3.1x 11.4x 9.2x 33.9x 27.5x

Barracuda Networks 711 633 16.4% 9.5% 1.9x 1.7x 11.4x 5.9x 37.8x 29.7x

Vasco Data Security 578 468 14.3% (9.3%) 2.2x 1.8x 15.0x 10.0x 19.6x 15.7x

F-Secure 443 312 17.6% 6.5% 1.8x 1.7x 10.0x 7.9x 23.2x 18.4x

Intercede 93 83 0.0% 31.1% 4.0x 4.0x NA NA NM 0.0x

Mean 22.4% 13.8% 4.1x 3.6x 13.8x 13.6x 23.0x 19.0x

Median 18.4% 10.7% 3.2x 3.0x 11.4x 9.2x 21.4x 17.4x


SOFTWARE

6

EUROPEAN TECHNOLOGY


PAGE |



Fintech

Intuit 25,174 26,806 38.3% 5.1% 5.7x 5.1x 14.8x 12.8x 27.3x 22.6x

Fiserv 21,498 26,452 34.7% 5.2% 4.8x 4.5x 13.7x 12.9x 22.9x 20.4x

Fidelity Information Services 19,996 31,395 30.7% 42.9% 3.3x 3.2x 10.8x 10.0x 16.8x 14.6x

Paychex 18,722 19,098 42.5% 7.8% 6.2x 5.8x 14.7x 13.3x 25.6x 23.7x

MSCI 6,811 7,709 46.3% 6.2% 6.8x 6.2x 14.6x 13.1x 25.3x 21.1x

Jack Henry 6,395 6,580 35.0% 6.3% 4.8x 4.5x 13.7x 12.7x 28.0x 25.5x

SS&C Technologies 5,942 8,442 42.6% 44.8% 5.6x 5.2x 13.2x 11.7x 19.2x 16.0x

Guidewire 3,706 3,264 19.3% 10.9% 7.5x 6.6x 39.0x 25.5x NM NM

Temenos 3,418 3,767 38.3% 12.6% 6.2x 5.7x 16.2x 14.4x 25.8x 22.2x

Fair Isaac 3,115 3,792 23.6% 4.3% 4.3x 4.1x 18.2x 16.6x 21.4x 19.1x

Ellie Mae 2,436 2,397 29.0% 27.7% 7.5x 6.1x 25.8x 18.4x NM 33.3x

Paycom 1,866 1,953 20.8% 40.8% 6.3x 4.9x 30.2x 22.6x NM 45.8x

SimCorp 1,820 1,775 23.9% 3.9% 5.4x 5.1x 22.7x 21.6x 32.3x 30.0x

Iress 1,332 1,487 31.0% 13.9% 4.9x 4.5x 15.7x 14.2x 24.3x 21.0x

Ebix 1,284 1,459 39.0% 7.4% 5.2x 4.2x 13.3x NA 16.9x 15.0x

Fidessa 1,268 1,198 26.1% 6.3% 2.7x 2.6x 10.3x 10.5x 28.6x 27.3x

Bottomline Technologies 1,078 1,137 21.2% 7.8% 3.1x 2.8x 14.8x 12.2x 17.9x 14.9x

Envestnet 950 1,290 16.6% 37.6% 2.2x 1.9x 13.5x 10.1x 25.6x 18.4x

Q2 Holdings 831 698 (2.8%) 34.8% 4.8x 3.7x NM NM NM NM

Linedata 291 332 26.4% 2.1% 1.7x 1.6x 6.3x 6.1x 12.0x 11.9x

StatPro 78 68 13.8% 14.7% 1.4x 1.3x 9.9x 8.7x 26.0x 20.9x

Mean 28.4% 16.3% 4.8x 4.3x 16.6x 14.1x 23.3x 22.3x

Median 29.0% 7.8% 4.9x 4.5x 14.6x 12.9x 25.3x 21.0x

Data and Data Analytics

Nielsen 18,235 26,303 30.8% 3.5% 4.1x 3.9x 13.4x 12.5x 18.4x 16.6x

Experian 16,229 19,790 34.7% (4.2%) 4.4x 4.1x 12.7x 11.8x 19.4x 17.7x

Verisk 12,727 15,997 46.9% 12.8% 6.8x 6.4x 14.6x 13.4x 23.6x 21.3x

Equifax 12,675 14,355 35.5% 14.7% 4.7x 4.3x 13.2x 11.9x 22.2x 19.7x

Splunk 5,979 5,122 6.9% 35.5% 5.8x 4.5x NM NM NM NM

Tableau Software 3,174 2,409 8.6% 28.9% 2.9x 2.3x 33.5x 18.1x NM NM

Convergys 2,524 2,703 13.2% 0.3% 0.9x 0.9x 6.9x 6.6x 14.2x 13.2x

Microstrategy 1,906 1,442 34.4% 5.8% 2.6x 2.4x 7.5x 6.7x 17.2x 15.7x

Neustar 1,382 2,495 45.5% 18.6% 2.0x 2.0x 4.4x 4.3x 5.3x 5.7x

PROS 349 289 (30.9%) (11.6%) 1.9x 1.8x NM NM NM NM

Mean 22.6% 10.4% 3.6x 3.3x 13.3x 10.7x 15.0x 15.7x

Median 32.6% 9.3% 3.5x 3.2x 13.0x 11.9x 17.8x 16.6x

CAx/PLM

Dassault Systems 19,495 18,491 34.1% 8.1% 5.3x 4.9x 15.7x 14.1x 28.5x 25.6x

Autodesk 12,701 12,189 (2.2%) (20.0%) 6.1x 5.3x NM NM NM NM

Ansys 7,592 6,975 51.6% 6.2% 6.9x 6.4x 13.4x 12.4x 24.4x 22.3x

PTC 3,575 4,123 26.9% (1.4%) 3.4x 3.5x 12.7x 12.7x 18.5x 19.5x

Nemetschek 1,666 1,773 25.0% 12.9% 4.9x 4.4x 19.6x 17.2x 32.9x 28.3x

Aveva 1,392 1,244 29.6% 2.7% 4.1x 4.0x 13.8x 13.1x 21.4x 20.3x

Mensch und Maschine 152 196 9.2% 9.7% 1.0x 0.9x 10.9x 9.0x 20.0x 15.3x

Mean 24.9% 2.6% 4.5x 4.2x 14.3x 13.1x 24.3x 21.9x

Median 26.9% 6.2% 4.9x 4.4x 13.6x 12.9x 22.9x 21.3x


SOFTWARE

7

EUROPEAN TECHNOLOGY


PAGE |

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

Mar 2015 Jun 2015 Sep 2015 Dec 2015

Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

(6%)

(4%)

(2%)

0%

2%

4%

6%

8%

10%

12%

14%


Data Centres IT Services Managed Services, Colocation and Hosting Offshore IT Services PaaS/IaaS

IT SERVICES

8

EUROPEAN TECHNOLOGY




Data Centres 32.4%

IT Services 14.5%

PaaS/IaaS (9.2%)

Offshore IT Services (14.1%)

Managed Services, Colocation and Hosting (20.9%)

Data Centres 12.4%

PaaS/IaaS 8.7%

Managed Services, Colocation and Hosting 7.7%

IT Services 4.0%

Offshore IT Services 3.3%

PAGE |



IT Services

KDDI 65,480 74,908 31.4% 1.7% 1.8x 1.8x 5.8x 5.6x 13.9x 13.0x

Accenture 65,039 65,623 16.9% 5.3% 2.0x 1.9x 11.9x 11.2x 20.1x 18.5x

Capgemini 14,854 13,793 13.0% 7.5% 1.0x 0.9x 7.4x 6.8x 15.2x 13.7x

NTT Group 13,959 15,794 16.5% 3.4% 1.1x 1.1x 6.5x 6.4x 23.7x 21.9x

CGI 13,513 15,121 19.3% 4.9% 1.8x 1.8x 9.3x 9.4x 16.4x 15.7x

Capita 9,889 13,117 15.7% 3.8% 1.8x 1.7x 11.5x 11.0x 14.0x 13.2x

Atos Origin 7,850 7,842 11.8% 8.8% 0.6x 0.6x 5.0x 4.8x 10.6x 9.6x

Fujitsu 7,621 15,054 7.1% (0.2%) 0.3x 0.3x 4.9x 4.6x 8.1x 7.0x

NEC 6,362 10,637 6.8% (0.4%) 0.4x 0.4x 5.9x 5.7x 9.3x 8.8x

CSC 4,156 5,208 18.0% (29.4%) 0.7x 0.7x 4.0x 3.8x 12.2x 10.1x

Sopra 2,162 2,903 9.1% 4.2% 0.7x 0.7x 7.6x 6.8x 12.6x 10.9x

Tieto 1,979 1,976 14.5% 3.5% 1.2x 1.1x 8.0x 7.7x 15.9x 14.8x

Bechtle 1,801 1,870 5.5% 7.2% 0.5x 0.5x 10.0x 9.2x 17.8x 16.2x

Indra Sistemas 1,752 2,698 8.9% (4.2%) 0.9x 0.8x 9.8x 8.0x 18.8x 12.6x

GFI Informatique 521 559 7.9% 5.2% 0.5x 0.5x 6.7x 6.6x 19.2x 15.7x

Mean 13.5% 1.4% 1.0x 1.0x 7.6x 7.2x 15.2x 13.5x

Median 13.0% 3.8% 0.9x 0.8x 7.4x 6.8x 15.2x 13.2x

Offshore IT Services

Tata 69,697 68,271 28.1% 12.5% 3.8x 3.5x 13.7x 12.7x 18.6x 15.6x

Infosys 39,335 36,576 27.5% 15.8% 3.5x 3.2x 12.9x 12.0x 19.0x 17.4x

Cognizant 33,757 32,112 20.7% 12.1% 2.3x 2.0x 11.2x 9.9x 17.3x 15.3x

Wipro 19,827 17,109 22.1% 11.0% 2.1x 1.9x 9.3x 9.2x 14.1x 13.3x

HCL 17,370 16,103 22.4% 12.7% 2.4x 2.2x 10.7x 10.1x 14.3x 12.9x

Mean 24.1% 12.8% 2.8x 2.6x 11.5x 10.8x 16.7x 14.9x

Median 22.4% 12.5% 2.4x 2.2x 11.2x 10.1x 17.3x 15.3x

Managed Services, Colocation and Hosting

Level 3 18,177 28,900 33.7% 2.8% 3.4x 3.3x 10.1x 9.4x 26.8x 23.1x

United Internet 10,109 11,383 21.6% 7.9% 2.5x 2.4x 11.6x 10.6x 19.3x 16.8x

Rackspace 2,587 2,888 34.0% 6.2% 1.4x 1.3x 4.0x 3.8x 22.0x 17.6x

Interxion 2,237 2,907 45.1% 9.0% 6.1x 5.4x 13.5x 11.8x NM 37.0x

GoDaddy 2,115 3,152 22.1% 14.5% 1.7x 1.5x 7.8x 6.5x 20.4x 17.8x

Endurance 1,419 2,507 33.7% 58.5% 2.1x 1.9x 6.3x 5.4x 8.0x 6.5x

Windstream 740 11,064 30.2% (4.9%) 2.0x 2.0x 6.7x 7.0x NM NM

Redcentric 405 448 23.5% 16.0% 2.6x 2.4x 11.1x 10.3x 18.0x 16.3x

iomart 395 440 43.0% 13.6% 3.6x 3.3x 8.4x 7.7x 15.6x 13.9x

Internap 148 503 26.6% (2.8%) 1.6x 1.6x 6.1x 5.7x NM NM

Proact 145 150 6.1% (1.0%) 0.4x 0.4x 7.1x 6.8x 12.5x 10.6x

Melbourne IT 141 169 16.6% 15.3% 1.3x 1.2x 7.6x 6.6x 18.0x 11.5x

Mean 28.0% 11.2% 2.4x 2.2x 8.4x 7.6x 17.8x 17.1x

Median 28.4% 8.5% 2.1x 2.0x 7.7x 6.9x 18.0x 16.5x

Data Centres

Equinix 21,132 26,132 45.9% 31.6% 7.3x 6.6x 16.0x 13.9x NM 47.4x

Digital Realty Trust 12,484 20,154 56.8% 19.2% 9.6x 9.0x 16.8x 15.7x NM NM

DuPont Fabros 2,449 4,551 62.9% 15.2% 8.9x 8.2x 14.1x 13.0x 27.8x 24.6x

Coresite 2,002 2,738 51.0% 22.3% 6.9x 6.1x 13.5x 12.0x NM 42.8x

Mean 54.1% 22.1% 8.2x 7.5x 15.1x 13.6x 27.8x 38.3x

Median 53.9% 20.8% 8.1x 7.4x 15.0x 13.5x 27.8x 42.8x

PaaS/IaaS

EMC 53,623 50,577 27.2% 0.4% 2.0x 2.0x 7.4x 7.1x 14.2x 13.5x

ServiceNow 9,763 9,449 18.9% 35.9% 6.9x 5.3x 36.7x 24.4x NM NM

Akamai 9,657 9,783 40.2% 9.2% 4.1x 3.6x 10.2x 9.0x 20.8x 18.1x

Netapp 7,697 4,261 20.3% (6.9%) 0.8x 0.8x 3.9x 3.0x 11.9x 10.9x

Commvault Systems 1,716 1,383 12.9% 6.8% 2.2x 2.1x 17.3x 13.3x NM 36.7x

Synchronoss 1,260 1,465 33.3% 17.0% 2.2x 1.9x 6.5x 5.6x 13.1x 10.8x

Progress Software 1,254 1,144 32.8% 3.7% 2.7x 2.6x 8.1x 7.7x 15.1x 14.5x

Carbonite 210 137 17.5% 30.0% 0.8x 0.7x 4.4x 6.1x NM 39.4x

Mean 25.4% 12.0% 2.7x 2.4x 11.8x 9.5x 15.0x 20.5x

Median 23.7% 8.0% 2.2x 2.0x 7.8x 7.4x 14.2x 14.5x

P / EEV / EBITDAEV / Revenue

IT SERVICES

9

EUROPEAN TECHNOLOGY


(1) Dell has entered into an agreement to acquire EMC; share price as at 9 October 2015

(1)

PAGE |

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

Mar 2015 Jun 2015 Sep 2015 Dec 2015

Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

COMMUNICATIONS

10

EUROPEAN TECHNOLOGY




Mobile Content / Solutions Providers 24.9%

Digital Broadband 8.7%

Mobile Infrastructure Software (20.7%)

Diversified Communication Equipment (22.8%)

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%


Digital Broadband Diversified Communication Equipment Mobile Content / Solutions Providers Mobile Infrastructure Software

Mobile Content / Solutions Providers 19.4%

Mobile Infrastructure Software 12.9%

Digital Broadband 5.9%

Diversified Communication Equipment 2.5%

PAGE |



Digital Broadband

Logitech 2,617 2,120 10.2% (4.5%) 1.1x 1.0x 10.3x 9.4x 19.5x 16.6x

Technicolor 2,518 3,659 11.4% 47.4% 0.6x 0.6x 5.4x 5.6x 11.2x 11.0x

TomTom 2,044 1,922 13.9% 4.8% 1.6x 1.6x 11.6x 9.8x 33.2x 22.8x

Kudelski 863 1,136 12.7% 7.3% 1.1x 1.1x 8.6x 8.3x 16.0x 15.6x

Parrot 622 288 8.2% 15.6% 0.7x 0.6x 8.5x 5.9x NM NM

Extreme Networks 306 288 8.9% (0.6%) 0.5x 0.5x 6.1x NA 13.5x NA

Mean 10.9% 11.7% 0.9x 0.9x 8.4x 7.8x 18.7x 16.5x

Median 10.8% 6.1% 0.9x 0.8x 8.5x 8.3x 16.0x 16.1x

Diversified Communication Equipment

LM Ericsson Telephone 30,451 29,743 15.1% (0.2%) 1.0x 1.0x 6.6x 6.4x 12.9x 12.0x

Alcatel-Lucent 12,124 12,195 12.7% 3.8% 0.7x 0.7x 5.9x 5.8x 13.3x 10.3x

CIENA 2,356 2,891 14.4% 7.2% 1.1x 1.0x 7.5x 6.4x 12.5x 10.2x

ADTRAN 920 876 8.1% 4.6% 1.4x 1.3x 17.3x 13.7x 24.7x 20.3x

Mean 12.6% 3.8% 1.1x 1.0x 9.3x 8.1x 15.9x 13.2x

Median 13.6% 4.2% 1.0x 1.0x 7.0x 6.4x 13.1x 11.1x

Mobile Infrastructure Software

QUALCOMM 77,764 71,221 39.3% (4.5%) 3.1x 3.0x 8.0x 7.6x 11.9x 10.8x

VeriSign 9,543 9,798 68.7% 6.9% 8.7x 8.4x 12.6x 12.4x 25.9x 24.2x

Amdocs 8,616 7,774 9.5% 3.3% 2.1x 2.0x 21.7x 10.0x 16.2x 15.5x

Synchronoss Technologies 1,260 1,465 33.3% 17.0% 2.2x 1.9x 6.5x 5.6x 13.1x 10.8x

Sonus Networks 362 256 9.5% 6.1% 1.0x 0.9x 10.3x 13.0x 31.2x 23.0x

Redknee Solutions 148 169 14.4% (6.3%) 0.8x 0.7x 5.7x 3.4x 11.0x 6.5x

Smith Micro Software 27 15 7.0% (10.0%) 0.4x NA 6.1x NA NM NA

Mean 25.9% 1.8% 2.6x 2.8x 10.1x 8.7x 18.2x 15.1x

Median 14.4% 3.3% 2.1x 1.9x 8.0x 8.8x 14.7x 13.1x

Mobile Content / Solutions Providers

Opera Software 1,166 1,225 14.5% 19.9% 1.7x 1.4x 11.6x 8.1x 21.7x 18.6x

GameLoft 518 479 14.2% 4.9% 1.6x 1.5x 11.1x 9.5x NM 36.3x

Mean 14.3% 12.4% 1.6x 1.5x 11.3x 8.8x 21.7x 27.5x

Median 14.3% 12.4% 1.6x 1.5x 11.3x 8.8x 21.7x 27.5x

EV / EBITDA P / EEV / Revenue

COMMUNICATIONS

11

EUROPEAN TECHNOLOGY


(1) Vivendi has agreed to acquire Gameloft; share price as at 17th February 2016

(1)

PAGE |

(80%)

(60%)

(40%)

(20%)

0%

20%

40%

60%

80%

Mar 2015 Jun 2015 Sep 2015 Dec 2015

Global Internet Leaders eCommerce Online Travel Digital Marketing

Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment

Online Gambling Chinese Internet Leaders Internet Services Educational Technology


12

EUROPEAN TECHNOLOGY




(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%


Global Internet Leaders eCommerce Online Travel Digital Marketing

Content Providers / Communities Intermediation and Comparison Online Classifieds Interactive Entertainment

Online Gambling Chinese Internet Leaders Internet Services Educational Technology

Online Travel 15.9%

Chinese Internet Leaders 12.7%

eCommerce 12.2%

Internet Services 9.8%

Digital Marketing 9.4%

Global Internet Leaders 6.0%

Interactive Entertainment 6.0%

Intermediation and Comparison 5.8%

Online Classifieds 5.0%

Online Gambling 4.4%

Educational Technology 4.3%

Content Providers / Communities 4.0%

Online Gambling 42.2%

Interactive Entertainment 20.4%

Online Travel 10.1%

Chinese Internet Leaders 6.7%

Ecommerce 6.3%

Global Internet Leaders 5.1%

Online Classifieds (3.2%)

Digital Marketing (12.1%)

Educational Technology (13.9%)

Intermediation and Comparison (18.5%)

Internet Services (28.8%)

Content Providers / Communities (50.0%)

(1)

(1)

(1) Education Technology index has been normalised to reflect Graham Holdings’ spin-off of its cable segment

PAGE |


13

EUROPEAN TECHNOLOGY


(1)



Global Internet Leaders

Apple 560,945 611,223 33.2% (2.8%) 2.7x 2.5x 8.0x 7.5x 11.5x 10.3x

Google 497,281 450,646 40.4% 17.5% 5.2x 4.6x 12.7x 10.9x 21.9x 18.8x

Microsoft 411,679 374,876 36.5% 3.2% 4.0x 3.8x 11.0x 9.8x 19.3x 16.8x

Facebook 314,806 307,540 60.9% 46.8% 12.0x 9.1x 19.7x 14.9x 35.4x 26.9x

Amazon 263,168 261,147 10.9% 21.9% 2.0x 1.7x 18.3x 13.8x NM NM

Alibaba 180,819 181,724 50.7% 28.3% 9.7x 7.5x 19.1x 15.1x 23.5x 20.0x

Baidu 60,935 59,031 25.8% 20.1% 4.8x 3.9x 18.6x 14.0x 26.5x 19.9x

Yahoo! 31,074 27,897 21.6% (12.4%) 7.9x 7.7x 36.5x 31.4x NM NM

eBay 27,924 28,654 39.6% 1.6% 3.3x 3.1x 8.3x 7.7x 12.7x 11.6x

Yandex 4,351 4,712 33.7% 18.3% 4.6x 3.9x 13.7x 10.6x 25.3x 20.7x

Mean 35.3% 14.2% 5.6x 4.8x 16.6x 13.6x 22.0x 18.1x

Median 35.1% 17.9% 4.7x 3.9x 16.0x 12.4x 22.7x 19.4x

Ecommerce

Amazon 263,168 257,681 11.0% 21.3% 2.0x 1.7x 18.1x 13.7x NM NM

Alibaba 180,819 186,749 50.6% 28.4% 9.9x 7.7x 19.6x 15.5x 24.1x 20.5x

Naspers 53,126 64,441 12.2% 16.7% 10.8x 9.4x NM NM 35.9x 24.9x

Netflix 41,678 43,348 6.2% 29.0% 5.0x 3.9x NM 38.5x NM NM

JD.com 36,181 34,950 1.3% 44.9% 0.9x 0.7x NM 27.7x NM NM

eBay 27,924 28,666 39.6% 1.6% 3.3x 3.2x 8.3x 7.7x 12.8x 11.6x

Zalandro 7,925 6,357 5.1% 26.2% 1.5x 1.2x 29.7x 20.6x NM 40.1x

Mercadolibre 5,013 4,992 26.6% 9.0% 7.1x 5.8x 26.8x 21.2x NM 34.1x

Mail.ru 4,350 4,615 47.8% 7.3% 7.4x 6.4x 15.5x 12.9x 26.3x 20.1x

IAC 3,785 4,619 16.7% 3.5% 1.4x 1.3x 8.2x 7.0x 14.7x 11.9x

Asos 3,699 3,536 6.6% 18.6% 1.8x 1.4x 26.7x 20.4x NM 38.8x

JUST EAT 3,693 3,403 28.7% 42.4% 6.7x 5.4x 23.4x 16.2x 37.9x 25.4x

Cimpress 2,746 3,478 15.5% 13.0% 1.9x 1.7x 12.5x 10.6x 22.5x 19.6x

Groupon 2,371 1,582 3.6% (1.4%) 0.5x 0.5x 14.5x 8.3x NM NM

Ocado 2,214 2,729 7.4% 14.6% 1.5x 1.3x 20.0x 16.4x NM NM

GrubHub 2,030 1,669 27.8% 26.1% 3.7x 3.0x 13.2x 10.3x 30.7x 24.0x

Shutterfly 1,572 1,667 18.6% 9.0% 1.4x 1.3x 7.8x 6.8x NM 41.0x

Shutterstock 1,255 972 19.5% 18.0% 1.9x 1.7x 9.9x 8.7x 26.6x 22.5x

Coupons.com 795 645 9.1% 13.3% 2.5x 2.2x 27.5x 16.6x NM 49.0x

RetailMeNot 385 203 24.0% (3.2%) 0.9x 0.9x 3.6x 3.5x 14.6x 14.9x

Overstock 368 221 NA NA NA NA NA NA NA NA

Blue Nile 300 209 4.7% (3.4%) 0.4x 0.4x 9.2x 8.5x 30.0x 25.7x

Mean 18.2% 16.0% 3.5x 2.9x 16.4x 14.6x 25.1x 26.5x

Median 15.5% 14.6% 1.9x 1.7x 15.0x 13.3x 26.3x 24.5x

Online Travel

The Priceline Group 64,192 70,337 40.6% 16.9% 6.6x 5.7x 16.2x 13.9x 19.4x 16.7x

Amadeus 18,182 20,140 37.1% 11.2% 4.1x 3.8x 11.2x 10.3x 19.5x 18.2x

Ctrip 17,556 22,554 11.7% 84.4% 7.3x 5.3x NM 28.1x NM 32.2x

Expedia 16,470 19,430 18.4% 32.8% 2.2x 1.9x 11.9x 9.6x 21.3x 16.5x

Tripadvisor 8,864 9,111 28.7% 10.0% 5.6x 4.8x 19.5x 15.7x 33.0x 26.3x

Sabre Corporation 7,525 10,530 32.0% 15.0% 3.1x 2.9x 9.7x 8.7x 18.8x 15.9x

Travelport 1,590 3,981 24.2% 7.7% 1.7x 1.6x 6.9x 6.4x 35.9x 22.9x

MakeMyTrip 739 727 (21.6%) (7.6%) 4.5x 3.6x NM NM NM NM

Hostelworld Group 334 657 28.4% 9.4% 6.4x 5.7x 22.4x 19.6x 18.1x 15.3x

Travelzoo 120 87 6.4% 0.6% 0.6x 0.6x 9.8x 6.8x NM 35.2x

Mean 20.6% 18.0% 4.2x 3.6x 13.4x 13.2x 23.7x 22.1x

Median 26.3% 10.6% 4.3x 3.7x 11.5x 10.3x 19.5x 18.2x

EV / Revenue P / EEV / EBITDA

PAGE |


14

EUROPEAN TECHNOLOGY


(1)

(2)



Digital Marketing

Criteo 2,244 2,109 27.9% 33.6% 2.9x 2.4x 10.6x 7.9x 22.5x 17.1x

Cvent 854 745 12.5% 23.3% 3.2x 2.7x 25.9x 19.8x NM NM

The Rubicon Project 788 650 19.9% 31.9% 2.2x 1.8x 11.1x 7.7x 22.6x 16.3x

Marketo 775 692 (2.9%) 30.0% 2.5x 2.0x NM NM NM NM

Callidus Software 725 707 11.0% 22.8% 3.3x 2.8x 30.3x 22.7x NM 35.8x

Bazaarvoice 269 230 1.6% 4.5% 1.1x 1.1x NM 17.9x NM NM

TechTarget 227 212 24.2% 8.2% 1.7x 1.6x 7.2x 5.7x 17.7x 13.9x

Harte-Hanks 219 232 9.1% (2.8%) 0.5x 0.5x 5.2x 4.6x 13.4x 11.4x

Marchex 206 84 3.0% (3.8%) 0.6x 0.6x 19.9x 9.8x NM NM

Dotdigital 177 164 28.8% 25.4% 3.7x 3.0x 12.9x 10.3x 21.7x 17.5x

1000mercis 149 130 21.4% 15.6% 1.9x 1.6x 8.9x 7.1x 18.8x 14.4x

Matomy Media 148 151 9.7% 32.5% 0.4x 0.4x 4.5x 3.9x 5.9x 5.3x

Marin Software 119 78 3.9% 4.1% 0.7x 0.7x 17.8x 8.6x NM NM

InternetQ 104 108 16.5% 4.4% 0.6x 0.5x 3.4x 2.7x 8.3x 5.8x

Mean 13.3% 16.4% 1.8x 1.5x 13.1x 9.9x 16.4x 15.3x

Median 11.7% 19.2% 1.8x 1.6x 10.8x 7.9x 18.2x 14.4x

Content Providers / Communities

LinkedIn 15,186 12,523 26.8% 23.0% 3.4x 2.8x 12.7x 10.1x 34.2x 26.1x

Twitter 11,501 9,774 26.3% 33.4% 3.3x 2.6x 12.6x 9.6x 31.1x 22.3x

JustEat 3,693 3,420 28.7% 42.4% 6.8x 5.4x 23.5x 16.3x 38.0x 25.5x

Pandora Media 2,204 2,223 (5.1%) 22.2% 1.6x 1.3x NM 30.4x NM NM

WebMD Health 2,070 2,270 32.1% 9.9% 3.3x 3.0x 10.1x 9.0x 32.5x 28.7x

GoPro 1,667 1,298 (6.8%) (15.0%) 0.9x 0.8x NM 41.5x NM NM

XING 951 892 32.1% 19.7% 5.5x 4.7x 17.0x 13.7x 36.7x 27.9x

XO Group 392 310 22.1% 11.6% 2.0x 1.8x 9.0x 7.2x 31.3x 22.4x

Brightcove 196 164 6.0% 9.3% 1.1x 1.0x 18.6x 13.9x NM 44.7x

Demand Media 102 62 (4.2%) 4.6% 0.5x 0.4x NM NM NM NM

Mean 15.8% 16.1% 2.8x 2.4x 14.8x 16.9x 34.0x 28.2x

Median 24.2% 15.6% 2.6x 2.2x 12.7x 13.7x 33.3x 26.1x

Intermediation and Comparison

Zillow 4,167 3,842 14.6% 24.4% 4.8x 3.9x 32.8x 19.4x NM NM

Moneysupermarket 2,585 2,576 39.9% 7.2% 5.9x 5.5x 14.7x 13.5x 21.6x 19.6x

Bankrate 806 941 27.4% (33.7%) 2.6x 2.4x 9.4x 8.7x 20.1x 18.2x

Angie's List 466 479 9.3% 1.7% 1.4x 1.3x 14.7x 11.0x NM 26.6x

Gruppo MutuiOnline 300 323 33.2% 3.0% 2.4x NA 7.1x NA 13.5x NA

eHealth 178 112 7.3% 9.2% 0.6x 0.5x 7.8x 5.4x 19.4x 14.3x

Liquidity Services 153 77 5.3% 36.4% 0.2x 0.3x 3.1x 8.5x 22.0x NM

Mean 19.6% 6.9% 2.5x 2.3x 12.8x 11.1x 19.3x 19.7x

Median 14.6% 7.2% 2.4x 1.9x 9.4x 9.9x 20.1x 18.9x

Online Classifieds

Rightmove 5,181 5,458 74.7% 13.9% 17.5x 16.0x 23.4x 21.3x 29.6x 26.5x

SEEK 4,237 4,634 38.8% 11.3% 5.8x 5.3x 15.1x 13.6x 26.6x 22.7x

SouFun 2,496 2,630 (11.2%) 32.4% 2.3x 1.8x NM 13.2x NM 25.7x

51job 1,774 1,193 32.4% 13.5% 3.3x 2.8x 10.1x 8.7x 17.0x 14.6x

Yelp 1,505 1,230 13.7% 26.0% 1.8x 1.4x 13.0x 9.0x 39.5x 24.9x

Zoopla 1,396 1,591 38.8% 64.1% 6.2x 5.6x 16.1x 13.7x 21.5x 18.0x

Dice 403 487 28.4% (3.8%) 2.0x 1.9x 7.0x 6.4x 17.4x 14.8x

Monster 277 319 15.0% (5.1%) 0.5x 0.5x 3.3x 3.0x 9.5x 7.7x

Mean 28.8% 19.0% 4.9x 4.4x 12.6x 11.1x 23.0x 19.4x

Median 30.4% 13.7% 2.8x 2.4x 13.0x 11.1x 21.5x 20.4x

P / EEV / Revenue EV / EBITDA

PAGE |


15

EUROPEAN TECHNOLOGY


(1) Activision has entered into an agreement to acquire King Digital Media; share price as at 30 October 2015

(1)

(2)



Internet Services

LendingClub 3,437 3,661 18.9% 73.4% 5.0x 3.4x 26.5x 15.6x 31.1x 18.6x

LifeLock 1,071 823 12.8% 13.4% 1.2x 1.1x 9.7x 7.6x 15.6x 12.1x

Web.com 872 1,315 22.6% 35.7% 1.7x 1.5x 7.7x 6.2x 7.2x 5.7x

Wix.com 801 688 10.8% 34.7% 2.5x 2.0x 23.4x 12.1x NM NM

Mean 16.3% 39.3% 2.6x 2.0x 16.8x 10.4x 13.5x 12.1x

Median 15.8% 35.2% 2.1x 1.8x 16.6x 9.8x 11.4x 12.1x

Educational Technology

Graham 2,814 1,955 12.3% 2.2% 0.8x NA 6.2x NA 19.3x NA

2U 1,058 867 (0.6%) 34.0% 4.3x 3.3x NM NM NM NM

K12 406 278 10.9% (4.3%) 0.3x NA 2.9x NA 26.3x NA

Chegg 397 311 6.2% (21.0%) 1.3x 1.3x 21.0x 8.6x NM 14.5x

Cambium Learning Group 199 294 NA NA NA NA NA NA NA NA

Rosetta Stone 156 102 7.4% (13.7%) 0.5x NA 7.2x NA NM NA

Mean 7.2% (0.5%) 1.5x 2.3x 9.4x 8.6x 22.8x 14.5x

Median 7.4% (4.3%) 0.8x 2.3x 6.7x 8.6x 22.8x 14.5x

Chinese Internet Leaders

Tencent 172,777 185,904 42.7% 33.3% 9.0x 7.2x 21.0x 16.9x 29.7x 23.1x

Baidu 60,935 59,031 25.8% 20.1% 4.8x 3.9x 18.6x 14.0x 26.5x 19.9x

Netease 18,222 16,266 27.3% 52.7% 3.1x 2.5x 11.2x 9.9x 14.7x 12.9x

58.com 7,930 7,737 (9.1%) 79.1% 6.1x 4.3x NM 24.6x NM 33.9x

Youku Tudou 5,374 4,466 (10.0%) 48.4% 3.1x 2.4x NM NM NM NM

Weibo Corporation 3,662 3,412 19.1% 27.2% 5.6x 4.2x 29.4x 18.0x 36.0x 22.5x

Sina 3,041 2,090 15.7% 7.5% 2.2x 1.9x 14.2x 8.3x NM 30.7x

Autohome 2,898 2,386 22.3% 88.8% 2.4x 1.8x 10.8x 8.8x 17.4x 14.0x

SouFun 2,496 2,630 (11.2%) 32.4% 2.3x 1.8x NM 13.2x NM 25.7x

Sohu 1,802 1,417 12.8% (2.3%) 0.8x 0.7x 5.9x 5.0x NM NM

Renren 1,118 936 (11.0%) 107.0% 6.4x NA NM NA NM NA

Dangdang 575 310 2.1% 29.1% 0.1x 0.1x 7.0x NA NA 21.9x

Mean 10.6% 43.6% 3.8x 2.8x 14.8x 13.2x 24.9x 22.7x

Median 14.2% 32.8% 3.1x 2.4x 12.7x 13.2x 26.5x 22.5x

Online Gambling

Playtech 3,902 3,542 40.3% 16.9% 4.3x 3.9x 10.7x 9.6x 15.7x 13.8x

888 908 787 17.4% 7.1% 1.6x 1.5x 9.3x 8.5x 16.9x 15.2x

Mean 28.9% 12.0% 3.0x 2.7x 10.0x 9.0x 16.3x 14.5x

Median 28.9% 12.0% 3.0x 2.7x 10.0x 9.0x 16.3x 14.5x

Interactive Entertainment

Activision 25,341 26,209 34.6% 34.0% 4.2x 3.8x 12.0x 10.3x 18.2x 15.6x

Electronic Arts 19,641 17,114 32.3% 2.4% 3.7x 3.4x 11.4x 9.8x 19.8x 16.8x

Ubisoft Entertainment 3,300 3,504 35.9% 108.0% 1.6x 1.8x 4.4x 3.9x 13.8x 18.1x

Take-Two Interactive Software 3,013 2,254 18.9% 6.3% 1.3x 1.4x 7.0x 7.3x 19.1x 22.9x

Zynga 1,890 937 5.8% (0.1%) 1.3x 1.2x 21.6x 11.6x NM 40.0x

Mean 25.5% 30.1% 2.4x 2.3x 11.3x 8.6x 17.7x 22.7x

Median 32.3% 6.3% 1.6x 1.8x 11.4x 9.8x 18.6x 18.1x

P / EEV / Revenue EV / EBITDA

(1)

Energy, Power& Infrastructure

IndustrialsHealthcare & Life Sciences

Transportation & Logistics

Aerospace, Defense & Government

Services

Business Services

Building Products & Materials

Technology, Media & Telecom

Specialty Distribution

Consumer

PAGE |

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HARRIS WILLIAMS & CO.

Capital IQ as of 10th March 2016, broker reports and various industry news outlets

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EUROPEAN TECHNOLOGY


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