Trading Comparables (Cont’d) 22. Mar 2018 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2017 2018 2019 17-19E 2017 2018 2019 17-19E 2018E 2017 2018 2019 Online Travel Travel Agents Priceline Group (US) 86,200 96% 8.4x 7.1x 6.3x 15% 22.4x 18.8x 16.6x 16% 38% 27.9x 24.2x 21.4x Ctrip.com (AsiaPac) 21,244 80% 6.2x 5.2x 4.1x 23% 31.3x 25.5x 17.7x 33% 20% 43.7x 35.2x 22.9x Expedia (US) 15,640 67% 1.9x 1.7x 1.5x 12% 11.0x 10.3x 8.9x 11% 16% 22.7x 22.2x 17.9x TripAdvisor (US) 4,398 80% 3.5x 3.4x 3.1x 6% 16.8x 16.2x 14.9x 6% 21% 36.8x 35.7x 30.7x Trivago (Europe) 2,050 31% 2.4x 2.3x 1.9x 12% n/m n/m n/m 28% (1%) n/m n/m n/m MakeMyTrip (AsiaPac) 2,558 86% 6.2x 4.9x 4.2x 21% n/m n/m n/m (88%) (22%) n/m n/m n/m Despegar.com (LatAm) 1,502 88% 3.6x 2.9x 2.4x 21% 22.3x 16.7x 13.4x 29% 17% 55.0x 37.6x 28.8x eDreams ODIGEO (Europe) 778 67% 1.5x 1.5x 1.4x 5% 6.7x 6.5x 6.1x 5% 22% 11.0x 9.1x 7.7x Webjet (AsiaPac) 874 87% 5.4x 4.5x 3.7x 20% 18.0x 14.1x 10.6x 30% 32% 32.6x 22.6x 16.2x On The Beach (Europe) 778 93% 7.7x 6.3x 5.5x 18% 21.5x 16.7x 13.8x 25% 38% 30.7x 24.7x 20.4x Hostelworld (Europe) 431 96% 4.4x 4.1x 3.9x 6% 14.7x 13.9x 13.1x 6% 30% 19.4x 18.7x 17.4x Tuniu (AsiaPac) 265 69% 0.1x 0.1x 0.1x 22% n/m n/m 25.0x n/a (7%) n/m 25.1x 6.9x HolidayCheck (Europe) 134 82% 1.2x 1.0x 0.9x 10% 46.5x 17.1x 10.8x 108% 6% n/m n/m 40.2x Lastminute.com (Europe) 131 91% 0.6x 0.5x 0.5x 4% 8.7x 6.9x 6.8x 13% 8% n/a n/a n/a Travelzoo (US) 54 64% 0.6x 0.6x 0.6x 2% 10.5x 9.8x 7.1x 22% 6% 81.0x 29.3x 24.1x Asiatravel (AsiaPac) 10 49% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Mean 8.3x 7.5x 6.4x 15% 20.2x 22.0x 21.7x 25% 44% 32.3x 26.4x 25.9x Metasearch and Infrastructure Amadeus IT (Europe) 28,476 96% 5.9x 5.6x 5.2x 6% 15.3x 14.2x 13.2x 7% 39% 26.2x 24.7x 23.1x Sabre Corp (US) 7,463 88% 2.6x 2.4x 2.3x 5% 8.5x 8.5x 7.9x 3% 29% 15.9x 15.3x 13.6x Travelport (Europe) 3,209 89% 1.6x 1.5x 1.5x 5% 6.7x 6.6x 6.3x 4% 23% 10.9x 10.3x 9.3x Mean 3.3x 2.9x 2.6x 11% 20.4x 14.4x 14.0x 33% 18% 40.8x 24.8x 22.5x Payments PayPal (US) 70,651 92% 6.7x 5.7x 4.9x 17% 25.7x 21.2x 18.0x 19% 27% 42.6x 34.7x 28.9x First Data (US) 30,415 88% 3.1x 2.9x 2.8x 5% 12.2x 11.3x 10.7x 7% 26% 11.1x 11.9x 10.6x Square (US) 18,045 96% 22.9x 16.5x 12.8x 34% n/m 88.0x 52.1x 77% 19% n/m n/m 61.9x Wirecard (Europe) 11,431 87% 7.7x 6.1x 5.0x 24% 27.8x 21.5x 17.1x 28% 29% 46.7x 35.1x 27.1x Worldpay (US) 24,976 97% 14.5x 7.9x 7.2x 41% 30.2x 16.3x 14.2x 46% 48% 39.1x 21.2x 17.6x Shopify (Canada) 12,008 98% 22.3x 14.7x 10.7x 44% n/m n/m n/m 113% 3% n/m n/m n/m Ingenico (Europe) 5,649 68% 2.3x 2.0x 1.9x 9% 11.2x 10.4x 9.4x 9% 20% 14.1x 13.1x 11.6x Q2 Holdings (US) 1,567 99% 9.9x 8.2x 6.6x 22% n/m 94.9x 57.1x 86% 9% n/m n/m n/m Qiwi (Europe) 717 70% 0.1x 0.1x 0.1x 15% 0.2x 0.1x 0.1x 25% 42% 0.3x 0.3x 0.2x Boku (US) 215 93% 7.8x 5.8x 4.7x 29% n/m 40.8x 16.0x n/a 14% n/m 88.1x 26.5x Intershop Communications (Europe) 54 89% 1.5x 1.3x 1.2x 12% 17.7x 15.1x 12.0x 21% 9% n/m 50.3x 31.8x Seamless Distribution (Europe) 20 27% 1.1x 1.5x 1.2x (5%) n/m n/m 9.7x n/a (8%) n/a n/m 23.3x Mean 3.3x 3.1x 2.9x 7% 12.7x 10.9x 10.4x 12% 27% 23.5x 18.8x 17.1x Search / Portals Alphabet (US) 539,585 90% 6.0x 5.0x 4.2x 19% 15.2x 12.8x 11.0x 17% 39% 33.1x 25.9x 22.1x Tencent (AsiaPac) 431,707 92% 17.3x 12.2x 9.4x 36% 44.5x 34.1x 26.4x 30% 36% 62.9x 47.6x 36.3x Baidu (AsiaPac) 63,422 88% 6.0x 4.9x 4.1x 21% 22.9x 18.5x 15.1x 23% 26% 26.8x 26.6x 21.9x Yahoo! Japan (AsiaPac) 19,617 93% 2.9x 2.7x 2.6x 6% 9.0x 10.1x 9.2x (1%) 27% n/a n/a n/a Naver (AsiaPac) 15,573 82% 4.4x 3.8x 3.4x 14% 14.6x 12.9x 11.1x 15% 30% 28.4x 23.5x 20.2x Yandex (Europe) 10,959 96% 0.1x 0.1x 0.1x 26% 0.5x 0.4x 0.3x 35% 31% 1.0x 0.6x 0.5x Sohu.com (AsiaPac) 365 48% 0.2x 0.2x 0.2x 13% 3.8x 2.1x 1.5x 60% 10% n/m n/m n/m Sogou (AsiaPac) 2,085 61% 2.8x 2.1x 1.6x 33% 16.7x 12.9x 8.5x 40% 16% 35.0x 24.4x 16.6x Wirtualna Polska (Europe) 414 96% 3.8x 3.3x 3.0x 13% 12.6x 11.2x 9.9x 13% 30% 39.4x 22.7x 18.5x Phoenix New Media (AsiaPac) 172 56% 0.9x 0.8x 0.7x 12% 20.2x 17.2x 12.7x 26% 5% 37.0x 40.1x 22.0x Mean 3.9x 3.3x 2.8x 13% 10.2x 32.4x 17.5x 36% 16% 11.9x 39.4x 19.8x Social Networking Facebook (US) 367,274 87% 11.2x 8.1x 6.4x 32% 17.1x 13.4x 10.7x 26% 61% 28.2x 22.9x 18.6x Twitter (US) 17,841 86% 9.1x 8.1x 7.3x 12% 27.6x 22.7x 19.8x 18% 36% 84.6x 56.0x 48.3x Snap (US) 14,928 68% 23.1x 13.9x 9.1x 60% n/m n/m n/m (28%) (50%) n/m n/m n/m Weibo (AsiaPac) 23,457 91% 25.3x 15.9x 11.9x 46% 64.5x 39.6x 25.7x 58% 40% 77.4x 46.3x 31.8x Match Group (US) 11,052 96% 10.3x 8.5x 7.3x 19% 29.1x 22.9x 19.1x 23% 37% 54.9x 33.4x 27.1x Daum Kakao (AsiaPac) 7,818 82% 5.2x 4.4x 3.9x 16% 34.0x 27.8x 22.4x 23% 16% 78.0x 60.7x 46.7x LINE (AsiaPac) 6,759 76% 5.1x 4.4x 3.9x 15% 25.0x 31.4x 19.3x 14% 14% n/a n/a n/a Mail.ru (Europe) 6,199 92% 0.1x 0.1x 0.1x 21% 0.4x 0.3x 0.3x 21% 32% 0.6x 0.5x 0.4x Meitu (AsiaPac) 3,730 60% 8.0x 4.2x 2.8x 68% n/m 43.5x 26.4x n/a 10% n/m 43.9x 23.4x SINA (AsiaPac) 5,633 91% 4.4x 3.0x 2.3x 38% 13.0x 9.2x 5.9x 49% 33% 40.6x 31.7x 21.7x YY (AsiaPac) 5,515 87% 3.8x 2.8x 2.3x 28% 14.8x 11.2x 8.9x 29% 25% 20.6x 15.4x 12.6x Momo (AsiaPac) 5,604 84% 5.2x 3.8x 3.1x 30% 18.9x 13.9x 10.9x 32% 27% 22.7x 16.7x 13.5x Mixi (AsiaPac) 1,342 55% 0.8x 1.0x 1.0x (11%) 2.3x 2.7x 3.1x (14%) 36% n/a n/a n/a Renren (AsiaPac) 511 48% 3.1x 1.2x n/a (100%) n/m n/m n/a (100%) (8%) n/m n/m n/a XING (Europe) 1,377 82% 7.5x 6.0x 5.2x 20% 24.0x 19.2x 16.1x 22% 31% 53.4x 43.3x 33.1x MeetMe (US) 152 32% 1.5x 1.3x 1.2x 12% 6.1x 9.0x 6.6x (4%) 14% 5.5x 12.9x 6.4x Mean 2.0x 1.6x 1.4x 18% 10.7x 12.7x 8.4x 35% 18% 24.9x 25.4x 15.5x Source: Capital IQ (as of 22 March 2018). 24