Select Transaction Comparables Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Classifieds Aug 16 Randstad Monster US 383.3 0.6x 0.7x 4.0x 6.8x Mrz 16 Swiss Mobiliar Scout24 Schweiz (50% stake) Switzerland Mrz 16 Scout24 Switzerland Gratis-Inserate.ch Switzerland Nov 16 Novasol Wimdu Germany Dez 15 Axel Springer Axel Springer Digital Classifieds (15%) Germany Nov 15 CarTrade CarWale (Axel Springer) Germany 83.2 Okt 15 Naspers Avito (50.6%) Russia 2,152.4 Aug 15 Apax Partners Idealista Spain 150.0 3.6x 16.7x Feb 15 Immowelt Immonet (merger) Germany 420.0 Dez 14 Axel Springer Axel Springer Digital Classifieds (15%) Germany 2,973.0 Okt 14 Next Co. Trovit.com Spain 80.0 4.5x 13.6x Jun 14 Yandex auto.ru Russia 128.9 Mai 14 Stepstone Evenbase UK 110.0 2.5x 22.0x Mai 14 Axel Springer Yad2.co.il Israel 165.0 Mrz 14 Schibsted Mlanuncios Spain 50.0 Mrz 13 Naspers Avito (18.6%) Russia 2,351.3 Feb 14 Schibsted Milanuncios Spain 100.0 Nov 12 Axel Springer Immoweb.be (80%) Belgium 159.4 12.0x Apr 12 Axel Springer Totaljobs UK 132.0 Sep 10 Axel Springer Verlag SeLoger (87.6%) France 634.4 6.8x 6.2x 13.1x 11.4x Sep 10 Schibsted LeBoncoin (remaining 50%) France 400.0 18.0x E-commerce Feb 18 Monoprix Sarenza France Aug 17 The Hut Group Glossybox Germany Jul 17 Aptos TXT Retail Italy 85.0 Apr 17 Gamesrocket Digital Republic Media Germany Mrz 17 GeoPost Stuart France Feb 17 Showroomprivé Beauté Privée France Dez 16 Invision Tintencenter.com Germany Nov 16 Sigma Retail Internetstores Germany Nov 16 Mail.ru Group Delivery Club Russia 93.3 21.4x Aug 16 Essilor MyOptique Group UK 140.0 Aug 16 Funding Led by Bridgepoint Deliveroo UK 247.8 Jul 16 Myntra Jabong.com India 63.3 0.5x Jul 16 Tencent China Music Corp China 2,442.3 Mai 16 eBay Ticketbis Spain 148.0 6.6x Mai 16 ProSiebenSat.1 Commerce Stylight (78%) Germany 80.0 Mai 16 TripAdvisor HouseTrip Switzerland Mai 16 Temasek Holdings Pte Ltd; EurazeoFa SArfe; ItDGch CUaKp Liitmali tPeadrtners UK 95.7 Apr 16 Alabbar Enterprises Yoox Net-a-Porter Italy 3,700.0 Apr 16 Vente-Privée Privalia Spain 500.0 1.2x 30.1x Apr 16 Vente-Privée Eboutic.ch (majority stake) Switzerland Apr 16 Karstadt Outfitter Germany Apr 16 Schustermann & Borenstein FashionFriends Switzerland Feb 16 Just-Eat Selected assets from Rocket Internet Various 125.0 Nov 15 Lightspeed POS SEOshop Netherlands Nov 15 Intercontinental Exchange Trayport UK 608.2 8.1x 16.3x Okt 15 Ingram Micro Docdata Netherlands 155.0 9.5x Sep 15 Grainger Cromwell UK 421.8 1.1x 10.8x Jul 15 Photobox posterXXL Germany Mai 15 Michelin Black Circles UK 67.2 1.9x Mai 15 Delivery Hero Yemek Sepeti (88.6%) Turkey 594.7 33.0x 66.1x Apr 15 Michelin Allopneus (40%) France 150.0 Mrz 15 YOOX Net-a-Porter (merger) UK 3,120.0 2.4x 29.3x Mrz 15 Rocket Internet FoodPanda (52%) Germany 104.0 Mrz 15 Verisk Analytics Wood Mackenzie UK 2,605.2 8.1x 17.3x Mrz 15 Recruit Holdings Quandoo (92.9%) Germany 213.8 50.9x Mrz 15 Wolseley Bathempire.com UK Feb 15 British Gas AlertMe UK 87.8 Feb 15 Rocket Internet Talabat Kuwait 150.3 Feb 15 Rocket Internet Grupo Yamm Comida a Domicilio Spain 80.0 2.0x Feb 15 Rocket Internet HelloFresh (51.7%) Germany 623.8 8.9x Feb 15 Rocket Internet Delivery Hero (30%) Germany 496.0 Nov 14 Photobox Hofmann Spain Sep 14 Neiman Marcus Mytheresa.com Germany 150.0 15.0x Aug 14 Delivery Hero Pizza.de Germany 300.0 Jun 14 Axel Springer Car & Boat Media (51%) France 72.0 2.9x Jun 14 Monitise Markco Media UK 68.8 Jun 14 Bestseller M&M Direct UK 177.0 1.2x Mai 14 Naspers markafoni Turkey 146.0 Mai 14 Tripadvisor LaFourchette France 100.0 10.0x Apr 14 Afk Systema Ozon.ru (21.6%) Russia 108.6 Apr 14 Takeaway.com Lieferando Germany 50.0 Feb 14 Rocket Internet La Nevera Roja Spain 80.0 20.0x Sources: Press articles, Capital IQ. 29 Please email Marco Rodzynek for any comments.