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 Classifieds (Cont'd) Automotive Autohome (AsiaPac) 7,693 97% 10.0x 8.4x 7.0x 19% 28.9x 21.7x 17.1x 30% 39% 36.0x 27.3x 22.4x Auto Trader (Europe) 4,078 75% 11.0x 10.2x 9.9x 5% 15.7x 14.6x 13.6x 8% 70% 19.3x 17.7x 16.3x Cargurus (US) 2,965 91% 11.6x 9.1x 7.9x 22% n/m n/m 97.8x 33% 7% n/m n/m n/m Carsales.com (AsiaPac) 2,260 90% 9.2x 7.6x 6.8x 16% 18.8x 16.1x 14.4x 14% 47% 27.3x 24.4x 21.9x BCA Marketplace (Europe) 1,780 65% 0.7x 0.6x 0.6x 9% 10.6x 9.7x 8.8x 10% 6% 14.7x 13.2x 12.0x Bitauto (AsiaPac) 3,859 42% 3.6x 2.8x 2.2x 27% 23.4x 21.1x 12.1x 39% 13% 14.1x 10.0x 7.2x TrueCar (US) 677 44% 2.6x 2.3x 2.0x 13% 29.8x 21.7x 15.0x 41% 11% n/m 55.2x 33.7x Carvana (US) 640 86% 0.9x 0.4x 0.2x 93% n/m n/m n/m (72%) (8%) n/m n/m n/m Mean 5.8x 5.2x 4.6x 17% 25.1x 15.4x 20.1x 182% 26% 42.6x 22.2x 24.6x Recruitment Seek (AsiaPac) 5,097 94% 7.0x 6.0x 5.3x 14% 20.1x 17.7x 15.8x 13% 34% 34.9x 30.5x 26.9x 51job (AsiaPac) 3,731 97% 1.6x 1.3x 1.0x 25% 4.6x 3.6x 2.8x 28% 35% 6.1x 4.6x 3.6x Dice Holdings (US) 100 39% 0.6x 0.7x 0.7x (9%) 3.1x 3.7x 4.1x (12%) 19% 13.9x 10.1x 14.1x Mean 7.7x 6.4x 5.7x 16% 19.5x 16.6x 27.3x 22% 30% 22.3x 18.5x 16.0x Content Providers IAC (US) 11,702 97% 4.4x 3.6x 3.2x 18% 24.8x 16.0x 12.7x 40% 23% 62.7x 27.4x 20.4x Roku (US) 2,637 57% 6.4x 4.8x 3.7x 32% n/m n/m n/m n/a (2%) n/a n/m n/m Pandora (US) 1,233 44% 1.0x 1.0x 0.9x 8% n/m n/m n/m (71%) (7%) n/m n/m n/m XO Group (US) 357 97% 2.7x 2.6x 2.4x 7% 15.7x 12.6x 10.9x 20% 21% 62.4x 40.9x 33.9x TechTarget (US) 435 99% 4.9x 4.4x 3.8x 13% 24.7x 18.4x 14.3x 31% 24% 49.0x 29.3x 21.9x Mean 4.2x 3.6x 3.2x 12% 11.8x 10.4x 12.5x 13% 30% 19.3x 15.9x 15.1x Digital Entertainment Netflix (US) 114,996 93% 12.1x 8.9x 7.3x 29% n/m 73.3x 47.5x 66% 12% n/m n/m 71.5x Freenet (Europe) 4,690 73% 1.4x 1.3x 1.3x 1% 9.8x 10.4x 10.3x (3%) 13% 11.0x 13.4x 12.4x Pandora Media (US) 1,233 44% 1.0x 1.0x 0.9x 8% n/m n/m n/m (71%) (7%) n/m n/m n/m Xunlei (AsiaPac) 357 44% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Brave Bison (Europe) (0) 39% 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 4.0x 3.3x 2.9x 15% 19.3x 14.4x 12.6x 7% 15% 48.4x 28.4x 22.8x E-Commerce Diversified Amazon (US) 635,234 97% 4.4x 3.3x 2.7x 27% 40.7x 28.9x 22.4x 35% 12% n/m n/m 96.5x Alibaba (AsiaPac) 407,004 92% 14.7x 10.0x 7.5x 40% 32.5x 23.5x 17.7x 36% 42% 40.4x 30.2x 22.5x Liberty Ventures (US) - 86% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Rakuten (AsiaPac) 11,837 65% 1.6x 1.4x 1.3x 13% 7.8x 8.3x 7.5x 2% 17% n/a n/a n/a Investment AB Kinnevik (Europe) 8,367 96% 83.5x 86.2x n/m (9%) n/m n/m n/m (6%) (19%) 37.6x 37.3x 29.0x B2W (LatAm) 3,597 99% 1.9x 1.9x 1.8x 5% 21.6x 15.5x 12.1x 34% 12% n/m n/m n/m Rocket Internet (Europe) 1,890 96% 27.8x 13.1x 14.2x 40% n/m n/m n/m 14% (37%) n/m n/m n/m Vostok New Ventures (AsiaPac) 606 92% 2.8x 2.3x 1.9x 23% 4.8x 3.7x 2.9x 28% 61% 6.0x 5.5x 4.5x Netshoes (LatAm) 184 26% 0.4x 0.3x 0.3x 14% n/m n/a 18.5x n/a - n/m n/m n/m Mean 4.6x 3.6x 3.1x 13% 14.5x 32.7x 23.5x (0%) 8% 29.7x 20.9x 35.6x Personalized Cimpress (Europe) 4,905 96% 2.5x 2.2x 2.1x 9% 20.7x 16.8x 16.0x 14% 13% 75.9x 41.6x n/a Stamps.com (US) 2,793 85% 7.5x 6.3x 5.3x 18% 15.0x 13.4x 11.1x 16% 47% 20.3x 19.7x 16.7x Shutterfly (US) 2,261 97% 2.4x 2.2x 2.1x 7% 12.5x 10.1x 9.4x 15% 22% n/m 38.2x 32.9x CEWE Stiftung (Europe) 588 84% 1.0x 0.9x 0.9x 5% 6.4x 6.1x 5.8x 5% 15% 16.9x 15.8x 14.4x Eve Sleep (Europe) 153 80% 4.9x 2.3x 1.3x 94% n/m n/m n/m n/a (25%) n/m n/m n/m Oponeo.pl (Europe) 133 81% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Cafepress Inc. (US) (6) 43% 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 17.5x 15.6x 3.7x 14% 12.2x 15.0x 12.9x 12% 6% 24.4x 21.2x 23.0x Marketplace eBay (US) 37,778 88% 4.8x 4.2x 3.9x 11% 13.4x 12.4x 11.5x 8% 34% 19.4x 18.2x 16.5x MercadoLibre (LatAm) 12,843 85% 11.6x 7.6x 5.3x 48% 83.6x 91.0x 55.5x 23% 8% n/m n/m n/m Delivery Hero (Europe) 6,604 98% 12.1x 8.5x 6.2x 39% n/m n/m n/m n/a (6%) n/m n/m n/m Just Eat (Europe) 5,217 79% 8.6x 6.5x 5.5x 26% 28.0x 24.6x 17.7x 26% 27% 42.6x 38.9x 27.8x GrubHub (US) 7,755 96% 14.0x 10.0x 8.0x 32% 52.5x 38.0x 28.8x 35% 26% 95.9x 64.4x 47.7x Kakaku (AsiaPac) 2,842 90% n/a 7.3x 6.9x n/a n/a 14.4x 13.1x n/a 51% n/a n/a n/a Takeaway.com (Europe) 1,847 81% 11.2x 7.9x 6.2x 34% n/m n/m 52.6x n/a (3%) n/m n/m 74.2x Etsy (US) 2,599 99% 7.3x 5.9x 5.0x 20% 42.9x 27.6x 22.3x 39% 21% 50.3x 45.1x 38.6x TradeMe (AsiaPac) 1,104 81% 7.8x 7.3x 6.8x 6% 11.8x 11.2x 10.6x 6% 65% 18.9x 18.1x 17.0x Shutterstock (US) 1,258 97% 2.8x 2.4x 2.2x 13% 16.7x 14.3x 12.6x 15% 17% 43.5x 42.1x 28.5x Blue Apron (US) 307 20% 0.4x 0.4x 0.4x 5% n/m n/m n/m (59%) (9%) n/m n/m n/m Care.com (US) 417 88% 2.9x 2.7x 2.4x 11% 23.3x 16.6x 13.7x 31% 16% 28.5x 22.0x 18.7x Hellofresh (Europe) 2,011 96% 2.2x 1.7x 1.4x 27% n/m n/m 64.5x n/a (5%) n/m n/m n/m Liquidity Services (US) 111 90% 0.5x 0.6x n/a (100%) n/m n/m n/a (100%) (3%) n/m n/m n/a MyHammer (Europe) 49 96% 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 6.0x 4.9x 2.6x 25% 13.4x 12.3x 11.0x 12% 13% 34.4x 27.3x 21.8x Source: Capital IQ (as of 22 March 2018). 20