Trading Comparables 12-Sep-19 Enterprise Share Price EV / Revenue CAGR EV / EBITDA CAGR Margin P/E Company Value (€m) (% of year high) 2018 2019 2020 18-20E 2018 2019 2020 18-20E 2019E 2018 2019 2020 Advertising / Marketing Ad Networks Criteo (Europe) 957 63% 1.1x 1.1x 1.1x 2% 3.5x 3.7x 3.5x (1%) 30% 7.8x 7.8x 7.5x Matomy (Middle East) 14 7% 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 1.1x 1.1x 1.1x 2% 3.5x 3.7x 3.5x (1%) 30% 7.8x 7.8x 7.5x Intermediaries Trade Desk (US) 8,494 74% 20.2x 14.3x 11.0x 35% 64.3x 45.6x 35.2x 35% 31% 85.4x 61.6x 51.8x QuinStreet (US) 526 64% 1.3x 1.2x 1.1x 9% 14.3x 15.7x 10.7x 16% 8% 22.5x 25.5x 16.5x Catena Media (Europe) 376 37% 3.8x 3.6x 3.3x 7% 7.8x 8.4x 6.9x 7% 43% 8.8x 11.8x 7.9x FreakOut (AsiaPac) 248 59% 1.9x 1.3x 1.0x 36% 43.0x 54.1x 15.9x 64% 2% n/a n/a n/a Ruhnn (AsiaPac) 265 58% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a The Rubicon Project (US) 394 87% 3.6x 2.8x 2.4x 22% n/m 22.3x 16.6x n/a 12% n/m n/m n/m SeaChange (US) 93 89% 1.6x 1.5x 1.4x 9% n/m n/m 7.2x n/a 0% n/m n/m 13.5x Algomizer (Middle East) 22 66% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Weborama (Europe) 13 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 Marin Software (US) 18 22% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Cxense (Europe) 32 38% 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 5.4x 4.1x 3.4x 20% 32.4x 29.2x 15.4x 30% 16% 38.9x 32.9x 22.4x Data and Loyalty HubSpot (US) 6,118 82% 13.3x 10.2x 8.2x 28% n/m 80.2x 59.2x 48% 13% n/a n/a n/a LiveRamp (US) 1,878 73% 2.7x 6.0x 4.5x (23%) 17.9x n/m n/m (95%) (18%) 64.6x n/m n/m Quotient Technology (US) 577 51% 1.6x 1.5x 1.3x 13% 11.0x 14.4x 10.9x 1% 10% n/m n/m n/m Marchex (US) 98 64% 1.3x 1.1x 1.0x 10% 52.8x 33.1x 23.5x 50% 3% n/m n/m n/m 1000mercis (Europe) 60 70% 0.9x 0.8x 0.8x 6% 6.4x 7.0x 6.7x (2%) 12% n/a 18.6x 16.1x Aimia (Canada) 106 74% 0.1x 1.2x 1.2x (71%) 0.7x n/m n/m n/a (23%) n/a n/a n/a Somoto (Middle East) 15 56% 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 3.3x 3.5x 2.8x (6%) 17.8x 33.7x 25.1x 0% (1%) 64.6x 18.6x 16.1x Market Research Gartner (US) 13,760 80% 3.9x 3.6x 3.2x 9% 21.4x 22.4x 20.0x 3% 16% 35.6x 38.6x 34.0x Nielsen (US) 15,507 79% 2.6x 2.6x 2.6x 1% 9.3x 9.2x 8.9x 2% 29% 10.8x 12.9x 12.5x Ipsos (Europe) 1,898 92% 1.1x 1.0x 0.9x 8% 9.6x 8.2x 7.9x 10% 12% 9.6x 8.9x 7.9x National Research Corporation (US) 1,408 90% 12.9x n/a n/a (100%) n/a n/a n/a n/a n/a n/a n/a n/a Forrester Research (US) 738 70% 2.3x 1.8x 1.6x 20% 21.1x 28.0x 13.3x 26% 6% n/a 22.1x 16.1x comScore (US) 356 12% 0.9x 1.0x 1.0x (3%) 32.0x n/m 14.4x 49% (1%) n/m n/m n/m YouGov (Europe) 629 91% 4.4x 3.9x 3.5x 13% 23.0x 18.9x 16.2x 19% 21% 33.6x 32.8x 31.4x Intage (AsiaPac) 233 83% 0.5x n/a 0.4x 10% 5.2x 4.7x 4.8x 4% n/a n/a n/a n/a Mean 3.6x 2.3x 1.9x (5%) 17.4x 15.2x 12.2x 16% 14% 22.4x 23.1x 20.3x Agencies Omnicom (US) 20,836 95% 1.5x 1.5x 1.5x (0%) 9.7x 9.7x 9.5x 1% 16% 13.9x 13.4x 13.0x WPP (Europe) 22,272 88% 1.3x 1.5x 1.6x (11%) 8.6x 8.6x 9.0x (2%) 18% 9.6x 10.2x 10.8x Publicis Group (Europe) 13,235 81% 1.4x 1.3x 1.2x 7% 7.7x 5.9x 5.3x 21% 23% 10.2x 9.3x 8.5x Interpublic Group of Companies (US) 12,083 84% 1.7x 1.5x 1.5x 6% 10.1x 9.4x 8.8x 7% 16% 12.2x 11.4x 10.7x Dentsu (AsiaPac) 11,700 68% 1.4x 1.3x 1.3x 5% 7.9x 8.4x 7.5x 3% 16% n/a n/a n/a JCDecaux (Europe) 11,879 78% 3.3x 3.0x 2.9x 7% 20.2x 16.5x 15.8x 13% 18% 23.3x 19.3x 17.2x MDC Partners (US) 1,436 51% 1.1x n/a n/a (100%) 8.8x n/a n/a (100%) n/a n/a n/a n/a XLMedia (Europe) 114 67% 1.1x 1.3x 1.3x (6%) 3.0x 3.1x 3.0x 1% 43% 6.5x 6.1x 5.9x Mean 1.6x 1.7x 1.6x (11%) 9.5x 8.8x 8.4x (7%) 21% 12.6x 11.6x 11.0x Classifieds Diversified SoftBank Group (AsiaPac) 212,771 78% 2.7x 2.6x 2.6x 2% 8.1x 7.1x 9.1x (6%) 37% n/a n/a n/a Next Co (US) 135,565 98% 8.6x 7.8x 7.5x 7% 16.5x 14.6x 13.4x 11% 54% 28.6x 26.0x 23.8x Naspers (Africa) 62,224 67% 9.8x 14.7x 14.4x (17%) n/m n/m n/m n/a (4%) 24.4x 21.8x 17.1x Recruit Holdings (AsiaPac) 45,336 84% 2.4x 2.2x 2.1x 6% 19.2x 17.0x 15.1x 13% 13% n/a n/a n/a MercadoLibre (LatAm) 23,865 82% 18.6x 11.5x 8.4x 49% n/m n/m n/m n/a 2% n/m n/m n/m 58.com (AsiaPac) 7,073 70% 4.1x 3.6x 3.1x 16% 19.7x 17.3x 14.2x 18% 21% 22.4x 15.3x 16.4x Schibsted (Europe) 7,116 73% 3.9x 3.7x 3.4x 7% 22.0x 17.8x 14.8x 22% 21% 43.2x 42.4x 32.0x Scout24 (Europe) 6,075 93% 11.4x 9.8x 8.8x 14% 21.7x 18.9x 16.4x 15% 52% 30.7x 28.3x 23.8x Info Edge India (AsiaPac) 2,665 76% 20.2x 16.7x 13.9x 21% 62.9x 49.4x 39.9x 26% 34% 75.4x 69.7x 53.7x Just Dial (AsiaPac) 594 88% 5.4x 4.7x 4.3x 13% 22.1x 18.1x 16.5x 16% 26% 26.7x 21.0x 19.4x Mean 8.7x 7.7x 6.8x 12% 24.0x 20.0x 17.4x 14% 26% 35.9x 32.1x 26.6x Source: Capital IQ (as of 12 September 2019). 19 View Our Internet Trading Comps