Trading Comparables(Cont’d) 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 Social Networking Facebook (US) 450,003 90% 9.0x 7.1x 5.8x 24% 15.1x 13.1x 10.6x 19% 54% 24.8x 23.2x 20.2x Twitter (US) 27,312 94% 10.1x 8.5x 7.3x 17% 26.2x 23.0x 19.4x 16% 37% 54.8x 17.2x 35.7x Match Group (US) 20,296 80% 13.0x 10.8x 9.2x 19% 34.6x 28.3x 23.0x 23% 38% 48.2x 37.8x 31.1x Snap (US) 18,373 86% 17.4x 11.9x 8.9x 40% n/m n/m n/m n/a (15%) n/m n/m n/m Pinterest (US) 13,011 81% n/a 12.8x 9.5x n/a n/a n/m n/m n/a (3%) n/a n/m n/m Weibo (AsiaPac) 9,551 62% 6.1x 5.8x 5.1x 10% 16.8x 16.2x 14.3x 8% 36% 18.3x 17.9x 15.5x Daum Kakao (AsiaPac) 7,597 96% 4.1x 3.2x 2.7x 23% 43.3x 28.3x 19.9x 47% 11% n/m 71.9x 42.7x LINE (AsiaPac) 8,359 84% 4.7x 4.2x 3.6x 15% 60.7x n/m 43.5x 18% (6%) n/a n/a n/a Momo (AsiaPac) 5,718 70% 3.2x 2.7x 2.3x 17% 12.2x 12.7x 8.3x 21% 21% 14.5x 12.4x 10.2x Mail.ru (Europe) 4,530 81% 4.7x 3.7x 3.1x 23% 16.6x 10.7x 8.9x 37% 34% 25.4x 20.1x 15.6x YY (AsiaPac) 2,468 67% 1.2x 0.8x 0.6x 39% 6.4x 8.2x 5.9x 4% 9% 10.3x 15.3x 10.6x SINA (AsiaPac) 3,234 62% 1.7x 1.6x 1.5x 8% 6.7x 6.3x 5.3x 13% 26% 14.5x 17.5x 14.6x XING (Europe) 1,590 75% 6.9x 5.7x 4.9x 18% 21.3x 18.9x 15.7x 16% 30% 49.2x 45.5x 34.6x Meitu (AsiaPac) 639 30% 1.5x 4.4x 3.9x (38%) n/m n/m n/m (83%) (30%) n/a n/m n/m ASKUL Corp. (AsiaPac) 1,093 84% 0.3x 0.3x 0.3x 5% 13.1x 11.5x 8.7x 23% 3% n/a n/a n/a MeetMe (US) 250 56% 1.5x 1.3x 1.2x 14% 8.7x 6.8x 6.0x 20% 19% 9.5x 7.2x 6.1x Renren (AsiaPac) 139 35% 0.3x n/a n/a (100%) n/m n/a n/a (100%) n/a n/a n/a n/a Mixi (AsiaPac) 300 80% 0.2x 0.3x 0.4x (23%) 0.7x 1.7x 2.6x (48%) 20% n/a n/a n/a MOGU (AsiaPac) 66 11% 0.5x 0.5x 0.4x 9% n/a n/m n/m n/a (24%) n/a n/m n/m Super League Gaming (US) 22 42% n/a 15.3x 2.3x n/a n/a n/m n/m n/a (734%) n/a n/m n/m Mean 4.8x 5.3x 3.8x 7% 20.2x 14.3x 13.7x 2% (25%) 26.9x 26.0x 21.5x Software Cloud Infrastructure, Hosting & VoIP VeriSign (US) 20,962 86% 19.1x 18.8x 17.9x 3% 26.6x 26.4x 25.0x 3% 71% 39.8x 35.7x 34.0x Twilio (US) 12,362 75% 21.7x 12.2x 9.2x 54% n/m n/m n/m 103% 7% n/m n/m n/m GoDaddy (US) 11,937 77% 5.0x 4.4x 4.0x 12% 19.1x 18.9x 15.5x 11% 23% 23.0x 18.9x 15.7x Akamai Technologies (US) 13,608 98% 5.6x 5.3x 4.9x 6% 13.9x 12.7x 11.6x 9% 41% 24.6x 20.9x 19.2x RingCentral (US) 9,186 87% 15.2x 11.6x 9.4x 27% n/m 90.7x 72.2x 34% 13% n/m n/m n/m United Internet (Europe) 9,086 80% 1.8x 1.7x 1.6x 4% 7.6x 6.9x 6.5x 8% 25% 15.0x 14.8x 13.0x j2 Global (US) 4,954 99% 4.5x 4.1x 3.8x 9% 11.2x 10.0x 9.3x 10% 41% 14.4x 13.0x 12.1x New Relic (US) 2,930 52% 7.3x 5.7x 4.6x 26% 47.9x 40.0x 32.2x 22% 14% n/m 97.6x 71.3x Nutanix (US) 4,181 49% 3.7x 3.8x 3.0x 12% n/m n/m n/m 164% (32%) n/m n/m n/m Vonage (US) 3,341 90% 3.5x 3.1x 2.8x 12% 20.7x 23.0x 20.6x 0% 13% 36.0x 44.8x 48.0x Qualys (US) 2,623 83% 10.4x 9.0x 7.8x 15% 26.0x 22.5x 19.5x 15% 40% 45.8x 36.7x 32.2x FireEye (US) 2,769 68% 3.7x 3.5x 3.2x 6% 26.7x 29.6x 21.1x 12% 12% n/m n/m 76.0x Endurance International (US) 2,416 60% 2.3x 2.4x 2.3x (0%) 8.1x 8.6x 8.4x (2%) 28% 6.1x n/a n/m 8x8 (US) 2,013 86% 6.6x 5.4x 4.4x 23% n/m n/m n/m 68% (10%) n/m n/m n/m Switch (US) 2,178 95% 5.9x 5.4x 4.8x 11% 12.1x 10.6x 9.5x 13% 51% n/m 72.6x 34.7x Presidio (US) 2,034 91% 0.8x 0.7x 0.7x 5% 10.1x 9.7x 8.8x 7% 8% 10.6x 10.1x 9.1x Fastly (US) 2,557 85% n/a 14.6x 11.2x n/a n/a n/m n/m n/a (12%) n/a n/m n/m Acacia Communications (US) 2,105 95% 6.9x 5.1x 4.3x 27% 59.1x 28.5x 21.5x 66% 18% 78.2x 36.3x 29.0x Bandwith (US) 1,388 79% 7.6x 6.5x 5.5x 18% n/m n/m n/m n/a (3%) n/m n/m n/m Carbonite (US) 998 36% 3.7x 2.4x 2.1x 33% 12.0x 8.2x 7.2x 29% 29% 9.6x 7.7x 6.8x Econocom Group (Europe) 1,172 63% 0.4x 0.4x 0.4x 1% 7.9x 6.1x 6.6x 9% 7% 11.4x 10.2x 7.4x SecureWorks (US) 1,000 58% 2.1x 2.0x 1.9x 5% 93.6x n/m 94.3x (0%) 1% n/m n/m n/m Tucows Inc. (Canada) 658 66% 2.1x 2.1x 1.9x 4% 15.8x 15.5x 12.5x 12% 14% n/a n/a n/a Sonus Networks (US) 630 78% 1.1x 1.2x 1.2x (1%) 8.6x 7.6x 6.9x 12% 15% 10.5x 9.7x 8.0x Aquantia (US) 392 97% 3.5x 7.0x 3.5x (1%) 83.8x n/m n/m n/a (67%) n/m n/m n/m Tintri (US) 34 83% 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 5.5x 4.7x 13% 26.9x 20.9x 21.5x 28% 14% 25.0x 30.6x 27.8x Source: Capital IQ (as of 12 September 2019). 27 View Our Internet Trading Comps