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 Classifieds (Cont'd) Real Estate REA Group (AsiaPac) 8,706 97% 16.1x 15.3x 13.9x 7% 28.5x 28.1x 21.7x 15% 55% 46.6x 42.9x 36.4x Zillow (US) 6,096 63% 5.1x 2.7x 1.5x 83% 33.3x n/m n/m n/a (0%) 82.6x n/m n/m Rightmove (Europe) 5,206 91% 17.5x 16.1x 15.0x 8% 23.0x 21.1x 19.6x 8% 77% 28.8x 26.6x 24.6x Redfin (US) 1,425 77% 3.3x 2.1x 1.6x 42% n/m n/m n/m 33% (7%) n/m n/m n/m Fang Holdings (AsiaPac) 556 17% 2.0x 2.2x 2.2x (6%) 8.3x n/a n/a (100%) - 2.3x n/a n/a Purplebricks (Europe) 350 44% 2.5x 2.5x 2.4x 3% n/m n/m 22.9x n/a (9%) n/m n/m n/m Leju (AsiaPac) 81 72% 0.2x n/a n/a (100%) n/m n/a n/a (100%) n/a n/m n/a n/a Mean 6.7x 6.8x 6.1x 5% 23.2x 24.6x 21.4x (29%) 19% 40.1x 34.7x 30.5x Automotive Autohome (AsiaPac) 9,068 83% 9.5x 8.2x 7.1x 16% 23.5x 20.2x 16.6x 19% 41% 27.4x 24.0x 20.2x Auto Trader (Europe) 5,726 86% 15.1x 14.0x 13.4x 6% 21.7x 19.1x 17.7x 11% 74% 26.3x 23.4x 21.5x Carvana (US) 4,488 95% 2.5x 1.3x 0.9x 71% n/m n/m n/m (68%) (4%) n/m n/m n/m Cargurus (US) 3,529 60% 8.7x 6.7x 5.5x 25% n/m 60.2x 42.5x 55% 11% n/m 79.6x 58.6x Bitauto (AsiaPac) 4,065 54% 2.9x 2.9x 2.6x 6% 23.3x 24.7x 18.1x 13% 12% 8.9x 9.8x 7.1x BCA Marketplace (Europe) 2,552 98% 0.9x 0.8x 0.7x 10% 13.7x 12.5x 11.5x 9% 6% 19.4x 17.6x 15.7x Carsales.com (AsiaPac) 2,643 96% 8.8x 9.8x 9.1x (2%) 19.2x 19.5x 18.4x 2% 50% 29.3x 28.3x 25.9x Cango (AsiaPac) 688 41% 3.5x 2.1x 1.4x 59% 9.8x 3.9x 2.2x 113% 55% 13.2x 10.2x 4.4x TrueCar (US) 297 29% 0.9x 0.9x 0.9x 1% 9.4x 27.0x 17.3x (26%) 3% 34.5x n/m n/m Mean 5.9x 5.2x 4.6x 21% 17.2x 23.4x 18.0x 25% 27% 22.7x 27.6x 21.9x Recruitment Axel Springer (Europe) - 100% n/m n/m n/m 1% n/m n/m n/m (1%) 23% 22.7x 24.5x 23.6x Seek (AsiaPac) 5,530 94% 6.3x 5.3x 4.6x 17% 20.1x 19.0x 17.2x 8% 28% 37.0x 37.9x 41.1x 51job (AsiaPac) 3,146 76% 6.3x 5.7x 4.7x 16% 18.7x n/a n/a (100%) - 25.8x 22.1x 17.6x Upwork (US) 1,429 60% 6.3x 5.2x 4.3x 20% n/m n/m n/m 636% 2% n/m n/m n/m Wise Talent (AsiaPac) 735 56% 4.5x 3.8x 3.0x 23% n/m 34.6x 15.9x 215% 11% 86.2x 55.1x 28.5x HeadHunter Group (Europe) 876 95% n/a 8.0x 6.4x n/a n/a 16.1x 12.4x n/a 50% n/a 26.0x 18.0x Dice Holdings (US) 205 95% 1.4x 1.5x 1.4x (1%) 7.1x 6.5x 5.8x 11% 23% n/a n/a 12.4x Mean 5.0x 4.9x 4.1x 13% 15.3x 19.0x 12.8x 128% 19% 42.9x 33.1x 23.5x Content Providers IAC (US) 18,416 86% 4.8x 4.3x 3.7x 14% 20.7x 19.8x 15.7x 15% 21% 24.0x 26.6x 23.8x TechTarget (US) 625 100% 5.7x 5.2x 4.7x 10% 23.6x 17.3x 14.7x 27% 30% 34.1x 24.8x 20.9x Pantaflix AG (Europe) 23 6% 0.7x 0.6x 0.5x 15% 2.0x 1.9x 1.2x 25% 31% n/m n/m n/m Mean 3.7x 3.3x 3.0x 13% 15.4x 13.0x 10.5x 22% 28% 29.0x 25.7x 22.4x Digital Entertainment Netflix (US) 122,142 75% 8.5x 6.7x 5.4x 25% 67.9x 42.2x 29.5x 52% 16% n/m 85.7x 50.2x Spotify (Europe) 20,598 69% 3.8x 3.0x 2.4x 24% n/m n/m n/m n/a (1%) n/m n/m n/m Tencent Music (AsiaPac) 17,673 69% 7.1x 5.4x 4.0x 33% 30.6x 29.4x 20.3x 23% 19% 41.8x 35.0x 25.3x Roku (US) 15,522 84% 23.5x 15.6x 11.4x 44% n/m n/m n/m 66% 4% n/m n/m n/m Freenet (Europe) 4,614 87% 1.6x 1.6x 1.6x 1% 10.2x 10.7x 10.7x (3%) 15% 10.4x 11.0x 10.6x Bilibili (AsiaPac) 3,872 70% 7.3x 4.6x 3.1x 52% n/m n/m n/m n/a (10%) n/m n/m n/m Inke (AsiaPac) 1 37% 0.0x 0.0x 0.0x 8% n/a n/a n/a n/a - 2.7x 2.8x 2.5x Brave Bison (Europe) 6 41% n/a 0.2x 0.2x n/a n/a 12.3x 4.9x n/a 2% n/a 17.8x 8.0x Mean 7.4x 4.7x 3.5x 27% 36.2x 23.6x 16.4x 35% 6% 18.3x 30.4x 19.3x E-Commerce Diversified Amazon (US) 843,839 91% 4.0x 3.3x 2.8x 19% 28.2x 22.4x 17.8x 26% 15% 91.8x 74.1x 53.0x Alibaba (AsiaPac) 419,846 91% 9.2x 6.8x 5.3x 32% 27.8x 21.5x 16.8x 29% 32% 34.5x 26.0x 21.1x Meituan Dianping (AsiaPac) 41,457 94% 4.9x 3.5x 2.6x 37% n/m n/m 30.3x n/a 2% n/m n/m 56.8x Altaba (US) 32,909 88% n/m n/m n/a (100%) n/a n/a n/a n/a - n/m n/m n/a Rakuten (AsiaPac) 13,321 75% 1.5x 1.3x 1.1x 13% 6.9x 7.7x 10.5x (19%) 17% n/a n/a n/a Liberty Ventures (US) 8,788 99% 13.3x 11.1x 10.9x 11% 44.6x 43.1x 39.4x 6% 26% n/a n/a n/a Investment AB Kinnevik (Europe) 7,539 93% 57.7x 59.3x 80.3x (15%) n/m n/m n/m 21% (24%) 49.9x 26.7x 42.3x B2W (LatAm) 5,003 85% 3.4x 3.3x 2.9x 9% 51.1x 38.3x 26.2x 40% 9% n/m n/m n/m Rocket Internet (Europe) 1,172 85% 27.1x 23.0x 21.2x 13% n/m n/m n/m (44%) (39%) 20.0x 59.8x n/m Vostok New Ventures (AsiaPac) 455 83% 1.8x n/a n/a (100%) 2.7x n/a n/a (100%) n/a n/m n/a n/a Mean 13.7x 13.9x 15.9x (8%) 26.9x 26.6x 23.5x (5%) 4% 49.0x 46.7x 43.3x Personalized Cimpress (Europe) 4,568 86% 1.9x 1.8x 1.7x 4% 14.0x 11.1x 11.5x 10% 16% n/a n/a n/a Shutterfly (US) 2,417 69% 1.3x 1.2x 1.2x 6% 6.8x 8.7x 7.2x (3%) 14% 17.9x 77.9x 27.8x CEWE Stiftung (Europe) 688 88% 1.1x 1.0x 1.0x 5% 7.2x 6.7x 6.4x 6% 15% 15.1x 15.0x 14.0x Stamps.com (US) 1,148 30% 2.2x 2.4x 2.4x (5%) 5.0x 9.2x 11.4x (34%) 25% 6.1x 16.8x 20.9x Oponeo.pl (Europe) 71 63% 0.4x 0.3x 0.3x 13% 10.8x 8.8x 8.3x 14% 4% 15.8x 14.5x 13.3x Eve Sleep (Europe) 7 20% 0.2x 0.2x 0.1x 10% n/m n/m n/a (100%) (25%) n/m n/m n/m Mean 1.2x 1.1x 1.1x 5% 8.7x 8.9x 9.0x (18%) 8% 13.7x 31.1x 19.0x Source: Capital IQ (as of 12 September 2019). 20 View Our Internet Trading Comps