Select Transaction Comparables Strategic Buyers Date Acquiror Target Target Adjusted Revenue Multiple EBITDA Multiple Country EV (€m) LTM Forward LTM Forward Classifieds Nov 16 Novasol Wimdu Germany Aug 16 Randstad Monster US 383.3 0.6x 0.7x 4.0x 6.8x Mar 16 Swiss Mobiliar Scout24 Schweiz (50% stake) Switzerland Mar 16 Scout24 Switzerland Gratis-Inserate.ch Switzerland Dec 15 Axel Springer Axel Springer Digital Classifieds (15%) Germany Nov 15 CarTrade CarWale (Axel Springer) Germany 83.2 Oct 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 Dec 14 Axel Springer Axel Springer Digital Classifieds (15%) Germany 2,973.0 Oct 14 Next Co. Trovit.com Spain 80.0 4.5x 13.6x Jun 14 Yandex auto.ru Russia 128.9 May 14 Stepstone Evenbase UK 110.0 2.5x 22.0x May 14 Axel Springer Yad2.co.il Israel 165.0 Mar 14 Schibsted Mlanuncios Spain 50.0 Feb 14 Schibsted Milanuncios Spain 100.0 Mar 13 Naspers Avito (18.6%) Russia 2,351.3 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 19 Marks and Spencer Ocado (50%) UK 1,535.0 15.6x Nov 18 KAR CarsOnTheWeb Belgium 156.0 Aug 18 Zur Rosen Group PromoFarma Spain Jul 18 Takeaway 10bis Israel 135.0 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 Mar 17 GeoPost Stuart France Feb 17 Showroomprivé Beauté Privée France Dec 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 May 16 eBay Ticketbis Spain 148.0 6.6x May 16 ProSiebenSat.1 Commerce Stylight (78%) Germany 80.0 May 16 TripAdvisor HouseTrip Switzerland May 16 Temasek Holdings Pte Ltd; EurazeoF SaArf;e ItDcGh CUaKp Litimal iPteadrtners 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 Oct 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 May 15 Michelin Black Circles UK 67.2 1.9x May 15 Delivery Hero Yemek Sepeti (88.6%) Turkey 594.7 33.0x 66.1x Apr 15 Michelin Allopneus (40%) France 150.0 Mar 15 YOOX Net-a-Porter (merger) UK 3,120.0 2.4x 29.3x Mar 15 Rocket Internet FoodPanda (52%) Germany 104.0 Mar 15 Verisk Analytics Wood Mackenzie UK 2,605.2 8.1x 17.3x Mar 15 Recruit Holdings Quandoo (92.9%) Germany 213.8 50.9x Mar 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 Sources: Press articles, Capital IQ. 34 Please email Marco Rodzynek for any comments.