GP Bullhound：2022年Q4电子商务报告

CommercesectorupdateQualitativeinsightsintobroaderDigitalCommercetrendsandpublicandprivatevaluationsacrossthetransactionsectorImportantdisclosuresappearattheendofthisreportGPBullhoundCorporateFinanceLtdandGPBullhoundAssetManagementLimitedareauthorisedandregulatedbytheFinancialConductAuthorityGPBullhoundIncisamemberofFINRAedbytheCSSFinLuxembourgTakeawaysTakeawaysQ4DigitalCommerceperspectivesfromGPBullhoundGENERATIVEAIIGITALCOMMERCERSEATTRACTINGINCREASINGMOBILITYSECTORCOMPANIESDRIVINGARAPIDMARKETINGTECHNIQUESANDCONSUMERENGAGEMENT▪AIusagebybusinessesincreasedby2.7xinthelastfouryearsanditsadoptionacceleratedwiththeadventofChatGPTinQ4-22▪GenerativeAIalreadyhasastrongimpactondigitalcommercewithautomatedhigher-qualitycontentgenerationandpersonalisationbeingsomeofthefewbenefitsforbusinesses▪InvestorsarerecognisingthemomentumofAIwithseveraltransactionsinthespaceinQ4-22▪Mobilitysectorcompaniesaretakingadvantageofearlyincarnationofthemetaverse,focusingeffortsonsales,engagementandcardesignactivities▪Recentlyintroducednoveltiesincludevirtualshowroomsforcars,allowingcustomerstodiscovertheiridealautomobilesfromhome▪Innovationisalsotakingplaceintheautomotivedesigndomain,withsomecardesignersusing3Drenderingsthatareviewablewithheadsetstoleadamorehands-onengineeringprocess▪74%ofconsumersnowrelyonsocialmediatoinformtheirpurchasingdecisions▪User-generatedcontentisconsidered10xmoreimpactfulthancontentfrominfluencerswhichisbecomingincreasinglymoreexpensiveasinfluencermarketinggainstraction▪90%ofconsumerstodayciteauthenticityasakeyfactorindecidingwhichbrandstofavourNote:PleaseseefollowingslidesforsourcesTakeawaysTakeawaysGPBULLHOUND’SSECTORTAKEAWAYSGenerativeAIredefiningthedigitalcommerceindustryWhatisGenerativeAIandisittransformingthedigitalcommercespaceSelectedtransactionsWhileAIbusinessadoptionhasbeenongoingoverthelastfewyears,witha2.7xincreaseinusageamongbusinessesinSelectedtransactionslastfouryears,generativeAIhasrecentlygainedsignificantpopularityduetotoolssuchasChatGPTbyOpenAIbecomingwidelyavailable.GenerativeAIusesgenerativemodelstoproduceentirelynewoutputfromexistingdata.Technologywhichcanbeusedtocreatenewproductideas,marketingcampaigns,andmore,willlikelyautomatemanytaskswhilealsoaugmentinghumanintelligence.FUNDRAISEDATE:OCT-22DEALSIZE:$125MSomeofthemainbenefitsofFUNDRAISEDATE:OCT-22DEALSIZE:$125M▪Automatedcontentgeneration‒GenerativeAItoolscanbeamajortimesaverindigitalcommerceasthesecanbeusedtocreatecontentintheformofproductdescriptions,videos,andimages.Cuttingproductiontimebycreatingautomatedcontenthelpsbusinessesavoidusingoutdatedandirrelevantcontent.Furthermore,GenerativeAItoolscanincreaseconversionbyprovidingmorein-depthinformationthanatraditionalproductdescription,whichhelpscustomersbetterunderstandproductsandtheirfeaturesFUNDRAISEDATE:OCT-22DEALSIZE:FUNDRAISEDATE:OCT-22DEALSIZE:$101M‒AccordingtoAccenture,33%ofcustomersabandonbusinessrelationshipsduetolackofpersonalisationwhichiswhereGenerativeAIcanhaveastrongimpact.Bytakingdatafromauser'spastinteractionsorbehaviourandusingittogeneratenewcontentthatistailoredtothem,GenerativeAIcanhelpdigitalcommercebusinessesincreaseconversionandretentionratesorgeneratemoreinteractionswithmaterials▪HigherqualitycontentFUNDRAISEDATE:JUL-22DEALSIZE:$50M‒AI-generatedcontenthasthepotentialtobeofhigherqualitythancontentcreatedFUNDRAISEDATE:JUL-22DEALSIZE:$50Mlearnfromlargesetsofdataanddetectpatternsthathumansmaynotbeabletorecognise.ThismeansthatAI-generatedcontentcanbemoreaccurateandcontainmoreinformationthanhuman-createdcontentTheabovearejustafewofthebenefitsofGenerativeAIbutitcouldbearguedthatthemomentuminthespaceandthecurrentrateofprogressofAImodelswouldleadtoawiderbusinessapplicationandimpact.Sources:Accenture,GartnerRELAYCARSINTRODUCESMOBILEAPPTOFACILITATECARRELAYCARSINTRODUCESMOBILEAPPTOFACILITATECARCOMPARISONACURAINTRODUCESMETAVERSEVIRTUALAUTOSHOWROOMFORDEXPERIMENTINGWITHGRAVITYSKETCHTODESIGNFUTURECARSTakeawaysGPBULLHOUND’SSECTORTAKEAWAYSThemetaverse:DrivingvalueinthemobilitysectorCustomersinthemetaverseSelectedtransactionsStakeholdersinthemobilitysectorarecapturingbusinessvaluefromanearlyincarnationofthemetaverse.Selectedtransactionscomputingandextendedreality,whichareavailabletoday,candiversifyrevenuestreams,enhancebrandloyalty,improvecustomerexperienceandoptimiseproduction.ArecentMcKinseysurveyfoundthat59%ofrespondentssaytheyprefertoconductatleastonedailyactivity,suchassocialising,shopping,fitness,oreducation,inthevirtualworldratherthaninperson.Thisfindingbodeswellforgreateruseofmetaverse-relatedexperiencesandtechnologyoverthenextfewyears.Sales,engagementandthemetaverseshowroom▪RelayCarsoffersamobileapplicationwithARand3Dvisualsthatallowuserstoexplorethousandsofcars.Butevenwithmoresophisticatedonlinetools,theaveragecarbuyerwillwanttoseearealcarbeforemakingapurchase,sinceeventhebestonlineimagesmaynotprovidetheclarityanddetailthatacarbuyerneeds▪Beyondsales,afewOriginalEquipmentManufacturers(OEMs)arecreatingdigitalworldsdesignedtoengagethebrandcommunity,ratherthandeliveringanythingclosetotheactualdrivingandbuyingexperience.AcurahasopenedavirtualshowroominDecentraland,avirtual-realityplatform,tointroducecustomerstoits2023Integramodel.Potentialcarbuyerscanwalkthroughthedealershipandengageininteractiveexperiencesvirtually,includingracingcars.Similarly,SkodahascreatedanexperiencecalledSkodaverse,whichallowsuserstotaketestdrivesresemblingnedartworksVirtualvehicledesign▪Traditionalautomotivedesigntypicallystartswith2Dsketchesofavehicle.OEMsthenusecomputer-aideddesignsoftwaretocreatehigh-quality3Dmodelsbasedontheoriginalsketches.Inadeparturefromthisprocess,someOEMsareattemptingtostreamlinedesignandreducequalityissueswithXRtools.Forinstance,designersatFordareexperimentingwithGravitySketch,atoolthatcreates3Drenderingsofvehiclesthatareviewablewithheadsets▪Hyundaihasalsotransformeditsdesignprocess,whichusedtotakebetweenfourweeksandtwomonths,with3D-designsoftwareandARtoolsthatfacilitatecollaboration.Oncedesignersaresatisfiedwiththeirinitialdesigns,theycreateaclaymodelandbeginworkingonthevehicle’sinterior.BywearingspecialVRvisors,designerscanalsoseevehiclesindifferentsettings,rangingfromadeserttoawetroadOEMscanalreadygeneratevaluebyadoptingthemetaverse,despiteonlybeingabletodeliverafractionofthefullexperienceexpectedinthefuture.Companiesshouldconsideraligningwiththemetaverseandconsiderotherinnovativefutureusecases,fromrepairandmaintenance,throughtodriverassistanceapplications.Sources:McKinsey,Agriland,GSMA,Market.US,TheBusinessResearchCompanySelectednewsJOHNLEWISSELECTSTORYSTREAMTOSelectednewsJOHNLEWISSELECTSTORYSTREAMTODRIVETHEIRUGCMARKETINGSTRATEGYTakeawaysGPBULLHOUND’SSECTORTAKEAWAYSTrustmatters,aneweraofauthenticityandengagementBrandsneedtoleveragethepowerandoriginalityoftheiraudiencetokeepdrivingresults▪User-generatedcontent(UGC)ismaterialproducedbyacompany'scustomersratherthanthebranditself.UGCisprovingitselftobecomeoneofthemosteffectivemarketingtacticshelpedalongbythepost-Covidtrendofonlinecommerce.oneeredbyBCbrandsBBcompaniesarealsousingthisasamarketingtechniquewithbothutilisingtheiremployee-generatedcontentaswell▪MomentumofUGChascomefromplatformsthathaveharnessedthecreativityofpeopleandprovidedawide-reachingaudience.PlatformssuchasTikTokhavecreatedaclearavenueforUGCtobecomeanincreasinglypowerfulmarketingtechniqueforbrandswaveincreator-generatedcontentorinfluencers,whichisoftenincentivisedwithaffiliatelinks,discountcodesorcompetitions▪However,trendsareshiftingrapidly,withconsumersfindingUGCnearly10xmoreimpactfulthaninfluencercontentwhensWhileinfluencermarketingisstilleffectiveconsumersrecognisethistypeofadvertisementisheavilyincentivisedandthereforelosingitsauthenticityACQUIREDNOV-22▪Consumersoftenfacedecisionparalysisduetoamplechoiceandinformationoverload.BrandsareACQUIREDNOV-22long-termengagementandauthenticitytocombatthis,butasurveybyStacklafoundthatonly52%ofconsumersfeelthatbrandscreatecontentthatresonatesasauthentic,representingacleardisconnectbetweenconsumersandmarketers,as92%ofmarketersbelievethattheyareproducingauthenticcontentfortheirbrand▪Despitethedisconnectbetweenconsumersandmarketersoverwhatconstitutesauthenticity,thereislittledisagreementovertheimportanceofauthenticityandpersonalisationwhenitcomestocontentthatisinfluentialanddesiredbyconsumers.FinnishecommercepersonalisationplatformNOSTAfoundthatover90%ofconsumersciteauthenticityasthekeyfactorthatimpactswhichbrandstheyfavourandsupportACQUIREDNOV-22ACQUIREDNOV-22▪UGChasbeenaroundforawhile,withsomenotablecampaignsincludingCoca-Cola’s“ShareaCoke”andApple’songoing“#shotoniphone”campaign.WithSMEsabletoaccesspreviouslyunreachableaudiencesviaUGC,user-createdcontentissettobecomethewayinwhichbrandsgrowandaccesscustomers,cementingitsplaceasakeymarketingchannelcermarketingisstillverymuchheretostaywithoverofmarketershavingutilisedinfluencersandtheSources:Shopify,Stackla,TikTok,Nosto,StatistaCEOcommentaryCEOcommentaryrendsNOTABLEDIGITALCOMMERCEM&ANumberofmegadealsstoodoutduringdigitalcommerceM&AactivityslowdowninQ42022DealdateTargetdescriptionImpliedEV($’m)Dec-22UK-basedecommercecompanyfocusedontheonlineretailofsportsnutritionproductsDec-22Germany-basedcloud-basedlogisticsandsupplychaincompanyDec-22Germany-basedonlinegrocerydeliveryplatformUK-basedonlinesearchandmerchandisingsolutionsprovidertoecommercebusinessesUS-basedcollectibleitemsandgamingcardsretailplatformRussia-basedecommerce-focusedonlinemarketplaceforpre-useditemsSpain-basedsportwearandsportsequipmentecommerceplatformUS-basedfintechecommerceplatformprovidingfundingsolutionsUS-basedonlinefashionecommercemarketplaceSweden-basedonlineretailpharmacyandecommerceplatformSources:Pitchbook,MergerMarket,SECfilings(asof31December2022)Note:(1)AnnouncedrendsrendsNOTABLEDIGITALCOMMERCEPRIVATEPLACEMENTSInvestorsdemonstratingcontinuedinterestinthespacewithanumberofdealsclosedinQ42022DealdateLeadinvestorIssuerdescriptionDealValue($’m)Dec-22Norway-basedonlinegroceryplatformfocusedonretailofdomesticstaplesDec-22France-basedonlinemarketplaceforluxuryrentalandvacationhomesUS-basedweddingplanningonlineplatformUS-basedmanufacturerofautonomousmobilerobots(AMR)forwarehousesCanada-based3DroboticswarehouseautomationcompanyUS-basedvirtualclinicfocusedonwomen’sandfamilyhealthcareandadviceUS-basedplatform-agnosticsubscriptionmanagementsoftwareAlgeria-based“super”applicationplatformofferingnumeroustypesofon-demandservicesCanada-basedonlinetravelplanningapplicationChina-basedonlineluxurysecond-handretailplatformUS-basedfully-integratedbuschartermarketplaceGermany-basedholidayapartmentrentalmarketplaceUS-baseddeveloperofadecentralisedtokenexchangedonlineonlyfreshfoodsupermarketCanada-basedconsolidatorofecommerceSME-focusedsoftwaretoolsSources:Pitchbook,MergerMarket,Crunchbase(asof31December2022)JD.com,IncJD.com,Inc.PubliccompanyanalysesSELECTEDDIGITALCOMMERCEPUBLICCOMPANYVALUATIONSDespitetherecentdropinmarketcap,AmazonremainswayaheadofotherplayersinthespaceMarketcapvaluesin$bnA,AlibabaGroupPinduoduoInc.Inc.Airbnb,Inc.Co.,Ltd.Technologies,Inc.Technologies,Inc.Inc.JDHealthInc.JDHealth▲3InternationalInc.▼1Coupang,Inc.=Pinterest,Inc.=Chewy,Inc.=Etsy,Inc.=WayfairInc.4Source:CapitalIQ(asof31DecemberSource:CapitalIQ(asof31December2022);Note:1)JDHealthnce(28.9%) Largence(28.9%) Largecap(24.9%) Ecommerce(59.7%) Marketplaces(60.2%) Onlinetravel(23.0%) Classifieds(42.1%)S&P500PubliccompanyanalysesGPBULLHOUNDKEYINDICESSHAREPRICEPERFORMANCEDigitalcommercesell-offcontinuesinQ4-22withoutstrongindicationsofareboundSharepriceperformanceL5YSharepriceperformanceL5YS&P500TechnologySector88.4%33.9%(28.9%)(2.5%)Largecap23.8%8.7%(24.9%)(0.8%)Ecommerce(50.9%)(19.8%)(59.7%)(18.4%)Marketplaces3.4%(35.1%)(60.2%)(10.4%)Onlinetravel(36.6%)(32.2%)(23.0%)(3.2%)(2.6%)(24.3%)(42.1%)((2.6%)(24.3%)(42.1%)(4.4%)DecJunDecJunDecJunDecJunDecJun-22Dec-22Source:CapitalIQ(asof31December2022)(1)(1)Peergroupsrelatetocomparablegroupsonslides17-22PubliccompanyPubliccompanyanalysesGPBULLHOUNDDIGITALCOMMERCEINDICESINDICATIVETRADINGVALUATIONBENCHMARKSIndicativetradingvaluationbenchmarksVerticalsLargeLargecapEcommerceMarketplacesClassifiedsOnlinetravelSelectedcompaniesSource:CapitalIQ(asof31December2022);Note:1)MeanCY20-22RevenueCAGR(1)margin(1)EV/CY22ERevenue(1)TakeawaysPubliccompanyanalysesTakeawaysGPBULLHOUNDDIGITALCOMMERCEINDEXVALUATIONSValuationsacrossdigitalcommercecontinuetodeclineandremainbelowhistoricalaveragesEV/NTMrevenueaverageEV/NTMrevenueaverageLargecapEcommerceMarketplacesOnlinetravelClassifieds0.0xDecJunDecJunDecJunDecJunDec-21Jun-22Dec-22Source:CapitalIQ(asof31December2022)(1)Peergroupsrelatetocomparablegroupsonslides17-22**tionLGBTQfocusedonlinedatingapplication**tionLGBTQfocusedonlinedatingapplicationOfferingamount1m▪HQcountry:UnitedStates▪Marketcap:$920mDescriptionOnlinerentalpropertymarketplaceplatformringamountm▪HQcountry:UnitedStates▪MarketCap:$58m▪Description:OnlinegrocerydateDecOfferingamountm▪HQcountry:Japan▪Marketcap:$85m-60%-82%+14%-33%▪Description:Marketplaceplatformforhealthservicesandmedication▪Offeringamount:$4.3m▪HQcountry:Singapore▪Marketcap:$34morderecommerceplatformeringamountm▪HQcountry:China▪Marketcap:$365m+4%-62%-28%PubliccompanyanalysesALCOMMERCEIPOSQ4-22hadsomedigitalcommercecompaniesgoingpublicdespitelowmarketvaluations▪Description:DeveloperofrentalspacereservationplatformdateDecOfferingAmount:$56m▪HQcountry:Japan▪MarketCap:$44m▪Description:Ecommercesolutionforlargeparcelmerchandise▪Offeringamount:$3.4bn▪HQcountry:Indonesia▪Marketcap:$3.5bnEcommerceMarketplacesSharepriceperformanceasof31DecemberSources:CapitalIQ,Pitchbook,Crunchbase,andMergermarket(asof31December2022)Note:*SPAC;SharepriceperformancecalculatedwithCapitalIQfromlistingdateto31December2022PubliccompanyPubliccompanyanalysesGITALCOMMERCEFUTUREIPOSWhileasignificantnumberofIPOplanshavebeencanceledduetomarketvolatility,someremaintowatchforCompanyHQVerticalsDescriptionMarketplacesMarketplaceforluxurywatchesMarketplacesUS-basedonlinewholesalemarketplaceMarketplacesUS-basedfoodandgrocerydeliveryplatformMarketplacesrtopeercarsharingplatformMarketplacesOn-demandonlinedeliveryMarketplacesFresh-foodecommerceplatformMarketplacesPropertytransactionplatformMarketplaceslineretailshoppingportalSources:Pitchbook,Crunchbase,andMergermarket(asof31December2022)RyanHooverCoryRyanHooverCoryLevyCEOcommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORLeonhardSoenke,PatriceBecker,HeinerStinner,Co-FoundersCO-FOUNDERS,THRONE“Throneenablescreatorstoengageandmonetisetheircommunityinafunandprivacy-friendlyway.Further,ourbrandpartnersgetauthentic,trackable,andfreemarketing,tangibleconsumerinsights,andadditionalsalesonasuccess-basedmodel.Ifyouareacreator,nomatterthesizeofyourfollowing,orabrandthatwantstoleveragethepowerofcreator-drivencommerce,thenThroneisforyou.WearefurtherworkingonnewsolutionsforourcreatorstomonetiseviacommercebyleveragingourexistingastructureInvestorsThroneisagiftingandcommerceplatform,withover200kInvestorscontentcreatorsandmillionsoffansusingtheplatformeachmonth.Creatorsaddproductstotheirpersonalwishlists,theirfansthenbuytheproductsasaformofsupport,andthecreatorreceivesthegiftwhichtheypostaboutonsocialmedia,orunboxon-stream.Whencreatorssharegiftsandwishlistsonsocialmedia,fansseetheproductsandbrandimages,leadingtoextrabrandrecognitionandsalesforThrone’spartners.CEOcommentaryCEOcommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORChrisQuickfall,CEOCHRISQUICKFALLCEO,COGNASSIST“Seventy-twopercentofHRteamsreporttheystruggletoaddressneurodiversitywithintheirEquality,DiversityandInclusionstrategyandtribunalsforneurodiversitydiscriminationareup33%year-on-year.Ourneuro-inclusionSaaSplatform,developedalongsideseveralenterprises,addressesneurodiversitychallengesfacedbylargeemployers.Oursoftwareperformstheheavyliftingoflegalcompliancewhileprovidingtraining,expertiseandbestpracticetoemployees,managers,andHRteams.Acriticaldifferentiatorisourclinicalcognitivemappingsoftwarethat,within30minutes,informseachemployeeabouthowtheirbrainprocessesinformation,andwehavededicatedevidence-basedstrategiesforenablingpeoplewitheachneurodiversitytothriveintheiremployment.”InvestorsCognassiststartedin2017tocreateacultureoflearningInvestorsneuro-inclusion.Throughitsaward-winningneuro-inclusionplatform,ithelpscompaniestoenablediversityofthought.ItprovidesHRandlinemanagerstrainingonhowtosupporttheirneurodiverseemployeesandhelporganisationstobelegallycompliantwhenitcomestodiversityandinclusion.Organisationsalsogainaccesstospecialistresourcesproducedbyaccomplisheddiversityexperts.CEOcommentaryCEOcommentaryLEADINGCOMPANIESANDCEOSTRANSFORMINGTHESECTORJeroenMerchiers,Co-Founder&CEOJEROENMERCHIERSCO-FOUNDER&CEO,ZAZUME"WecreatedZazumetobetheleadingplatforminSpainthatdemocratisedaccesstotechnologyforsmalllandlordsbyunifyingtheentirerentaltransactionintoasingleflow.Zazumemakesitseamlesstoinvestinthebestrealestateassetsbyprovidingitscustomerswithatechnologyplatformtomanagetheentiretransaction.”InvestorsZazumecompeteswithrealestateagenciesandtraditionalInvestorspropertymanagers.Zazumehasdevelopedatechnologyplatformthatprovidessmalllandlordswithtransparency,agilityandsecurityofalltheirrentalassets,providingfinancialtransparencyfromthetimeareal-estateassetisacquiredtoreal-timevisibilityonallincomingandoutgoingcashflows.PubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–LargecapLargeLargecapLargecapAmAmazonesAlibabaChina64%233,221209,4241.7x1.7x1.5x10.4x8.9x7.5x9%n.a.36%17%19%20%16%3%uoduoChinanm.JDcomChina87,87276,0920.6x0.5x0.4x54.6x17.7x13.4x9%14%8%1%3%3%19%33%TheNetherlandsnm.eBayUnitedStates2.6x2.8x2.8x7.9x8.1x8.2x75%73%73%33%34%35%5%2%esnm.Mean68%44%53%49%29%30%30%22%15%Median66%42%58%43%16%19%20%19%12%Source:CapitalIQ(asof31December2022)PubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–Ecommerce(1/2)OnlinefashionChinaZalandoGermanyTheRealRealesAboutyouGesn.m.n.m.n.m.n.a.n.a.n.a.n.m.GlobalFashionGroupbourgn.m.n.m.n.a.n.a.n.m.Revolveesn.m.n.m.n.m.n.a.n.a.n.a.n.m.Germanyn.m.n.m.n.a.n.a.n.m.Ecommerce-OthersCoupangSouthKorean.m.n.m.n.a.n.m.Chewyesn.m.n.a.n.m.AmericanasS.A.Yelpesn.m.stockesOesCimpressIrelandn.a.JumiaTechnologiesn.m.n.m.n.m.n.a.n.a.n.a.n.m.CEWEGermanyGrouponesn.m.n.a.n.m.QuotientTechnologyesChinan.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.DelticomGermanyn.a.Source:CapitalIQ(asof31December2022)Note:EV/EBITDAmultiplesinredexcludedfrommean&mediansPubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–Ecommerce(2/2)VerticalecommerceJDHealthChinan.m.n.m.n.m.n.a.Ocadon.m.n.m.n.m.n.a.n.a.n.m.GermanyWayfairesn.m.n.m.n.m.n.a.n.a.n.a.Chinanrun.a.n.a.n.m.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.m.Germanyn.a.n.a.n.m.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.tonesn.m.n.m.n.m.n.a.n.a.n.a.n.a.n.a.GoodRxesn.m.esngChinan.m.n.m.n.a.n.a.n.m.npign.a.esTheHonestCompanyesn.m.n.m.n.m.n.a.n.a.n.a.n.m.Hepsiburadan.m.n.m.n.m.n.a.n.a.n.a.n.a.n.m.OWorldesn.m.n.m.n.m.n.a.n.a.n.a.n.m.SRPGroupeFranceGermanyn.m.n.a.n.a.OponeoPolandFoodBagNewZealandn.a.M2n.m.n.m.n.m.n.a.n.a.n.a.n.m.MeanMedian37%34%43%42%46%45%42%40%8%5%10%6%9%5%14%11%20%4%Source:CapitalIQ(asof31December2022)Note:EV/EBITDAmultiplesinredexcludedfrommean&mediansPubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–MarketplacesMMarketplacesresnn.m.nn.a.nn.m.MercadoLibreyshesn.m.n.a.n.m.esGermanyn.m.n.m.n.a.n.a.n.m.omatoIndian.m.n.m.n.m.n.a.n.a.n.a.n.a.n.a.n.a.esn.m.n.a.n.m.Polandn.a.KJapann.a.TNetherlandsn.m.n.m.n.a.n.a.n.a.Farfetchn.m.n.m.n.a.n.a.n.m.Carvanaesn.m.n.m.n.m.n.a.n.a.n.m.Opendooresn.m.n.m.n.m.n.a.n.a.n.a.n.m.BIndonesian.m.n.m.n.m.n.a.n.a.n.a.n.m.eliveroon.m.n.m.n.m.n.a.n.a.n.a.n.m.CarGurusesAuto1GroupGermanyn.m.n.m.n.m.n.a.n.a.n.a.n.m.rkesn.m.n.m.n.m.n.a.n.a.n.a.n.a.aeln.m.n.a.n.m.MGermanyn.m.n.a.n.a.uiOnlinen.a.Roveresn.m.n.a.n.m.Chinan.m.n.a.n.m.esn.m.n.m.n.m.n.a.n.a.n.a.n.m.Cazoon.m.n.m.n.m.n.a.n.a.n.a.n.m.esn.m.n.m.n.m.n.a.n.a.n.a.n.m.esn.m.n.m.n.m.n.a.n.a.n.a.n.m.roomesn.m.n.m.n.m.n.a.n.a.n.a.n.m.TrueCaresn.m.n.m.n.m.n.a.n.a.n.a.n.a.ctorianPlumbingn.a.AcastSwedenn.m.n.m.n.m.n.a.n.a.n.a.n.m.Redbubbleralian.m.n.m.n.m.n.a.n.a.n.a.n.a.n.a.MeanMedian39%39%47%47%43%40%44%41%21%23%15%9%14%10%41%33%26%17%Source:CapitalIQ(asof31December2022)Note:EV/EBITDAmultiplesinredexcludedfrommean&medians20PubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–ClassifiedssProperty,cars,generalREAGroupraliaAdevintarwayn.a.esn.m.n.a.n.a.n.a.n.a.foEdgeIndian.m.n.m.n.a.AutoTralian.a.Scout24GermanyAutohomeChinaHemnetSwedenn.a.ACVAuctionsesn.m.n.m.n.m.n.a.n.a.n.a.n.m.BalticClassifiedsGroupuanian.a.n.a.n.a.esn.m.n.m.n.m.n.a.n.a.n.a.n.a.CarTradeIndian.m.n.a.n.a.n.a.n.a.AramisGroupFrancen.m.n.m.n.a.n.a.n.a.n.a.s4n.m.n.m.n.a.n.a.n.a.n.a.JobsJapann.a.ralian.a.esesFreelancerralian.a.n.a.n.m.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.m.JcbNextMalaysian.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.MeanMedian58%62%70%68%72%86%60%70%36%34%41%39%41%36%41%30%48%37%Source:CapitalIQ(asof31December2022)PubliccomparablesPubliccomparablesICCOMPARABLESBYCATEGORYPubliccomparables–OnlinetravelAirbnbUnitedStates7.8x5.6x5.0xn.m.16.6x14.8x81%82%82%9%34%34%57%n.m.BookingcomUnitedStates7.0x4.5x4.0x25.0x14.7x12.3x80%93%85%28%31%32%58%149%TripTripcomChinan.m.n.a.nm.ExpediaUnitedStates416,5481.9x1.4x1.3x33.9x6.7x5.9x82%86%86%6%21%22%50%n.m.Indian.m.n.a.n.a.nm.WebjetAustralia95%1,6061,419n.a.8.3x5.2xn.a.28.5x11.3x70%73%58%n.a.29%46%88%n.m.EdreamsEdreamsOdigeoSpainn.m.n.a.n.a.nm.TrivagoGermany49%4872560.7x0.4x0.4x18.1x2.2x2.2x97%98%98%4%20%17%48%n.m.DespegarDArgentinan.m.n.a.nm.HolidaycheckGermanyn.a.264