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1、Digital Commerce sector update Q3 2022Qualitative insights into broader Digital Commerce trends and public and private valuations across the transaction spectrum,and interviews with todays leaders transforming the sector.Important disclosures appear at the end of this reportGP Bullhound Corporate Fi
2、nance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Hong Kong Limited is authorised and regulated by the Securities&Futures Commission GP Bullhound Luxembourg Srl is authorised as an AIF
3、M in Luxembourg by the Commission de Surveillance du Secteur Financier2THE VIEWQ3 Digital Commerce perspectives from GP BullhoundTakeawaysPERSONALISATIONIS BECOMING AN INCREASINGLY IMPORTANT CX DIFFERENTIATOR75%of consumers experienced new shopping methods during the pandemic 80%of consumers are mor
4、e likely to make a purchase if the company offers a personalised shopping experienceRetailers see themselves increasing investment into personalisationefforts by 75%over the next three yearsTHE AGRI SECTOR IS TRANSFORMING THANKS TO DIGITAL ADOPTION85%of farmers are selling and buying online in 2022,
5、a 790%increase from a decade agoDigital platforms increase market efficiency and reduce waste,resulting in improved margins and higher-quality produceThe online agriculture market was sized at$11bn in 2021 and is set for an 8.2%CAGR to 2026The Game-Based Learning Market is likely to reach$62bn by 20
6、30,a 21%CAGR from 2022Gamification proves to improve engagement both at work and in education As the market matures and continues to grow at 20%p.a.we expect to see increasing amounts of M&A activity,as key players look to consolidate their positionsGAMIFICATION OF EDUCATION INCREASINGLY POPULAR WIT
7、H ENTHUSIASM FROM EDUCATORS AND LEARNERS3The pandemic led to greater adoption of ecommerce,85%of farmers are now selling and buying online.A 790%increase from over a decade ago.Producers and consumers alike are welcoming these alternative sales channelsSome of the most noticeable benefits from agric
8、ulture ecommerce include:Increased market efficiency/reduced waste Digital commerce platforms give producers direct access to a wider range of buyers(agriculture businesses,restaurants,retailers,etc.)and markets.This broader access helps to mitigate the risk of post-harvest losses and helps preserve
9、 fair prices for producers in“bumper years”Improved income&profitability margins Agri digital commerce platforms give farmers greater visibility over what players are pricing similar produce at.Intermediaries no longer have the edge to squeeze producers and buy cheap from them.Agri ecommerce provide
10、s farmers with the opportunity to run their businesss without maintaining a physical presence Higher quality produce and opportunity for boutique producers On the other side,the digitisation of agriculture gives consumers more precise information.Farmers are therefore incentivised to improve quality
11、 to competeAgri digital commerce platforms democratise the market by making it possible for smallholders to participate on the same stage as big producersThe online agriculture market was sized at$11bn in 2021 and is set for an 8.2%CAGR until 2026.Pinduoduo is an example of an agri ecommerce platfor
12、m helping niche producers.In this case,villagers in Hengshan,China.These producers earn 30 x more from their produce by connecting with a wider audience on the platformOther examples of innovative agriculture marketplaces enabling the transformation in the industry include Agriconomie(France),Fruban
13、a(Colombia)and Kisaan Trade(India)The agri sector is transforming thanks to digital adoptionGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Agriland,GSMA,Market.US,The Business Research CompanyEcommerce is having a strong influence on the agriculture industryTakeawaysSelected transactionsFUNDRAISE DATE:JUL-2
14、2DEAL SIZE:$12MDEAL ANNOUNCEMENT DATE:AUG-22DEAL SIZE:$8MFUNDRAISE DATE:JUL-22DEAL SIZE:$14M4A high-growth niche within EdtechAccording to a report by Verified Market Research,the Game-Based Learning Market is projected to reach$62bn by 2030 growing at a 21%CAGR from 2022.Drivers of this growth incl
15、ude:A shift to online learning;the Covid-19 pandemic created a lasting adjustment in teaching methodologies,with many obligated to adopt online educationThe EU launched a digital education plan(2021-2027)that seeks to promote the development of a high-performance digital educational ecosystem Proven
16、 impact on performance and engagementFor students:the International Journal of Human-Computer Studies study established that:67%of students found gamified learning more motivating and engaging than traditional coursesThere was a 35%increase in student performance with challenge-based gamification in
17、 educationAt work:TalentLMS Gamification survey found that:Gamification increased learning engagement by 30%,it also increased the desire to be engaged at work by 30%Whats next?Greater acceptance of emerging technology:VR and the metaverse could greatly contribute to the world of learning,offering m
18、ore engaging and immersive ways of interacting,both in corporate and educational settingsKey players likely to look to M&A to consolidate their positions:an interesting example is Microsofts acquisition of Activision Blizzard.In a comment about the deal,veteran technology journalist,Martin Banks,sai
19、d that the use of video game techniques in the workplace could“get close to justifying the investment in its own right”As the market matures and growth rates remain 20%p.a.,we will likely see increasing levels of M&A in the space,as players look to expand capabilities,target audiences,and geographie
20、sThe gamification of everythingGP BULLHOUNDS SECTOR TAKEAWAYS Gamification of education increasingly popular,with enthusiasm from educators and learners alikeTakeawaysSelected transactions and newsDEAL DATE:AUG-22DEAL SIZE:N.A.DEAL DATE:JUL-22DEAL SIZE:N.A.DEAL DATE:APR-22DEAL SIZE:210M5Why do onlin
21、e retailers see personalised shopping experiences as a strategic priority?Boston Consulting Groups(BCG)personalisation maturity index shows statistically significant correlation between maturity of a companys personalisation offering and revenue up-lift,with best-in-class companies achieving 25%+inc
22、reasesMcKinsey research shows that 71%of consumers expect companies to deliver personalised experiences,with 80%of consumers stating they are more likely to make a purchase if the company offers a personalised experience:Consumers are agnostic:During the pandemic 75%of consumers tried a new shopping
23、 method,highlighting that often companies that offer better customer experience achieve higher customer acquisition levelsShoppers spend more with tailored experiences:A BCG report into retail experiences revealed consumers increase spend by 40%and are 110%more likely to add additional items to thei
24、r basket if they feel they have been offered a personalised experienceWhat does mature personalisation look like for retailers?Personalisation starts with first-and third-party data,which is collected and processed in order to drive insights into consumer shopping behavioursAs retail players mature,
25、they may offer increasingly dynamic website experiences,improve omnichannel data collection and run dynamic search ads and engage in SEO optimisationMore mature players,like Amazon create individual profiles based on 200 data points,for each of their customersWhat does the future of personalised sho
26、pping look like?Retailers such as Amazon,Sephora and Nike are providing advanced omnichannel personalisation to connect a shoppers journey across all digital and physical retail experiences.This is being enhanced by AI and ML,which act on real-time data delivering on-demand sales and performance dri
27、vers75%of retailers plan on using AI technology to increase their personalisation efforts across marketing,advertising and campaign management Personalisation is an increasingly important CX differentiatorGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Epsilon,McKinsey,BCG,Amazon,Fortune Business Insights Gl
28、obal Retail in AI Market reportPersonailisation has proven to translate into increased revenues for companiesTakeawaysSelected transactions and newsDEAL DATE:JAN-22DEAL SIZE:N.D.2022 RETAIL PERSONALISATION INDEX WINNERSINTEGRATED IN-STORE&APP EXPERIENCERISE STORE CONCEPT LONDONCONNECTING REAL-TIME S
29、HOPPER DATA WITH IN-STORE EXPERIENCES6Deal dateTargetBuyerTarget descriptionImplied EV($m)Sep-22US-based operator of online grocery shopping and delivery platformn.d.Sep-22Singapore-based online shopping and selling marketplace379(1)Aug-22UK-based online classified advertisement platform designed to
30、 connect buyers and sellers60Aug-22Brazil-based provider of online food ordering and delivery services1,774(3)Aug-22Norway-based provider of eTender systems,facilitating the transactions between buyers and sellers333Aug-22US-based developer of online dog walking platform meant to facilitate search f
31、or qualified dog walkers350Jul-22China-based online shopping portal focused on the online-to-offline business model128Jul-22UK-based developer of online parking reservation platform146Jul-22Mexico-based daily commute smart transportation platform82Jul-22France-based reward platform designed to facil
32、itate access to social benefits for employees125Jul-22US-based tech-enabled ecommerce fulfillment service platform 2,500Jul-22Netherlands-based developer of an online domain marketplace75Mega deals led by Shopify and Prosus were the highlight of the slower Digital Commerce M&A activity in Q3 2022NOT
33、ABLE DIGITAL COMMERCE M&ACEO commentarySources:Pitchbook,Merger Market,SEC filingsNote:(1)Alibaba increased majority stake in Lazada,(2)Transaction also included acquisition of other classifieds:Autotrader&Carsguide;(3)Original amount reported in GBP,exchanged using August 19thGBP/USD spot rate(1.18
34、29);(4)Wag Labs was a SPAC acquisitionTransaction trends(4)Australia7Investors are being selective,but significant amount of capital is still being deployed in the spaceNOTABLE DIGITAL COMMERCE PRIVATE PLACEMENTSTransaction trendsDeal dateTargetLead investorIssuer descriptionDeal Value($m)Sep-22Indo
35、nesia-based operator of online travel search engine set to revolutionise human mobility300Sep-22India-based hyperlocal marketplace designed to offer electronic products online75Sep-22Thailand-based provider of online-to-offline services,including food,grocery and parcel deliveries265Sep-22US-based d
36、igital platform designed to provide digitally connected shopper experiences100Sep-22US-based operator of electronic consumer products company100Aug-22Indonesia-based ecommerce business development platform intended to optimise brand marketing60Aug-22US-based mobile-focused event ticket purchase plat
37、form 238Aug-22China-based developer of ecommerce information technology solutions110Jul-22UK-based online electric car subscription platform facilitating EV ownership60Jul-22US-based social shopping platform designed to blend social media and ecommerce60Jul-22Malaysia-based developer of e-payment te
38、chnology offering e-payment solutions to retailers168Jul-22US-based restaurant technology platform facilitating restaurateurs entry into new markets100Jul-22n.d.US-based producer of fresh meals intended to support healthy consumer lifestyles200Jul-22Spain-based provider of on-demand transportation s
39、ervices136Jul-22US-based operator of live stream platform and marketplace focusing on limited-edition collectibles260Sources:Pitchbook,Merger Market,Crunchbase81,367655246423429203A,Inc.Alibaba GroupHolding LimitedJD.com,Inc.Prosus N.V.Pinduoduo Inc.Booking HoldingsInc.Airbnb,I
40、nc.Recruit HoldingsCo.,Ltd.UberTechnologies,Inc.Shopify Inc.MercadoLibre,Inc.DoorDash,Inc.JD HealthInternational Inc.eBay Inc.Coupang,Inc.Chewy,Inc.Pinterest,Inc.Etsy,Inc.Delivery Hero SEWayfair Inc.Market cap values in$bnAmazon still the dominant force in Digital Commerce despite uncertainties in t
41、he macro economic environmentSELECTED DIGITAL COMMERCE PUBLIC COMPANY VALUATIONSSource:Capital IQ(as of 30 September 2022);Note:1)JD HealthPublic company analysesxRanking vs Q2 Digital Commerce Report(1)=2111=9-100%0%100%200%300%400%500%600%Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21
42、Oct-21Apr-22Oct-22Share price performance L5YDigital Commerce sell-off continues,with prices back at 2017 levels for online travel and ecommerceGP BULLHOUND KEY INDICES SHARE PRICE PERFORMANCELTM performanceShare price performanceL5YL3YLTML6MS&P 500 Technology Sector101.3%47.1%(21.9%)(25.4%)Large ca
43、p23.6%4.8%(40.8%)(15.0%)Ecommerce(46.7%)(22.3%)(68.9%)(46.1%)Marketplaces24.6%(29.7%)(70.2%)(44.8%)Online travel(37.3%)(32.6%)(39.7%)(33.4%)Classifieds1.6%(19.2%)(47.2%)(30.7%)(68.9%)Ecommerce(70.2%)Marketplaces(40.8%)Large cap(21.9%)S&P 500(47.2%)Classifieds(39.7%)Online travelPublic company analys
44、esSource:Capital IQ(as of 30 September 2022)(1)Peer groups relate to comparable groups on slides 17-22 10Indicative trading valuation benchmarksGP BULLHOUND DIGITAL COMMERCE INDICES INDICATIVE TRADING VALUATION BENCHMARKSLTM gross margin(1)EV/CY22E Revenue(1)CY20-22 Revenue CAGR(1)Selected companies
45、Verticals 49%3.6x45%1.9x42%62%6.8x41%69%2.9x74%42%0.8x15%Large capEcommerceMarketplacesClassifiedsOnline travel22%Source:Capital IQ(as of 30 September 2022);Note:1)MeanPublic company analyses110.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 xOct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Apr-21Oct-21Apr-22Oct-22EV/N
46、TM revenue trends L5YValuations across Digital Commerce continue to decline and are significantly below historical averagesGP BULLHOUND DIGITAL COMMERCE INDEX VALUATIONSTakeawaysSource:Capital IQ(as of 30 September 2022)(1)Peer groups relate to comparable groups on slides 17-22 Public company analys
47、es2.6x5.6x0.7x2.9x1.6xEV/NTM revenue averageL5YL3YLTML6MLarge cap 5.8x7.0 x3.8x3.1xEcommerce1.9x2.3x1.5x1.0 xMarketplaces5.1x5.0 x2.9x1.8xOnline travel 3.5x3.9x3.7x3.1xClassifieds7.6x8.1x7.5x6.6x12IPO activity still muted with a few companies going public in spite of market conditionsDIGITAL COMMERC
48、E IPOSSources:Capital IQ,Pitchbook,Crunchbase,and Mergermarket(as of 30 September 2022)Note:*SPAC;Share price performance calculated with Capital IQ from listing date to 30 September 2022,Grindr,Freightos have been announced in Q2 and not completed yet Share price performance as of 30 SeptemberEcomm
49、erceMarketplacesPublic company analysesDescription:Subscription-based audio streaming serviceListing date:05-JulOffering amount:$1,160mHQ country:FranceMarket cap:$415m-38%Description:On-demand dog walking platformListing date:10-AugOffering amount:$350mHQ country:United StatesMarket cap:$52m-79%Des
50、cription:Ecommerce platform offering customers instant rebatesListing date:22-AugOffering amount:$8mHQ country:United StatesMarket Cap:$34m-89%Description:Technology-driven ecommerce marketplaceListing date:02-SepOffering amount:$5mHQ country:United KingdomMarket cap:$80m+6%Description:Ecommerce sol
51、ution for large parcel merchandiseListing date:18-AugOffering amount:$36mHQ country:ChinaMarket cap:$411m-36%Description:Largest car-sharing startupListing date:22-AugOffering amount:$78mHQ country:South KoreaMarket cap:$384m-39%Description:Ecommerce consumer product goods companyListing date:26-Aug
52、Offering Amount:$16mHQ country:IsraelMarket Cap:$9m-62%*13CompanyHQVerticalsDescriptionMarketplacesMarketplace for luxury watchesMarketplacesOnline marketplace for automobilesMarketplacesMarketplace platform for health services and medicationMarketplacesUS-based online wholesale marketplace Marketpl
53、acesEcommerce for consumer productsMarketplacesUS-based food and grocery delivery platform MarketplacesPeer-to-peer car-sharing platform CompanyHQVerticalsDescriptionMarketplacesSocial networking and online dating applicationMarketplacesOnline grocery delivery marketplaceClassifieds Online home sell
54、ing platformMarketplacesFood delivery platformEcommerceOnline drug delivery platformMarketplacesOn-demand online deliveryQ3-22 remained short of upcoming announcements for public listings in Digital CommerceDIGITAL COMMERCE FUTURE IPOSPublic company analysesSources:Pitchbook,Crunchbase,and Mergermar
55、ket(as of 30 September 2022)Note:*Listing via SPACFilings to look for in the next 12 months*14 Our goal is to be a reference when it comes to digital agricultural transactions,creating a digital platform with the ability to respond to customer needs.Our main mission is to promote fair trade,so that
56、producers can increase their business margins and so that industry and food processors can get the products they need at more favourable prices.Currently,the market for agricultural products is dominated by the big middlemen who sell to the agro-industry at the most convenient times.Most of the marg
57、in stays with these intermediaries,hurting the farmers who have the largest share of the risk.Our platform allows both sides to register their sell orders and their buy orders in a way that ensures the compatibility between the sale prices and the demand prices,allowing business to be done,essential
58、ly,in a fair and easy way.We currently work with reliable partners in quality control,logistics,secure payments,and in legal areas to ensure the greatest fluidity of the trading process and then create a sustainable commercial network to allow the easy and fast use of the platform by both sides of t
59、he market.Tiago Pessoa,Founder&CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORAgri Marketplace is a digital B2B market solution that brings together farmers and industrial buyers.Founded in 2016 by a group of founders who leverage their knowledge and experience in Farming,Industry Procurement,
60、Digital Business and Disruptive Innovation.Agri Marketplaces positioning is to redistribute value through the agricultural supply chain,corresponding to the market need for simplicity,trust,transparency and food traceability.FOUNDER&CEO,AGRI MARKETPLACETIAGO PESSOAInvestorsCEO commentary15Every sing
61、le family needs our services and customers are often not in a position to shop around.They are used to demanding availability,transparency and convenient tech-enabled services from other industries.However,our market is fragmented,local and untransparent.Fenix empowers families by democratising gene
62、ration planning and making high quality funeral and estate services transparently available online.Fenix multichannel customer acquisition and service delivery model make us uniquely positioned to offer premium services at an affordable price.Moreover,we achieve high scalability while maintaining a
63、significant share of wallet.Charlotte Runius,Co-Founder LEADING COMPANIES AND CEOS TRANSFORMING THE SECTORFenix is a low-touch managed marketplace connecting high-touch service providers with families.The company offers funeral services,estate management and generation planning primarily in Sweden a
64、nd in the UK.CO-FOUNDER,FENIX FAMILYCHARLOTTE RUNIUSInvestorsCEO commentary16Every enterprise,especially global ones,is struggling to attract and retain skilled employees.The widening skills gaps that are stopping businesses from growing at the pace they desire are apparent in every boardroom conver
65、sation.This is not a problem in isolation,but sits alongside challenges of maintaining compliance,helping new starts get to competence quickly,and keeping pace with changing market conditions.The fragmented nature of the supplier community doesnt help these businesses.Learning Pool stands alone as t
66、he only provider to offer the integrated tools,technology and content that companies need to deliver a world-class learning and development experience.”Paul McElvaney,Founder&Executive ChairmanLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORLearning Pool is one of the UKs largest and fastest growi
67、ng online learning companies,delivering extraordinary outcomes for clients people and driving their business strategy.The company offers a full scope of services from learning platforms to learning content and experiences,through to tools and technologies which enable learning professionals to drive
68、 their strategic activities.Learning Pool focuses on three main business priorities:compliance,onboarding and upskilling.FOUNDER&EXECUTIVE CHAIRMAN,LEARNING POOLPAUL McELVANEYInvestorsCEO commentary17Public comparables Large capPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30thSeptember 2022
69、);Public comparablesLarge capLarge capAmazonUnited States60%1,151,1941,248,0442.7x2.4x2.1x21.1x17.3x13.5x42%43%43%13%14%15%16%23%AlibabaChina44%211,776188,5451.6x1.5x1.4x9.7x8.5x7.1x9%n.a.36%17%18%19%17%1%PinduoduoChina60%79,12563,6664.8x3.7x3.0 x54.0 x14.4x12.1x66%72%73%9%26%25%44%n.m.JD.comChina54
70、%76,85263,2160.5x0.4x0.4x46.8x15.8x11.6x9%14%8%1%3%3%20%30%ProsusThe Netherlands68%72,68475,07011.7x10.1x7.1x11.0 x10.4x8.6x31%39%30%106%97%83%27%n.m.eBayUnited States45%20,22225,3102.4x2.6x2.5x7.3x7.6x7.3x75%73%73%33%34%35%5%2%PinterestUnited States35%15,69213,2255.1x4.7x4.1x32.9x32.6x24.4x79%77%79
71、%16%15%17%29%n.m.Mean52%232,506239,5824.1x3.6x2.9x26.1x15.2x12.1x44%53%49%28%29%28%22%14%Median54%76,85263,6662.7x2.6x2.5x21.1x14.4x11.6x42%58%43%16%18%19%20%12%18Ecommerce-OthersCoupangSouth Korea54%29,45128,5631.7x1.4x1.2xn.m.n.m.n.m.17%23%19%n.a.n.a.1%38%n.m.ChewyUnited States38%12,98612,8591.4x1
72、.3x1.2xn.m.67.9x43.0 x27%27%27%n.a.2%3%18%n.m.Americanas S.A.Brazil42%2,8205,0511.2x0.8x0.7x22.5x6.7x5.5x30%32%31%5%12%13%77%245%Yelp United States82%2,3832,0992.0 x1.8x1.6x31.0 x7.7x6.5x92%91%91%7%23%24%17%n.m.ShutterstockUnited States39%1,8051,8082.3x2.2x2.0 x13.6x8.7x7.9x64%67%63%17%25%25%12%42%O
73、United States22%1,1137210.3x0.4x0.3x5.9x9.3x8.6x23%23%23%4%4%4%(9%)(11%)CimpressIreland25%6422,2390.8x0.7x0.7x9.5x8.8x6.6x48%n.a.48%9%8%10%12%(3%)Jumia TechnologiesNigeria28%5802451.4x1.0 x0.8xn.m.n.m.n.m.62%56%56%n.a.n.a.n.a.21%n.m.CEWEGermany56%5155770.8x0.8x0.8x5.0 x4.6x4.4x77%76%76%17%18%18%(1%)
74、(1%)Groupon United States26%2412870.3x0.4x0.4x4.8x10.3x3.1x76%87%87%6%4%14%(32%)n.m.Quotient TechnologyUnited States29%2232370.5x0.8x0.7x25.5x14.0 x4.3x38%51%40%2%5%16%(16%)198%UNQ China34%40690.2xn.a.n.a.7.0 xn.a.n.a.30%n.a.26%2%n.a.n.a.n.a.n.a.DelticomGermany20%28930.2x0.2x0.2x15.0 x7.3x6.8x22%n.a
75、.21%1%3%3%(5%)47%Public comparables ecommerce(1/2)PUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30thSeptember 2022)Note:EV/EBITDA multiples in red excluded from mean&mediansPublic comparablesE-commerceOnline fashionVIP ShopChina63%5,3452,8790.2x0.2x0.2x3.1x3.0 x2.7x20%20%20%6%7%7%4%1%Zalando
76、Germany23%5,0895,1730.5x0.5x0.5x10.5x11.5x8.3x42%41%40%5%4%5%14%1%The RealRealUnited States24%1,5901,3691.5x1.3x1.1x12.5x17.0 x13.3x55%54%55%12%8%9%36%11%About youGermany19%8195140.3x0.3x0.2xn.m.n.m.n.m.49%48%38%n.a.n.a.n.a.n.a.n.a.ASOSUnited Kingdom19%6321,0860.2x0.2x0.2x5.3x6.4x3.8x49%48%44%5%4%6%
77、7%(18%)The Hut GroupUnited Kingdom7%5241,1930.5x0.4x0.4x14.9x9.5x5.9x44%43%42%3%5%6%23%14% United Kingdom17%5025830.3x0.2x0.3x4.9x6.9x4.7x54%54%51%5%4%5%15%(26%)Stitch Fix United States9%4383950.2x0.2x0.2xn.m.n.m.n.m.44%45%44%n.a.n.a.n.a.2%n.m.Global Fashion GroupLuxembourg11%2432310.2x0.1x0.1xn.m.5
78、.2x6.4x46%46%47%n.a.2%2%16%n.m.RevolveUnited States9%1434290.9x0.7x0.6xn.m.n.m.n.m.58%57%56%n.a.n.a.n.a.44%n.m.Mister Spex Germany12%80(25)n.m.n.m.n.m.1.2x2.5xn.m.49%48%25%n.a.n.a.2%13%n.m.Ecommerce19Public comparables ecommerce(2/2)PUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30thSeptember
79、 2022)Note:EV/EBITDA multiples in red excluded from mean&mediansPublic comparablesE-commerceVertical ecommerceJD HealthChina56%18,24611,4572.7x1.9x1.4xn.m.n.m.58.7x42%44%22%n.a.1%2%49%14%Ocado United Kingdom24%4,2895,2711.9x1.8x1.6xn.m.n.m.61.4x37%41%38%n.a.n.a.3%5%n.m.HelloFreshGermany22%3,6583,551
80、0.6x0.5x0.4x8.5x7.4x5.7x66%64%66%7%6%7%42%4%Wayfair United States11%3,4615,7160.4x0.5x0.4xn.m.n.m.n.m.28%27%27%1%n.a.n.a.(7%)n.a.Pop MartChina23%2,5321,8612.9x2.2x1.6x9.8x8.4x5.3x61%60%59%30%27%31%54%39%Ozon.ruRussia23%2,4172,0960.7xn.a.n.a.n.m.n.a.n.a.37%n.a.46%n.a.n.a.n.a.n.a.n.m.ZooplusGermany94%
81、2,3842,3361.1xn.a.n.a.n.m.n.a.n.a.26%n.a.26%n.a.n.a.n.a.n.a.n.a.PelotonUnited States7%2,3453,4650.8x1.1x1.1xn.m.n.m.n.m.30%n.a.19%n.a.n.a.0%3%n.a.GoodRxUnited States10%1,8591,8292.5x2.3x2.0 x51.2x9.3x8.0 x16%16%93%5%25%26%19%n.m.FigsUnited States19%1,3641,2142.9x2.4x1.9xn.m.13.4x9.5x72%68%71%3%18%20
82、%40%24%DingDongChina10%7707500.3x0.2x0.2xn.m.n.m.36.5x54%54%27%n.a.n.a.1%48%n.m.MoonpigUnited Kingdom40%6087011.9x1.8x1.6x8.8x7.5x6.5x49%n.a.49%22%25%25%3%5%1-800-United States18%4196870.3x0.3x0.3x4.4x19.6x6.4x42%42%37%7%2%5%8%(55%)The Honest CompanyUnited States33%3232980.9x0.9x0.9xn.m.n.m.n.m.34%3
83、1%32%n.a.n.a.n.a.3%n.m.Hepsiburada Turkey14%3141030.3x0.1x0.1xn.m.n.m.n.m.14%26%4%n.a.n.a.n.a.42%n.m.AO World United Kingdom22%2774250.2x0.3x0.3xn.m.32.9x12.7x16%16%18%0%1%2%(7%)(47%)Blue ApronUnited States45%2012100.4x0.4x0.4xn.m.n.m.n.m.36%35%34%n.a.n.a.n.a.6%n.m.SRP Groupe France43%1351310.2x0.2x
84、0.2x3.8x6.0 x6.0 x40%n.a.39%5%3%3%(4%)(13%)WestwingGermany17%113960.2x0.2x0.2x4.3xn.m.15.2x49%46%48%4%n.a.1%(0%)n.a.OponeoPoland46%891080.3x0.3x0.3x5.7x7.2x6.6x20%19%20%6%5%5%23%23%My Food BagNew Zealand45%84870.8x0.8x0.7x5.4x4.8x4.6x27%n.a.27%15%16%16%3%18%MUnited Kingdom2%15230.1x0.1x0.1xn.m.n.m.n
85、.m.54%54%42%n.a.n.a.n.a.10%n.m.Mean29%2,4812,4150.9x0.8x0.7x11.3x9.5x9.1x43%45%42%8%9%9%15%22%Median23%6207110.5x0.5x0.4x7.7x8.0 x6.5x42%46%40%5%5%6%12%5%Ecommerce20Public comparables MarketplacesPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30thSeptember 2022)Note:EV/EBITDA multiples in red
86、 excluded from mean&mediansPublic comparablesUberUnited States54%52,46857,9533.3x1.8x1.5xn.m.37.5x17.8x36%40%34%n.a.5%9%68%n.m.Mercado Libre Uruguay48%41,66944,4116.3x4.2x3.4x68.0 x40.9x27.4x51%48%52%9%10%12%63%116%DoorDashUnited States19%19,09215,0943.1x2.4x1.9xn.m.48.4x29.1x54%48%50%n.a.5%7%48%n.m
87、.EtsyUnited States33%12,67714,0596.0 x5.7x5.1x25.7x21.1x18.6x72%71%71%23%27%28%20%20%Delivery Hero Germany29%9,44111,9772.1x1.3x1.0 xn.m.n.m.n.m.21%26%23%n.a.n.a.1%92%n.m.ZomatoIndia37%6,3755,53812.3x7.4x5.5xn.m.n.m.n.m.50%n.a.52%n.a.n.a.n.a.n.a.n.a.LyftUnited States23%4,6463,9661.2x1.0 x0.8xn.m.14.
88、5x7.4x37%51%35%n.a.7%11%32%n.m.AllegroPoland36%4,5945,9685.5x3.5x2.9x15.8x13.3x11.4x45%n.a.37%35%26%25%44%22%K Japan63%3,4823,2849.3x8.1x7.0 x21.3x17.8x14.7x100%n.a.99%44%45%48%5%7%TNetherlands22%3,4265,1981.2x0.9x0.8xn.m.n.m.69.8x15%40%17%n.a.n.a.1%68%n.a.FarfetchUnited Kingdom16%2,8413,0871.4x1.3x
89、1.1xn.m.n.m.31.3x45%46%45%n.a.n.a.3%20%n.m.CarvanaUnited States7%2,1489,6570.8x0.6x0.5xn.m.n.m.n.m.15%11%12%0%n.a.n.a.65%n.m.OpendoorUnited States12%1,9567,0390.9x0.5x0.4xn.m.53.1xn.m.9%9%10%n.a.1%0%139%n.m.BIndonesia32%1,841(117)n.m.n.m.n.m.n.m.n.m.n.m.76%79%45%n.a.n.a.n.a.52%n.m.DeliverooUnited Ki
90、ngdom26%1,7415700.3x0.3x0.2xn.m.n.m.n.m.27%29%28%n.a.n.a.n.a.32%n.m.CarGurus United States28%1,6791,6431.7x0.9x0.7x8.8x7.7x6.7x69%40%47%20%11%10%85%43%Auto1 GroupGermany18%1,3511,3340.3x0.2x0.2xn.m.n.m.n.m.9%8%8%n.a.n.a.n.a.53%n.m.PoshmarkUnited States57%1,2306602.0 x1.8x1.6xn.m.n.m.n.m.84%83%84%n.a
91、.n.a.n.a.17%n.a.FiverrIsrael15%1,1369603.2x2.8x2.4xn.m.46.5x21.9x83%82%81%n.a.6%11%33%n.m.M United Kingdom80%1,1111,1783.3x2.7x2.5x12.9x9.5x8.2x70%67%69%26%29%30%5%10%MyTheresaGermany37%9768791.3x1.2x1.1xn.m.13.1x10.5x49%n.a.51%n.a.9%10%19%22%Gruppo MutuiOnlineItaly42%7438862.8x2.9x2.3x11.9x10.0 x8.
92、4x47%n.a.48%24%29%27%9%16%RoverUnited States23%6103483.2x2.1x1.5xn.m.27.5x12.8x76%76%76%n.a.8%12%83%n.m.AihuishouChina23%5212130.2x0.1x0.1xn.m.15.0 x2.8x26%25%25%n.a.1%4%47%n.m.WishUnited States12%492(434)n.m.n.m.n.m.1.2x1.3x1.4x53%33%40%n.a.n.a.n.a.(47%)n.m.CazooUnited Kingdom5%3507921.1x0.5x0.3xn.
93、m.n.m.n.m.4%3%2%n.a.n.a.n.a.194%n.m.1stdibsUnited States33%2431061.0 x1.1x1.0 xn.m.n.m.n.m.69%68%68%n.a.n.a.n.a.8%n.m.ThredUpUnited States8%1841240.5x0.4x0.4xn.m.n.m.n.m.71%67%69%n.a.n.a.n.a.24%n.m.VroomUnited States5%1601,0520.3x0.4x0.4xn.m.n.m.n.m.6%11%8%n.a.n.a.n.a.34%n.m.TrueCar United States33%
94、137(37)n.m.n.m.n.m.1.3x1.4x1.6x90%90%89%n.a.n.a.n.a.(22%)n.a.Victorian PlumbingUnited Kingdom14%1321000.3x0.3x0.3x3.7x4.4x3.6x47%n.a.46%9%7%8%8%(15%)AcastSweden25%131250.3x0.2x0.1xn.m.n.m.n.m.36%35%36%n.a.n.a.n.a.55%n.m.RedbubbleAustralia14%112610.2x0.2x0.2xn.m.n.m.n.m.20%n.a.18%n.a.n.a.n.a.(10%)n.a
95、.Mean28%5,4455,9872.5x1.9x1.6x17.1x21.3x16.1x47%46%45%21%14%14%42%27%Median25%1,3511,0521.3x1.2x1.0 x12.4x14.7x11.4x47%43%45%23%9%10%34%20%Marketplaces21Public comparables ClassifiedsPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30thSeptember 2022)Public comparablesClassifiedsProperty,cars,g
96、eneralREA GroupAustralia64%9,7769,96512.1x12.6x11.4x28.4x22.5x20.0 x60%91%60%43%56%57%18%27%AdevintaNorway40%7,2789,5288.5x5.9x5.2x36.9x17.3x14.3x70%n.a.70%23%34%37%56%109%ZillowUnited States27%6,9015,2480.6x0.8x2.6xn.m.9.2x8.8xn.a.n.a.n.a.n.a.9%29%36%112%Info EdgeIndia52%6,1075,807n.m.22.7x18.6xn.m
97、.74.9x56.1x49%n.a.49%24%30%33%35%49%Auto TraderUnited Kingdom69%5,3855,33912.0 x10.5x9.5x17.3x14.7x13.8xn.a.n.a.n.a.69%71%69%27%34%RightmoveUnited Kingdom60%4,4544,41712.9x11.9x11.1x17.4x15.7x14.6xn.a.75%n.a.74%76%76%27%35%Australia71%4,2554,63115.3x10.9x8.9x31.7x20.9x16.3x84%n.a.83%48%52%55%32%35%S
98、cout24Germany76%3,8963,8059.3x8.6x7.8x21.2x15.8x13.9x77%90%77%44%55%56%9%17%AutohomeChina55%3,5876450.6x0.6x0.6x2.2x2.7x2.1x86%84%84%29%23%27%(8%)(29%)HemnetSweden75%1,2681,27519.3x15.7x13.7x42.6x31.2x27.3x83%n.a.83%45%50%50%28%61%ACV AuctionsUnited States32%1,1346981.9x1.6x1.3xn.m.n.m.n.m.184%43%12
99、%n.a.n.a.n.a.44%n.m.Baltic Classifieds GroupLithuania54%76282117.0 x14.6x12.7x22.5x18.9x16.4x58%n.a.80%76%77%77%n.a.n.a.Redfin United States11%6331,9641.0 x0.8x0.8xn.m.n.m.n.m.21%16%18%n.a.n.a.n.a.64%n.a.CarTradeIndia42%3502577.0 x5.7x4.5xn.m.42.1x22.0 x58%n.a.52%n.a.13%21%n.a.n.a.Aramis GroupFrance
100、23%3484220.3x0.2x0.2x24.7xn.m.27.1x8%n.a.7%1%n.a.1%42%n.a.PurplebricksUnited Kingdom22%4870.1x0.1x0.1xn.m.n.m.29.9x58%n.a.60%n.a.n.a.0%(9%)n.a.JobsRecruit HoldingsJapan51%46,28142,4892.3x1.9x1.7x12.6x11.5x10.6x56%n.a.58%18%16%16%21%34%SEEKAustralia53%4,3725,2358.5x6.9x6.4x21.6x15.2x13.4x68%n.a.65%39
101、%45%48%256%90%ZIP RecruiterUnited States50%1,8791,7422.4x2.0 x1.8x62.2x10.3x8.7x89%91%91%4%19%20%46%58%DHI GroupUnited States71%2462812.3x1.9x1.7x16.3x9.2x7.7x87%88%88%14%21%21%16%32%FreelancerAustralia34%82772.1xn.a.n.a.n.m.n.a.n.a.83%n.a.84%n.a.n.a.n.a.n.a.n.m.JcbNextMalaysia77%362316.5xn.a.n.a.66
102、.7xn.a.n.a.58%n.a.61%25%n.a.n.a.n.a.n.a.Mean50%4,9584,7587.2x6.8x6.0 x28.3x20.7x17.9x70%72%62%36%41%39%41%48%Median52%2,7331,8537.0 x5.8x4.9x22.5x15.7x14.5x68%86%65%34%40%35%30%35%22Public comparables Online travelPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 30thSeptember 2022)Public compar
103、ablesOnline travelAirbnbUnited States49%67,17359,65910.0 x7.2x6.3xn.m.22.1x19.1x81%82%82%9%33%33%57%n.m.B United States61%65,24660,9485.6x3.6x3.2x19.9x11.7x9.7x80%100%84%28%31%33%57%150%T China82%17,52617,7137.2x6.4x4.2xn.m.51.2x19.6x77%77%76%n.a.12%21%10%n.m.Expedia United States43%14,76217,1422.0
104、x1.5x1.3x35.1x7.0 x5.9x82%85%85%6%21%22%50%n.m.MakeMyTrip India85%3,2322,99610.8x5.0 x3.9xn.m.74.6x54.9x41%n.a.46%n.a.7%7%85%n.m.Webjet Australia69%1,1681,092n.a.6.6x4.3xn.a.23.1x9.7x70%73%29%n.a.28%45%91%n.m.Edreams OdigeoSpain41%4908432.9x1.7x1.3xn.m.32.0 x9.3x80%n.a.82%n.a.5%15%57%n.m.TrivagoGerm
105、any36%4182260.6x0.4x0.3x17.3x2.4x2.2x97%98%97%4%17%16%48%n.m.DArgentina43%3783511.1x0.6x0.5xn.m.6.8x4.0 x51%65%61%n.a.10%13%103%n.m.HolidaycheckGermany96%230179n.a.1.9x1.5xn.a.17.6x10.3x72%n.a.30%n.a.11%15%145%n.m.Lastminute.ComNetherlands37%201440.3xn.a.n.a.n.m.n.a.n.a.19%n.a.76%n.a.n.a.n.a.n.a.n.m
106、.On The Beach United Kingdom25%1871733.4x1.1x0.9xn.m.5.8x3.7x70%n.a.71%n.a.18%25%140%n.m.HostelworldIreland68%961046.2x1.7x1.2xn.m.n.m.7.1x8%n.a.62%n.a.n.a.17%102%n.m.TravelzooUnited States32%55450.7x0.6x0.5xn.m.4.0 x2.9x82%86%83%1%16%19%16%n.m.Mean55%12,22611,5374.2x2.9x2.3x24.1x21.5x12.2x65%83%69%
107、9%17%21%74%150%Median46%4545973.1x1.7x1.3x19.9x14.6x9.3x74%84%76%6%16%19%57%150%23MethodologyThis report is based on the expert insights of GP Bullhounds worldwide team alongside detailed analysis of investment trends across the global technology landscape.GP Bullhounds Digital Commerce sector compr
108、ises the broader consumer internet ecosystem,including marketplaces,online classifieds,online travel and ecommerce.TakeawaysGP Bullhounds Digital Commerce teamBased in our London office,Alessandro Casartelli heads our Digital Commerce team.About usNIKOLAY PAPAZOVANALYSTJAMES LOYDALLANALYSTALESSANDRO
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