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1、IT SERVICES MARKET UPDATEQ3 2022Houlihan Lokey is a leading global investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Our firm is the trusted advisor to more top decision-makers than any other independent global inv
2、estment bank.We invite you to learn more about how our bankers can serve your needs:ABOUT OUR FIRM2Learn More About Corporate FinanceLearn More AboutFinancial RestructuringLearn More About Financial and Valuation AdvisoryLearn More AboutOur Industry CoverageKey Facts and FiguresOur Ranking by Servic
3、eHoulihan Lokey Is a Global Firm No.1 Global M&A AdvisorLeading Capital Markets AdvisorNo.1 Global M&A Fairness Opinion Advisor Over the Past 20 Years1,000+Annual Valuation EngagementsNo.1 Global Restructuring Advisor1,500+Transactions Completed Valued at More Than$3.0 Trillion CollectivelyCorporate
4、 FinanceFinancial RestructuringFinancial and Valuation Advisory2021 Investment Banking Rankings All Global TransactionsAdvisorDeals1Houlihan Lokey5492Goldman Sachs&Co5113JP Morgan5084Rothschild&Co4375Morgan Stanley393Source:Refinitiv.Excludes accounting firms and brokers.North AmericaAtlantaBostonCh
5、icagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoWashington,D.C.Europe and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilanMunichParisStockholmTel AvivZurichAsia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShanghaiSingaporeSydneyTokyo2,000
6、+CLIENTS SERVEDANNUALLY306MANAGINGDIRECTORS(1)2,000TOTAL FINANCIALPROFESSIONALS35LOCATIONSWORLDWIDE$2.3BREVENUE$6.5BMARKET CAPITALIZATION(2)23Senior officers dedicated to the sponsor community in North America and EuropeFully Integrated Financial Sponsor Coverage1,000+Sponsors covered,providing mark
7、et insights and knowledge of buyer behavior650+Companies sold to financial sponsors over the past five years2002 to 2021 Global M&A Fairness Advisory RankingsAdvisorDeals1Houlihan Lokey9522JP Morgan8903Duff&Phelps,A Kroll Business8824Morgan Stanley6025BofA Securities Inc531Source:Refinitiv.Announced
8、 or completed transactions.2021 Global Distressed Debt&BankruptcyRestructuring RankingsAdvisorDeals1Houlihan Lokey632Rothschild&Co383Moelis&Co344PJT Partners Inc335Lazard24Source:Refinitiv.(1)As of September 30,2022.Excludes corporate MDs.(2)As of November 2022.Houlihan Lokeys Business Services Grou
9、p has earned a reputation for providing superior service and achieving outstanding results in M&A advisory,capital-raising,restructuring,and financial and valuation advisory services.Based on number of transactions and according to data provided by Refinitiv,Houlihan Lokey was ranked the No.1 invest
10、ment bank for all global business services M&A transactions in 2021.*Excludes accounting firms and brokers.BPO ServicesEducation and TrainingEngineering andInfrastructureEnvironmental ServicesEquipment-as-a-ServiceFacility and Residential ServicesABOUT OUR BUSINESS SERVICES INDUSTRY GROUPKey Facts a
11、nd FiguresIndustry Sector CoverageWe cover a broad array of sectors,with bankers dedicated to each of our primary coverage areas.121Dedicated business services bankers 80Completed business services M&A/private placement transactions in CY21$2BIn disclosed financing deals in CY21Selected Business Ser
12、vices Industry TransactionsHCM ServicesIT ServicesMarketing ServicesSpecialty Consulting and Risk ServicesTesting,Inspection,Certification,and ComplianceTransportation and LogisticsLearn More About OurBusiness Services Industry Coverage3has acquireda portfolio company ofBuyside Advisora portfolio co
13、mpany ofhas been acquired bySellside Advisora portfolio company ofhas been recapitalized bySellside Advisora portfolio company of has been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas acquiredBuyside Advisora portfolio company ofhas been acquired bySellsid
14、e Advisorhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas been acquired bySellside AdvisorTombstones included herein represent transactions closed from 2020
15、forward.The IT services sector operates within Houlihan Lokeys Business Services Group,which has earned a reputation for providing superior service and achieving outstanding results in M&A advisory,capital-raising,restructuring,and financial and valuation advisory services.Our clients run the gamut
16、from early-stage businesses and midsized companies to large,publicly traded corporations.We understand that an industry driven by innovation and change requires the sophistication of an advisor who can think ahead of the market and utilize solid industry relationships to help advance your vision.We
17、optimize client outcomes by running executed,competitive processes,focusing on deep domain knowledge to position for synergy and scarcity value,and leveraging our world-class strategic and private equity access to bring the right senior decision-makers to the negotiation table.ABOUT OUR IT SERVICES
18、TEAMLeadershipFeatured TransactionsContact UsLearn More About UsRequest a MeetingPlease reach out to us to schedule a call to discuss this quarters market update or to explore how we can serve your business needs.Subsector Coverage Cyber Digital Transformation IT Consulting IT Solutions Managed Serv
19、ices Software Development/Engineering4Thomas BaileyManaging DirectorTBaileyHL.com404.495.7056Malte AbramsManaging DirectorMalte.AbramsHL.com+49(0)69 20 434 6425Oliver VaughanManaging DirectorOliver.VaughanHL.com+44(0)20 7484 4050Arthur CallaghanDirectorArthur.CallaghanHL.com+44(0)20 7484 4085Sara Na
20、politanoDirectorSara.NapolitanoHL.com+33 1 88 46 10 44Clayton YoungDirectorClayton.YoungHL.com404.926.1630R.B.McCutcheonSenior Vice PresidentRMcCutcheonHL.com404.495.7059*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by profess
21、ionals from a Houlihan Lokey joint venture company.a portfolio company ofhas acquiredBuyside Advisor*a portfolio company ofhas been acquired bya portfolio company ofSellside Advisorhas received a minority partnership investment fromSellside Advisora portfolio company of has acquiredBuyside Advisorha
22、s acquired a majority stake inBuyside Advisorhas been acquired bySellside Advisorhas made a growth investment inBuyside Advisorhas acquiredBuyside Advisorhas been acquired bySellside Advisorhas sold a majority stake toa portfolio company ofSellside Advisor*has been acquired by an affiliate ofSellsid
23、e AdvisorINFOR BUSINESS UNITa portfolio company ofhas been acquired bySellside Advisorhas been acquired bySellside Advisorhas agreed to sell its stake intoSellside AdvisorTransaction PendingThe third quarter of 2022 was driven by the same factors that have defined global macro all year long:U.S.Fede
24、ral Reserve rate hikes,record-breaking inflation,European volatility,and recessionary fears,all of which have made offshore IT services more attractive.At the same time,new remote/hybrid workplace norms,evolving employee and client expectations,and the push to make data-driven decisions have put dig
25、ital,cloud,and networking expertise front and center,making global IT services and technical innovation more business-critical than ever before.By most measures,the IT services sector has shown great resilience.A flurry of M&A activity this quarter matched the enthusiasm seen in early 2021.Quarterly
26、 transaction volume eclipsed all but one of the past 12 quarters,while reported transaction values are on pace to exceed 2018 and 2020 totals.Many M&A deals this quarter focused on expanding global IT services,consolidating operations,digital and cloud transformation,B2B consulting solutions,and eng
27、ineering/DevOps services.Q3 IT SERVICES MARKET UPDATEIntroductionQ3 2022 Quick FactsSector Index revenue barely increased this quarter,while Q3 deal volume soared to its highest point since Q2 2021.1.Executive Summary.62.Featured Sector News.73.Select 2022 Transactions Executed by Houlihan Lokey.104
28、.IT Services M&A Highlights.115.Equity Market Index Performance.126.Equity Market Index Performance:IT Services Subsectors.137.Public Company Valuations.148.Public Comparables.169.Disclaimer 18Source:S&P Capital IQ.Data as of September 30,2022.Table of Contents5IT Services Sector Index Revenue$57.6
29、Billionin Revenue0.5%Increase Over Prior Quarter190Transactions Q3 2022IT ServicesM&A Transaction VolumeHave updated transactions 584908190Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3202020212022Sector Business ConditionsAccording to Deloitte,the technology and IT industry outlook remains focused on
30、 hybrid cloud capabilities and service-based IT,rethinking the digital supply chains of the future,building out the remote/hybrid workforce model,and helping to create a sustainable future for tech.According to CompTIAs recent Cyberstatessurvey report,the most critical areas of focus for tech and IT
31、 workforces are networking,cloud computing,user experience,quality assurance,privacy,risk analysis,database administration,and data management.More enterprises are integrating technology solutions and services into their offerings to augment their existing product and service lines and to offset rev
32、enues lost to pandemic-related slowdowns.IDC projects that the global tech industry will exceed$5.3T by the end of 2022 and is forecasted to grow 5%6%annually.The direct economic impact of the U.S.technology industry amounts to 10.5%of total U.S.economic value,or more than$2T.Part of the IT services
33、 sectors resilience can be attributed to its necessity within the modern workforce.Its estimated that every new job in IT services or software development helps create or support an additional 4.8 jobs.IBM expects business tech spending in 2023 to remain resilient despite recessionary fears while re
34、porting 6%revenue growth for the quarter.News HighlightsDigital transformation advisory firm Kin+Carta became the first publicly traded B Corp-certified business on the London Stock Exchange.U.K.-based Endava,which supports enterprise digital transformation,re-partners with data cloud services provi
35、der Snowflake to develop customer data-driven solutions.Berkshire Partners purchased a majority stake in AHEAD,which builds cloud-based,enterprise digital platforms for businesses.Tokyo-based NTT Data,a global IT business services firm,has agreed to acquire Apisero,a global MuleSoft and Salesforce c
36、onsultancy.HCL Technologies partnered with VMware to launch a dedicated VMware business unit that supports enterprise multi-cloud development and app modernization.Marks&Spencer hired long-time strategic technology partner Tata Consultancy Services to digitally transform its HR function using Oracle
37、 HCM.Grid Dynamics was chosen by Knowde to build a modern,best-in-class B2B search engine for chemicals,ingredients,and polymers.U.K.-based Monument Bank hired Persistent Systems,a global digital engineering solutions provider,to build a cloud-based digital banking platform for lending and deposits.
38、M&A HighlightsIT services and solutions provider ASGN acquired ServiceNow consultant and implementation company Glidefast for$350M.Mastek,a public digital engineering and cloud transformation company,acquired MST Solutions,a Salesforce systems integrator and consultancy,for$112M.Advent International
39、 acquired a 65%majority stake in Neoris,a Mexican digital transformation and IT consultancy that specializes in SAP services on Microsoft Azure,from CEMEX for$120M.Public Comps HighlightsOver the past 12 months,the Houlihan Lokey IT Services Index(31.9%)lagged behind the S&P 500(17.7%)while only sli
40、ghtly trailing the S&P IT Services Index(28.1%).On a quarterly basis,the Houlihan Lokey IT Services Index(1.7%)outperformed both the S&P IT Services Index(6.7%)and the S&P 500 as a whole(6.3%).On a three-year basis,offshore and next-gen IT services returned 88%and 89%,respectively,while global IT se
41、rvices grew 16%.On an LTM basis,next-gen IT services enjoyed the highest revenue,EBITDA,and forward P/E multiples,followed by offshore IT services and global IT services.EXECUTIVE SUMMARY6(1)Sources:cyberstates.org,comptia.org,.(2)Houlihan Lokey IT Services Index consists of a diversified set of com
42、panies across the IT services sector.See pages 16 and 17 for a complete list.Sources:Company website,press releases.DateCompanySubsectorsDescriptionArticle Link09/30/2022Intellias GmbHGlobal IT ServicesGlobal software engineering and digital consulting company Intellias completed the acquisition of
43、U.K.-based Digitally Inspired,which focuses on enterprise retail and e-commerce software solutions.Read More09/29/2022MeriplexCommunications Ltd.Global IT ServicesMeriplex,a national leader in managed tech solutions,announced the acquisition of veteran-owned managed IT services provider F1 Solutions
44、.Read More09/28/2022Kin+Carta plcNext-Gen IT ServicesDigital transformation advisory firm Kin+Carta became the first publicly traded B Corp-certified business on the London Stock Exchange.Read More09/28/2022SolvdNext-Gen ITServicesSigular Guff&Co.has invested in Solvd,a global tech and software engi
45、neering consultancy,to strengthen its app development and DevOps offerings for clients.Read More09/28/2022EmircomNext-Gen IT ServicesAbu Dhabi-based IHC completed a 54%majority stake acquisition of the Middle Easts leading ICT services provider,Emircom,for$68.1M.Read More09/27/2022UPSTACK,Inc.Next-G
46、en IT ServicesNew York-based UPSTACK,a business intelligence solutions provider,acquired Digital Planet Communications,a Minnesota-based telecom and IT agency that specializes in healthcare,insurance,and finance.Read More09/27/2022NTT Data Corp.Offshore IT ServicesTokyo-based NTT Data,a global IT bu
47、siness services firm,has agreed to acquire Umvel,a Mexican digital design,product development,and engineering firm.Read More09/26/2022AHEAD,LLCNext-Gen ITServicesBerkshire Partners purchased a majority stake in AHEAD,which builds cloud-based,enterprise digital platforms for businesses.Read More09/22
48、/2022EndavaNext-Gen ITServicesU.K.-based Endava,which supports enterprise digital transformation,re-partnered with Snowflake,a data cloud services provider,to develop customer data-driven solutions.Read MoreFEATURED SECTOR NEWSIn Q3 2022,global information technology services M&A was a flurry of act
49、ivity that matched the enthusiasm seen in the first two quarters of 2021.Many enterprise IT solutions providers focused on either offshoring specific expertise or acquiring best-in-class next-gen service offerings,including digital transformation,multi-cloud computing,data analytics,DevOps,and more.
50、7DateCompanySubsectorsDescriptionArticle Link09/20/2022Apisero,Inc.Global IT ServicesTokyo-based NTT Data,a global IT business services firm,has agreed to acquire Apisero,a global MuleSoft and Salesforce consultancy.Read More 09/16/2022Dynascale Inc.Next-Gen IT ServicesParler,a neutral,free-speech-f
51、ocused social media platform,raised$16M in Series B funding and acquired Irvine-based cloud service provider Dynascale Inc.Read More09/14/2022United Star Software Ltd.Offshore IT ServicesMiami-based 777 Partners has entered into an agreement to acquire a 40%stake in Dublin-based United Star Software
52、,which aggregates software development from Central and Eastern Europe.Read More09/12/2022Converge Technology Solutions Corp.Offshore IT ServicesConverge Technology Solutions Corp.,an IT and cloud solutions provider,acquired Canada-based Newcomp Analytics,which helps companies transform digital oper
53、ations across 15+industries.Read More09/12/2022Knowit ABNext-Gen IT ServicesStockholm-based Knowit AB,a business intelligence consultancy,purchased Ascend AB and sister company Ionic AB,which focus on digital transformation,IT operations,and cloud adoption.Read More09/08/2022Capgemini SEOffshore IT
54、ServicesCapgemini,a global tech transformation partner,has completed the acquisition of Singapore-based Aodigy Asia Pacific,which specializes in Salesforce-powered digital transformations.Read More09/08/2022Flexotronix Ltd.Next-Gen IT ServicesKKR and Neoenta-backed Sapphiros acquired Flexotronix,a h
55、igh-volume manufacturer of flexoprinted electronics that uses proprietary conductive inks and components.Read More08/31/2022Telefnica|VivoNext-Gen IT ServicesTelefnica|Vivos IT arm bought out systems integrator Vita IT to consolidate the Brazilian telecom operators professional and managed services
56、with Vita ITs hardware/software resale business.Read More08/23/2022Grid Dynamics Holdings,Inc.Next-Gen IT ServicesGrid Dynamics was chosen by Knowde to build a modern,best-in-class B2B search engine for chemicals,ingredients,and polymers.Read More08/16/2022CI&TOffshore IT ServicesIn a bid to expand
57、into APAC,CI&T,a global digital consultancy,acquired Melbourne-based tech consultancy Transpire,which focuses on mobile-and cloud-first digital experiences.Read MoreFEATURED SECTOR NEWS(CONT.)Sources:Company website,press releases.8DateCompanySubsectorsDescriptionArticle Link08/08/2022Advent Interna
58、tionalOffshore IT ServicesAdvent International acquired a 65%majority stake in Neoris,a Mexican digital transformation and IT consultancy that specializes in SAP services on Microsoft Azure,from CEMEX for$120M.Read More08/02/2022Persistent Systems Ltd.Next-Gen IT ServicesU.K.-based Monument Bank hir
59、ed Persistent Systems,a global digital engineering solutions provider,to build a cloud-based digital banking platform for lending and deposits.Read More07/27/2022HCL Technologies Ltd.Global IT ServicesHCL Technologies partnered with VMware to launch a dedicated VMware business unit that supports ent
60、erprise multi-cloud development and app modernization.Read More07/27/2022Tata Consultancy Services Ltd.Next-Gen IT ServicesMarks and Spencer hired long-time strategic technology partner Tata Consultancy Services to digitally transform its HR function using Oracle HCM.Read More07/18/2022MastekGlobal
61、IT ServicesMastek,a public digital engineering and cloud transformation company,acquired MST Solutions,a Salesforce systems integrator and consultancy,for$111.6M.Read MoreFEATURED SECTOR NEWS(CONT.)Sources:Company website,press releases.9SELECT 2022 TRANSACTIONS EXECUTED BY HOULIHAN LOKEYS IT SERVIC
62、ES TEAMHoulihan Lokey Advises Neudesic Neudesic,LLC,a leading U.S.cloud services consultancy specializing in the Microsoft Azure platform,has been acquired by IBM(NYSE:IBM).Neudesic will significantly expand IBMs portfolio of hybrid multi-cloud services and further advance the companys hybrid cloud
63、and AI strategy.Financial details of the deal were not disclosed.IBM and Neudesic signed a definitive agreement in the fourth quarter of 2021.Houlihan Lokey served as the financial advisor and provided transaction advisory services to Neudesic.Houlihan Lokey Advises OCI OCI received a minority partn
64、ership investment from Chequers Capital.The deal was signed on March 14,2022 and closed on March 18.The transaction value is undisclosed.OCI is the fastest-growing,one-stop-shop IT services provider for SMEs in France,reaching 150 million in revenue in 2021,from 61 million in 2018,gaining a signific
65、ant scale advantage in a very fragmented market.OCIs management team has an outstanding track record in sourcing,executing,and integrating tuck-in acquisitions and completed five build-ups over the past three years,transforming the group into a scalable platform for growth.Houlihan Lokey served as t
66、he exclusive financial advisor to OCI and its shareholders.Houlihan Lokey Advises Kontron Kontron AG has agreed to sell significant parts of its IT services business to VINCI Energies S.A.for approximately 400 million.The transaction is subject to customary closing conditions.Through this divestment
67、,Kontron is following its growth strategy to focus on the Internet of Things(IoT)business.Kontron is listed on the Frankfurt Stock Exchange and is one of the leading providers of smart solutions for a host of industries.VINCI Energies,through its Axians brand,is a global information and communicatio
68、ns technology group and portfolio company of the French group VINCI.Houlihan Lokey served as the exclusive financial advisor to Kontron.Houlihan Lokey Advises Launch Launch Consulting Group(Launch),a portfolio company of TA Group Holdings(TAG),has been acquired by The Planet Group,a portfolio compan
69、y of Odyssey Investment Partners.The transaction closed on July 15,2022.Launch navigates world-class organizations through digital transformationspecifically,empowering people by helping them to harness data,implement modern technology,and enhance the human experience so they can thrive in a digital
70、-first world.The Planet Group consists of a group of related global consulting organizations and renowned staffing brands and has been purposefully built to address the professional services needs of leading companies.Houlihan Lokey served as the exclusive financial advisor to Launch in connection w
71、ith the transaction.10has agreed to sell significant parts of its IT Services business toSellside AdvisorTransaction Pendinga portfolio company ofhas been acquired bya portfolio company ofSellside Advisorhas received a minority partnership investment fromSellside Advisorhas been acquired bySellside
72、Advisor$4.8$14.1$8.8$27.8$8.74092993857022Disclosed Value($B)DealsDateAcquirerTargetSubsectorDeal Value$M10/20/2022Global IT ServicesN/A9/28/2022Next-Gen IT Services68.19/22/2022Offshore IT ServicesN/A9/15/2022Next-Gen IT Services22.99/12/2022Offshore IT Services15.69/06/2022Of
73、fshore IT ServicesN/A9/06/2022Next-Gen IT Services23.28/16/2022Offshore IT Services16.47/26/2022Global IT Services120.07/19/2022Global IT Services319.87/18/2022Global IT Services111.67/15/2022Offshore IT ServicesN/A7/06/2022Offshore IT Services350.07/01/2022Next-Gen IT Services63.2 As of Q3,2022 tra
74、nsaction volume is on pace for its second-best year since 2018,behind only 2021s surge in deal flow.Reported transaction values are on pace to exceed 2020 and 2018 totals as well.Transactions this quarter focused on expanding IT services globally(often through offshore acquisitions),consolidating IT
75、 operations,digital and cloud transformation,B2B IT consulting solutions,and DevOps services.Some of the quarters largest deals came from the global IT services and next-gen IT services subsectors.IT SERVICES M&A HIGHLIGHTSTransaction Value and Deal VolumeAdditional Notable TransactionsKey Takeaways
76、$in billionsSource:S&P Capital IQ.(1)YTD Sep 2022(1)1185.00100.00115.00130.00Jul-22Jul-22Jul-22Aug-22Aug-22Sep-22Sep-22Houlihan Lokey IT Services IndexS&P 500S&P 500 IT Services60708090100110120Houlihan Lokey IT Services IndexS&P 500S&P 500 IT ServicesS&P 500(17.7%)S&P IT ServicesIndex(28.1%)Houliha
77、n Lokey IT Services Index(31.9%)As the Federal Reserves rate hike war against inflation continues,both Houlihan Lokeys IT Services Index and the S&P IT Services Index have moved in lockstep with the S&P 500.Over the past 12 months,the Houlihan Lokey IT Services Index(31.9%)lagged behind the S&P 500(
78、17.7%)while slightly trailing the S&P IT Services Index(28.1%).On a quarterly basis,the Houlihan Lokey IT Services Index(1.7%)outperformed both the S&P IT Services Index(6.7%)and the S&P 500 as a whole(6.3%).While all IT services subsectors ended Q3 in the red,some subsectors(such as global and offs
79、hore IT services)fared better than the overall IT services indices.EQUITY MARKET INDEX PERFORMANCELTM September 2022 PerformanceJulySeptember 2022 PerformanceHoulihan Lokey IT Services Index(1.7%)S&P 500(6.3%)S&P IT ServicesIndex(6.7%)(1)(1)Source:S&P Capital IQ.Data as of September 30,2022.All shar
80、e prices rebased to 100.(1)The Houlihan Lokey IT Services Index consists of a diversified set of companies across the IT services sector.See pages 16 and 17 for a complete list.12EQUITY MARKET INDEX PERFORMANCEIT SERVICES SUBSECTORSOn a monthly,LTM,and YTD basis,the next-gen IT subsector was hit har
81、dest by global“risk-off”sentiment.On a three-year basis,however,offshore IT and next-gen IT returned 88%and 89%,respectively,while global IT grew just 16%.LTM September 2022 Performance by Subsector406080100120140Oct-21Dec-21Mar-22Jun-22Sep-22Next-Gen IT ServicesOffshore IT ServicesGlobal IT Service
82、sMonthly PerformanceYTD PerformanceThree-Year Performance-12%-6%-8%-46%-35%-30%89%88%16%Source:S&P Capital IQ.Data as of September 30,2022.All share prices rebased to 100.13Global IT Services(19.2%)Offshore IT Services(25.2%)Next-Gen IT Services(40.7%)PUBLIC COMPANY VALUATIONS(LTM SEPTEMBER 2022)EV/
83、LTM RevenueEV/LTM EBITDAForward P/ENext-Gen IT ServicesOffshore IT ServicesGlobal IT ServicesSource:Trading multiples and other data are based on share price,other market data,and broker consensus future estimates in each case from S&P Capital IQ as of September 30,2022.4.3x3.6x2.3x26.2x17.1x12.1x30
84、.5x23.8x15.3x14PUBLIC COMPANY VALUATIONS(FY 2022E)EV/2022E RevenueEV/2022E EBITDAForward P/ENext-Gen IT ServicesOffshore IT ServicesGlobal IT Services4.1x3.3x2.3x20.8x17.1x10.5x26.3x22.8x14.3x15Source:Trading multiples and other data are based on share price,other market data,and broker consensus fu
85、ture estimates in each case from S&P Capital IQ as of September 30,2022.PUBLIC COMPARABLES(LTM SEPTEMBER 2022)IT SERVICES16LTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBITDALTM RevenueEndava plc$4,487.0$4,496.90.4x$783.9$164.321.0%$2.630.5x27.4x5.7xEPAM Systems,Inc.20,777.920,031.70.0
86、 x4,700.9749.816.0%10.933.3x26.7x4.3xGlobant S.A.7,815.57,707.70.5x1,669.3271.416.3%5.633.5x28.4x4.6xGrid Dynamics Holdings,Inc.1,367.51,259.2N/M 296.43.01.0%0.540.4xNM4.2xKin and Carta plc346.9378.81.2x231.526.811.6%0.118.1x14.1x1.6xThoughtworks Holding,Inc.3,263.83,641.9N/M 1,272.3(81.6)(6.4%)0.51
87、9.2xNM2.9xNetcompany Group A/S1,658.91,953.12.5x682.2120.717.7%2.017.3x16.2x2.9xKainos Group plc1,779.81,698.10.0 x379.066.317.5%0.530.5x25.6x4.5xMedian0.5x$733.0$93.516.1%$1.330.5x26.2x4.3xMean0.8x$1,251.9$165.111.8%$2.827.9x23.1x3.8xHCL Technologies Ltd.$31,019.5$29,997.00.3x$12,078.0$2,599.021.5%
88、$0.717.4x11.5x2.5xInfosys Ltd.72,859.670,943.00.2x17,530.04,152.023.7%0.723.8x17.1x4.0 xPersistent Systems Ltd.3,042.03,105.30.7x867.1134.715.5%1.624.2x23.1x3.6xTata Consultancy Services Ltd.135,101.5131,168.20.1x25,504.76,608.525.9%1.425.7x19.8x5.1xWipro Ltd.26,512.525,298.61.2x10,475.31,985.819.0%
89、0.317.8x12.7x2.4xMedian0.3x$12,078.0$2,599.021.5%$0.723.8x17.1x3.6xMean0.5x$13,291.0$3,096.021.1%$0.921.8x16.9x3.5xAccenture plc$162,613.6$155,415.40.0 x$61,594.3$11,455.418.6%$11.322.7x13.6x2.5xCapgemini SE27,913.633,175.42.9x21,050.62,777.513.2%11.114.6x11.9x1.6xCGI Inc.17,927.420,394.91.7x9,371.9
90、1,723.618.4%4.716.0 x11.8x2.2xInternational Business Machines Corp.107,306.9150,124.94.2x60,535.012,159.020.1%9.812.1x12.3x2.5xMedian2.3x$40,792.8$7,116.518.5%$10.515.3x12.1x2.3xMean2.2x$38,138.0$7,028.917.6%$9.316.3x12.4x2.2xOverall Median0.5x$4,700.9$749.817.7%$1.622.7x16.2x2.9xOverall Mean1.1x$13
91、,471.9$2,642.115.9%$3.823.4x18.2x3.4xNext-Gen IT ServicesOffshore IT ServicesGlobal IT ServicesNet Debt/LTM EBITDAMarket CapUSDmEVUSDmSource:Trading multiples and other data are based on share price,other market data,and broker consensus future estimates in each case from S&P Capital IQ as of Septem
92、ber 30,2022.PUBLIC COMPARABLES(FY 2020-2022E)IT SERVICES17EV/RevenueEV/EBITDAP/E2020-22E CAGREBITDA MarginForward P/E202020212022E202020212022E202020212022ERevenueEBITDA202020212022E20212022EEndava plc$4,487.0$4,496.98.6x6.0 x5.0 xNM33.5x22.1xNM NM 34.9x31.3%57.6%15.7%18.0%22.5%33.6x26.2xEPAM System
93、s,Inc.20,777.920,031.77.5x5.3x4.2x45.4x31.9x22.9xNM 44.4x36.3x34.6%40.8%16.6%16.7%18.2%34.7x30.8xGlobant S.A.7,815.57,707.79.5x5.9x4.3xNM35.6x21.2xNM NM 36.9x47.8%70.5%15.4%16.7%20.4%43.0 x32.7xGrid Dynamics Holdings,Inc.1,367.51,259.211.3x6.0 x4.1xNMNM23.0 xNM NM 44.0 x66.2%NAN/M 2.4%17.8%NM 41.2xK
94、in and Carta plc346.9378.82.5x1.8x1.4x24.7x16.4x11.8xNM NM 19.6x32.2%45.0%10.2%10.7%12.2%22.7x14.1xThoughtworks Holding,Inc.3,263.83,641.94.5x3.4x2.8x25.2xNM14.6x40.3xNM 21.7x26.8%31.4%18.0%5.3%19.3%22.3x21.5xNetcompany Group A/S1,658.91,953.14.2x3.5x2.5x15.7x15.4x12.6x31.5x19.0 x19.7x28.2%11.6%26.6
95、%22.9%20.2%12.8x15.6xKainos Group plc1,779.81,698.15.7x4.4x4.4x28.3x24.2x20.5x38.2x34.8x32.0 x14.8%17.4%20.3%18.1%21.2%26.6x26.3xMedian6.6x4.9x4.1x25.2x28.0 x20.8x38.2x34.8x33.5x31.8%40.8%16.6%16.7%19.7%26.6x26.3xMean6.7x4.5x3.6x27.9x26.2x18.6x36.7x32.8x30.6x35.2%39.2%17.5%13.9%19.0%28.0 x26.1xHCL T
96、echnologies Ltd.$31,019.5$29,997.03.0 x2.7x2.5x11.3x11.2x11.4x17.5x20.9x18.0 x8.9%(0.4%)26.5%23.9%22.2%16.7x16.3xInfosys Ltd.72,859.670,943.05.4x4.5x4.1x20.7x17.4x17.1x29.4x25.5x25.5x14.8%9.9%26.1%26.1%23.9%23.2x22.8xPersistent Systems Ltd.3,042.03,105.35.7x4.5x3.3x38.0 x27.2x18.4xNM 36.1x28.6x31.4%
97、44.0%14.9%16.4%17.9%30.7x23.9xTata Consultancy Services Ltd.135,101.5131,168.26.0 x5.3x5.0 x22.1x19.4x18.8x32.4x27.0 x27.2x9.6%8.4%27.0%27.3%26.4%24.9x24.6xWipro Ltd.26,512.525,298.63.0 x2.5x2.3x14.3x11.9x12.7x20.2x16.3x18.7x13.3%5.9%21.1%21.2%18.4%15.9x18.4xMedian5.4x4.5x3.3x20.7x17.4x17.1x24.8x25.
98、5x25.5x13.3%8.4%26.1%23.9%22.2%23.2x22.8xMean4.6x3.9x3.4x21.3x17.4x15.7x24.9x25.2x23.6x15.6%13.6%23.1%23.0%21.7%22.3x21.2xAccenture plc$162,613.6$155,415.43.5x2.9x2.5x21.0 x17.2x13.4x31.7x26.8x23.5x17.9%25.3%16.6%16.8%18.7%23.8x22.6xCapgemini SE27,913.633,175.41.7x1.6x1.5x13.7x12.1x10.3x23.9x21.4x15
99、.4x8.3%15.1%12.5%13.2%14.1%14.8x13.4xCGI Inc.17,927.420,394.92.1x2.1x2.1x12.3x12.0 x10.6x21.7x17.2x16.7x1.1%7.6%17.4%17.6%19.8%16.2x15.3xInternational Business Machines Corp.107,306.9150,124.92.7x2.6x2.5x12.2x12.3x10.2x27.1x22.8x12.7x4.5%9.7%22.3%21.3%24.5%11.4x12.3xMedian2.4x2.4x2.3x13.0 x12.2x10.5
100、x25.5x22.1x16.1x6.4%12.4%17.0%17.2%19.2%15.5x14.3xMean2.5x2.3x2.1x14.8x13.4x11.1x26.1x22.0 x17.1x8.0%14.4%17.2%17.2%19.3%16.5x15.9xOverall Median4.5x3.5x2.8x20.8x17.2x14.6x29.4x24.2x23.5x17.9%16.3%17.7%17.6%19.8%23.0 x22.6xOverall Mean5.1x3.8x3.2x21.8x19.8x16.0 x28.5x26.0 x25.4x23.0%25.0%19.2%17.3%1
101、9.9%23.3x22.2xNext-Gen IT ServicesOffshore IT ServicesGlobal IT ServicesMarket CapUSDmEVUSDmSource:Trading multiples and other data are based on share price,other market data,and broker consensus future estimates in each case from S&P Capital IQ as of September 30,2022.2022 Houlihan Lokey.All rights
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