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1、MARKETING 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 glo
2、bal investment 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
3、 ServiceHoulihan 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 CollectivelyCo
4、rporate FinanceFinancial RestructuringFinancial and Valuation Advisory2021 Investment Banking Rankings All Global TransactionsAdvisorDeals1Houlihan Lokey5492Goldman Sachs&Co5113JP Morgan5084Rothschild&Co4375Morgan Stanley393Source:Refinitiv.Excludes accounting firms and brokers.North AmericaAtlantaB
5、ostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoWashington,D.C.Europe and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilanMunichParisStockholmTel AvivZurichAsia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShanghaiSingaporeSydneyTok
6、yo2,000+CLIENTS SERVEDANNUALLY306MANAGINGDIRECTORS(1)2,200TOTAL FINANCIALPROFESSIONALS35LOCATIONSWORLDWIDE$2.3BREVENUE$6.5B+MARKET CAPITALIZATION(2)23Senior officers dedicated to the sponsor community in North America and EuropeFully Integrated Financial Sponsor Coverage1,000+Sponsors covered,provid
7、ing market 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.A
8、nnounced or completed transactions.2021 Global Distressed Debt&BankruptcyRestructuring RankingsAdvisorDeals1Houlihan Lokey632Rothschild&Co383Moelis&Co344PJT Partners Inc335Lazard24Source:Refinitiv.(1)As of March 31,2022.Excludes corporate managing directors.(2)As of November 2022.Houlihan Lokeys Bus
9、iness Services Group 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 ran
10、ked the No.1 investment bank for all global business services M&A transactions in 2021.*Excludes accounting firms and brokers.BPO ServicesEducation and TrainingEngineering and InfrastructureEnvironmental ServicesEquipment-as-a-ServiceFacility and Residential ServicesABOUT OUR BUSINESS SERVICES INDUS
11、TRY GROUPKey Facts and 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 CY21S
12、elected Business Services 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 A
13、dvisora portfolio company 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 bee
14、n acquired bySellside 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 AdvisorLeadershipFeatured TransactionsContact UsLearn
15、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 CoverageThe marketing services sector operates within Houlihan Lokeys Business Services Group,which has earned a reputation for
16、providing superior service and achieving outstanding results in M&A advisory,capital raising,restructuring,and financial and valuation advisory.Our clients run the gamut from early-stage businesses and midsized companies to large,publicly traded corporations.We understand that an industry driven by
17、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 optimize client outcomes by running executed,competitive processes,by focusing on deep domain knowledge to position for synergy an
18、d scarcity value,and by leveraging our world-class strategic and private equity access to bring the right senior decision-makers to the negotiation table.Communications and PR Customer Experience(CX)Digital Transformation Data-Driven Marketing Events and Experiential Pharmaceutical Marketing and Com
19、munications Market Research and Insights Vertically Focused Marketing ServicesLarry DeAngeloManaging DirectorLDeAngeloHL.com404.495.7019Mark MartinManaging DirectorMDMartinHL.com310.788.5308Clayton YoungDirectorClayton.YoungHL.com404.926.1630Brandon BleakleySenior Vice PresidentBBleakleyHL.com646.25
20、9.7488Jack FaySenior Vice PresidentJFayHL.com404.495.7027a portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas acquireda subsidiary ofBuyside Advisora portfolio company ofhas been acquired b
21、ySellside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisorhas acquireda portfolio company ofandBuyside Advisorhas been acquired bya portfolio company of&Sellside Advisorhas acquiredBuyside Advisorhas completed a strategic investment inBuyside Advisorhas receive
22、d an investment fromSellside Advisorhas received an investment fromSellside Advisor4ABOUT OUR MARKETING SERVICES TEAMhas received an investment from Sellside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas acquireda portfolio company o
23、fBuyside Advisorhas been acquired bySellside Advisorhas been acquired via an equity tender and merger agreement byCompany AdvisorDespite ongoing global macroeconomic headwinds and uncertainty within debt financing markets,there remains a strong demand for high-quality and strategically valuable mark
24、eting services businesses.This is exemplified by transaction volumes that reached a new high in Q3 2022,growing 54%over Q3 2021.Additionally,disclosed transaction values are at their second-highest level in the past five years.Core M&A themes remained consistent through Q3,with premium valuations as
25、cribed to 1)assets with a critical mass of technology talent with expertise in sought-after components of the martech ecosystem or front-end development(both on-,near-,and off-shore);2)high-ROI offerings focused on driving sales conversion as opposed to brand awareness;3)sophisticated technology ena
26、blement,particularly in the market research subsector;and 4)firms focused on recession-resilient and highly specialized end markets.Based on observable market activity,we project M&A volumes to stabilize in Q4 and accelerate in the first half of 2023 as high-performing firms leverage 2022 financial
27、performance into a process early in the new year.IntroductionQ3 2022 Quick Facts1.Executive Summary.62.Featured Sector News.73.Select Q3 Transactions Executed by Houlihan Lokey.104.Additional Q3 Marketing Services M&A Highlights.115.Equity Market Index Performance.126.Equity Market Index Performance
28、:Marketing Services Subsectors.137.Public Company Valuations.148.Public Comparables.169.Disclaimer 18Source:S&P Capital IQ.Data as of September 30,2022.(1)Publicis Groupe S.A.,S4 Capital PLC,WPP PLC,Ascential PLC,Informa PLC,Ipsos S.A.,GL Events S.A.,MCH Group AG,and Capgemini SE have not reported Q
29、3 financial results,so Q2 data was used in these instances.Table of ContentsMarketing ServicesM&A Transaction Volume122Transactions Q3 20225Q3 MARKETING SERVICES MARKET UPDATE6558578274747986120101122Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3202020212022Marketing Services Sector Index Revenue$92.3 Billion(1)in Revenue0
30、.4%Increase Over Prior QuarterSector Index revenue remained stable despite global macro volatility,while deal volumes were much higher than in 2020 and 2021.Sector Business Conditions(1)Marketing services sector M&A enjoyed record quarterly growth despite increased geopolitical and economic uncertai
31、nty.Deals were up 38%by volume in H1 2022,according to WSJ,while broader global M&A fell by 20%YOY,according to PwC.Social advertising spend has grown 12%from Q3 2021 to Q3 2022 and is increasingly targeting younger consumers(Gen Z and Millennials).Continued e-commerce growth has led to 41%YoY growt
32、h for CPC spending across channels,despite lower impressions on Facebook and Instagram.Paid search clicks decreased by 10%YoY,while organic search visits declined by 3%YoY,according to Merkle.Mobile search visits drove 64%of all organic traffic in Q3,while paid search via mobile set a record,represe
33、nting 72%of paid traffic.Apples iOS 14 updates have made it harder than ever for advertisers to affordably target the right demographics of Apple device users.Brands have no choice but to bid more aggressively within narrower targeting pools,and marketing services firms are seeking new ways to garne
34、r first-party data.Increasing social spend,a continued shift toward mobile paid/organic search,and e-commerce growth all continue to provide tailwinds across the marketing services ecosystems,while increasing privacy concerns are driving a race to acquire zero-and first-party consumer data.News High
35、lightsOmnicom Group Inc.announced the launch of Transact,a dedicated business unit that will focus on connected-commerce consulting and e-retail/e-commerce services.Hakuhodo DY Holdings Inc.plans to form a joint venture with Stake Technologies Pte.,a Web3 infrastructure developer.Stagwell Inc.announ
36、ced the launch of its Risk and Reputation unit to advise executives on social and political issues.Martin Sorrells digital ad company S4 Capital plc plans to combine industry-leading social media agency Media Monks with influencer marketing startup XX Artists.Amdocs Ltd.,a leading provider of commun
37、ications and media software services,reported record revenues with 10%YoY growth for fiscal 2022 expected.The Interpublic Group(IPG)reported a 9.6%net revenue increase in H1 2022,noting strong growth in the U.S.and Latin America in particular(8.8%).Publicis Groupe reported 10.3%organic revenue growt
38、h and a 21%increase in net revenues for Q2 2022,and expects full-year organic revenue growth of 6%to 7%.Omnicom PR Group reported 15.8%YoY organic revenue growth in Q2,while Omnicom Group as a whole reported 11.3%organic revenue growth for the quarter.M&A HighlightsAonic Group has acquired ad tech a
39、nd marketing firm Exmox,a global performance marketing agency that focuses on mobile game demographics,for$101.4M.Industry-leading commerce network CommerceHub has agreed to acquire all shares of ChannelAdvisor Corp.,a cloud-based e-commerce solutions provider,for$732.7M.Award-winning B2B thought le
40、adership publication Industry Dive has agreed to be acquired by Informa plc,a global B2B events and digital services group,for$525M.Public Comps HighlightsOver the past 12 months,the Houlihan Lokey Marketing Services Index(26.9%)trailed the S&P 500(17.7%)while outperforming the S&P Comm.Index(40.6%)
41、.While all major subsectors ended Q3 in the red,market research(12.6%)once again showed far more resilience than other subsectors over the past 12 months.Over the past three years,market research is also the only subsector to post positive returns at 39%.However,the events and experiential marketing
42、 subsector had the highest LTM revenue,EBITDA,and forward P/E multiples of all subsectors,followed by market research.(1)Sources:,.(2)Houlihan Lokey Marketing Index consists of a diversified set of companies across the marketing services sector.See pages 16 and 17 for a complete list.EXECUTIVE SUMMA
43、RY6Sources:Company website,press releases.DateCompanySubsectorsDescriptionArticle Link09/27/2022Marketing AgenciesHakuhodo DY Holdings Inc.,a Japanese advertising firm,plans to start a joint venture with Singapore-based Stake Technologies Pte.,a Web3 infrastructure developer.Read More09/22/2022Marke
44、ting AgenciesOmnicom Group Inc.announced the launch of Transact,a dedicated business unit that will focus on connected-commerce consulting and e-retail/e-commerce services.Read More09/21/2022Marketing AgenciesStagwell Inc.announced the launch of its Risk and Reputation unit,which includes political
45、comms.firms,to advise executives on social and political issues.Read More09/21/2022Digital&PerformanceMarketingBruin Capitals TGI Sport has acquired Brand Brigade,a New York-based virtual advertising and product placement firm that has worked with the NBA,NHL,and MLB.Read More09/20/2022Digital&Perfo
46、rmanceMarketingSpreetail,LLC announced the acquisition of Buy Box Experts,an e-commerce marketing agency that drives brand success on e-commerce sites like Amazon.Read More09/16/2022CX&Digital TransformationDoxee S.p.A.has agreed to acquire 90%of Infinica GmbH,an Austrian tech vendor that specialize
47、s in customer communications management(CCM)solutions.Read More09/08/2022Market ResearchBeringer Capital,which specializes in information and MarTech,buys a majority stake in Toronto-based Dig Insights Inc.,a consumer insights and market research firm.Read More09/08/2022Digital&Performance Marketing
48、Tech-enabled performance advertising solutions provider Digital Media Solutions received a private buyout offer from Prism Data in the ballpark of$298M.Read More09/06/2022Digital&PerformanceMarketingIndustry-leading commerce network CommerceHub has agreed to acquire all shares of ChannelAdvisor Corp
49、.,a cloud-based e-commerce solutions provider,for$732.7M.Read MoreJust three quarters of the way through the year,2022 has nearly matched the full-year transaction volumes of 2019 and 2020.In addition to the M&A activity focused on expanding service offerings and enhancing global reach,there were ma
50、ny organic initiatives across marketing services subsectors focused on launching new brands,services,and data/technology products.7FEATURED SECTOR NEWSFEATURED SECTOR NEWS(CONT.)8DateCompanySubsectorsDescriptionArticle Link09/01/2022Marketing AgenciesWPP plc acquires Netherlands-based e-commerce con
51、sultancy firm Newcraft,which supports enterprises in operational digital commerce and marketing capabilities.Read More 08/18/2022Digital&Performance MarketingAonic Group has acquired ad tech and marketing firm Exmox,a global performance marketing agency that focuses on mobile game demographics,for$1
52、01.4M.Read More08/03/2022Marketing AgenciesAmdocs Ltd.,a leading provider of communications and media software services,reported record revenues with 10%YoY growth for fiscal 2022 expected.Read More07/29/2022Marketing AgenciesAdvantage Solutions Inc.found that 6 in 10 young adults between the ages o
53、f 13 and 25 are more likely to share positive experiences with product samples on social media.Read More07/28/2022Digital&PerformanceMarketingGlobal One Media Ltd.acquires Hong Kong-based Made4Social Ltd.,a social media agency with deep targeting expertise in Hong Kong,Montreal,and Oslo.Read More07/
54、26/2022Market ResearchIn its annual Future of Marketplaces Report,Ascential plc revealed that third-party sales in online marketplaces may soon account for 59%of global e-commerce by 2027.Read More07/25/2022Vertically Focused Marketing(Auto)One Planet Group,LLC,has acquired AutoWeb Inc.,a leading au
55、tomotive matchmaking platform that connects car shoppers with preferred vehicle transactions.Read More07/21/2022Marketing AgenciesThe Interpublic Group(IPG)reported a 9.6%net revenue increase in H1 2022,noting strong growth in the U.S.and Latin America in particular(8.8%).Read More07/21/2022Marketin
56、g AgenciesPublicis Groupe reported 10.3%organic revenue growth and a 21%increase in net revenues for Q2 2022,and expects full-year organic revenue growth of 6%to 7%.Read More07/19/2022Marketing AgenciesOmnicom PR Group reported 15.8%YoY organic revenue growth in Q2,while Omnicom Group as a whole rep
57、orted 11.3%organic revenue growth for the quarter.Read MoreSources:Company website,press releases.FEATURED SECTOR NEWS(CONT.)9DateCompanySubsectorsDescriptionArticle Link07/20/2022S4 Capital plcMarketing AgenciesMartin Sorrells digital ad company S4 Capital plc plans to combine Netherlands-based soc
58、ial media agency Media Monks with influencer marketing startup XX Artists.Read More07/19/2022Omnicom Group Inc.Marketing AgenciesOmnicom PR Group reported 15.8%YoY organic revenue growth in Q2,while Omnicom Group as a whole reported 11.3%organic revenue growth for the quarter.Read More07/19/2022Indu
59、stry DiveMarketing AgenciesAward-winning B2B thought leadership publication Industry Dive has agreed to be acquired by Informa plc,a global B2B events and digital services group,for$525M.Read More06/30/2022Stillwell Partners LLCMarketing AgenciesStillwell Partners LLC sold Advertising Week,an award-
60、winning,global thought leadership publication and premier events platform,to Emerald Holding Inc.Read MoreSources:Company website,press releases.DateCompanySubsectorsDescriptionArticle Link07/19/2022Digital&Performance MarketingAward-winning B2B thought leadership publication Industry Dive has agree
61、d to be acquired by Informa plc,a global B2B events and digital services group,for$525M.Read More07/19/2022Marketing AgenciesInternet Brands has completed a recapitalization with its long-term investors KKR and Temasek,and a group of new investors at a valuation of more than$12 billion.Read More07/1
62、/2022Marketing AgenciesMartin Sorrells digital ad company S4 Capital plc plans to combine Netherlands-based social media agency Media Monks with influencer marketing startup XX Artists.Read More06/30/2022Marketing AgenciesStillwell Partners LLC sold Advertising Week,an award-winning,global thought l
63、eadership publication and premier events platform,to Emerald Holding Inc.Read MoreHoulihan Lokey Advises Go Inspire Go Inspire has been acquired by Xerox to grow its digital services presence in the U.K.Go Inspire is a U.K.-based print and digital marketing and communication services provider servin
64、g customers throughout Europe,the Middle East,and Africa(EMEA).Go Inspires capabilities will help transform Xeroxs transactional and direct mail services into multichannel communications,aiding growth in EMEA and creating new avenues to support current and new clients.Houlihan Lokey served as the ex
65、clusive sellside advisor to Go Inspire and assisted its shareholders throughout the transaction,including with the preparation of marketing materials,buyer outreach,due diligence,and overall process coordination as well as transaction negotiations.Houlihan Lokey Advises OPEN Health OPEN Health,a pre
66、-eminent global provider of scientific communications and market access services,announced that it signed a binding agreement to acquire The CM Group,a leading U.S.domestic medical communications platform,from NaviMed Capital.The partnership between OPEN Health and The CM Group expands the platforms
67、 global reach and portfolio of best-in-class scientific solutions for the pharma and biotech industry.Houlihan Lokey served as the exclusive financial advisor to OPEN Health.Houlihan Lokey Advises RevHealth RevHealth,LLC,a science-focused independent provider of omnichannel healthcare communications
68、,supporting pharma,biotech,device,and other healthcare clients with professional promotion,medical education,and patient education and advocacy communication services,has been recapitalized by WindRose Health Investors,LLC(WindRose).The transaction closed on July 22,2022.WindRose makes equity invest
69、ments in companies that operate within the services sectors of the healthcare industry.The firm focuses on companies with profitable business models and demonstrated abilities to deliver cost-effective solutions.WindRose manages more than$2.6 billion in investments.Houlihan Lokey served as the exclu
70、sive financial advisor to RevHealth.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 company of Odyssey Investment Partners.The transaction closed on July 15,2022.Launch navigates world-class
71、 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-first world.Houlihan Lokey served as the exclusive financial advisor to Launch in connection with t
72、he transaction.Performance MarketingPharma CommercializationMed CommsPharma CommercializationCX Digital Transformation10SELECT Q3 TRANSACTIONS EXECUTED BY HOULIHAN LOKEYSMARKETING SERVICES TEAMhas received an investment from Sellside Advisora portfolio company ofhas been acquired bya portfolio compa
73、ny ofSellside Advisora portfolio company ofhas acquireda portfolio company ofBuyside Advisorhas been acquired bySellside AdvisorHealthcare Marketing$6.6$12.6$47.4$8.3$20.73582922623022Disclosed Value($B)DealsDateAcquirerTargetSubsectorDeal Value$M09/15/2022CX&Digital Transforma
74、tionN/A09/15/2022Communications&PRN/A09/12/2022Market ResearchN/A09/08/2022Market ResearchN/A09/06/2022Digital&Performance Marketing732.708/25/2022Communications&PRN/A08/17/2022Outsourced Sales&MarketingN/A08/10/2022Automotive MarketingN/A08/05/2022Events/Experiential Marketing30.008/03/2022Marketin
75、g AgenciesN/A08/01/2022Market ResearchN/A07/28/2022Pharmaceutical MarketingN/A07/27/2022Market ResearchN/A07/25/2022Automotive Marketing12.407/19/2022Digital&Performance Marketing525.007/19/2022Digital&Performance MarketingN/A07/11/2022Higher Education MarketingN/A07/06/2022Market ResearchN/A As of
76、Q3,2022 deal volume is still on pace for the best year for marketing services M&A since 2018.Disclosed transactions values are also at their second-highest level in the past five years,lagging behind only 2020.Target acquisitions this quarter focused on strategic geographic expansions,digital capabi
77、lities consolidation,enhanced customer insights,and Gen Z-focused loyalty and experiential marketing.E-commerce marketing acquisitions stood out,resulting in some of the quarters biggest M&A deals(e.g.,CommerceHub acquiring ChannelAdvisor).Transaction Value and Deal VolumeAdditional Notable Transact
78、ionsKey Takeaways$in billionsSource:S&P Capital IQ.(1)Includes November 2020 S&P GlobalIHS Markit$45.4 billion transaction.(2)YTD September 2022.11ADDITIONAL Q3 MARKETING SERVICES M&A HIGHLIGHTSS&P 500(17.7%)Houlihan Lokey Marketing Services Index(26.9%)S&P Comm.(40.6%)As the Federal Reserves rate h
79、iking war against inflation continues,both Houlihan Lokeys Marketing Services Index and the S&P Comm.Index have been moving in lockstep with the S&P 500.Over the past 12 months,the Houlihan Lokey Marketing Services Index(26.9%)trailed the S&P 500(17.7%),but looked far better than the S&P Comm Index(
80、40.6%).On a quarterly basis,The Houlihan Lokey Marketing Services Index remained resilient(2.8%),once again outperforming both S&P Comm.(13.5%)and the S&P 500(6.3%)Several publicly traded marketing agencies(e.g.,Omnicom,IPG,Publicis,Amdocs)reported higher YoY revenues,pointing to increasing demand f
81、or digital marketing services.LTM September 2022 PerformanceJulySeptember 2022 PerformanceHoulihan Lokey Marketing Services Index(2.8%)S&P 500(6.3%)S&P Comm.(13.5%)(1)(1)55.0070.0085.00100.00115.00Oct-21Nov-21Dec-21Feb-22Mar-22May-22Jun-22Aug-22Sep-22S&P 500 Communication ServicesS&P 500Houlihan Lok
82、ey Marketing Services80.0088.0096.00104.00112.00120.00Jul-22Jul-22Jul-22Aug-22Aug-22Sep-22Sep-22S&P 500 Communication ServicesS&P 500Houlihan Lokey Marketing ServicesSource:S&P Capital IQ.Data as of September 30,2022.All share prices rebased to 100.(1)The Houlihan Lokey Marketing Services Index cons
83、ists of a diversified set of 51 companies across the marketing services sector.See pages 16 and 17 for a complete list.12EQUITY MARKET INDEX PERFORMANCEWhile all major subsectors ended Q3 in the red,market research(12.6%)once again showed far more resilience than other subsectors on a LTM basis.On a
84、 three-year basis,CX digital transformation subsector has shown post positive returns of 51%.LTM September 2022 Performance by Subsector607080900Oct-21Dec-21Mar-22Jun-22Sep-22Marketing AgenciesMarketing Services(Non-Agency)Market ResearchEvents/Experiential MarketingCX Digital Transformat
85、ionMonthly PerformanceYTD PerformanceThree-Year Performance-5%-10%-5%-13%-10%-29%-38%-20%-34%-38%-12%-22%39%-54%51%Source:S&P Capital IQ.Data as of September 30,2022.All share prices rebased to 100.13EQUITY MARKET INDEX PERFORMANCEMARKETING SERVICES SUBSECTORSMarket Research(12.6%)Marketing Agencies
86、(29.8%)CX Digital Transformation(30.1%)Events/Experiential Marketing(34.0%)Marketing Services(Non-Agency)(35.6%)EV/LTM RevenueEV/LTM EBITDAForward P/EMarketing AgenciesMarketing Services(Non-Agency)Market ResearchEvents/Experiential MarketingCX Digital Transformation1.1x1.2x1.4x1.7x2.9x6.8x9.0 x12.5
87、x12.9x14.1x10.1x10.6x16.4x13.8x22.7xSource:S&P Capital IQ.Data as of September 30,2022.14PUBLIC COMPANY VALUATIONS(LTM SEPTEMBER 2022)EV/2022E RevenueEV/2022E EBITDAForward P/EMarketing AgenciesMarketing Services(Non-Agency)Market ResearchEvents/Experiential MarketingCX Digital Transformation6.0 x8.
88、3x9.2x10.3x14.6x1.1x1.1x1.2x1.4x2.8x10.1x10.6x16.1x14.8x22.6xSource:S&P Capital IQ.Data as of September 30,2022.15PUBLIC COMPANY VALUATIONS(FY 2022E)Source:S&P Capital IQ.Data as of September 30,2022.16PUBLIC COMPARABLESMARKETING SERVICESLTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBI
89、TDALTM RevenueDentsu Group Inc.$7,511.6$7,771.8$863.22.5x$8,267.2$1,716.620.8%$2.511.2x4.5x0.9xHakuhodo DY Holdings Inc2,629.02,172.5(705.4)1.3x6,521.4668.410.2%0.612.4x3.3x0.3xNext Fifteen Communications Group plc855.1930.882.21.1x733.1104.214.2%1.09.1x8.9x1.3xOmnicom Group Inc.12,923.516,090.02,16
90、7.42.3x14,276.72,353.016.5%6.89.3x6.8x1.1xPublicis Groupe S.A.12,041.615,145.03,335.83.0 x13,372.42,242.316.8%5.98.1x6.8x1.1xS4 Capital plc898.01,101.9222.24.5x1,037.4102.79.9%0.112.0 x10.7x1.1xStagwell Inc.918.32,769.31,163.94.8x2,591.5274.610.6%0.612.0 x10.1x1.1xThe Interpublic Group of Companies,
91、Inc.10,010.311,041.71,190.61.7x9,447.81,704.218.0%2.510.1x6.5x1.2xWPP plc9,026.915,427.16,398.04.6x16,311.91,841.211.3%1.17.7x8.4x0.9xMedian$1,163.92.5x$8,267.2$1,704.214.2%$1.110.1x6.8x1.1xMean$1,635.32.9x$8,062.2$1,223.014.3%$2.310.2x7.3x1.0 xAdvantage Solutions Inc.$678.4$2,703.5$1,894.04.2x$3,97
92、9.5$483.812.2%$0.73.2x5.6x0.7xAmdocs Limited9,689.89,600.6(172.9)0.7x4,576.7874.019.1%5.714.0 x11.0 x2.1xAscential plc1,006.61,296.3244.55.1x553.769.012.5%0.214.7x18.8x2.3xCSG Systems International,Inc.1,629.61,881.0282.42.8x1,074.9156.114.5%3.714.2x12.1x1.7xDeluxe Corporation717.42,348.51,623.44.9x
93、2,244.6339.515.1%4.24.0 x6.9x1.0 xHarte Hanks,Inc.78.487.9(6.6)0.0 x203.518.99.3%1.67.2x4.7x0.4xIAC Inc.4,939.35,958.0432.722.3x5,148.392.01.8%(1.4)NM NM1.2xLoyalty Ventures Inc.29.8562.4544.76.6x727.793.412.8%0.62.1x6.0 x0.8xTechTarget,Inc.1,746.81,811.170.86.3x301.472.023.9%2.622.4x25.2x6.0 xMedia
94、n$282.44.9x$1,074.9$93.412.8%$1.610.6x9.0 x1.2xMean$545.95.9x$2,090.0$244.313.5%$2.010.2x11.3x1.8xcomScore,Inc.$151.8$336.5($9.1)4.0 x$374.7$4.01.1%($0.3)NM NM0.9xForrester Research,Inc.683.5611.0(68.7)0.8x534.664.012.0%2.315.8x9.5x1.1xGartner,Inc.21,884.524,093.11,929.22.1x5,277.51,188.122.5%8.632.
95、1x20.3x4.6xICF International,Inc.2,048.92,492.9703.94.7x1,692.3152.49.0%5.918.5x16.4x1.5xInforma plc8,288.58,599.5(9.0)4.4x2,682.9686.225.6%0.317.8x12.5x3.2xInformation Services Group,Inc.227.3267.651.02.0 x281.734.812.4%0.411.8x7.7x0.9xINTAGE HOLDINGS Inc.410.6321.8(67.3)0.3x418.545.510.9%0.714.0 x
96、7.1x0.8xIpsos SA1,999.22,315.5315.82.3x2,378.4292.512.3%4.79.5x7.9x1.0 xIQVIA Holdings Inc.33,784.045,410.011,033.04.6x14,307.02,676.018.7%10.617.0 x17.0 x3.2xMacromill,Inc.296.1459.9151.23.7x354.963.417.9%0.612.6x7.3x1.3xNational Research Corporation985.2981.8(4.7)0.4x151.754.736.0%NA NA 18.0 x6.5x
97、YouGov plc1,082.41,092.7(30.7)0.2x269.060.022.3%0.426.6x18.2x4.1xMedian$23.12.2x$476.5$63.715.1%$0.716.4x12.5x1.4xMean$1,166.22.5x$2,393.6$443.516.7%$3.117.6x12.9x2.4xEmerald Holding,Inc.$233.6$968.8$147.220.6x$273.4$24.99.1%NA NA 38.9x3.5xEndeavor Group Holdings,Inc.5,837.810,923.14,456.64.2x5,513.
98、31,306.723.7%1.513.8x8.4x2.0 xFiera Milano SpA208.7563.1347.842.8x246.711.24.5%(0.0)NM NM2.3xGL Events SA421.21,622.11,075.68.7x1,103.1192.917.5%1.59.9x8.4x1.5xMCH Group AG71.2218.7152.015.2x350.617.04.8%(0.3)NM 12.9x0.6xViad Corp651.21,297.0387.56.1x1,062.976.97.2%1.030.3x16.9x1.2xMedian$367.712.0
99、x$706.8$50.98.2%$1.013.8x12.9x1.7xMean$1,094.416.2x$1,425.0$271.611.1%$0.718.0 x17.1x1.9xMarketing AgenciesNet Debt/LTM EBITDAMarketing Services(Non-Agency)Market ResearchMarket CapUSDmEVUSDmNet DebtUSDmEvents/Experiential MarketingSource:S&P Capital IQ.Data as of September 30,2022.17PUBLIC COMPARAB
100、LESMARKETING SERVICES(CONT.)LTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBITDALTM RevenueAccenture plc$162,613.6$155,415.4($7,838.7)0.0 x$61,594.3$11,455.418.6%$11.322.7x13.6x2.5xCapgemini SE27,913.633,175.45,593.82.9x21,050.62,777.513.2%11.114.6x11.9x1.6xCognizant Technology Solution
101、s Corporation29,741.628,067.6(2,095.0)0.2x19,366.03,492.018.0%4.712.1x8.0 x1.4xEndava plc4,487.04,496.9(131.6)0.4x783.9164.321.0%2.630.5x27.4x5.7xEPAM Systems,Inc.20,777.920,031.7(1,511.8)0.0 x4,700.9749.816.0%10.933.3x26.7x4.3xGlobant S.A.7,815.57,707.7(226.2)0.5x1,669.3271.416.3%5.633.5x28.4x4.6xG
102、rid Dynamics Holdings,Inc.1,367.51,259.2(255.2)N/M 296.43.01.0%0.540.4xNM4.2xHCL Technologies Limited31,019.529,997.0(1,099.0)0.3x12,078.02,599.021.5%0.717.4x11.5x2.5xInfosys Limited72,859.670,943.0(2,474.0)0.2x17,530.04,152.023.7%0.723.8x17.1x4.0 xInternational Business Machines Corporation107,306.
103、9150,124.941,310.04.2x60,535.012,159.020.1%9.812.1x12.3x2.5xKin and Carta plc346.9378.816.31.2x231.526.811.6%0.118.1x14.1x1.6xPersistent Systems Limited3,042.03,105.3(42.1)0.7x867.1134.715.5%1.624.2x23.1x3.6xTata Consultancy Services Limited135,101.5131,168.2(5,022.3)0.1x25,504.76,608.525.9%1.425.7x
104、19.8x5.1xThoughtworks Holding,Inc.3,263.83,641.9216.1N/M 1,272.3(81.6)(6.4%)0.519.2xNM2.9xWipro Limited26,512.525,298.6(1,869.4)1.2x10,475.31,985.819.0%0.317.8x12.7x2.4xMedian($255.2)0.4x$10,475.3$1,985.818.0%$1.622.7x14.1x2.9xMean$1,638.10.9x$15,863.7$3,099.915.7%$4.123.0 x17.4x3.3xOverall Median$1
105、51.22.5x$1,692.3$192.915.1%$1.414.2x11.7x1.6xOverall Mean$1,269.94.5x$7,188.2$1,307.014.7%$2.816.6x13.3x2.2xCX Digital TransformationNet Debt/LTM EBITDAMarket CapUSDmEVUSDmNet DebtUSDmLTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBITDALTM RevenueNet Debt/LTM EBITDAMarket CapUSDmEVUSDmN
106、et DebtUSDmSource:S&P Capital IQ.Data as of September 30,2022.18PUBLIC COMPARABLESMARKETING SERVICES(CONT.)EV/RevenueEV/EBITDAP/EEBITDA Margin20212022E20212022E20212022ERevenueEBITDA20212022E20212022EDentsu Group Inc.0.5x0.8x0.9x4.1x4.9x8.4x11.5x(2.6%)(1.7%)19.9%18.3%10.2x11.0 xHakuhodo DY Holdings
107、Inc(0.9x)0.3x0.3x2.8x3.9x7.5x10.5x(26.2%)3.1%9.0%8.2%8.0 x12.3xNext Fifteen Communications Group plc1.1x1.6x1.4x12.3x6.2xNM 9.5x27.3%85.4%13.0%22.7%11.5x8.6xOmnicom Group Inc.0.9x1.1x1.1x6.9x6.8x9.7x9.2x3.6%10.1%16.3%16.7%10.1x9.1xPublicis Groupe S.A.1.5x1.1x1.2x6.9x5.3x10.3x8.2x(1.9%)9.4%16.5%22.3%
108、8.3x7.4xS4 Capital plc1.9x1.2x0.9x9.3x7.8xNM 12.0 x60.9%44.2%12.7%11.7%8.1x11.4xStagwell Inc.7.4x1.9x1.1x17.6x6.0 xNM 9.7x71.2%90.6%10.7%17.8%NA 18.8xThe Interpublic Group of Companies,Inc.0.7x1.2x1.2x6.4x6.2x10.7x9.5x8.5%17.4%19.1%18.8%10.1x10.1xWPP plc3.3x0.9x1.1x7.9x5.7x11.8x8.0 x(7.9%)NA11.3%19.
109、4%7.4x7.1xMedian1.1x1.1x1.1x6.9x6.0 x10.0 x9.5x3.6%13.8%13.0%18.3%9.2x10.1xMean1.8x1.1x1.0 x8.2x5.9x9.7x9.8x14.8%32.3%14.3%17.3%9.2x10.6xAdvantage Solutions Inc.3.7x0.8x0.7x5.3x6.4x12.5x3.1x12.9%2.1%14.1%10.5%2.7x3.8xAmdocs Limited(0.2x)2.2x2.1x11.6x9.8x19.4x14.4x5.1%11.4%19.2%21.1%15.2x13.6xAscenti
110、al plc3.9x2.7x2.3x20.9x10.1xNM 17.1x34.2%NA13.1%22.7%13.7x14.3xCSG Systems International,Inc.1.7x1.8x1.9x11.5x8.3x23.4x14.8x1.2%16.5%15.6%22.3%15.3x14.3xDeluxe Corporation5.0 x1.2x1.1x7.2x5.7x11.5x4.1x11.2%17.9%16.1%18.6%3.3x4.2xHarte Hanks,Inc.(0.4x)0.5x0.4x5.8x4.4x6.3x6.6x7.2%NA7.8%9.9%NA 7.6xIAC
111、Inc.4.2x1.6x1.1xNM29.4x8.8xNA 38.0%NA2.8%3.9%NM NM Loyalty Ventures Inc.4.8x0.8x0.8x4.9x5.1x17.3xNM (6.8%)(11.7%)15.5%16.5%0.7x2.1xTechTarget,Inc.1.3x6.9x6.1x32.7x15.0 xNM 23.5x41.2%86.3%21.0%40.8%24.0 x26.4xMedian3.7x1.6x1.1x9.4x8.3x12.5x14.4x11.2%14.0%15.5%18.6%13.7x10.6xMean2.7x2.0 x1.8x12.5x10.5
112、x14.2x11.9x16.0%20.4%13.9%18.5%10.7x10.8xcomScore,Inc.(4.9x)0.9x0.9xNM9.1xNM NM 2.5%38.7%0.5%9.9%NM NM Forrester Research,Inc.(1.2x)1.2x1.1x10.4x9.2x28.1x15.7x9.6%19.5%11.9%12.3%17.6x15.6xGartner,Inc.1.7x5.1x4.4x21.0 x17.6x30.0 x30.3x15.0%41.2%24.3%25.2%36.8x29.4xICF International,Inc.4.7x1.6x1.4x16
113、.5x13.2x29.3x19.4x8.6%22.6%9.7%10.7%22.5x18.2xInforma plc(0.0 x)3.5x3.1x15.8x12.3xNM 22.4x9.8%35.5%22.4%25.6%16.7x16.5xInformation Services Group,Inc.1.7x1.0 x0.9x8.7x6.3x15.9x10.3x6.6%51.7%11.1%15.1%13.0 x10.3xINTAGE HOLDINGS Inc.(1.2x)0.6x0.7x5.6x7.1x13.2x15.6x(8.3%)(0.4%)11.1%10.5%15.4x13.6xIpsos
114、 SA0.9x0.9x0.9x7.0 x5.8x9.8x9.8x4.8%28.2%13.6%16.1%9.9x8.5xIQVIA Holdings Inc.4.4x3.3x3.2x18.2x13.6x36.6x17.9x12.5%35.1%18.0%23.2%18.5x17.1xMacromill,Inc.1.9x1.1x1.2x5.8x7.3x10.1x13.1x(2.5%)(9.5%)19.6%17.0%12.3x11.9xNational Research Corporation(0.1x)6.6xNA17.3xNA27.3xNA NANA38.4%NANA NA YouGov plc(
115、0.6x)4.4x3.8x20.6x13.6xNM 28.4x19.9%50.6%21.5%28.2%27.7x23.9xMedian0.5x1.4x1.2x15.8x9.2x27.3x16.8x8.6%35.1%15.8%16.1%17.1x16.1xMean0.6x2.5x2.0 x13.3x10.4x22.3x18.3x7.1%28.5%16.8%17.6%19.0 x16.5xEmerald Holding,Inc.(3.4x)6.7xNANMNANM NA NANAN/M NANA NA Endeavor Group Holdings,Inc.5.5x2.2x2.1x13.5x9.4
116、xNM 15.2x23.3%85.0%15.9%22.0%16.1x14.4xFiera Milano SpA(9.9x)3.8x2.7xNM10.3x4.2xNM 51.8%NAN/M 26.4%NM 15.2xGL Events SA8.0 x1.9x1.4x12.1x8.4x25.2x11.5x42.5%NA15.9%16.3%14.4x8.5xMCH Group AG(11.3x)1.0 x0.5xNM23.8xNM NM 52.1%NAN/M 2.2%NM NM Viad Corp(44.3x)2.6x1.2xNM10.9xNM 49.3x63.1%NAN/M 10.8%25.5x2
117、6.8xMedian(6.7x)2.4x1.4x12.8x10.3x14.7x15.2x51.8%85.0%15.9%16.3%16.1x14.8xMean(9.2x)3.0 x1.6x12.8x12.5x14.7x25.3x46.5%85.0%15.9%15.5%18.6x16.2xMarketing AgenciesMarketing Services(Non-Agency)Net Debt/2021 EBITDAMarket Research2020-22E CAGRForward P/EEvents/Experiential MarketingSource:S&P Capital IQ
118、.Data as of September 30,2022.19PUBLIC COMPARABLESMARKETING SERVICES(CONT.)EV/RevenueEV/EBITDAP/EEBITDA Margin20212022E20212022E20212022ERevenueEBITDA20212022E20212022EAccenture plc(0.9x)2.9x2.5x17.2x13.4x26.8x23.5x17.9%25.3%16.8%18.7%23.8x22.6xCapgemini SE2.0 x1.6x1.5x12.1x10.6x21.4x15.4x7.3%13.7%1
119、3.2%14.0%14.8x13.5xCognizant Technology Solutions Corporation(0.6x)1.5x1.5x8.4x7.9x14.2x12.6x7.8%10.7%18.1%18.5%13.1x12.6xEndava plc(1.0 x)6.0 x5.1x33.5x22.4xNM 34.9x30.0%56.4%18.0%22.7%33.6x26.7xEPAM Systems,Inc.(2.4x)5.3x4.2x31.9x22.9x44.4x36.3x34.6%40.8%16.7%18.2%34.7x30.8xGlobant S.A.(1.0 x)5.9x
120、4.3x35.6x21.1xNM 36.9x47.8%70.7%16.7%20.5%43.0 x32.5xGrid Dynamics Holdings,Inc.(50.0 x)6.0 x4.1xNM23.0 xNM 44.0 x66.2%NA2.4%17.8%NM 41.2xHCL Technologies Limited(0.4x)2.7x2.5x11.2x11.4x20.9x18.0 x8.9%(0.4%)23.9%22.2%16.7x16.3xInfosys Limited(0.6x)4.5x4.1x17.4x17.2x25.5x25.5x14.8%9.9%26.1%23.9%23.2x
121、22.8xInternational Business Machines Corporation3.4x2.6x2.5x12.3x10.2x22.8x12.7x4.5%9.7%21.3%24.5%11.4x12.3xKin and Carta plc0.7x1.8x1.5x16.4x12.0 xNM 19.6x30.9%43.6%10.7%12.2%22.7x14.4xPersistent Systems Limited(0.4x)4.5x3.3x27.2x18.4x36.1x28.6x31.3%43.9%16.4%17.9%30.7x23.9xTata Consultancy Service
122、s Limited(0.7x)5.3x5.0 x19.4x18.8x27.0 x27.2x9.6%8.4%27.3%26.4%24.9x24.6xThoughtworks Holding,Inc.3.8x3.4x2.8xNM14.6xNM 21.7x26.8%31.3%5.3%19.3%22.3x21.7xWipro Limited(0.9x)2.5x2.3x11.9x12.7x16.3x18.7x13.2%5.9%21.2%18.4%15.9x18.4xMedian(0.6x)3.4x2.8x17.2x14.6x24.2x23.5x17.9%19.9%16.8%18.7%23.0 x22.6
123、xMean(3.3x)3.8x3.1x19.6x15.8x25.6x25.0 x23.5%26.5%16.9%19.7%23.6x22.3xOverall Median0.7x1.9x1.5x12.1x10.1x16.8x15.5x12.5%21.1%16.1%18.4%15.4x14.3xOverall Mean(1.1x)2.6x2.1x14.0 x11.5x18.9x18.3x19.2%28.7%15.8%18.1%17.3x16.2xCX Digital TransformationNet Debt/2021 EBITDA2020-22E CAGRForward P/E 2022 Ho
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