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1、Digital Commercesector updateQ2 2023Qualitative 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 Fina
2、nce 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 Luxembourg S.R.L.is regulated by the CSSF in Luxembourg2Q2 2023 Digital Commerce sector updateTake privates and hostile takeover attempt
3、s for seemingly undervalued assets Public-to-private takeover dominate Private Equity deal activity in 2023 Volatility has meant that investors are seeking opportunities in undervalued public market companies Digital commerce players are attracting significant interest from prospective biddersVirtua
4、l dressing room technology enters the mainstream thanks to AI AI tool a step forward from augmented reality“virtual try-on”Multiple large retailers are already compatible with the new tech Experts believe the tool will boost ecommerce productivity A new frontier in last-mile logistics drones Drone d
5、eliveries are growing in popularity as a quicker and more cost-effective delivery method Powered by electricity(a lower carbon alternative),drones are considered a sustainable alternative Regulatory challenges will need to be addressed for drone deliveries to scale About usPublic comparablesTransact
6、ion trendsPublic company analysesCEO commentaryTakeawaysTHE VIEWQ2 Digital Commerce Perspectives from GP Bullhound3Q2 2023 Digital Commerce sector updateGP BULLHOUNDS SECTOR TAKEAWAYS Virtual dressing room technology enters the mainstreamthanks to AIGoogle releases new virtual try-on AI tool for eco
7、mmerceWhat impact will this technology have on customer behaviours?Experts predict fewer returns;as was the use case highlighted by AR ecommerce technology providers,experts predict generative AI and“virtual dressing rooms”could significantly reduce the number of returns,creating savings for ecommer
8、ce retailers.Fewer returns will also limit the fashion industrys negative impact on the climate Though innovations in AI could boost sales for ecommerce brands,there could also be some negative side effects.Some will be deterred by new technology which could potentially see brands lose customers in
9、the short term.Some potential customers could be intimidated and decide not to learn the new technology Data generated from retailers using AI can be a weight on retailers.Possessing greater amounts of customer data creates the opportunity to misuse data and lose consumer trust.The more you know abo
10、ut customers,the more possibility there is that people will take advantage of thatAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysRELEASESINVESTMENT BYECOMMERCE SITE COMPATIBLE WITHSelect transactions/events Enabled by generative AI,Googles newly-released to
11、ol lets customers try on clothes virtually.There has long been talk of thistype of technology revolutionising the way consumers shop for clothes online.However,to date,augmented reality has had limited success in brining“virtual dressing”into the mainstream Whats new with Googles dressing room techn
12、ology?The use of generative AI(vs.AR)to“reflect how a clothing item would drape,fold,cling,stretch and form wrinkles and shadow on a diverse set of real model in carious poses”,says senior director of product for Google Shopping,Lilian Rincon In the US many online retailers are already compatible wi
13、th Googles tool.Consumers can use virtual dressing rooms to try womenswear from from Anthropologie,Everlane,H&M,and Loft with more brands to be added in the future The tool can also suggest specific products based on customer preferences.The capability is similar to a store assistant bringing custom
14、ers choices based on colour,style,patterns and price.Unlike a physical shop,however,that is limited to in-stock inventory,Google can recommend products to online shoppers across brandsNew AI shopping feature7.8m4Q2 2023 Digital Commerce sector updateGP BULLHOUNDS SECTOR TAKEAWAYS A new frontier in l
15、ast-mile logistics dronesDrones proving to be a more convenient and sustainable alternative to other delivery options Drone delivery offers unparalleled speed and efficiency in the transportation of goods.Unlike traditional delivery methods,drones can navigate through traffic congestion and reach th
16、eir destinations directly,reducing delivery times significantly.PwCpredicts drones have the potential to cut delivery times from hours to minutes,offering a seamless and rapid delivery experience for customers For ecommerce companies,using drone delivery services can result in cost savings.According
17、 to a Federal Aviation Administration(FAA)study,using drones for delivery could potentially result in cost savings of 70%when compared to more conventional techniques.Drone delivery is a viable solution for ecommerce businesses because of its cost effectiveness and decreased dependency on human labo
18、ur and fuel expenses Drone delivery fits with the trend in the ecommerce sector towards a greater emphasis on sustainability.Drones use electricity to operate,which lowers carbon emissions and has a smaller negative impact on the environment.Drones have the potential to cut greenhouse gas emissions
19、by up to 50%compared to delivery trucks,according to a study published in Nature Communications.The ecologically benign aspect of drone delivery can draw in clients who are concerned about the environment as sustainability continues to influence consumer preferences.PwC predicts a reduction of 2.4 m
20、illion tons of carbon by 2030,which is equivalent to removing 1.7 million cars from the road for a year Drone delivery offers a unique and exciting customer experience,creating a sense of novelty and convenience.Customers can track their deliveries in real-time and receive packages directly to their
21、 doorstep,without the need to wait for traditional courier services.This streamlined and hassle-free experience has the potential to positively contribute to customer satisfaction and loyalty While the potential of drone delivery is significant,there are regulatory challenges that need to be address
22、ed.Governments andaviation authorities are working to establish guidelines and regulations to ensure safe and responsible drone operations.Striking the right balance between innovation and regulation is crucial to enable the widespread adoption of drone delivery Ecommerce giants and tech companies h
23、ave recognised the potential of drone delivery and are heavily investing in its development.For example,Amazon has been actively testing its Prime Air drone delivery service,aiming to make deliveries within 30 minutes,which launched to the consumer market in mid-2022.Other players in the industry,su
24、ch as UPS and Walmart,are also exploring the integration of drones into their logistics operationsSource:PwC Skies without Limit report series,Federal Aviation Administration(FAA),Nature CommunicationsAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysACQUIRED
25、BYACQUIRED BYINVESTMENT BYSelect transactions5Q2 2023 Digital Commerce sector updateGP BULLHOUNDS SECTOR TAKEAWAYS Take privates and hostile takeover attempts for seemingly undervalued assetsPublic-to-private takeovers dominate Private Equity deal activity in 2023Digital commerce players are attract
26、ing significant interest from prospective bidders Part of the reason for the interest in P2P transactions is that private equity investors are willing to take a longer-term view than their public equivalents,allowing management teams the space required to transform a business without short-term thin
27、king and public level reporting requirements Valuation also plays a part volatility in public markets has long equated in opportunities for both public and private investors to discover undervalued stocks.Particularly,strategic buyers who are performing well in difficult macro-economic conditions ar
28、e seeing this as an opportunity to consolidate market share through the acquisition of their competitors Examples include the rumored interest from Amazon to acquire Ocado,or DoorDashsrumoured interest in Deliveroo.DoorDashsshare price is up an impressive 63%year-to-date with significant amounts of
29、cash on the balance sheet to deploy.M&A strategically makes sense here,especially given consolidation happening elsewhere in the food delivery sector,includingthe merger of Just Eat and T However,although opportunities exist,the right valuation will always be important.THG recently ended talks about
30、 a possible takeover bid by Apollo citing inadequate valuation of the online retail tech company.Other examples include ASOSs rejected 1bn takeover attempt from Trendyol(backed by Alibaba)or Kohls rejecting bids from Sycamore Partners and Franchise Group.Investors will need to continue to find the r
31、ight balance between value and opportunity to capitalise on what is in frontof themSource:White&Case,EY,Deallogic,MergermarketAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysINVESTMENT BYACQUIRED BYINVESTMENT BYSelect transactions Take-private activity saw r
32、ecord highs in 2022,with 91 public-to-private(P2P)transactions worth an aggregate$245bn globally,up from a 2021 high of$239bn,despite volumes being down 29%year on year In 2023,P2P transactions have continued with strong momentum,showing little sign of slowing down following another busy fewmonths.D
33、espite a global decline in overall M&A activity,there were 30 P2P transactions in Q123,worth a combined$70.9bn,almost triple the$25.6bn in total value of the previous quarter.Take-private deals also represented more than 80%of Private Equity activity in Q123,typically just 20%in any given year One s
34、tandout deal to note includes the turnaround and carve-out specialist Japan Industrial Partners accepting an offer for Toshiba,which would see the conglomerate delisted from the Tokyo Stock Exchange.Once anti-trust and regulatory approvals are confirmed,this will denote the largest P2P transaction e
35、ver recorded in Japan$16.2bn$11.9bn$2.8bn6Q2 2023 Digital Commerce sector updateA LEADING TECHNOLOGY ADVISORY AND INVESTMENT FIRM,PROVIDING TRANSACTION ADVICE AND CAPITALGP Bullhounds recent Digital Commerce activityAdvisoryInvestment ManagementACQUIRED BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVES
36、TMENT BYINVESTMENT BYINVESTMENT BYAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysACQUIRED BYINVESTMENT BYPRIVATE INVESTORSACQUIRED BYACQUIRED BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYACQUIRED BYINVESTMENT BYINVESTMENT BY7Q2 2023 Digital Commerc
37、e sector updateDeal dateTargetBuyerTarget descriptionImplied EV($m)Jun-23FexproFanaticsOperator of a branded apparel licensing platform n.a.Jun-23RetailopsFlowspaceOperator of omni-channel supply chain management and optimisationplatform n.a.Jun-23Return RabbitAuctaneOperator of returns management p
38、latform enabling revenue retention through exchanges n.a.Jun-23Elevate BrandssellerOperator of a platform that acquires Amazon third-party businesses and scaling them n.a.Jun-23AuktionshusetTBAuctionsOperator of an online auction platform n.a.Jun-23N11GetirOperator of an online shopping platformn.a.
39、May-23BroadbeanVeritoneOperator of a talent acquisition,search,and engagement platform for hiring processes 52.5May-23IndoffGlobal IndustrialOperator of value-add business solutions including material handling warehouse,commercial interior,and others via an online platform69.2May-23Shopify Logistics
40、FlexportShopifys tech-driven global logistics platform including formerly acquired Deliverrn.a.NOTABLE DIGITAL COMMERCE M&A DEALS&PRIVATE FINANCINGSNotable M&A transactions from Q2 2023Selected M&A transactions(1/2)Source:Pitchbook,Capital IQ and MergerMarket(as of 30 June 2023),GP Bullhound intelli
41、gence*denotes SPACsAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysLogistics business 8Q2 2023 Digital Commerce sector updateDeal dateTargetBuyerTarget descriptionImplied EV($m)May-23Angstrom SportsEntainPricing and analytics company powering sports betting2
42、00May-23LaskieTwitterProvider of jobs-matching technology n.a.May-23SeiyuKKROnline supermarket operator n.a.May-23River SystemsOcadoAutonomous mobile robot developer for logistics and non-grocery retail players previously owned by Shopifyn.a.May-23SamitoWP HoldingsOperator of marketing and automatio
43、n solutions for online storesn.a.May-23Modern HireHirevueOperator of an AI-enabled intelligent hiring platformn.a.May-23YieldbrokerTradewebOperator of trading platform for Australia and New Zealand government bonds and derivatives n.a.Apr-23CareemEmirates Telecommunications Group CompanyOperator of
44、super-app for food delivery,micromobility,fintech capabilities,and third-party services such as home cleaning,car rental,and laundry facilities400NOTABLE DIGITAL COMMERCE M&A DEALS&PRIVATE FINANCINGSNotable M&A transactions from Q2 2023Selected M&A transactions(2/2)Source:Pitchbook,Capital IQ and Me
45、rgerMarket(as of 30 June 2023),GP Bullhound intelligence*denotes SPACsAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysSuperapp business 9Q2 2023 Digital Commerce sector updateDeal dateTargetBuyerTarget descriptionImplied EV($m)Jun-23Odoo(Business/Productivit
46、y Software)GAProvider of integrated open-source business software applications for SMEs163Jun-23Ruqi MobilityGuangzhou AutomobileOperator of a ride-sharing platform117Jun-23LenskartChryscapitalOperator of online eyewear and optical health retailer 100Jun-23Pigment(Business/Productivity Software)ICON
47、IQ GrowthProvider of business planning platform with an AI-enabled chat interface and automations for collaboration,sales,and HCM88Jun-23GetYourGuideBlue Pool Capital Operator of travel and tourism marketplace for booking experiences and activities 194May-23HostawayPSGProvider of property management
48、 software for short-term rental properties 175May-23GO(Tokyo)GSAMOperator of taxi-hailing application with services including AI-enabled drive recorders to reduce accidents75May-23Patient21Pitango VCOperator of software-enabled hybrid model facilitating end-to-end control of the patient journey 109M
49、ay-23ZipYCProvider of intake-to-pay platform enabling any employee to initiate and complete vendor requests100May-23Amino(Business/Productivity Software)Transformation CapitalOperator of digital healthcare guidance platform using data to connect people with high-quality,cost-effective healthcare pro
50、viders 80NOTABLE DIGITAL COMMERCE M&A DEALS&PRIVATE FINANCINGSNotable transactions from Q2 2023Selected private financings(1/2)Source:Pitchbook,Capital IQ and MergerMarket(as of 30 June 2023),GP Bullhound intelligenceAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTa
51、keaways10Q2 2023 Digital Commerce sector updateDeal dateTargetBuyerTarget descriptionImplied EV($m)May-23QuinceWellington mgtOperator of luxury e-tailer platform 77Apr-23PineconeAndreessen HorowitzProvider of vector database company offering long-term memory for AI 100Apr-23GetirMubadala Investment
52、CompanyOperator of online rapid grocery delivery app500Apr-23Platform SciencePACCARProvider of fleet coordination technology offering a unified,user-friendly platform to manage mobile devicesn.a.Apr-23Zipline(Logistics)n.a.Operator of multi-purpose drone delivery facilitator330Apr-23KiteBlackstonePr
53、ovider of technology-driven commerce platform that consolidates and operates high-potential bands200Apr-23QuantexaGICProvider of AI-enabled decision intelligence solutions129Apr-23DunzoJ&M PartnersRider hailing app for hyperlocal delivery 50NOTABLE DIGITAL COMMERCE M&A DEALS&PRIVATE FINANCINGSNotabl
54、e transactions from Q2 2023Selected private financings(2/2)Sources:Pitchbook,Capital IQ and MergerMarket(as of 30 June 2023),GP Bullhound intelligenceAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysUndisclosed Investor11Q2 2023 Digital Commerce sector update
55、SELECTED DIGITAL COMMERCE PUBLIC COMPANY VALUATIONSAmazon remains way ahead of other players in the spaceMarket cap values in$bnSource:Capital IQ(as of 31 March 2023)Note:(1)JD Health1,338278282420191711107A,Inc.Alibaba GroupHolding LimitedProsus N.V.Booking HoldingsInc.PDD Hol
56、dings Inc.Uber Technologies,Inc.Shopify Inc.Airbnb,Inc.MercadoLibre,Inc.JD.com,Inc.Recruit HoldingsCo.,Ltd.Coupang,Inc.DoorDash,Inc.eBay Inc.JD HealthInternational Inc.Pinterest,Inc.Chewy,Inc.Delivery Hero SEEtsy,Inc.Wayfair Inc.=1=13xRanking vs Q4 Digital Commerce Report21=(1)=About usPublic compar
57、ablesTransaction trendsPublic company analysesCEO commentaryTakeaways141=12Q2 2023 Digital Commerce sector updateGP BULLHOUND KEY INDICES SHARE PRICE PERFORMANCEDigital commerce sector yet to recover in line with S&P 500Share price performance L5YSource:Capital IQ(as of 30 June 2023)LTM performance(
58、11.0%)Ecommerce(0.1%)Marketplaces(1.8%)Large cap38.5%S&P 50020.3%Classifieds15.7%Online travelShare price performanceL5YL3YLTML6MS&P 500 Technology Sector147.5%66.7%38.5%41.8%Large cap19.3%(28.8%)(1.8%)(8.4%)Ecommerce(51.5%)(37.8%)(11.0%)0.8%Marketplaces(19.4%)(46.5%)0.1%26.7%Online travel(17.4%)43.
59、52%15.7%16.2%Classifieds11.5%(4.7%)20.3%21.7%About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways-100%-50%0%50%100%150%200%250%Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Jun-2313Q2 2023 Digital Commerce sector updateGP BULLHOUND DIGITAL COMMERCE
60、 INDICES INDICATIVE TRADING VALUATION BENCHMARKSIndicative trading valuation benchmarksSource:Capital IQ(as of 30June 2023)Note:(1)MeanAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysLarge capCY23 gross margin(1)EV/CY23E Revenue(1)CY22-24 Revenue CAGR(1)Sele
61、cted companiesVerticals 57%4.1x45%1.8x13%Marketplaces66%8.0 x12%Classifieds85%2.7x52%Online travel47%0.9x2%Ecommerce11%About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways14Q2 2023 Digital Commerce sector update0.7x2.7x4.7x6.7x8.7x10.7x12.7xMar-18Sep-18Mar-19Sep
62、-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Valuations across digital commerce begin to stabilise but remain below historical averagesEV/NTM revenue trends L5YSource:Capital IQ(as of 31 March 2023)L5YL3YLTML6MLarge cap 3.5x10.1x3.1x3.8xEcommerce1.5x1.9x0.9x0.9xMarketplaces5.6x6.1x1.6x1.7xOnline tra
63、vel 3.1x3.6x2.7x3.0 xClassifieds7.5x9.4x6.4x6.6xAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways7.3x4.1x2.9x1.7x0.9x15Q2 2023 Digital Commerce sector updateDIGITAL COMMERCE FUTURE IPOSThe IPO market is still quiet,while market recovery beginsFilings to look
64、for in the next 12 monthsSource:Pitchbook,Capital IQ and MergerMarket(as of 31 March 2023),GP Bullhound intelligence1)Filed for IPO of Property and Industrial units at start of Q2 2023CompanyHQVerticalsDescriptionMarketplacesMarketplace for luxury watchesMarketplacesUS-based online wholesale marketp
65、lace MarketplacesUS-based food and grocery delivery platform MarketplacesPeer-to-peer car-sharing platform MarketplacesFresh-food ecommerce platformMarketplacesOnline retail shopping portalMarketplacesOnline marketplace for industrial products About usPublic comparablesTransaction trendsPublic compa
66、ny analysesCEO commentaryTakeaways116Q2 2023 Digital Commerce sector updateLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORAjay Prakash,Co-FounderAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysCO-FOUNDER RINSEAjay PrakashRinse is building the first and la
67、rgest brand in clothing care in the US.The company picks up,cleans,and delivers customers laundry and dry cleaning,directly to their doors.Founded in 2013,Rinse has standardised processes,smoothing out the demand curve for cleaning partners.Rinse serves customers in 12 major US markets,including San
68、 Francisco,San Jose,Oakland,Los Angeles,Washington,DC,Chicago,Boston,New York,New Jersey,Austin,Dallas,and Seattle.It was founded by Ajay Prakash,James Joun,and Sam Cheng.“Picking up,expertly cleaning,and delivering laundry and dry cleaning on a national scale is incredibly complex and has never bee
69、n done in the US beforeuntil now.Rinse has created a superior experience for customers through a combination of high-quality cleaning,world-class customer service,and technology.Rinse is leading the evolution of an industry that hasnt changed in decades,and doing it at a time when customers value co
70、nvenience and the ability to use their mobile phone as the remote control for their life.”SELECT INVESTORS17Q2 2023 Digital Commerce sector updateLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORAndrea DAmico,CEOAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaw
71、aysCEO WEROADAndrea DAmicoFounded in Milan 2017,WeRoad is a direct-to-consumer travel scaleup specialising in group adventure travel for solo millennials.The company operates at the intersection of travel,technology and community-driven business,and has offices in Italy,Spain,the UK,France and Germa
72、ny.“WeRoad has been reinventing group travel for millennials since 2017.Conventional travel has lost traction with millennials who dont see their values and needs reflected in current offerings.Our approach blends group adventure travel and social media community interaction,connecting people,cultur
73、e and stories.We pride ourselves on our strong community DNA and we have a rapidly growing social following of 2 million.We design and deliver experiences worth living and sharing,and with the strength of our 2,500+travel coordinators,weve helped over 60,000 travellers discover the world and make ne
74、w friends in more than 200 itineraries.We see exceptionally high levels of brand loyalty with 60%of our customers rebooking year-on-year and a third of our bookings being the result of word-of-mouth.”SELECT INVESTOR18Q2 2023 Digital Commerce sector updatePUBLIC COMPARABLES BY CATEGORYPublic comparab
75、les Large capSource:Capital IQ(as of 30 June 2023)About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin(%)2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2
76、022CY2023CY2024RevenueEBITDALarge capLarge capAmazonUnited States89%1,337,5401,451,6822.8x2.6x2.3x26.8x16.3x13.6x44%45%46%11%16%17%9%22%AlibabaChina66%213,584184,5461.5x1.4x1.3x8.5x7.3x6.5x36%n.a.n.a.18%20%20%5%15%PinduoduoIreland65%91,85971,4693.9x2.9x2.4x15.7x11.1x8.5x76%75%75%25%26%28%38%134%Pros
77、usNetherlands85%101,10896,61513.4x13.4x12.4xn.a.n.a.n.a.n.a.n.a.n.a.n.a.(6%)(2%)8%n.a.JD.comChina50%53,46543,5300.3x0.3x0.3x12.2x7.5x6.6x8%15%15%2%4%4%8%109%eBayUnited States86%23,88725,2582.6x2.5x2.4x8.8x7.9x7.5x73%72%73%29%32%32%(2%)(4%)PinterestUnited States93%18,69416,1245.7x5.4x4.7xn.a.31.5x22.
78、4x76%76%77%(1%)17%21%8%20%Mean76%262,877269,8894.3x4.1x3.7x14.4x13.6x10.9x52%57%57%14%15%17%11%49%Median85%91,85971,4692.8x2.6x2.4x12.2x9.5x8.0 x58%72%73%14%17%20%8%21%of 52 week high19Q2 2023 Digital Commerce sector updatePUBLIC COMPARABLES BY CATEGORYPublic comparables Ecommerce(1/2)Source:Capital
79、 IQ(as of 30 June 2023)About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin(%)2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024RevenueEBITD
80、AE-commerceOnline fashionZalandoGermany58%7,4547,3660.6x0.6x0.6x32.1x10.0 x8.0 x39%40%41%2%6%7%1%13%VIP ShopChina89%9,2916,9160.5x0.4x0.4x6.4x5.4x5.1x21%21%21%8%8%8%1%18%RevolveUnited States50%1,2049640.9x0.9x0.8x11.4x15.7x10.9x54%53%53%8%6%7%11%(25%)The Hut GroupUnited Kingdom69%1,3462,0320.7x0.7x0
81、.6xn.a.13.3x9.7x40%43%44%(2%)5%7%1%27%ASOSUnited Kingdom32%5781,5670.3x0.3x0.3xn.a.11.4x5.8x42%n.a.n.a.(3%)3%6%(5%)(22%)About youGermany50%8638770.4x0.4x0.3xn.a.n.a.21.0 x36%n.a.n.a.(8%)(2%)1%12% United Kingdom46%5216890.3x0.3x0.3x44.8x8.7x6.2x51%n.a.n.a.1%4%5%(8%)(25%)Stitch Fix United States44%438
82、3590.2x0.2x0.2xn.a.n.a.n.a.41%n.a.n.a.(11%)(4%)n.a.(16%)n.a.Global Fashion GroupLuxembourg31%146(76)n.a.n.a.n.a.1.0 x1.9x28.6x43%43%44%(6%)(3%)n.a.(0%)n.a.Mister Spex Germany57%118620.3x0.2x0.2xn.a.15.9x4.7x23%50%52%(12%)2%5%6%n.a.The RealRealUnited States60%2225640.9x1.0 x0.9xn.a.n.a.n.a.58%66%68%(
83、27%)(13%)n.a.9%n.a.Vertical E-commerceJD HealthChina54%20,06613,2182.1x1.5x1.2xn.a.69.9x32.2x21%22%22%(0%)2%4%42%n.a.Ocado United Kingdom57%5,8956,7512.0 x1.9x1.7xn.a.n.a.36.3x38%42%44%(6%)1%5%6%n.a.HelloFreshGermany65%4,2364,3430.5x0.5x0.4x13.4x7.9x5.7x66%63%64%4%6%8%15%7%PelotonUnited States43%2,7
84、254,2441.4x1.5x1.4xn.a.n.a.n.a.20%n.a.n.a.(37%)(3%)2%(17%)n.a.Wayfair United States85%7,30010,2570.8x0.9x0.8xn.a.n.a.36.2x28%30%30%(10%)1%2%(7%)18%Pop MartChina45%2,9622,3403.3x2.7x2.2x20.8x9.2x7.2x57%59%60%16%29%30%19%16%GoodRxUnited States53%2,1912,1462.8x2.8x2.5x31.9x11.0 x9.4x92%91%91%9%26%27%1%
85、100%FigsUnited States60%1,3821,2442.5x2.3x2.1x31.4x18.6x14.8x70%69%70%8%12%14%14%132%DingDongChina45%6686000.2x0.2x0.2xn.a.15.4x4.4x31%31%32%(2%)1%4%7%n.a.1-800-United States59%5057390.3x0.4x0.4x10.1x7.7xn.a.36%n.a.n.a.3%5%n.a.(5%)(24%)MoonpigUnited Kingdom62%6278402.0 x1.9x1.7x9.4x7.2x6.7x54%n.a.n.
86、a.22%26%26%1%12%AO World United Kingdom82%5817100.4x0.5x0.5xn.a.9.2x8.4xn.a.n.a.n.a.n.a.5%5%(14%)170%Hepsiburada Turkey89%5483040.6x0.4x0.3xn.a.56.9x4.7x11%33%36%(21%)1%5%22%n.a.SRP Groupe France67%1701420.2x0.2x0.2x7.4x5.3x4.7x37%38%38%3%3%4%(2%)(17%)WestwingGermany73%1911600.3x0.3x0.3xn.a.14.2x6.8
87、x47%46%46%(4%)2%5%(10%)(34%)The Honest CompanyUnited States37%1571810.6x0.6x0.5xn.a.n.a.n.a.29%28%32%(15%)(9%)n.a.1%n.a.OponeoPoland91%1471600.4x0.4x0.3x7.7x8.2x7.1x20%20%20%5%4%4%7%(9%)Blue ApronUnited States6%37590.1x0.1x0.1xn.a.n.a.n.a.34%35%36%(19%)(8%)n.a.(6%)n.a.My Food BagNew Zealand22%28450.
88、4x0.4x0.4x3.7x4.0 x3.8x25%n.a.n.a.11%10%10%(4%)(22%)%of 52 week high20Q2 2023 Digital Commerce sector updatePUBLIC COMPARABLES BY CATEGORYPublic comparables Ecommerce(2/2)Source:Capital IQ(as of 30 June 2023)About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMa
89、rketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin(%)2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024RevenueEBITDAE-commerceE-Commerce-Others CoupangUnited States81%30,95229,5531.4x1.2x1.1xn.a.35.7x22.3x23%25%26%1%3%5%20%n.a.Che
90、wyUnited States75%16,87116,5961.7x1.5x1.3xn.a.48.1x35.3x28%28%28%1%3%4%13%n.a.Yelp United States93%2,5062,1981.8x1.7x1.6x26.2x7.3x6.5x91%91%91%7%23%24%12%128%ShutterstockUnited States60%1,7721,7222.1x2.0 x1.9x11.1x7.4x6.9x62%64%65%19%27%27%5%30%Americanas S.A.Brazil5%2193,3750.5x0.5x0.4xn.a.3.7x3.1x
91、n.a.31%31%n.a.13%14%23%95%OUnited States93%1,4721,1410.6x0.7x0.7x30.7x66.7x32.0 x23%23%23%2%1%2%(24%)(63%)CimpressIreland99%1,5663,2091.1x1.0 x0.9x31.9x8.9x7.4x47%n.a.n.a.3%11%12%9%21%CEWEGermany91%7057060.9x0.8x0.8x5.0 x4.7x4.5x76%76%76%17%18%17%5%6%Quotient TechnologyUnited States90%3794111.4x1.5x
92、1.4xn.a.12.0 x8.2x46%54%57%(13%)12%16%(27%)77%Jumia TechnologiesGermany34%3441480.6x0.7x0.6xn.a.n.a.n.a.59%63%64%(94%)(49%)n.a.10%n.a.Groupon United States40%1823210.5x0.6x0.6xn.a.9.8x5.0 x87%87%87%(15%)7%13%(28%)(26%)UNQ China49%3035n.a.n.a.n.a.n.a.n.a.n.a.24%n.a.n.a.n.a.n.a.n.a.n.a.n.a.DelticomGer
93、many70%301140.2x0.2x0.2xn.a.6.8x5.8x22%n.a.n.a.(0%)3%3%(7%)46%Mean60%3,0143,0081.0 x0.9x0.8x17.7x16.3x12.2x43%47%48%(4%)5%10%2%24%Median59%6278400.6x0.6x0.6x11.4x9.2x7.1x39%43%44%0%4%6%1%13%of 52 week high21Q2 2023 Digital Commerce sector updatePUBLIC COMPARABLES BY CATEGORYPublic comparables Market
94、placesSource:Capital IQ(as of 30 June 2023)About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin(%)2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY20
95、23CY2024RevenueEBITDAOnline marketplacesUberUnited States95%87,36993,4812.9x2.5x2.1xn.a.26.3x17.1x31%40%41%(3%)9%12%47%n.a.Mercado Libre Uruguay87%59,47661,7945.9x4.6x3.8x42.6x30.1x23.6x56%50%50%14%15%16%38%77%DoorDashUnited States88%29,69426,4794.1x3.2x2.8xn.a.32.9x23.2x47%48%48%(11%)10%12%30%n.a.E
96、tsyUnited States56%10,43711,7874.7x4.3x3.9x26.3x15.6x13.6x71%71%71%18%27%28%9%17%Delivery Hero Germany69%11,42415,0491.5x1.3x1.1xn.a.48.7x17.1x26%32%35%(13%)3%7%32%n.a.AllegroLuxembourg82%8,3179,8594.3x3.6x3.1x23.3x16.2x12.8x30%75%65%19%22%24%43%15%ZomatoIndia93%7,6366,4898.7x5.6x4.6xn.a.n.a.n.a.57%
97、n.a.n.a.(24%)(8%)n.a.61%n.a.Just Eat TNetherlands50%3,3713,7520.6x0.6x0.6xn.a.12.7x8.3x20%42%43%(8%)5%7%11%n.a.LyftUnited States45%3,6262,9330.7x0.7x0.6xn.a.17.2x9.2x30%44%46%(30%)4%7%16%n.a.KakakuJapan76%2,8692,6576.3x5.6x5.0 x13.8x12.5x11.2x96%n.a.n.a.46%45%45%13%15%DeliverooUnited Kingdom98%2,544
98、1,4310.5x0.5x0.5xn.a.22.3x10.5x33%33%32%(8%)2%4%10%n.a.FarfetchUnited Kingdom47%2,3893,2011.4x1.1x0.9xn.a.n.a.19.0 x44%46%47%(22%)1%5%11%n.a.Auto GroupGermany71%2,0042,0140.3x0.3x0.3xn.a.n.a.61.7x7%9%10%(3%)(1%)0%14%n.a.PT BukalapakIndonesia60%1,4553371.5x1.1x0.8xn.a.n.a.n.a.29%31%40%(70%)(28%)n.a.5
99、8%n.a.CarGurusUnited States86%2,5642,3511.4x2.5x2.2x16.2x15.2x13.8x40%68%65%9%16%16%(1%)(9%)FiverrIsrael55%9827742.3x2.1x1.8xn.a.14.4x10.1x80%83%84%(14%)15%18%10%n.a.MoneysupermarketUnited Kingdom96%1,8461,9253.8x3.5x3.3x15.4x11.6x10.4x68%68%68%25%30%31%15%25%Gruppo MutuiOnlineItaly92%1,2611,6294.6x
100、3.9x3.5x19.6x14.9x12.7x46%n.a.n.a.24%26%28%9%14%MYT netherlandsGermany25%3403930.5x0.4x0.4x6.1x11.8x5.9x52%n.a.n.a.8%4%6%9%n.a.OpendoorUnited States63%2,6085,3520.4x0.7x0.7xn.a.n.a.n.a.4%6%9%(5%)(8%)n.a.(1%)n.a.Rover GroupUnited States93%9056643.9x3.1x2.6xn.a.21.1x14.8x76%77%77%(3%)15%17%40%n.a.ATRe
101、newChina82%6543820.3x0.2x0.2xn.a.11.3x7.7x23%24%26%(4%)2%2%30%n.a.CarvanaUnited States45%2,75210,3220.7x1.0 x0.8xn.a.n.a.n.a.9%14%14%(9%)0%1%(9%)n.a.ContextLogicUnited States11%155(454)n.a.n.a.n.a.1.2x1.7x2.2x29%22%31%(62%)(66%)n.a.(56%)n.a.Victorian PlumbingUnited Kingdom69%2742280.6x0.6x0.5x12.3x7
102、.2x6.0 x45%n.a.n.a.5%8%9%5%1%TrueCarUnited States65%202670.4x0.4x0.3xn.a.n.a.26.0 x90%90%91%(39%)(17%)1%(17%)United States50%148210.2x0.2x0.2xn.a.n.a.n.a.69%68%68%(36%)(28%)n.a.(9%)n.a.VroomUnited States52%2009910.5x1.0 x0.8xn.a.n.a.n.a.13%18%18%(15%)(23%)n.a.(45%)n.a.ThredUpUnited States66%2522400.
103、9x0.7x0.7xn.a.n.a.n.a.67%66%68%(27%)(6%)1%14%n.a.CazooUnited Kingdom3%465310.3x0.5x0.4xn.a.n.a.n.a.2%6%9%(26%)(13%)n.a.11%n.a.AcastSweden45%128520.4x0.3xn.a.n.a.n.a.n.a.34%36%n.a.(26%)(10%)n.a.25%n.a.RedbubbleAustralia24%6890.0 x0.0 x0.0 xn.a.n.a.n.a.15%n.a.n.a.(11%)(7%)n.a.(13%)n.a.Mean64%7,7508,33
104、62.1x1.8x1.6x17.7x18.1x15.3x42%45%46%(9%)1%13%13%19%Median65%1,9251,7770.9x1.0 x0.8x15.8x15.2x12.8x37%43%46%(8%)3%9%11%15%of 52 week high22Q2 2023 Digital Commerce sector updatePUBLIC COMPARABLES BY CATEGORYPublic comparables ClassifiedsSource:Capital IQ(as of 30 June 2023)About usPublic comparables
105、Transaction trendsPublic company analysesCEO commentaryTakeawaysMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin(%)2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024RevenueEBITDAClassifiedsREA GroupAustralia99%12,57712,78616.0
106、 x14.8x13.1x33.3x26.9x22.7x61%n.a.n.a.48%55%58%(0%)13%AdevintaNorway76%7,99110,2755.6x5.0 x4.5x22.8x14.3x11.9x71%35%39%24%35%38%26%57%ZillowUnited States95%11,69510,1911.7x5.4x4.7xn.a.27.6x18.7x81%81%82%0%19%25%(6%)2%Info EdgeIndia97%7,0326,73127.0 x22.5x19.2xn.a.60.8x50.3x50%n.a.n.a.22%37%38%32%63%
107、Auto TraderUnited Kingdom90%7,0747,14012.0 x11.1x9.4x17.4x15.7x14.3x80%n.a.n.a.69%71%66%11%13%RightmoveUnited Kingdom78%5,4265,38712.4x11.5x10.7x16.9x15.5x14.4xn.a.75%75%73%74%74%9%8%Australia96%5,9736,71916.0 x10.7x9.3x35.6x19.8x17.0 x84%n.a.n.a.45%54%54%40%48%Scout24Germany95%4,6634,7839.5x8.6x7.8
108、x20.7x15.2x13.4x77%n.a.n.a.46%56%58%9%25%AutohomeChina71%3,5924790.5x0.5x0.4x2.2x1.8x1.7x84%80%80%21%26%26%1%(5%)ACV AuctionsUnited States93%2,7592,3325.5x4.9x3.9xn.a.n.a.n.a.11%49%52%(24%)(6%)5%15%n.a.HemnetSweden96%1,7101,74019.9x18.0 x14.9x41.1x36.2x28.4x84%n.a.n.a.48%50%53%17%21%Baltic Classifie
109、ds GroupLithuania99%1,1511,19918.7x16.0 x14.1x25.3x20.9x18.3x76%n.a.n.a.74%76%77%17%14%Redfin United States86%1,3762,3081.0 x2.0 x2.0 xn.a.n.a.47.9x13%32%38%(11%)(2%)4%(23%)n.a.Aramis GroupFrance88%4647060.3x0.3x0.3xn.a.63.6x20.7x6%n.a.n.a.(1%)0%1%18%(24%)CarTradeIndia66%2751733.9x3.4x2.8xn.a.22.9x1
110、4.1x31%n.a.n.a.(6%)15%20%18%n.a.JobsRecruit HoldingsJapan87%49,83645,6271.9x1.9x1.8x12.9x12.8x12.2x58%n.a.n.a.15%15%15%10%0%SEEKAustralia83%5,1215,9557.2x7.0 x6.6x22.2x15.2x13.8x64%n.a.n.a.33%46%48%15%24%ZIP RecruiterUnited States74%1,7921,8322.0 x2.6x2.4x18.3x10.2x9.0 x90%90%90%11%26%27%(3%)154%DHI
111、 GroupUnited States58%1712201.5x1.4x1.3x10.5x6.2x5.6x88%87%88%14%22%24%15%43%FreelancerAustralia58%6970n.a.n.a.n.a.n.a.n.a.n.a.84%n.a.n.a.n.a.n.a.n.a.n.a.n.a.JcbNextMalaysia96%4226n.a.n.a.n.a.21.7xn.a.n.a.70%n.a.n.a.n.a.n.a.n.a.n.a.n.a.Mean85%6,2286,0328.8x8.0 x6.8x21.5x22.7x18.6x65%66%68%28%36%37%1
112、2%28%Median88%3,5922,3326.4x6.2x4.7x21.2x15.6x14.4x76%77%78%23%36%38%15%17%of 52 week high23Q2 2023 Digital Commerce sector updatePUBLIC COMPARABLES BY CATEGORYPublic comparables Online travelSource:Capital IQ(as of 30 June 2023)About usPublic comparablesTransaction trendsPublic company analysesCEO
113、commentaryTakeawaysMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin(%)2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024CY2022CY2023CY2024RevenueEBITDAOnline travelB United States97%99,73397,6145.8x4.7x4.3x18.2x14.3x12.5x86%95%94%32%33%34%37%49
114、%AirbnbUnited States89%80,77372,5158.7x7.6x6.7x37.2x22.2x18.9x82%83%83%23%34%35%26%131%T China87%22,61523,4828.5x4.0 x3.4xn.a.14.7x13.2x77%80%80%5%27%26%56%n.a.Expedia United States88%16,20317,6961.5x1.4x1.3x12.8x6.5x5.7x86%86%86%12%21%22%23%136%MakeMyTrip India78%2,8402,6014.4x3.6x3.1xn.a.38.1x23.1
115、x47%n.a.n.a.5%9%13%61%n.a.Webjet Australia89%1,7591,5779.0 x5.4x4.6x37.1x14.1x11.2x63%n.a.n.a.24%39%41%n.a.n.a.Edreams OdigeoSpain94%8751,2592.2x1.8x1.5xn.a.18.1x8.6x83%n.a.n.a.(5%)10%17%46%n.a.TrivagoGermany65%4521780.3x0.3x0.3x2.4x1.9x1.7x98%98%98%12%15%16%23%150%DArgentina76%4664730.9x0.7x0.6x13.
116、6x5.4x4.1x66%69%71%6%13%16%43%n.a.On The Beach United Kingdom50%2032341.2x1.0 x0.9x20.4x5.2x4.3x66%n.a.n.a.6%19%20%101%n.a.Lastminute.ComNetherlands91%338303n.a.0.7x0.7xn.a.6.2x5.1x70%n.a.n.a.n.a.12%13%59%n.a.HostelworldIreland80%1992142.7x2.1x1.9xn.a.11.4x9.5x74%n.a.n.a.(14%)18%20%132%n.a.Travelzoo
117、United States73%1211171.7x1.4x1.2x12.0 x5.8x4.3x86%87%86%14%24%29%16%n.a.Mean81%17,42916,7903.9x2.7x2.3x19.2x12.6x9.4x76%85%86%10%21%23%52%116%Median87%8751,2592.2x1.6x1.5x13.6x8.9x8.6x76%86%86%6%19%20%45%133%of 52 week high24Q2 2023 Digital Commerce sector updateMethodologyAbout usPublic comparable
118、sTransaction trendsPublic company analysesCEO commentaryTakeawaysThis 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 comprises the broader consumer in
119、ternet ecosystem,including marketplaces,online classifieds,online travel and ecommerce.Alessandro CasartelliEXECUTIVE DIRECTORViqas ChohanVICE PRESIDENTOliver ConnickASSOCIATENikolay PapazovANALYSTJames LoydallANALYSTBased in our London office,Alessandro Casartelli heads our Digital Commerce team.GP
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156、ullhound or an affiliate is or has been engaged as an advisor to and received compensationfrom,or has invested in the following companies mentioned in this report:Fatmap,Glovo,Job&Talent,Matsmart,Murf,Nutracheck,Patreon,Spring,Vivino,Wallapop,and Zuto.GP Bullhound InsightsLONDONSAN FRANCISCOSTOCKHOLMBERLINMANCHESTERPARISMADRIDNEW YORKLUXEMBOURGZURICHMALAGAMUNICHFRANKFURTFollow us on