1、Digital Commerce sector update Q4 2022Qualitative insights into broader Digital Commerce trends and public and private valuations across the transaction spectrum,and interviews with todays leaders transforming the sector.Important disclosures appear at the end of this reportGP Bullhound Corporate Fi

2、nance Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Luxembourg S.R.L.is regulated by the CSSF in Luxembourg2Note:Please see following slides for sourcesTHE VIEWQ4 Digital Commerce perspe

3、ctives from GP BullhoundTakeawaysAUTHENTICITY IS DRIVING A RAPID SHIFT IN MARKETING TECHNIQUES AND CONSUMER ENGAGEMENT74%of consumers now rely on social media to inform their purchasing decisions User-generated content is considered 10 x more impactful than content from influencers which is becoming

4、 increasingly more expensive as influencer marketing gains traction90%of consumers today cite authenticity as a key factor in deciding which brands to favourGENERATIVE AI REDEFINING THE DIGITAL COMMERCE INDUSTRYAI usage by businesses increased by 2.7x in the last four years and its adoption accelera

5、ted with the advent of ChatGPT in Q4-22Generative AI already has a strong impact on digital commerce with automated higher-quality content generation and personalisationbeing some of the few benefits for businessesInvestors are recognising the momentum of AI with several transactions in the space in

6、 Q4-22 Mobility sector companies are taking advantage of early incarnation of the metaverse,focusing efforts on sales,engagement and car design activitiesRecently introduced novelties include virtual showrooms for cars,allowing customers to discover their ideal automobiles from homeInnovation is als

7、o taking place in the automotive design domain,with some car designers using 3D renderings that are viewable with headsets to lead a more hands-on engineering processMETAVERSE ATTRACTING INCREASING ATTENTION FROM MOBILITY SECTOR COMPANIES3While AI business adoption has been ongoing over the last few

8、 years,with a 2.7x increase in usage among businesses in the last four years,generative AI has recently gained significant popularity due to tools such as ChatGPT by OpenAI becoming widely available.Generative AI uses generative models to produce entirely new output from existing data.Technology whi

9、ch can be used to create new product ideas,marketing campaigns,and more,will likely automate many tasks while also augmenting human intelligence.Some of the main benefits of generative AI for digital commerce include:Automated content generationGenerative AI tools can be a major time saver in digita

10、l commerce as these can be used to create content in the form of product descriptions,videos,and images.Cutting production time by creating automated content helps businesses avoid using outdated and irrelevant content.Furthermore,Generative AI tools can increase conversion by providing more in-dept

11、h information than a traditional product description,which helps customers better understand products and their featuresAutomated personalisation and product recommendationsAccording to Accenture,33%of customers abandon business relationships due to lack of personalisation which is where Generative

12、AI can have a strong impact.By taking data from a users past interactions or behaviour and using it to generate new content that is tailored to them,Generative AI can help digital commerce businesses increase conversion and retention rates or generate more interactions with materialsHigher quality c

13、ontentAI-generated content has the potential to be of higher quality than content created by humans due to its ability to learn from large sets of data and detect patterns that humans may not be able to recognise.This means that AI-generated content can be more accurate and contain more information

14、than human-created contentThe above are just a few of the benefits of Generative AI but it could be argued that the momentum in the space and the current rate of progress of AI models would lead to a wider business application and impact.Generative AI redefining the digital commerce industryGP BULLH

15、OUNDS SECTOR TAKEAWAYS Sources:Accenture,GartnerWhat is Generative AI and is it transforming the digital commerce spaceTakeawaysSelected transactionsFUNDRAISE DATE:OCT-22DEAL SIZE:$125MFUNDRAISE DATE:OCT-22DEAL SIZE:$101MFUNDRAISE DATE:JUL-22DEAL SIZE:$50M4Stake holders in the mobility sector are ca

16、pturing business value from an early incarnation of the metaverse.Spatial computing and extended reality,which are available today,can diversify revenue streams,enhance brand loyalty,improve customer experience and optimise production.A recent McKinsey survey found that 59%of respondents say they pr

17、efer to conduct at least one daily activity,such as socialising,shopping,fitness,or education,in the virtual world rather than in person.This finding bodes well for greater use of metaverse-related experiences and technology over the next few years.Sales,engagement and the metaverse showroomRelayCar

18、s offers a mobile application with AR and 3D visuals that allow users to explore thousands of cars.But even with more sophisticated online tools,the average car buyer will want to see a real car before making a purchase,since even the best online images may not provide the clarity and detail that a

19、car buyer needsBeyond sales,a few Original Equipment Manufacturers(OEMs)are creating digital worlds designed to engage the brand community,rather than delivering anything close to the actual driving and buying experience.Acura has opened a virtual showroom in Decentraland,a virtual-reality platform,

20、to introduce customers to its 2023 Integra model.Potential car buyers can walk through the dealership and engage in interactive experiences virtually,including racing cars.Similarly,Skoda has created an experience called Skodaverse,which allows users to take test drives resembling those in a video g

21、ame or visit their NFT gallery,which has various commissioned artworksVirtual vehicle designTraditional automotive design typically starts with 2D sketches of a vehicle.OEMs then use computer-aided design software to create high-quality 3D models based on the original sketches.In a departure from th

22、is process,some OEMs are attempting to streamline design and reduce quality issues with XR tools.For instance,designers at Ford are experimenting with Gravity Sketch,a tool that creates 3D renderings of vehicles that are viewable with headsetsHyundai has also transformed its design process,which use

23、d to take between four weeks and two months,with 3D-design software and AR tools that facilitate collaboration.Once designers are satisfied with their initial designs,they create a clay model and begin working on the vehicles interior.By wearing special VR visors,designers can also see vehicles in d

24、ifferent settings,ranging from a desert to a wet roadOEMs can already generate value by adopting the metaverse,despite only being able to deliver a fraction of the full experience expected in the future.Companies should consider aligning with the metaverse and consider other innovative future use ca

25、ses,from repair and maintenance,through to driver assistance applications.The metaverse:Driving value in the mobility sectorGP BULLHOUNDS SECTOR TAKEAWAYS Sources:McKinsey,Agriland,GSMA,Market.US,The Business Research CompanyCustomers in the metaverseTakeawaysSelected transactionsFORD EXPERIMENTING

26、WITH GRAVITY SKETCH TO DESIGN FUTURE CARSRELAYCARS INTRODUCES MOBILE APP TO FACILITATE CAR COMPARISONACURA INTRODUCES METAVERSE VIRTUAL AUTO SHOWROOM5User-generated content(UGC)is material produced by a companys customers rather than the brand itself.UGC is proving itself to become one of the most e

27、ffective marketing tactics helped along by the post-Covid trend of online commerce.Originally pioneered by B2C brands,B2B companies are also using this as a marketing technique,with both utilising their employee-generated content as wellMomentum of UGC has come from platforms that have harnessed the

28、 creativity of people and provided a wide-reaching audience.Platforms such as TikTok have created a clear avenue for UGC to become an increasingly powerful marketing technique for brandsThis is no surprise when 74%of consumers now rely on social media to inform their purchasing decisions,explaining

29、the tidalwave in creator-generated content or influencers,which is often incentivised with affiliate links,discount codes or competitionsHowever,trends are shifting rapidly,with consumers finding UGC nearly 10 x more impactful than influencer content when making purchasing decisions.While influencer

30、 marketing is still effective,consumers recognise this type of advertisement is heavily incentivised,and therefore losing its authenticityConsumers often face decision paralysis due to ample choice and information overload.Brands are prioritising creation of long-term engagement and authenticity to

31、combat this,but a survey by Stackla found that only 52%of consumers feel that brands create content that resonates as authentic,representing a clear disconnect between consumers and marketers,as 92%of marketers believe that they are producing authentic content for their brandDespite the disconnect b

32、etween consumers and marketers over what constitutes authenticity,there is little disagreement over the importance of authenticity and personalisation when it comes to content that is influential and desired by consumers.Finnish ecommerce personalisation platform NOSTA found that over 90%of consumer

33、s cite authenticity as the key factor that impacts which brands they favour and supportLooking forward to the futureUGC has been around for a while,with some notable campaigns including Coca-Colas“Share a Coke”and Apples ongoing“#shotoniphone”campaign.With SMEs able to access previously unreachable

34、audiences via UGC,user-created content is set to become the way in which brands grow and access customers,cementing its place as a key marketing channelHowever,influencer marketing is still very much here to stay,with over 93%of marketers having utilised influencers,and the sector likely to be worth

35、$15bn in 2022,showing 20%growth versus 2021Trust matters,a new era of authenticity and engagementGP BULLHOUNDS SECTOR TAKEAWAYS Sources:Shopify,Stackla,TikTok,Nosto,StatistaBrands need to leverage the power and originality of their audience to keep driving resultsTakeawaysSelected newsJOHN LEWIS SEL

36、ECT STORYSTREAM TO DRIVE THEIR UGC MARKETING STRATEGYACQUIREDNOV-22ACQUIREDNOV-226Deal dateTargetBuyerTarget descriptionImplied EV($m)Dec-22UK-based ecommerce company focused on the online retail of sports nutrition products137Dec-22Germany-based cloud-based logistics and supply chain company1,957De

37、c-22Germany-based online grocery delivery platform 1,244Oct-22UK-based online search and merchandising solutions provider to ecommerce businesses75Oct-22US-based collectible items and gaming cards retail platform 295Oct-22Russia-based ecommerce-focused online marketplace for pre-used items2,460Oct-2

38、2Spain-based sportwear and sports equipment ecommerce platform138Oct-22US-based fintech ecommerce platform providing funding solutions93Oct-22US-based online fashion ecommerce marketplace1,645Oct-22Sweden-based online retail pharmacy and ecommerce platform693NOTABLE DIGITAL COMMERCE M&ACEO commentar

39、ySources:Pitchbook,Merger Market,SEC filings(as of 31 December 2022)Note:(1)AnnouncedTransaction trends(1)(1)Number of mega deals stood out during digital commerce M&A activity slowdown in Q4 20227Deal dateTargetLead investorIssuer descriptionDeal Value($m)Dec-22Norway-based online grocery platform

40、focused on retail of domestic staples153Dec-22France-based online marketplace for luxury rental and vacation homes61Nov-22US-based wedding planning online platform60Nov-22US-based manufacturer of autonomous mobile robots(AMR)for warehouses117Nov-22Canada-based 3D robotics warehouse automation compan

41、y72Nov-22US-based virtual clinic focused on womens and family healthcare and advice90Nov-22US-based platform-agnostic subscription management software100Nov-22Algeria-based“super”application platform offering numerous types of on-demand services150Nov-22Canada-based online travel planning applicatio

42、n 96Nov-22China-based online luxury second-hand retail platform100Oct-22US-based fully-integrated bus charter marketplace60Oct-22Germany-based holiday apartment rental marketplace102Oct-22US-based developer of a decentralised token exchange 165Oct-22Netherlands-based online-only fresh food supermark

43、et75Oct-22Canada-based consolidator of ecommerce SME-focused software tools66NOTABLE DIGITAL COMMERCE PRIVATE PLACEMENTSTransaction trendsSources:Pitchbook,Merger Market,Crunchbase(as of 31 December 2022)Investors demonstrating continued interest in the space with a number of deals closed in Q4 2022

44、8=857233523A,Inc.Alibaba GroupHolding LimitedPinduoduo Inc.Prosus N.V.JD.com,Inc.Booking HoldingsInc.Airbnb,Inc.Recruit HoldingsCo.,Ltd.UberTechnologies,Inc.Shopify Inc.MercadoLibre,Inc.JD HealthInternational Inc.Coupang,Inc.eBay Inc.DoorDash,Inc.Pinterest,Inc.Chewy,

45、Inc.Etsy,Inc.Delivery Hero SEWayfair Inc.Market cap values in$bnSELECTED DIGITAL COMMERCE PUBLIC COMPANY VALUATIONSSource:Capital IQ(as of 31 December 2022);Note:1)JD HealthPublic company analysesxRanking vs Q3 Digital Commerce Report(1)=1111=13=11111=1Despite the recent drop in market cap,Amazon re

46、mains way ahead of other players in the space9-100%-50%0%50%100%150%200%250%300%350%400%Dec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22Share price performance L5YGP BULLHOUND KEY INDICES SHARE PRICE PERFORMANCELTM performanceShare price performanceL5YL3YLTML6MS&P 500 Technology Se

47、ctor88.4%33.9%(28.9%)(2.5%)Large cap23.8%8.7%(24.9%)(0.8%)Ecommerce(50.9%)(19.8%)(59.7%)(18.4%)Marketplaces3.4%(35.1%)(60.2%)(10.4%)Online travel(36.6%)(32.2%)(23.0%)(3.2%)Classifieds(2.6%)(24.3%)(42.1%)(4.4%)(59.7%)Ecommerce(60.2%)Marketplaces(24.9%)Large cap(28.9%)S&P 500(42.1%)Classifieds(23.0%)O

48、nline travelPublic company analysesSource:Capital IQ(as of 31 December 2022)(1)Peer groups relate to comparable groups on slides 17-22 Digital commerce sell-off continues in Q4-22 without strong indications of a rebound 10GP BULLHOUND DIGITAL COMMERCE INDICES INDICATIVE TRADING VALUATION BENCHMARKSL

49、TM gross margin(1)EV/CY22E Revenue(1)CY20-22 Revenue CAGR(1)Selected companiesVerticals 49%4.1x44%1.8x41%60%6.8x41%72%3.2x75%42%0.9x14%Large capEcommerceMarketplacesClassifiedsOnline travel22%Source:Capital IQ(as of 31 December 2022);Note:1)MeanPublic company analysesIndicative trading valuation ben

50、chmarks110.0 x2.0 x4.0 x6.0 x8.0 x10.0 x12.0 xDec-17Jun-18Dec-18Jun-19Dec-19Jun-20Dec-20Jun-21Dec-21Jun-22Dec-22EV/NTM revenue trends L5YGP BULLHOUND DIGITAL COMMERCE INDEX VALUATIONSTakeawaysSource:Capital IQ(as of 31 December 2022)(1)Peer groups relate to comparable groups on slides 17-22 Public c

51、ompany analyses2.7x5.7x0.8x3.3x1.5xEV/NTM revenue averageL5YL3YLTML6MLarge cap 5.7x6.6x3.2x3.1xEcommerce1.9x2.3x1.1x0.8xMarketplaces5.0 x4.7x2.0 x1.6xOnline travel 3.4x3.9x3.2x2.7xClassifieds7.5x8.1x6.9x6.3xValuations across digital commerce continue to decline and remain below historical averages12

52、DIGITAL COMMERCE IPOSSources:Capital IQ,Pitchbook,Crunchbase,and Mergermarket(as of 31 December 2022)Note:*SPAC;Share price performance calculated with Capital IQ from listing date to 31 December 2022Share price performance as of 31 DecemberEcommerceMarketplacesPublic company analysesDescription:Onl

53、ine grocery distribution platformListing date:16-DecOffering amount:$70mHQ country:JapanMarket cap:$85m+14%Description:Developer of rental space reservation platformListing date:16-DecOffering Amount:$56mHQ country:JapanMarket Cap:$44m-33%Description:Online rental property marketplace platformListin

54、g date:30-NovOffering amount:$354mHQ country:United StatesMarket Cap:$58m-82%Description:Ecommerce solution for large parcel merchandiseListing date:8-NovOffering amount:$3.4bnHQ country:IndonesiaMarket cap:$3.5bn+4%Description:Cross-border ecommerce platformListing date:11-NovOffering amount:$529mH

55、Q country:ChinaMarket cap:$365m-28%Description:LGBTQ+focused online dating applicationListing date:18-NovOffering amount:$321mHQ country:United StatesMarket cap:$920m-60%*Description:Marketplace platform for health services and medicationListing date:18-NovOffering amount:$4.3mHQ country:SingaporeMa

56、rket cap:$34m-62%*Q4-22 had some digital commerce companies going public despite low market valuations*13CompanyHQVerticalsDescriptionMarketplacesMarketplace for luxury watchesMarketplacesUS-based online wholesale marketplace MarketplacesUS-based food and grocery delivery platform MarketplacesPeer-t

57、o-peer car-sharing platform MarketplacesOn-demand online deliveryMarketplacesFresh-food ecommerce platformMarketplacesProperty transaction platformMarketplacesOnline retail shopping portalDIGITAL COMMERCE FUTURE IPOSPublic company analysesSources:Pitchbook,Crunchbase,and Mergermarket(as of 31Decembe

58、r 2022)Filings to look for in the next 12 monthsWhile a significant number of IPO plans have been canceled due to market volatility,some remain to watch for14“Throne enables creators to engage and monetise their community in a fun and privacy-friendly way.Further,our brand partners get authentic,tra

59、ckable,and free marketing,tangible consumer insights,and additional sales on a success-based model.If you are a creator,no matter the size of your following,or a brand that wants to leverage the power of creator-driven commerce,then Throne is for you.We are further working on new solutions for our c

60、reators to monetise via commerce by leveraging our existing infrastructure.”Leonhard Soenke,Patrice Becker,Heiner Stinner,Co-FoundersLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORThrone is a gifting and commerce platform,with over 200k content creators and millions of fans using the platform eac

61、h month.Creators add products to their personal wishlists,their fans then buy the products as a form of support,and the creator receives the gift which they post about on social media,or unbox on-stream.When creators share gifts and wishlists on social media,fans see the products and brand images,le

62、ading to extra brand recognition and sales for Thrones partners.CO-FOUNDERS,THRONEL.SOENKE,P.BECKER,H.STINNERInvestorsCEO commentaryRyan HooverCory Levy15“Seventy-two per cent of HR teams report they struggle to address neurodiversity within their Equality,Diversity and Inclusion strategy and tribun

63、als for neurodiversity discrimination are up 33%year-on-year.Our neuro-inclusion SaaS platform,developed alongside several enterprises,addresses neurodiversity challenges faced by large employers.Our software performs the heavy lifting of legal compliance while providing training,expertise and best

64、practice to employees,managers,and HR teams.A critical differentiator is our clinical cognitive mapping software that,within 30 minutes,informs each employee about how their brain processes information,and we have dedicated evidence-based strategies for enabling people with each neurodiversity to th

65、rive in their employment.”Chris Quickfall,CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORCognassist started in 2017 to create a culture of learning and neuro-inclusion.Through its award-winning neuro-inclusion platform,it helps companies to enable diversity of thought.It provides HR and line m

66、anagers training on how to support their neurodiverse employees and help organisations to be legally compliant when it comes to diversity and inclusion.Organisations also gain access to specialist resources produced by accomplished diversity experts.CEO,COGNASSISTCHRIS QUICKFALLInvestorsCEO commenta

67、ry16We created Zazume to be the leading platform in Spain that democratised access to technology for small landlords by unifying the entire rental transaction into a single flow.Zazume makes it seamless to invest in the best real estate assets by providing its customers with a technology platform to

68、 manage the entire transaction.”Jeroen Merchiers,Co-Founder&CEOLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORZazume competes with real estate agencies and traditional property managers.Zazume has developed a technology platform that provides small landlords with transparency,agility and security

69、 of all their rental assets,providing financial transparency from the time a real-estate asset is acquired to real-time visibility on all incoming and outgoing cash flows.CO-FOUNDER&CEO,ZAZUMEJEROEN MERCHIERS InvestorsCEO commentary17Public comparables Large capPUBLIC COMPARABLES BY CATEGORYSource:C

70、apital IQ(as of 31 December 2022)Public comparablesLarge capLarge capAmazonUnited States49%856,939962,6112.0 x1.9x1.7x16.3x13.6x11.6x42%44%43%13%14%15%15%21%AlibabaChina64%233,221209,4241.7x1.7x1.5x10.4x8.9x7.5x9%n.a.36%17%19%20%16%3%PinduoduoChina88%103,11186,1316.3x4.6x3.6x70.8x16.7x13.7x66%75%75%

71、9%27%27%48%n.m.JD.comChina69%87,87276,0920.6x0.5x0.4x54.6x17.7x13.4x9%14%8%1%3%3%19%33%ProsusThe Netherlands81%90,78290,48114.8x12.5x10.0 x13.1x12.5x10.7x28%39%30%113%101%94%25%n.m.eBayUnited States61%22,50427,2892.6x2.8x2.8x7.9x8.1x8.2x75%73%73%33%34%35%5%2%PinterestUnited States66%16,46713,9855.4x

72、5.0 x4.3x34.8x32.2x25.7x79%76%77%16%15%17%29%n.m.Mean68%201,557209,4314.8x4.1x3.5x29.7x15.7x13.0 x44%53%49%29%30%30%22%15%Median66%90,78286,1312.6x2.8x2.8x16.3x13.6x11.6x42%58%43%16%19%20%19%12%18Ecommerce-OthersCoupangSouth Korea50%26,04125,2821.5x1.2x1.1xn.m.n.m.34.6x17%23%21%n.a.1%3%37%n.m.ChewyU

73、nited States61%15,69815,5331.7x1.5x1.4xn.m.65.5x49.2x27%28%27%n.a.2%3%18%n.m.Americanas S.A.Brazil27%1,6474,5261.1x0.8x0.7x20.5x7.0 x5.8x30%31%31%5%12%13%70%225%Yelp United States70%1,9061,6091.6x1.4x1.2x23.7x6.0 x5.3x92%91%91%7%23%23%17%n.m.ShutterstockUnited States47%1,8881,8982.5x2.3x2.3x14.3x8.8

74、x8.5x64%65%63%17%27%27%11%45%OUnited States32%8865060.2x0.3x0.3x4.1x7.4x7.9x23%23%23%4%3%3%(11%)(16%)CimpressIreland37%7242,3510.9x0.8x0.7x9.5x9.9x7.2x49%n.a.48%9%8%10%12%(6%)Jumia TechnologiesNigeria26%321500.3x0.2x0.2xn.m.n.m.n.m.62%60%57%n.a.n.a.n.a.19%n.m.CEWEGermany69%6697041.0 x0.9x0.9x5.6x5.1

75、x5.0 x77%76%76%17%18%18%(0%)(1%)Groupon United States28%2613410.4x0.6x0.5x5.7xn.m.4.0 x76%87%87%6%n.a.14%(34%)n.m.Quotient TechnologyUnited States43%3323520.7x1.2x1.1x37.9x19.4x7.9x38%51%41%2%6%14%(18%)209%UNQ China37%37660.1xn.a.n.a.6.5xn.a.n.a.30%n.a.26%2%n.a.n.a.n.a.n.a.DelticomGermany35%371090.2

76、x0.2x0.2x16.1x8.3x7.0 x22%n.a.21%1%3%3%(5%)43%Public comparables Ecommerce(1/2)PUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 31 December 2022)Note:EV/EBITDA multiples in red excluded from mean&mediansPublic comparablesE-commerceOnline fashionVIP ShopChina96%8,3236,2680.4x0.4x0.4x6.6x6.1x5.6x

77、20%21%20%6%7%7%3%2%ZalandoGermany45%8,9639,1510.8x0.8x0.8x17.2x18.6x14.7x42%40%41%5%4%5%14%1%The RealRealUnited States35%1,6321,4141.6x1.3x1.2x12.9x16.3x15.2x55%54%55%12%8%8%37%15%About youGermany28%1,0859130.5x0.4x0.4xn.m.n.m.n.m.49%48%38%n.a.n.a.n.a.n.a.n.a.ASOSUnited Kingdom20%6141,2560.3x0.3x0.3

78、x5.7x7.4x6.1x49%48%44%5%4%4%7%(21%)The Hut GroupUnited Kingdom19%6691,3930.5x0.5x0.4x16.2x11.7x7.5x44%42%42%3%4%6%21%8% United Kingdom28%5286160.3x0.2x0.3x4.9x6.8x6.1x54%54%51%5%4%4%15%(26%)Stitch Fix United States15%3453190.1x0.2x0.2xn.m.n.m.n.m.44%45%43%n.a.n.a.n.a.1%n.m.Global Fashion GroupLuxemb

79、ourg22%2692550.2x0.2x0.1xn.m.n.m.24.1x46%43%47%n.a.n.a.1%5%n.m.RevolveUnited States10%1234220.9x0.7x0.6xn.m.n.m.n.m.58%57%56%n.a.n.a.n.a.41%n.m.Mister Spex Germany32%1401450.7x0.6x0.5xn.m.n.m.26.9x49%48%25%n.a.n.a.2%14%n.m.Ecommerce19Public comparables Ecommerce(2/2)PUBLIC COMPARABLES BY CATEGORYSou

80、rce:Capital IQ(as of 31 December 2022)Note:EV/EBITDA multiples in red excluded from mean&mediansPublic comparablesE-commerceVertical ecommerceJD HealthChina79%29,09822,2645.0 x3.5x2.6xn.m.n.m.n.m.42%44%22%n.a.1%2%50%14%Ocado United Kingdom36%6,0607,1222.4x2.3x2.0 xn.m.n.m.n.m.37%41%38%n.a.n.a.2%5%n.

81、m.HelloFreshGermany30%3,7643,7550.6x0.5x0.4x8.3x7.5x5.9x66%64%66%7%6%7%43%3%Wayfair United States17%3,5236,2780.5x0.5x0.5xn.m.n.m.n.m.28%28%28%1%n.a.n.a.(7%)n.a.Pop MartChina40%3,4762,8014.3x3.6x2.8x14.3x13.1x9.3x61%58%59%30%28%30%45%34%Ozon.ruRussia38%2,4172,0960.9xn.a.n.a.n.m.n.a.n.a.37%n.a.51%n.a

82、.n.a.n.a.n.a.n.m.ZooplusGermany96%2,3382,2861.0 xn.a.n.a.n.m.n.a.n.a.26%n.a.26%n.a.n.a.n.a.n.a.n.a.PelotonUnited States20%2,7004,2251.0 x1.4x1.5xn.m.n.m.n.m.30%n.a.19%n.a.n.a.n.a.0%n.a.GoodRxUnited States14%1,8461,8162.4x2.4x2.3x50.8x8.8x9.2x16%16%92%5%27%25%18%n.m.FigsUnited States24%1,1179812.3x2.

83、0 x1.7x79.1x12.3x10.8x72%70%71%3%16%16%37%16%DingDongChina26%9249440.3x0.3x0.2xn.m.n.m.27.7x54%54%30%n.a.n.a.1%45%n.m.MoonpigUnited Kingdom28%4557061.8x1.8x1.7x8.2x7.2x6.5x49%n.a.52%22%25%26%1%4%1-800-United States37%6181,0500.5x0.5x0.5x6.7x23.0 x10.7x42%42%36%7%2%4%8%(49%)The Honest CompanyUnited S

84、tates36%2792780.9x0.9x0.8xn.m.n.m.n.m.34%30%30%n.a.n.a.n.a.2%n.m.Hepsiburada Turkey23%215(1)n.m.n.m.n.m.0.0 x0.0 x0.0 x14%n.a.8%n.a.n.a.n.a.43%n.m.AO World United Kingdom45%3614830.3x0.3x0.3x49.2x31.3x10.7x16%16%17%1%1%3%(7%)(44%)Blue ApronUnited States9%33650.1x0.1x0.1xn.m.n.m.n.m.36%33%34%n.a.n.a.

85、n.a.(1%)n.m.SRP Groupe France74%2062020.3x0.3x0.3x5.4x10.4x8.3x40%38%39%5%3%3%(3%)(21%)WestwingGermany41%2111930.3x0.4x0.4x7.9xn.m.28.6x49%46%48%4%n.a.1%(1%)n.a.OponeoPoland56%1131420.4x0.4x0.3x6.7x10.3x8.8x20%20%20%6%4%4%26%11%My Food BagNew Zealand34%61730.6x0.6x0.6x4.1x4.5x4.6x27%n.a.27%15%14%13%

86、0%6%MUnited Kingdom0%2110.0 x0.0 x0.0 xn.m.n.m.n.m.54%54%42%n.a.n.a.n.a.11%n.m.Mean37%2,8902,8971.0 x0.9x0.8x16.0 x10.7x12.2x43%46%42%8%10%9%14%20%Median34%6699290.6x0.6x0.5x8.3x8.8x7.9x42%45%40%5%6%5%11%4%Ecommerce20Public comparables MarketplacesPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as o

87、f 31 December 2022)Note:EV/EBITDA multiples in red excluded from mean&mediansPublic comparablesUberUnited States54%49,32254,6853.1x1.7x1.5xn.m.32.8x16.9x36%39%32%n.a.5%9%69%n.m.Mercado Libre Uruguay62%42,56245,4596.4x4.3x3.5x69.6x36.5x27.1x51%49%53%9%12%13%63%131%DoorDashUnited States32%18,95315,297

88、3.1x2.3x1.9xn.m.43.8x26.6x54%47%48%n.a.5%7%50%n.m.EtsyUnited States54%15,05516,4047.0 x6.5x6.0 x30.0 x23.6x21.6x72%71%71%23%28%28%21%23%Delivery Hero Germany45%12,31315,0762.4x1.6x1.3xn.m.n.m.71.9x21%27%23%n.a.n.a.2%90%n.m.ZomatoIndia42%5,9635,18711.7x6.9x4.9xn.m.n.m.n.m.50%n.a.54%n.a.n.a.n.a.n.a.n.

89、a.LyftUnited States24%3,9783,2951.0 x0.8x0.7xn.m.11.4x6.1x37%46%33%n.a.7%11%31%n.m.AllegroPoland57%6,0587,6186.2x3.7x3.1x18.1x15.8x13.6x45%n.a.33%35%24%22%50%19%K Japan66%3,2202,9657.6x6.6x5.7x17.4x14.6x12.1x100%n.a.97%44%45%47%4%6%TNetherlands39%4,5586,4901.4x1.1x1.0 xn.m.n.m.51.8x15%41%17%n.a.n.a.

90、2%67%n.a.FarfetchUnited Kingdom13%1,8042,2361.0 x1.0 x0.8xn.m.n.m.29.1x45%45%45%n.a.n.a.3%18%n.m.CarvanaUnited States2%5028,0090.6x0.6x0.6xn.m.n.m.n.m.15%10%11%0%n.a.n.a.58%n.m.OpendoorUnited States8%7367,3040.9x0.5x0.6xn.m.n.m.n.m.9%4%5%n.a.n.a.n.a.142%n.m.BIndonesia51%1,7392532.1x1.2x0.8xn.m.n.m.n

91、.m.76%31%34%n.a.n.a.n.a.55%n.m.DeliverooUnited Kingdom40%1,8515850.3x0.2x0.2xn.m.n.m.n.m.27%30%28%n.a.n.a.n.a.32%n.m.CarGurus United States28%1,6661,4991.6x0.9x1.0 x8.1x9.0 x10.8x69%40%41%20%10%10%73%26%Auto1 GroupGermany36%1,7771,8090.4x0.3x0.2xn.m.n.m.n.m.9%8%8%n.a.n.a.n.a.53%n.m.PoshmarkUnited St

92、ates100%1,4168382.6x2.3x2.1xn.m.n.m.n.m.84%83%83%n.a.n.a.n.a.17%n.a.FiverrIsrael25%1,0829053.0 x2.7x2.5xn.m.39.8x23.6x83%83%80%n.a.7%10%33%n.m.M United Kingdom84%1,2441,3173.5x2.8x2.7x13.5x9.5x8.9x70%67%69%26%29%30%6%13%MyTheresaGermany39%7557121.0 x0.9x0.8xn.m.10.5x8.1x49%n.a.52%n.a.9%10%19%17%Grup

93、po MutuiOnlineItaly58%1,0601,2083.6x3.6x2.8x15.1x12.5x10.1x47%n.a.48%24%29%28%9%17%RoverUnited States35%6744344.0 x2.5x1.9xn.m.26.5x15.4x76%76%76%n.a.9%13%88%n.m.AihuishouChina43%6543490.3x0.2x0.2xn.m.24.7x4.8x26%24%25%n.a.1%4%45%n.m.WishUnited States15%362(457)n.m.n.m.n.m.1.3x1.6x1.7x53%31%35%n.a.n

94、.a.n.a.(52%)n.m.CazooUnited Kingdom3%1205620.7x0.3x0.2xn.m.n.m.n.m.4%3%2%n.a.n.a.n.a.191%n.m.1stdibsUnited States42%198650.6x0.7x0.7xn.m.n.m.n.m.69%69%67%n.a.n.a.n.a.9%n.m.ThredUpUnited States9%132950.4x0.3x0.3xn.m.n.m.n.m.71%67%67%n.a.n.a.n.a.23%n.m.VroomUnited States9%1417790.2x0.4x0.4xn.m.n.m.n.m

95、.6%12%10%n.a.n.a.n.a.22%n.m.TrueCar United States61%221520.2x0.3x0.3xn.m.n.m.n.m.90%90%90%n.a.n.a.n.a.(23%)n.a.Victorian PlumbingUnited Kingdom65%3022530.8x0.8x0.7x8.8x10.3x8.7x47%n.a.45%9%7%8%9%(15%)AcastSweden25%114310.3x0.2x0.2xn.m.n.m.n.m.36%34%36%n.a.n.a.n.a.51%n.m.RedbubbleAustralia15%98440.1x

96、0.1x0.1xn.m.n.m.n.m.20%n.a.18%n.a.n.a.n.a.(11%)n.a.Mean39%5,4746,1022.4x1.8x1.5x20.2x20.2x19.4x47%43%44%21%15%14%41%26%Median39%1,2441,2081.2x0.9x0.8x15.1x15.2x13.6x47%40%41%23%9%10%33%17%Marketplaces21Public comparables ClassifiedsPUBLIC COMPARABLES BY CATEGORYSource:Capital IQ(as of 31 December 20

97、22)Public comparablesClassifiedsProperty,cars,generalREA GroupAustralia64%9,94910,14811.7x12.7x11.5x27.4x22.1x20.0 x60%91%60%43%57%57%16%26%AdevintaNorway53%8,09410,5868.7x6.0 x5.4x37.9x17.7x15.0 x70%n.a.70%23%34%36%56%110%ZillowUnited States48%7,5935,9790.7x1.0 x3.2xn.m.10.4x13.4xn.a.n.a.n.a.n.a.9%

98、24%36%113%Info EdgeIndia68%6,1245,815n.m.23.4x19.3xn.m.73.3x56.6x49%n.a.49%24%32%34%34%51%Auto TraderUnited Kingdom69%5,7975,87512.3x10.7x9.8x17.8x15.1x14.0 xn.a.n.a.n.a.69%71%70%27%34%RightmoveUnited Kingdom63%5,0735,03313.7x12.6x11.9x18.5x16.7x15.9xn.a.78%n.a.74%76%75%27%35%Australia81%4,9575,3541

99、6.7x12.0 x9.6x34.7x21.8x17.9x84%n.a.83%48%55%54%31%38%Scout24Germany76%3,8203,7208.4x7.8x7.1x19.2x14.2x12.6x77%90%77%44%55%56%9%17%AutohomeChina75%3,8169930.9x1.0 x1.0 x3.3x4.6x3.6x86%83%84%29%22%27%(12%)(33%)HemnetSweden73%1,1921,20817.4x14.1x12.5x38.3x27.8x24.7x83%n.a.84%45%51%51%28%62%ACV Auction

100、sUnited States42%1,2998722.4x2.1x1.8xn.m.n.m.n.m.184%43%11%n.a.n.a.n.a.42%n.m.Baltic Classifieds GroupLithuania56%84089517.2x14.7x12.8x21.2x19.1x16.6x58%n.a.77%81%77%77%n.a.n.a.Redfin United States11%4611,7820.9x0.8x1.5xn.m.n.m.n.m.21%13%15%n.a.n.a.n.a.59%n.a.CarTradeIndia53%2651694.6x3.8x3.1xn.m.25

101、.7x13.8x58%n.a.21%n.a.15%22%n.a.n.a.Aramis GroupFrance28%3724880.3x0.2x0.2x26.5xn.m.n.m.8%n.a.6%1%n.a.n.a.44%n.a.PurplebricksUnited Kingdom31%3540.0 x0.0 x0.0 xn.m.n.m.2.0 x58%n.a.51%n.a.n.a.2%(8%)n.a.JobsRecruit HoldingsJapan59%50,68945,5592.2x1.8x1.6x12.2x11.4x10.8x56%n.a.58%18%16%15%22%32%SEEKAus

102、tralia62%5,0325,9439.2x7.2x6.9x23.2x16.4x14.4x68%n.a.65%39%44%48%261%90%ZIP RecruiterUnited States63%1,8091,7012.3x1.9x1.8x60.7x9.6x8.6x89%91%91%4%20%21%47%61%DHI GroupUnited States70%2382722.3x1.8x1.6x15.7x8.9x7.4x87%88%88%14%21%21%16%33%FreelancerAustralia37%77711.8xn.a.n.a.n.m.n.a.n.a.83%n.a.84%n

103、.a.n.a.n.a.n.a.n.m.JcbNextMalaysia91%392215.3xn.a.n.a.61.6xn.a.n.a.58%n.a.70%25%n.a.n.a.n.a.n.a.Mean58%5,3445,1137.1x6.8x6.1x27.9x19.7x15.7x70%72%60%36%41%41%41%48%Median62%2,8131,7424.6x4.9x4.3x23.2x16.6x14.0 x68%86%70%34%39%36%30%37%22Public comparables Online travelPUBLIC COMPARABLES BY CATEGORYS

104、ource:Capital IQ(as of 31 December 2022)Public comparablesOnline travelAirbnbUnited States45%54,13746,8707.8x5.6x5.0 xn.m.16.6x14.8x81%82%82%9%34%34%57%n.m.B United States74%78,17176,6127.0 x4.5x4.0 x25.0 x14.7x12.3x80%93%85%28%31%32%58%149%T China96%22,07622,7759.0 x7.9x5.3xn.m.72.0 x24.5x77%77%77%

105、n.a.11%21%10%n.m.Expedia United States40%13,67416,5481.9x1.4x1.3x33.9x6.7x5.9x82%86%86%6%21%22%50%n.m.MakeMyTrip India79%2,9022,6759.7x4.5x3.7xn.m.56.4x44.3x41%n.a.48%n.a.8%8%85%n.m.Webjet Australia95%1,6061,419n.a.8.3x5.2xn.a.28.5x11.3x70%73%58%n.a.29%46%88%n.m.Edreams OdigeoSpain39%5149232.9x1.7x1

106、.4xn.m.27.1x11.0 x80%n.a.82%n.a.6%13%56%n.m.TrivagoGermany49%4872560.7x0.4x0.4x18.1x2.2x2.2x97%98%98%4%20%17%48%n.m.DArgentina40%3403351.0 x0.6x0.5xn.m.7.4x4.7x51%64%64%n.a.8%12%105%n.m.HolidaycheckGermanyn.a.2642323.2x2.3x1.8x34.5x21.0 x12.3x72%n.a.37%9%11%15%146%n.m.Lastminute.ComNetherlands42%242

107、750.5xn.a.n.a.n.m.n.a.n.a.19%n.a.76%n.a.n.a.n.a.n.a.n.m.On The Beach United Kingdom49%3132404.4x1.3x1.1xn.m.8.0 x5.5x70%n.a.67%n.a.16%21%146%n.m.HostelworldIreland90%1631719.5x2.4x1.8xn.m.n.m.10.9x8%n.a.62%n.a.1%17%111%n.m.TravelzooUnited States40%55500.8x0.7x0.6xn.m.6.1x3.6x82%86%85%1%12%17%14%n.m.

108、Mean60%12,49612,0844.5x3.2x2.5x27.9x22.2x12.6x65%82%72%9%16%21%75%149%Median49%5016293.2x2.3x1.8x29.4x15.7x11.0 x74%84%77%7%12%17%58%149%23MethodologyThis report is based on the expert insights of GP Bullhounds worldwide team alongside detailed analysis of investment trends across the global technol

109、ogy landscape.GP Bullhounds Digital Commerce sector comprises the broader consumer internet ecosystem,including marketplaces,online classifieds,online travel and ecommerce.TakeawaysGP Bullhounds Digital Commerce teamBased in our London office,Alessandro Casartelli heads our Digital Commerce team.Abo

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