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Q2 2021 Marketplaces sector update Qualitative insights into broader Marketplaces trends and public and private valuations across the transaction spectrum, and interviews with today’s leaders transforming the sector. Important disclosures appear at the end of this report GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA GP Bullhound Hong Kong Limited is authorised and regulated by the Securities & Futures Commission Takeaways THE VIEW Q2 Marketplaces perspectives from GP Bullhound PRE-OWNED ELECTRONICS ▪ Macro-economic environment and consumer conscience have catalysed the pre-owned electronics market ▪ The refurbished electronics marketplaces play a key part in the value chain, converting ‘waste’ into items with a new product life ▪ Increasing investor appetite for companies such as Back Market and musicMagpie, which have attracted significant funding this year CONNECTED COMMERCE ENABLING SMES ▪ Many small and medium-sized retailers previously did not prioritise selling online due to their focus on niche products and / or local markets ▪ These businesses do not typically have the knowledge, experience, time or budget to set up and manage successful online channels ▪ There has been an increase in the number of platforms that provide end-to-end solutions for SME retailers who are unable to develop or maintain online capabilities in-house VERTICAL B2B MARKETPLACES ▪ Large-scale Enterprise has been slower to adopt marketplaces en-masse in their supply chains ▪ A generational shift of those in charge of purchasing within Enterprises has acted as a catalyst in the growth of B2B marketplaces ▪ In 2021, B2B sales in industry marketplaces is expected to grow by 130%, equating to $56.5bn Takeaways GP BULLHOUND’S SECTOR TAKEAWAYS Rise of third-party electronics marketplaces as consumers’ conscience for sustainability increases Consumers’ awareness for sustainability increases the demand for pre-owned electronics ▪ Even before the COVID-19 pandemic, consumers were increasingly looking towards resale marketplaces for value and accessibility, and we saw strong traction in pre-owned goods marketplaces with companies like Depop or Vinted increasing their market share in the previous years. Selected transactions ▪ There are three main drivers behind the success of resale marketplaces: 1. Sustainability: there is an increased awareness from consumers, particularly around environmental issues. With over 1 billion smartphones manufactured each year, consumers realise the need to reduce this footprint. 2. Price: consumers have become more price-sensitive due to the number of pre-owned marketplaces and the ability to compare goods on different platforms. At the same time, the economic downturn has increased the need to reduce spending. DEAL DATE: MAY-21 TTV: $105 POST-MONEY: $790M 3. Quality: platforms have invested in customer experience, authentication and protection; thereby increasing the willingness of consumers to use second-hand online platforms to purchase high value goods, like smartphones. ▪ Unlike other sectors, refurbished electronics marketplaces add further value beyond connecting buyers and sellers. They play a key part in the value chain, converting ‘waste’ into items with a new product life, as well as providing quality checks to give consumers the comfort and trust to buy these types of products. LISTING DATE: APR-21 AMOUNT RAISED: £110M VALUATION: £208M ▪ Refurbished electronics marketplaces can now provide a top customer experience for products that are of a guaranteed quality, cheaper, and more environmentally friendly. ▪ This has been increased demand for companies such as Refurbed, Back Market or musicMagpie, which have increased their operations and are attracting significant funding from financial investors. DEAL DATE: MAR-20 TTV: $17M POST-MONEY: NA Sources: Pitchbook, Crunchbase, and Mergermarket (as of 30 June 2021) Takeaways GP BULLHOUND’S SECTOR TAKEAWAYS Connected commerce accelerates shift to online for SMEs Online commerce has become key for traditional SME retailers ▪ The increasing dominance of internet giants like Amazon and Alibaba has threatened large SME retailers who have been forced to develop online capabilities to keep up with them. ▪ Many small and medium-sized retailers previously did not prioritise selling online due to focusing on niche products and / or local markets. While COVID-19 has shown the need to accelerate the shift to online commerce, these businesses do not typically have the knowledge, experience, time or budget to set up and manage successful online channels. ‒ Many retailers lack the systems or processes to handle the diverse selling and fulfilment demands from online channels. Ultimately, this means a gap between the customers' expectations and what the retailers can provide. ‒ Online commerce requires additional capabilities than offline commerce – a new online customer experience as well as shipping or returns. These processes are difficult to master without the right experience or resources. ▪ Connected commerce tools provide the means needed to facilitate seamless online experiences for retailers and customers. ▪ Companies like Shopify or SquareSpace, founded in the early 2000s, have been very successful in providing online commerce capabilities over the past few years. However, their solutions can sometimes be overwhelming and too complex for small and medium-sized retailers. ▪ Recently we have seen a new wave of platforms that can provide simpler and more niche solutions for smaller retailers who are unable to develop or manage complex online capabilities in-house. ‒ Examples of such include Vend, ChannelEngine, Poq or Shopery, who currently offer solutions that are affordable and manageable for smaller retailers. ‒ Through scale, these platforms allow retailers to leverage demand and tools only affordable to global players like Amazon, providing capabilities such as data analytics, pricing engines, ad strategy, or inventory management. Selected transactions DEAL DATE: JUN-21 DEAL SIZE: $500M EV/REVENUE: 25.0X DEAL DATE: APR-21 DEAL SIZE: $205M EV/REVENUE: NA DEAL DATE: JAN-21 TTV: $6M POST-MONEY: NA Sources: Pitchbook, Crunchbase, and Mergermarket (as of 30 June 2021) Takeaways GP BULLHOUND’S SECTOR TAKEAWAYS Growth in vertical B2B marketplaces Generational change in C-suite positions driving shift to marketplaces in large-scale enterprises ▪ While marketplaces have become the go-to choice for consumers goods, large-scale enterprise has been slower to adopt marketplaces en-masse in their supply chains. ▪ Vertical or niche marketplaces cater to a precise audience with a unique focal point, therefore providing curated products and experiences that differ from generalist providers. ‒ In recent months, there has been an increase in major investment and focus on B2B marketplaces, with vertical platforms especially being sought after. ‒ In 2021, B2B sales in industry marketplaces is expected to grow by 130%, equating to $56.5bn, and account for 3.5% of all business ecommerce sales.(1) ▪ Vertical B2B marketplaces success depends upon their focus and ability to provide a wide selection of curated products, allowing companies to compare and select between different providers to match specific needs. ▪ Additionally, a generational shift in mindset regarding online purchasing has acted as a catalyst in the growth of B2B marketplaces, as younger, more digitally native purchasing managers look for ways to streamline and simplify the procuring process. Furthermore, these individuals are more comfortable using marketplaces as they are used to using online channels. ▪ By 2025, millennials are expected to account for over 75% of the global workforce.(2) Having grown up more familiar with online commerce, they are willing to find digital solutions for their organisations’ supply chains and procurement programmes, and as such are increasingly likely to use online marketplaces to meet their needs than more traditional methods. ▪ There are now reportedly over 250 vertical B2B marketplaces globally, up from 70 just two years ago. Sources: Pitchbook, Crunchbase, and Mergermarket (as of 30 June 2021), (1) Digital Commerce 360, (2) Digital Commerce 360 Selected transactions DEAL DATE: JUL-21 DEAL SIZE: $425M EV/REVENUE: 21.3X DEAL DATE: JUN-21 DEAL SIZE: $260M POST-MONEY: $7.0BN DEAL DATE: MAY-21 DEAL SIZE: $100M POST-MONEY: N/A DEAL DATE: MAY-21 DEAL SIZE: $120M POST-MONEY: $1.0BN Transaction trends NOTABLE MARKETPLACES M&A Continued consolidation in the sector CEO commentary Q2 saw strong consolidation driven by interest in digital category leaders and offline players. Announcement date Jun-21 Target Buyer Target description Online marketplace for trading of handcrafted goods Value ($m) Implied EV/LTM Rev 217 n.a. Jun-21 Online retailer of sports equipment 200 1.6x Jun-21 Dropship automation software for e-commerce businesses n.a. n.a. Jun-21 Jun-21 Jun-21 May-21 Sources: Pitchbook (as of 1 July 2021) E-commerce platform for SMBs Mobile marketplace for second-hand clothing and accessories Automotive e-commerce platform Online marketplace to help business owners to open and manage their own online stores 500 1,600 360 n.a. 25.0x 22.9x n.a. n.a. Transaction trends NOTABLE MARKETPLACES PRIVATE PLACEMENTS Resale marketplaces funding traction continues Q2 saw robust traction of delivery and quick commerce companies. Announcement date Jun-21 Issuer Lead investor Jun-21 Jun-21 May-21 May-21 May-21 May-21 May-21 Apr-21 Apr-21 Apr-21 Apr-21 Sources: Pitchbook (as of 1 July 2021) Issuer description Online used car marketplace Online wholesale marketplace On-demand delivery marketplace Curated local marketplace connecting companies and freelancers Car dealership platform Online marketplace for refurbished goods Online marketplace for second-hand clothing Logistics tracking platform Mobile carpooling application E-commerce shopping portal Home services platform for homeowners and service providers Online drug delivery platform Value ($m) 360 260 550 97 1,398 334 303 112 115 432 90 300 Public company analyses SELECTED MARKETPLACES PUBLIC COMPANY VALUATIONS Amazon still dominant force in marketplaces Market cap values in $bn = Amazon.com, Inc. = Alibaba Group Holding Limited ▲2 Shopify Inc. = Pinduoduo Inc. ▼2 Prosus N.V. = JD.com, Inc. ▲1 Uber Technologies, Inc. ▼1 Airbnb, Inc. ▲1Booking Holdings Inc. ▲1 Recruit Holdings Co., Ltd. ▲1 MercadoLibre, Inc. ▼3 Coupang, Inc. ▲2 DoorDash, Inc. ▼1 Pinterest, Inc. ▲1 eBay Inc. ▼2 JD Health (1) International Inc. ▲1 Peloton Interactive, Inc. ▼1 Chewy, Inc. = Wayfair Inc. ▲1 Delivery Hero SE 182.1 159.2 158.0 123.5 94.1 93.2 89.8 81.2 77.7 72.5 58.1 50.3 47.8 45.6 37.0 33.1 32.9 32.9 614.8 Sources: Capital IQ (as of 30 June 2021); Note: 1) JD Health ▲x Ranking vs Q1 Marketplaces Report 1,735.0 Public company analyses GP BULLHOUND KEY INDICES SHARE PRICE PERFORMANCE Classifieds outperforms peers LTM Online travel remains hampered by COVID-19 regulations. Share price performance L5Y LTM performance Classifieds 49.0% 400% Online marketplaces 45.7%350% 300% Online travel 44.9%250% S&P 500 200% 37.8%150% E-commerce 100% 32.5% 50% Large cap 0% 15.6% -50% Jul-16 Jan-17 Jul-17 Jan-18 Share price performance S&P 500 Technology Sector Large cap E-commerce Online marketplaces Classifieds Online travel Jul-18 Jan-19 Jul-19 Sources: Capital IQ (as of 30 June 2021) L5Y 257.2% 295.2% 203.9% 268.6% 209.3% 53.4% L3Y 104.6% 73.7% 70.0% 79.9% 63.3% 4.8% LTM 37.8% 15.6% 32.5% 45.7% 49.0% 44.9% L6M 10.8% 0.1% (13.3%) (7.4%) 2.6% 2.8% Jan-20 Jul-20 Jan-21 Jul-21 Public company analyses GP BULLHOUND MARKETPLACES INDICES INDICATIVE TRADING VALUATION BENCHMARKS Indicative trading valuation benchmarks Verticals Large cap Selected companies CY19-21 rev growth (1) LTM gross margin (1) 40% 48% EV / CY21E revenue (1) 8.1x E-commerce Online marketplaces Classifieds 28% 42% 4.1x 44% 42% 6.4x 14% 61% 9.4x Online travel Sources: Capital IQ (as of 30 June 2021); Note: 1) Mean (27%) 50% 6.6x TakeawPauybslic company analyses GP BULLHOUND MARKETPLACES INDEX VALUATIONS Indices continue to trade above 5- and 3-year averages EV/NTM revenue trends L5Y 12.0x 10.0x EV/NTM revenue average Large cap E-commerce Online marketplaces Classifieds Online travel L5Y L3Y LTM L6M 4.5x 5.0x 6.6x 6.7x 1.9x 2.2x 3.5x 4.2x 5.3x 5.8x 7.0x 7.1x 7.3x 7.5x 9.0x 8.9x 3.3x 3.3x 4.9x 6.1x 10.1x 8.0x 6.1x 6.0x 5.7x 5.7x 4.0x 3.4x 2.0x 0.0x Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Sources: Capital IQ (as of 30 June 2021) Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 TakeawPauybslic company analyses Q2 saw strong IPO activity in Marketplaces ▪ Description: Online eBook store ▪ Listing date: 14-Apr ▪ Offering amount: n/a ▪ Offering price: $6.3 25% ▪ Description: Online travel agency ▪ Listing date: 19-Apr ▪ Offering amount: $1.1bn ▪ Offering price: $34.0 -7% ▪ Description: Online platform for real estate classifieds ▪ Listing date: 27-Apr ▪ Offering amount: $260m ▪ Offering price: $13.4 18% ▪ Description: Consumer products retailer ▪ Listing date: 05-May ▪ Offering amount: $413m ▪ Offering price: $16.0 -36% ▪ Description: Digital-first lifestyle brands ▪ Listing date: 14-May ▪ Offering amount: $10m ▪ Offering price: $5.0 39% ▪ Description: Online employment platform ▪ Listing date: 26-May ▪ Offering amount: n/a ▪ Offering price: $18.0 22% ▪ Description: Marketplace for rare objects, fine art, jewelry, etc. ▪ Listing date: 10-Jun ▪ Offering amount: $115m ▪ Offering price: $20.0 -10% ▪ Description: Online fashion platform ▪ Listing date: 10-Jun ▪ Offering amount: $1.0bn ▪ Offering price: $27.0 -5% ▪ Description: Online e-commerce for platform for designer furniture ▪ Listing date: 16-Jun ▪ Offering amount: $140m ▪ Offering price: $2.0 3% ▪ Description: Podcast marketplace ▪ Listing date: 17-Jun ▪ Offering amount: $244m ▪ Offering price: $4.5 -9% ▪ Description: Online used cars seller ▪ Listing date: 18-Jun ▪ Offering amount: $403m ▪ Offering price: $23.0 -9% ▪ Description: Online retailer of bathrooms products and accessories ▪ Listing date: 22-Jun ▪ Offering amount: $295m ▪ Offering price: $2.62 -9% ▪ Description: Online integrated ondemand retail business ▪ Listing date: 25-Jun ▪ Offering amount: $273m ▪ Offering price: $13.0 -15% ▪ Description: Online sports equipment retailer ▪ Listing date: 25-Jun ▪ Offering amount: €386m ▪ Offering price: $18.3 17% ▪ Description: Mobile technology platform ▪ Listing date: 30-Jun ▪ Offering amount: $4.4bn ▪ Offering price: $14.0 -16% ▪ Description: Online retailer ▪ Listing date: 02-Jul ▪ Offering amount: $681m ▪ Offering price: $12.0 4% E-commerce Online Marketplaces Classifieds Online travel Share price performance as of 30 June Sources: Capital IQ, Pitchbook, Crunchbase, and Mergermarket (as of 06 July 2021) TakeawPauybslic company analyses Classifieds stocks listed in 2021 outperforming peers Marketplaces stocks listed in 2021 50% 40% 30% 20% 10% 0% -10% -20% -30% -40% -50% 1 Jan 21 35.6% -9.4% -34.6% 1 Feb 21 1 Mar 21 1 Apr 21 1 May 21 1 Jun 21 1 Jul 21 Sources: Capital IQ, Pitchbook, Crunchbase, and Mergermarket (as of 07 July 2021) Classifieds E-commerce Online marketplaces Public company analyses MARKETPLACES FUTURE IPOS Strong IPO activity likely throughout 2021 Filings to look for in the next 12 months Company HQ Total funding Verticals $3.5bn Online marketplaces $2.7bn Online marketplaces $1.8bn Online marketplaces $1.3bn Online marketplaces $870m Online marketplaces $790m Online marketplaces $570m Online marketplaces $563m Online marketplaces $535m E-commerce $500m Online marketplaces $450m Classifieds $450m Online marketplaces Description Bike-sharing mobile app Online grocery delivery marketplace On-demand online delivery E-commerce shopping portal for consumer products Online food ordering platform Tech-driven hospitality company Online used car marketplace Online marketplace for secondhand products Online eyewear retailer Food delivery platform Online home selling platform Same-day delivery services Company Sources: Pitchbook, Crunchbase, and Mergermarket (as of 06 July 2021) HQ Total funding Verticals $440m Online marketplaces $400m E-commerce $370m $340m $300m Online marketplaces Online marketplaces Online marketplaces $275m E-commerce $160m Classifieds $155m $94m n.a. E-commerce Online marketplaces E-commerce n.a. Online travel n.a. Online marketplaces Description Home service platform Online Asian & Hispanic groceries Pet care platform Online marketplace for automobiles Online multi-category household service platform Online bulk grocery retailer Platform to buy or sell home improvement materials Online retail platform for eyewear Online marketplace for beauty and wellness products E-commerce platform for sports products Online travel agency On-demand fuel delivery services CEO commentary LEADING COMPANIES AND CEOS TRANSFORMING THE SECTOR Nina Faulhaber & Meg He, Co-Founders & Co-CEOs NINA FAULHABER & MEG HE CO-FOUNDERS & CO-CEOS, ADAY “Our mission is to create better-designed capsule wardrobes that allow our customers to experience more with fewer pieces. A capsule wardrobe is a curated collection of versatile essentials that can be styled together in endless combinations that do it all. Driven by consumer insights, we distill wardrobes down to the essentials that are incredibly versatile, so they look and feel great anywhere: from travel, to hiking, to working from home. Since functionality, elevated designs, and easy-care are some of our product design principles, our capsule wardrobes all ‘do more with less’. We’re leading the way in functional design (always breathable, comfortable, and wrinkle-free), long-lasting fabrics, and more sustainable manufacturing. The Something Borrowed Shirt and Turn it Up Pants have become renowned for their comfort and versatility, and the Carry-On Capsule takes our customers anywhere.” ADAY is on a mission to lift the standard for clothing. This directto-consumer brand encourages consumers to own less by creating capsule wardrobes from elevated designs with functional fabrics. Think polished button-down shirts that are wrinkle-resistant and comfortable pants to wear all day. By focusing on design and functionality, ADAY encourages consumers to own less, pack lighter, and experience more. ADAY chooses their suppliers for their support for people and the planet: from living wages, to recycling programmes, to solar energy and more. Fast Co named ADAY one of the World’s Most Innovative Companies in Retail & E-commerce. Investors CEO commentary LEADING COMPANIES AND CEOS TRANSFORMING THE SECTOR Maxime Maffini-Scialom , Co-Founder & CEO MAXIME MAFFINI-SCIALOM CO-FOUNDER & CEO, COLIZEY “Colizey is the first marketplace 100% dedicated to sporting goods. We believe that technical products should be sold in a brand-safety environment and not on mainstream platforms. Buying a new pair of running shoes online is not as easy as we think: we need much more information than just a price and a photo. The role of Colizey's team is to gather and curate enough product information so any sport lover can make their choice depending on their own needs. Our proprietary technology helps us onboard any kind of seller (from brick & mortar shops to international brands) in less than 48 hours. Our focus in the next 12 months will be to add more and more supply to our platform so we can offer sports addicts the largest sporting goods catalogue possible.” Thanks to proprietary technology, Colizey connects brands, retailers and brick & mortar shops with sports lovers. It’s centralising, simplifying, and elevating the experience of shopping for sports equipment – one that has been slow to migrate online. Colizey provides a digital experience inspired by two things that make specialised physical shops attractive: expert advice and competitive prices. Investors PUBLIC COMPARABLES BY CATEGORY Public comparables – Large cap Public comparables Large cap Large cap Amazon Alibaba Pinduoduo Prosus JD.com Pinterest eBay Rakuten Mean Median Company HQ % of 52 week high Market cap (USD) EV (USD) EV / Revenues CY2020 CY2021 CY2022 EV / EBITDA CY2020 CY2021 CY2022 Gross margin (%) CY2019 CY2020 LTM United States 97% China 71% China 60% The Netherlands 75% China 74% United States 88% United States 99% Japan 81% 81% 78% 1,734,954 614,827 159,193 158,045 123,463 50,280 47,831 17,831 363,303 140,754 1,763,203 589,487 148,429 160,478 113,605 48,376 51,781 12,114 360,934 131,017 4.6x 6.0x 18.6x n.m. 1.0x 29.6x 5.1x 0.9x 9.4x 5.1x 3.6x 4.2x 8.3x 24.3x 0.8x 18.7x 4.3x 0.8x 8.1x 4.3x 3.1x 3.5x 6.1x 19.6x 0.6x 14.0x 4.0x 0.7x 6.5x 3.8x 30.8x 19.8x n.m. 19.9x 35.5x n.m. 13.5x 23.3x 23.8x 21.6x 23.5x 19.6x n.m. 15.7x 38.2x 75.2x 12.7x 38.9x 32.0x 23.5x 18.9x 15.9x n.m. 12.8x 24.5x 48.8x 11.6x 7.6x 20.0x 15.9x 40% 41% 40% 46% 45% 41% 77% 57% 62% n.a. 39% 32% 9% 15% 8% 72% 76% 75% 77% 73% 75% 65% 87% n.m. 55% 54% 48% 65% 51% 41% EBITDA margin CY2020 CY2021 CY2022 2019-2021 CAGR Revenue EBITDA 15% 30% (10%) 214% 3% 19% 38% 4% 39% 17% 15% 22% (9%) 155% 2% 25% 34% 2% 31% 19% 16% 22% 2% 153% 3% 29% 35% 9% 34% 19% 32% 32% 35% 11% 96% n.m. 46% n.a. 28% 18% 50% n.a. 18% 4% 15% (56%) 40% 2% 34% 11% Source: Capital IQ (as of 30 June 2021); Note: Prosus includes OLX, PayU, iFood, Delivery Hero, Swiggy, Tencent, Mail.ru and other smaller ecommerce companies PUBLIC COMPARABLES BY CATEGORY Public comparables – E-commerce (1/2) Public comparables E-commerce E-Commerce - Others Coupang Chew y B2W Ov ertstock.com Shutterstock Jumia Technologies Yelp Cimpress Groupon CEWE Quotient Technology Boqii Delticom LMK Group Legimi Online fashion Zalando VIP Shop The Hut Group ASOS Stitch Fix About you boohoo.com The RealReal Global Fashion Group Rev olv e In the Style Digital Brands Group Mean Median Company HQ South Korea United States Brazil United States United States Nigeria United States Ireland United States Germany United States China Germany S w ed en Poland Germany China United Kingdom United Kingdom United States Germany United Kingdom United States Luxembourg United States United Kingdom United States % of 52 week high 61% 66% 52% 72% 94% 43% 91% 84% 67% 96% 60% 35% 97% 71% 96% 99% 44% 73% 83% 53% 95% 75% 95% 85% 65% 85% 77% 75% 77% Market cap (USD) 72,456 33,113 7,398 3,965 3,625 2,990 2,977 2,822 1,257 1,116 1,009 404 150 107 14 30,453 13,807 9,248 6,822 6,460 5,786 5,321 4,975 3,274 1,794 162 64 8,661 2,984 EV (USD) 69,920 32,868 6,987 3,576 3,301 2,432 2,576 4,320 1,243 1,113 971 436 256 96 15 29,737 11,438 9,236 7,151 6,391 4,965 4,792 2,992 1,739 164 79 8,261 2,784 EV / Revenues CY2020 CY2021 CY2022 EV / EBITDA CY2020 CY2021 CY2022 Gross margin (%) CY2019 CY2020 LTM n.a. 4.7x 3.6x 1.4x 5.0x 15.0x 3.0x 1.8x 0.9x 1.3x 2.3x 3.0x 0.4x n.a. n.a. 3.6x 3.7x 2.7x 1.3x 4.5x 13.4x 2.5x 1.6x 1.2x 1.2x 1.9x 2.2x 0.4x 0.6x n.a. 2.7x 3.0x 2.1x 1.1x 4.2x 10.6x 2.2x 1.5x 1.2x 1.2x 1.6x 1.7x 0.4x 0.5x n.a. 3.2x 2.5x 2.1x 0.7x 0.6x 0.5x 4.2x 3.0x 2.4x 1.6x 1.3x 1.1x 3.5x 2.8x 2.4x n.a. n.a. n.a. 2.5x 1.8x 1.4x 8.3x 6.3x 5.2x 1.9x 1.6x 1.4x 5.7x 3.8x 3.0x n.a. 2.3x 1.9x n.a. n.a. n.a. 4.3x 4.1x 3.2x 2.8x 2.4x 2.0x n.a. n.m. 38.2x 40.5x 21.3x n.m. 18.4x 11.8x 25.0x 7.0x 21.1x n.a. 14.4x n.a. n.a. n.m. n.m. 38.1x 24.6x 18.7x n.m. 13.5x 11.1x 10.6x 6.8x 16.5x n.m. 12.4x 6.2x n.a. n.m. n.m. 24.0x 20.6x 16.9x n.m. 10.5x 10.2x 6.5x 6.5x 11.7x n.m. 9.2x 5.4x n.a. 39.6x 10.8x 44.4x 19.3x n.m. n.a. 22.2x 69.2x n.m. n.m. n.a. n.a. 26.5x 21.8x 35.6x 8.3x 33.1x 15.2x n.m. n.a. 17.9x 57.1x n.m. n.m. 28.0x n.a. 22.5x 17.7x 30.0x 6.9x 24.2x 13.2x n.m. n.a. 14.2x 42.4x 48.7x n.m. 22.5x n.a. 20.1x 16.9x n.a. 18% 17% 25% 27% 27% 31% 35% 29% 23% 22% 23% 60% 64% 63% 67% 73% 69% 94% 94% 94% n.a. n.a. 49% 50% 73% 49% 75% 76% 77% 46% 45% 38% n.a. n.a. 19% n.a. n.a. 23% n.a. n.a. 38% n.a. n.a. 93% 43% 43% 44% 21% 21% 21% 45% 45% 44% 49% 48% 46% 44% 45% 45% 49% 48% - 54% 54% 54% 52% 54% 54% 43% 44% 43% 64% 61% 61% 49% 48% 53% 49% 48% (33%) 47% 48% 42% 49% 47% 41% EBITDA margin CY2020 CY2021 CY2022 2019-2021 CAGR Revenue EBITDA n.a. 1% 9% 3% 23% (87%) 16% 15% 4% 19% 11% n.a. 3% n.a. n.a. (3%) 2% 7% 5% 24% (74%) 19% 14% 12% 18% 11% (9%) 3% 9% n.a. (1%) 3% 9% 5% 25% (59%) 21% 14% 18% 18% 14% (2%) 4% 9% n.a. 8% 7% 9% 8% (5%) n.a. 11% 12% 1% (42%) n.a. n.a. 5% 7% 7% 7% 9% 8% (3%) n.a. 10% 11% 2% (26%) 8% n.a. 6% 7% 7% 7% 10% 8% (2%) n.a. 10% 12% 3% (12%) 8% n.a. 9% 8% 82% 36% 41% 41% 6% (2%) (0%) (2%) (33%) 2% 10% n.a. (5%) 17% n.a. n.a. n.m. 26% n.m. 36% n.m. (6%) (9%) (28%) 10% 14% n.a. n.m. n.a. n.a. 26% 30% 19% 22% 40% n.a. 18% 79% 14% n.a. n.a. n.a. 31% 38% 13% 23% 7% n.m. 20% n.m. n.a. n.a. n.a. n.a. 28% 47% 20% 28% Source: Capital IQ (as of 30 June 2021) PUBLIC COMPARABLES BY CATEGORY Public comparables – E-commerce (2/2) Public comparables E-commerce Company HQ Vertical E-commerce JD Health Peloton Wayfair Ocado HelloFresh GoodRx Pop Mart Ozon.ru DingDong Figs Stamps Zooplus 1-800-flow ers.com Miss Fresh M oonp ig AO World The Honest Company Westw ing M a d e.com SRP Groupe Casper Sleep My Food Bag Oponeo Blue Apron MySale Group China United States United States United Kingdom Germany United States China Russia China United States United States Germany United States China United Kingdom United Kingdom United States Germany United Kingdom France United States New Zealand Poland United States Australia Mean Median % of 52 week high 56% 72% 86% 69% 96% 56% 72% 85% 83% 99% 62% 98% 80% 79% 86% 57% 68% 85% 95% 85% 69% 77% 99% 29% 58% 75% 77% Market cap (USD) 45,639 36,994 32,897 20,471 16,870 14,150 13,901 11,954 9,041 8,023 3,669 2,316 2,074 2,037 2,026 1,651 1,462 1,111 1,090 479 341 230 211 100 91 8,661 2,984 EV (USD) 39,489 35,765 34,183 19,598 16,049 13,865 13,077 11,008 10,150 7,950 3,174 2,243 2,092 3,029 2,058 1,678 1,825 1,002 1,089 479 343 247 182 138 83 8,261 2,784 EV / Revenues CY2020 CY2021 CY2022 EV / EBITDA CY2020 CY2021 CY2022 Gross margin (%) CY2019 CY2020 LTM 13.7x 12.3x 2.4x 6.0x 3.6x 25.4x n.m. 8.1x n.a. n.a. 4.3x 1.1x 1.2x n.a. n.a. 0.8x n.a. 2.0x n.a. 0.5x 0.7x n.a. n.a. 0.3x n.a. 4.3x 2.8x 9.3x 7.7x 2.2x 5.3x 2.6x 18.5x 19.9x 4.8x n.a. 20.9x 4.1x 0.9x 0.9x n.a. 5.3x 0.7x 5.4x 1.6x n.a. 0.5x 0.6x 1.9x n.a. 0.3x n.a. 4.1x 2.4x 6.4x 5.8x 1.8x 4.5x 2.2x 13.4x 13.3x 3.0x n.a. 15.4x 3.7x 0.8x 0.9x n.a. 5.2x 0.6x 4.7x 1.3x n.a. 0.5x 0.5x 1.8x n.a. 0.3x n.a. 3.2x 2.0x n.m. n.m. 36.1x n.m. 26.9x 68.2x n.m. n.m. n.a. n.a. 11.9x 30.0x 10.6x n.a. n.a. 22.3x n.a. 17.0x n.a. 9.6x n.m. n.a. n.a. n.m. n.a. 26.5x 21.8x n.m. n.m. 38.8x n.m. 24.1x 58.8x 49.8x n.m. n.a. n.m. 14.4x 28.3x 9.4x n.a. 21.5x 17.4x n.m. 17.7x n.a. 8.6x n.m. 10.5x n.a. n.m. n.a. 22.5x 17.7x n.m. 51.1x 28.4x n.m. 19.7x 39.6x 32.2x n.m. n.a. n.m. 11.6x 24.2x 8.9x n.a. 20.8x 14.5x n.m. 16.2x n.a. 8.3x 18.7x 9.8x n.a. 36.4x n.a. 20.1x 16.9x 42% 44% 25% n.a. n.a. 40% 29% 28% 30% 37% 34% 37% 65% 68% 66% 16% 16% 94% 65% 63% 63% 31% 37% 33% 54% 54% 18% n.a. 73% 72% 77% 77% 77% 31% 30% 27% 42% 42% 42% n.a. n.a. 15% n.a. n.a. 52% 16% 16% 18% n.a. 36% 36% 49% 49% 50% 54% 54% 53% n.a. n.a. 39% 51% 52% 52% n.a. n.a. 26% n.a. n.a. 19% 38% 38% 38% n.a. n.a. 36% 47% 48% 42% 49% 47% 41% EBITDA margin CY2020 CY2021 CY2022 2019-2021 CAGR Revenue EBITDA 2% 14% 7% 3% 14% 37% 37% (12%) n.a. n.a. 36% 4% 11% n.a. n.a. 4% n.a. 12% n.a. 5% (9%) n.a. n.a. (0%) n.a. 5% 7% 3% 4% 6% 3% 11% 31% 40% (11%) n.a. 19% 28% 3% 10% n.a. 25% 4% 2% 9% n.a. 6% (2%) 18% n.a. (3%) n.a. 6% 7% 3% 11% 6% 5% 11% 34% 41% (5%) n.a. 19% 32% 3% 10% n.a. 25% 4% 5% 8% n.a. 6% 3% 19% n.a. 1% n.a. 9% 8% 59% 93% 32% 24% 70% 39% 59% 69% n.a. 85% 17% 18% 31% n.a. n.a. 32% 20% 41% n.a. 12% 18% n.a. n.a. 5% n.a. 28% 20% n.a. n.a. n.m. 31% 248% n.a. n.a. n.a. n.a. n.a. 16% 139% 55% n.a. n.a. 119% n.a. n.m. n.a. n.m. n.m. n.a. n.a. n.m. n.a. 47% 28% Source: Capital IQ (as of 30 June 2021) PUBLIC COMPARABLES BY CATEGORY Public comparables – Online marketplaces Public comparables Online marketplaces U b er Mercado Libre DoorDash Didi Global Deliv ery Hero Etsy Carv ana Lyft Ta kea w a y.com Farfetch Allegro Opendoor Fiv err Auto1 Group Wish Deliv eroo Kakaku.com Vroom Poshmark Aihuishou CarGurus Thred U p M yTheresa M oneysup erma rket.com Gruppo MutuiOnline Victorian Plumbing 1stdibs Redbubble Shift Technologies Acast TrueCar RugVista Mobly (Home24) Airtasker Virgin Wines MadPaws Company HQ United States Argentina United States China Germany United States United States United States Netherlands United Kingdom Poland United States Israel Germany United States United Kingdom Japan United States United States China United States United States Germany United Kingdom Italy United Kingdom United States Australia United States S w ed en United States S w ed en Brazil Australia United Kingdom Australia Mean Median % of 52 week high Market cap (USD) EV (USD) EV / Revenues CY2020 CY2021 CY2022 78% 94,124 98,733 8.0x 6.3x 77% 77,659 78,970 20.6x 12.5x 70% 58,107 53,892 18.9x 12.7x 79% 68,201 93,369 n.a. 3.1x 76% 32,881 33,149 10.8x 4.9x 82% 26,201 25,888 15.9x 11.3x 93% 24,439 26,861 5.0x 2.7x 89% 19,920 18,699 7.9x 6.0x 70% 19,585 19,631 7.1x 3.2x 68% 17,838 17,583 10.6x 7.9x 66% 17,620 18,676 17.9x 13.4x 45% 10,243 8,926 3.5x 1.7x 72% 9,249 8,911 n.m. 28.9x 65% 9,177 8,270 2.5x 1.7x 40% 8,163 6,437 2.6x 2.0x 74% 7,207 6,734 n.a. 2.9x 92% 6,228 5,984 12.5x 11.7x 55% 5,712 5,045 3.7x 1.9x 45% 3,614 3,039 11.6x 9.3x 81% 3,295 4,284 n.a. n.a. 72% 3,071 2,964 5.4x 3.9x 91% 2,740 2,556 n.a. 11.2x 84% 2,610 2,563 4.1x 3.3x 77% 1,903 1,915 4.0x 3.9x 84% 1,799 1,905 6.4x 5.1x 87% 1,335 - n.a. n.a. 98% 1,304 1,547 n.a. n.a. 49% 732 641 1.6x 1.5x 67% 722 576 2.9x 1.1x 86% 681 668 n.a. n.a. 87% 558 319 1.1x 1.2x 83% 408 393 n.a. 4.9x 63% 380 277 2.4x 1.6x 56% 341 331 n.a. 14.0x 93% 179 173 n.a. 1.7x 56% 29 31 n.a. 7.2x 74% 14,952 15,554 7.8x 6.4x 76% 4,663 4,665 5.9x 4.4x Source: Capital IQ (as of 30 June 2021) 4.4x 9.1x 10.5x 2.6x 3.6x 9.5x 2.0x 4.2x 2.3x 6.2x 10.9x 1.0x 21.2x 1.2x 1.7x 2.2x 9.7x 1.2x 7.2x n.a. 3.3x 8.9x 2.8x 3.6x 4.8x n.a. n.a. 1.3x 0.6x n.a. 1.1x 4.2x 0.9x 10.5x 1.5x 3.5x 4.9x 3.5x EV / EBITDA CY2020 CY2021 CY2022 n.m. n.m. n.m. n.a. n.m. 47.1x n.m. n.m. n.m. n.m. 40.5x n.m. n.m. n.m. n.m. n.a. 27.7x n.m. n.m. n.a. 18.4x n.a. n.a. 12.8x 21.0x n.a. n.a. 23.0x n.m. n.a. 7.6x n.a. n.m. n.a. n.a. n.a. 24.8x 22.0x n.m. n.m. n.m. n.a. n.m. 39.5x n.m. n.m. n.m. n.m. 33.3x n.m. n.m. n.m. n.m. n.m. 25.4x n.m. n.m. n.a. 16.7x n.m. 40.8x 12.8x 16.7x n.a. n.a. 16.9x n.m. n.a. 26.7x 23.4x n.m. n.m. 18.9x n.m. 24.6x 23.4x 68.7x n.m. n.m. n.a. n.m. 32.3x n.m. 48.3x n.m. n.m. 27.7x n.m. n.m. n.m. n.m. n.m. 20.7x n.m. n.m. n.a. 14.7x n.m. 35.2x 11.1x 15.4x n.a. n.a. 17.1x n.m. n.a. 13.9x 21.0x 34.5x n.m. 16.2x n.m. 26.9x 20.9x Gross margin (%) CY2019 CY2020 LTM 53% 53% 36% 45% 41% 49% 53% 52% 53% n.a. 15% 7% 17% 27% 20% 72% 74% 74% 15% 15% 15% 47% 54% 15% 56% 46% 33% 46% 47% 46% n.a. n.a. 47% 8% 10% 11% 83% 84% 83% 10% 9% 10% 63% 59% 61% n.a. 26% 30% n.a. n.a. 100% 6% 8% 6% 83% 84% 84% n.a. n.a. 26% 93% 85% 90% n.a. 72% 70% n.a. n.a. 47% 66% 67% 67% 44% n.a. 46% n.a. n.a. - n.a. n.a. 71% 15% n.a. 24% 8% 9% 6% n.a. n.a. 37% 92% 92% 93% n.a. 62% 54% 42% 42% 40% n.a. n.a. 94% n.a. n.a. 32% n.a. n.a. (75%) 46% 47% 42% 47% 49% 43% EBITDA margin CY2020 CY2021 CY2022 (21%) 6% 7% n.a. (22%) 34% (5%) (32%) 8% (3%) 44% (4%) 5% (1%) (9%) n.a. 45% (13%) 13% n.a. 29% n.a. n.a. 31% 31% n.a. n.a. 7% (35%) n.a. 15% n.a. 1% n.a. n.a. n.a. 6% 5% (4%) 6% 5% n.a. (10%) 29% (1%) (1%) (1%) 1% 40% (1%) 8% (2%) (7%) (11%) 46% (10%) 2% n.a. 23% (18%) 8% 31% 30% n.a. n.a. 9% (24%) n.a. 4% 21% 1% (24%) 9% (61%) 3% 1% 6% 7% 7% n.a. (3%) 29% 1% 9% 2% 6% 40% (1%) 15% (1%) (0%) (5%) 47% (5%) 4% n.a. 23% (5%) 8% 33% 31% n.a. n.a. 8% (11%) n.a. 8% 20% 3% (19%) 10% (14%) 8% 6% 2019-2021 CAGR Revenue EBITDA 10% 66% 119% 12% 115% 67% 59% (7%) 252% 48% 43% 4% 70% 9% 30% 48% (3%) 49% 26% n.a. 14% 18% n.a. (5%) 20% n.a. n.a. 27% 77% n.a. (10%) 27% 48% n.a. n.a. n.a. 44% 29% n.m. n.m. n.a. n.a. n.m. 88% n.m. n.m. n.a. n.m. n.a. n.a. n.m. n.a. n.a. n.a. (7%) n.a. n.a. n.a. 52% n.a. n.a. (13%) 23% n.a. n.a. 130% n.a. n.a. (20%) n.a. n.a. n.a. n.a. n.a. 36% 23% PUBLIC COMPARABLES BY CATEGORY Public comparables – Classifieds Public comparables Classifieds Property, cars, general Zillow Adev inta REA Group Info Edge Auto Trader Autohome Rightmov e Scout24 Redfin carsales.com ACV Auctions Hemnet Aramis Group Purplebricks Jobs Recruit Holdings SEEK 51job ZIP Recruiter Freelancer DHI Group JcbNext Mean Median Company HQ United States Norw a y Australia India United Kingdom China United Kingdom Germany United States Australia United States S w ed en France United Kingdom Japan Australia China United States Australia United States M a la ysia % of 52 week high 58% 90% 98% 84% 97% 43% 94% 90% 64% 86% 68% 75% 92% 72% 94% 98% 97% 98% 88% 85% 68% 83% 88% Market cap (USD) 30,290 23,433 16,743 8,500 8,452 8,145 7,681 7,156 6,597 4,177 3,961 2,316 2,111 345 81,187 8,764 5,873 2,613 412 162 42 10,903 6,597 EV (USD) 28,082 25,234 16,912 8,102 8,438 5,690 7,564 5,456 6,569 4,494 3,309 2,364 2,234 241 80,172 9,907 4,336 2,667 405 188 12 10,589 5,456 EV / Revenues CY2020 CY2021 CY2022 EV / EBITDA CY2020 CY2021 CY2022 Gross margin (%) CY2019 CY2020 LTM 8.5x n.m. 27.8x n.m. 20.4x 4.3x 27.0x 13.1x 7.5x 15.1x n.a. n.a. n.a. 1.8x 5.1x 16.1x 22.3x n.m. 16.9x 3.8x 18.4x 12.1x 3.9x 13.1x 10.5x n.m. n.a. 1.8x 3.5x 11.2x 19.1x n.m. 14.6x 3.4x 17.1x 10.9x 3.0x 11.9x 7.8x 25.7x n.a. 1.6x 4.1x 3.6x 3.3x 8.6x 9.7x 11.3x 7.7x 6.8x 6.3x n.a. 4.5x 3.8x n.a. n.a. n.a. 1.4x 1.4x 1.3x n.a. n.a. n.a. 11.3x 9.4x 9.2x 8.5x 8.3x 7.8x n.m. n.m. 45.0x n.m. 31.2x 9.6x 38.5x 21.7x n.m. 25.0x n.a. n.a. n.a. 25.3x 51.6x 51.3x 36.7x n.m. 24.0x 10.8x 24.8x 20.6x n.m. 23.0x n.m. 69.8x n.a. 14.1x 40.3x 30.9x 30.9x n.m. 20.2x 8.6x 22.8x 18.0x 58.0x 20.6x n.m. 54.6x n.a. 10.5x 33.4x 31.8x 29.4x n.a. n.a. 6.3x n.a. 27.0x 29.4x 30.9x 28.4x 21.0x n.m. n.a. 6.6x n.a. 29.5x 24.4x 23.3x 27.8x 18.6x 33.3x n.a. 5.5x n.a. 26.5x 23.1x n.a. n.a. n.a. 62% n.a. 62% 71% 91% 71% 47% n.a. 47% n.a. n.a. n.a. 90% 88% 90% 66% 74% 66% 78% 92% 78% 26% 24% 27% 84% n.a. 86% 184% 44% 18% 80% n.a. 80% 10% n.a. 10% 58% n.a. 62% 50% n.a. 50% 45% n.a. 45% n.a. n.a. 66% n.a. 87% 87% 83% n.a. 83% 88% 88% 87% 41% n.a. 41% 68% 74% 61% 66% 87% 66% EBITDA margin CY2020 CY2021 CY2022 2019-2021 CAGR Revenue EBITDA 10% 10% 9% 27% 31% 36% 62% 61% 62% 28% 30% 37% 66% 71% 72% 45% 35% 40% 70% 74% 75% 60% 59% 60% 6% 2% 5% 61% 57% 58% n.a. (25%) (15%) n.a. 44% 47% n.a. n.a. n.a. 7% 13% 16% 12% 12% 14% 27% 34% 41% 26% 33% 34% n.a. 4% 11% n.a. n.a. n.a. 22% 21% 24% n.a. n.a. n.a. 35% 31% 35% 27% 32% 37% 42% 40% 5% 5% (1%) 8% 1% 2% 46% 3% 71% 22% n.a. (2%) 274% 44% 13% 3% (2%) (2%) (1%) (17%) n.m. 9% n.a. n.a. n.a. n.m. 1% (10%) 1% 18% n.a. (5%) n.a. 14% 4% (6%) (0%) 3% n.a. n.a. (10%) n.a. 24% (0%) Source: Capital IQ (as of 30 June 2021) PUBLIC COMPARABLES BY CATEGORY Public comparables – Online travel Public comparables Online travel Airbnb Booking.com Expedia Trip.com M a keM yTrip Webjet Triv ago Despegar.com Edreams Odigeo On The Beach Lastminute.Com Holidaycheck H ostelw orld Trav elzoo Mean Median Company HQ % of 52 week high United States 70% United States 87% United States 87% China 78% India 77% Australia 78% Germany 56% Argentina 75% Luxembourg 96% United Kingdom 62% Netherlands 87% Germany 74% Ireland 92% United States 74% 78% 78% Market cap (USD) 93,159 89,827 24,061 22,604 3,103 1,393 1,181 860 886 696 483 260 175 170 17,061 886 EV (USD) 89,046 88,206 31,020 24,450 2,886 1,396 991 740 1,480 660 445 214 159 121 17,273 991 EV / Revenues CY2020 CY2021 CY2022 27.2x 13.1x 5.8x 8.6x 12.7x 25.3x 3.3x 6.4x 6.4x 8.1x 2.8x 10.0x 10.1x 2.2x 10.1x 8.1x 16.5x 9.5x 3.8x 6.5x 8.2x 12.2x 2.5x 2.3x 5.5x 8.9x 1.8x 6.6x 6.3x 1.8x 6.6x 6.3x 12.8x 6.1x 2.7x 4.4x 4.5x 6.4x 1.4x 1.4x 3.2x 3.0x 1.2x 1.9x 2.3x 1.4x 3.8x 2.7x EV / EBITDA CY2020 CY2021 CY2022 n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. n.m. 40.6x 24.8x 44.0x n.m. n.m. n.m. n.m. 79.1x n.m. 23.5x n.m. n.m. 16.3x 38.0x 32.7x n.m. 16.9x 13.3x 18.4x 42.0x 16.5x 18.9x 14.5x 19.4x 13.2x 5.9x 15.5x 19.1x 8.1x 17.0x 16.5x Gross margin (%) CY2019 CY2020 LTM 73% 78% 75% 99% 99% 64% 68% 79% 68% 77% 77% 78% n.a. n.a. 22% 70% 73% (64%) 96% 96% 93% 33% 52% 26% n.a. n.a. 59% n.a. n.a. 73% 19% n.a. 55% 72% n.a. (21%) n.a. n.a. 100% 82% 83% 77% 69% 80% 50% 72% 79% 64% EBITDA margin CY2020 CY2021 CY2022 (8%) 14% 16% 13% 23% 36% (7%) 15% 21% 9% 15% 24% (22%) 6% 11% (139%) 0% 39% (5%) 2% 8% (118%) (12%) 9% 0% 7% 16% 4% (0%) 23% (4%) 8% 20% (209%) (36%) 12% (130%) (69%) 12% (16%) 11% 18% (45%) (1%) 19% (7%) 6% 18% 2019-2021 CAGR Revenue EBITDA 6% (22%) (17%) (14%) (15%) (39%) (36%) (22%) (38%) (33%) (24%) (55%) (49%) (20%) (27%) (24%) n.a. (39%) (23%) (32%) n.m. (93%) (70%) n.a. (63%) n.a. (50%) n.a. n.a. (17%) (48%) (44%) Source: Capital IQ (as of 30 June 2021) Takeaways About us Methodology This report is based on the expert insights of GP Bullhound’s worldwide team alongside detailed analysis of investment trends across the global technology landscape. GP Bullhound’s Marketplaces sector comprises the broader consumer internet ecosystem, including online marketplaces, online classifieds, online travel and e-commerce. 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