E-COMMERCE'S KA-CHING! YEAR - Year-End 2020 Review
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E-COMMERCE’S KA-CHING! YEAR Year-End 2020 Review
EXECUTIVE SUMMARY
Marketplace & E-commerce Sector Wrap-Up
» 2020 will be remembered as an historic inflection point in the growth of e-commerce and marketplace adoption globally
‒ 16.5% worldwide e-commerce growth with a projected 15% CAGR through 2024 in the US alone
» The combination of public e-commerce and marketplace companies grew 68%+ throughout the year and saw a combined market cap
appreciation of $1.3 Trillion in value – stunning value creation
» 5 landmark IPOs throughout the year including Poshmark, AirBnB, DoorDash, Wish, The Hut Group; and several SPACs including Vroom,
Shift and CarLotz (and more to come in 2021)
‒ IPOs expected in 2021 include Instacart, ThreadUp, and Deliveroo
» 39 M&A significant transactions across the market segment including:
‒ A number of notable transactions around the food delivery market such as Nestle’s acquisition of Freshly for $1.5Bn and Just Eat’s
acquisition of GrubHub for $7.5Bn
‒ Viagogo’s acquisition of StubHub for $4.0Bn
» Some excellent reports covering all aspects of trends in e-commerce in 2020 that we enjoyed and highlight in this report including:
‒ Shopify’s “The Future of Ecommerce Report 2021” 1, which highlights several trends in the future or e-commerce such as:
• The importance of customer retention tactics as a customer acquisition costs spoke
• The challenge of brand building amidst a marketplace-dominated environment
‒ Catalyst/Kantar’s “The State of Ecommerce 2021” 2, which drills down into the developing and changing customer journey:
• 66% of all pre-shopping touchpoints are now online, but spread over several channels including search, email, and social media
‒ Oliver Wyman’s “Are You Ready for E-Commerce Acceleration?” 3 which touched on numerous elements of change impacting the
retail world
• The critical role that supply chain design plays in winning customer satisfaction and the importance of alternative and multiple
fulfillment options
» Our sector spotlight focuses on the outdoors – the great outdoors which we have all embraced as we navigate through the pandemic
‒ Outdoor retailers, brands and online e-commerce companies saw significant growth – public companies have seen 99%+ growth
‒ 63% increase in bike sales; 51% increase in golf equipment; even birdwatching saw a 22% growth (a new outdoor activity in urban
markets)
‒ The RV market saw huge growth and consolidation as well – GCA client RVshare successfully raised expansion capital from KKR in
Q4
‒ And there has been $1.5BN of transaction activity in this segment of the market alone
1) Shopify, The Future of Ecommerce Report 2021. www.shopify.com/enterprise/the-future-of-ecommerce.
2) Catalyst, Kantar, The State of Ecommerce 2021. www.catalystdigital.com/wp-content/uploads/The-State-of-eCommerce-2021.pdf. 2
3) Oliver Wyman, Are You Ready for E-Commerce Acceleration?. www.oliverwyman.com/our-expertise/insights/2020/sep/are-you-ready-for-e-commerce-acceleration.html.
I. GCA OVERVIEW
II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS
III. PUBLIC MARKETS
IV. M&A AND FINANCINGS
V. PUBLIC COMPS BACKUP
3
GCA OVERVIEW
Leading Global Investment Bank Providing Strategic M&A and Capital Markets Advisory Services
Global Marketplace & E-commerce Sector Team
John Lambros Josh Wepman Rupert Sadler Alex Grünwald Sam Fuller Tobias Schultheiss Thomas Egli
New York New York New York Zürich London Frankfurt Zürich
Managing Director;
Managing Director;
Managing Director Managing Director Member of Executive Managing Director Managing Director Managing Director
President, GCA US
Management Europe
JLambros@GCAGlobal.com JWepman@GCAGlobal.com RSadler@GCAGlobal.com Alexander.Gruenwald@GCAAltium.com Sam.Fuller@GCAAltium.com Tobias.Schultheiss@GCAAltium.com Thomas.Egli@GCAAltium.com
Highly Active in All Key Disruptive Areas of the Technology Market Full-Suite of M&A and Capital Market Advisory Services
Digital Media Software Tech-Enabled Services
» Marketplaces » Vertical Application » Marketing Services ~60% ~65% ~35% ~80%
» E-commerce » Commerce & Retail » Information Services TRANSACTIONS HAVE SELL-SIDE BUY-SIDE REPEAT OR
» Digital Content & IP Technology » Professional Services TECH COMPONENT TRANSACTIONS TRANSACTIONS REFERRED CLIENTS
» Marketing / Advertising » Data & Analytics » IT Services
Technology » Asset Maintenance & » Customer Care & Claims
» Music, Video & Social Repair Services
» Gaming » Infrastructure ~50% ~50% 500+ 100+
CROSS-BORDER FINANCIAL SPONSOR TOTAL TRANSACTIONS DEBT TRANSACTIONS
58 120 55 TRANSACTIONS TRANSACTIONS IN LAST 3 YEARS IN LAST 3 YEARS
DEALS LAST 3 YEARS DEALS LAST 3 YEARS DEALS LAST 3 YEARS
Leading Franchise in Marketplaces and E-commerce
4
GCA OVERVIEW
Leading Global Investment Bank
STOCKHOLM
MANCHESTER LEEDS
PARIS FRANKFURT
BIRMINGHAM MUNICH
KYOTO NAGOYA
ZURICH TOKYO
LONDON SHANGHAI
NEW YORK LAUSANNE
MILAN
NEW DELHI OSAKA
TEL AVIV FUKUOKA
SAN FRANCISCO
TAIPEI
MUMBAI
SINGAPORE HO CHI MINH CITY
Global platform:
Sector expertise: Exceptional cross-
25 offices in key Experienced team:
Expansive coverage border capabilities:
markets across Over 500 employees
and deep Half of all
America, Asia and across the globe
specialization transactions
Europe
Broad spectrum
Diversified
Strong reputation of clients:
business model:
and track record: Leading
Geographically
High number of conglomerates, top
balanced, synergistic
repeat clients and private equity firms
and complementary
referrals and emerging high-
focus areas
growth companies
San Francisco | New York | Birmingham | Frankfurt | Fukuoka | Ho Chi Minh City | Kyoto | Lausanne | Leeds | London | Manchester | Milan | Mumbai |
Munich | Nagoya | New Delhi | Osaka | Paris | Shanghai | Singapore | Stockhom | Taipei | Tel Aviv | Tokyo | Zurich 5
GCA OVERVIEW
Experience in Marketplace and E-commerce
Marketplace E-commerce
Online auction
Online visual design Online RV rental Stock photo marketplace Online furniture & Online retail Kitchen & home Online bike
marketplace marketplace marketplace technology home décor retail cashback enabler hub retail
Insurance Watch Online job Online B2B Online HQ Online Online mobile & Online fashion
marketplace marketplace classifieds classifieds pictures grocery fashion retail retail
Online education Online Online Online real estate Online bike Online sport Online pet Online board sports
portal career portal classifieds classifieds retail fashion retail retail retail
6
GCA OVERVIEW
Global Experience in Consumer
7
GCA OVERVIEW
Case Study: RVshare Investment Led by KKR (NYSE: KKR)
GCA acted as exclusive financial advisor to RVshare, the leading P2P RV rental marketplace, on its
$100MM+ investment led by KKR
Background Transaction Summary
» RVshare is the first and largest peer-to-peer RV rental » On October 21, 2020, RVshare announced an $100MM+
marketplace. With more than 100,000 vehicles financing round led by KKR
available, RVshare's diverse inventory ranges from
affordable travel trailers to luxury motorhomes and
TRANSACTION DATE can accommodate any outdoor adventure, whether
» RVshare plans to use this new capital infusion to invest in future
October 2020 growth and provide the best experience for owners and
it's a weekend of camping or a cross-country tour of
renters, advancing the company’s mission of expanding the
national parks
INDUSTRY definition of travel
Digital Marketplace, Travel,
Consumer, Digital Media » Since the company’s founding in 2013, RVshare has
successfully built a leading position in the emerging
» GCA assisted RVshare and Tritium Partners in effectively
navigating the COVID-19 market environment by leveraging
market of RV rentals, amassing more than two million
strong business momentum and recent brand recognition
days booked on its platform
» KKR (NYSE: KKR) made its investment through its Next » GCA also provided execution support throughout what was an
all virtual process, including (i) identifying potential buyers and
Generation Technology Growth Fund II, a global fund
leading outreach, (ii) preparing marketing materials, (iii)
dedicated to growth equity investments in the
negotiating valuation and key terms and (iv) advising on
technology space; Tritium Partners, an existing
definitive agreement matters
investor in RVshare, also participated in the round
» GCA acted as exclusive financial advisor to RVshare in
connection with the transaction
8
GCA OVERVIEW
Case Study: Royal Design Group Sold to Egmont
GCA acted as exclusive financial advisor to the shareholders of Royal Design Group, the Nordic
design and home furnishings e-commerce leader, on its sale to Danish group Egmont.
Background Transaction Summary
» Royal Design Group is a Sweden-based interior design » GCA acted as sole financial advisor to the Sellers and Royal
e-commerce business and holds a leading market Design over the course of the deal, assisting them in a very
position within home and interior products in the swift and competitive process, signing the deal with the buyer
Nordics and select European markets, operating in a short period of time after the project kicking off
TRANSACTION DATE under the brands RoyalDesign and Rum21
December 2020
» Private equity firms Verdane, which has been majority owner
INDUSTRY » Over the past couple of years, the company has since 2017, and eEquity, co-owner since 2012, now hand over
E-commerce, Consumer, invested substantially in building scalable systems and the ownership responsibility to Egmont, with Egmont
Retail, Leisure infrastructure to create a platform for continued Publishing acquiring all existing shares of Royal Design Group
growth and expects to reach a turnover of almost SEK
1Bn in 2020
» The purchase considerably deepens Egmont’s position in the
Nordic e-commerce market and marks a substantial investment
» The company has successfully expanded to other for the Egmont Publishing division, which first started investing
geographies, with presence in 13 markets today in e-commerce seven years ago
across Europe, Asia, Australia and the US
» The parties have agreed not to disclose the terms of the
transaction
9
I. GCA OVERVIEW
II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS
III. PUBLIC MARKETS
IV. M&A AND FINANCINGS
V. PUBLIC COMPS BACKUP
10MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
1 E-commerce Growth has Surged Across the Globe
16.5%
Worldwide E-commerce
Growth 2020
16.9% 21.5%
Central &
18.1% Western Eastern
North Europe Europe
America
15.5%
19.8% Asia Pacific
Middle East
& Africa
19.4%
Latin
America
Sources: Shopify, The Future of Ecommerce Report 2021, eMarketer. 11MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
2 2020 Will Be Remembered an Historical Inflection Point for E-commerce and Marketplace Acceleration
U.S. E-commerce on a 15% CAGR thru 2024… 1 …As Penetration of % Retail Sales Accelerates 2
E-commerce Sales ($Bn)
33%
YoY Growth
$1,205
10 years of growth
$1,073 in 3 months
$953
$843 16%
$795
$600 32% 14%
13%
$524 12%
10% 11%
8% 9%
6% 7%
14% 15% 13% 13% 12%
6%
2018 2019 2020 2021 2022 2023 2024 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Q1 ‘20
2020
While Amazon and Walmart Grow Consumer Retail Spend… 3 …The Market Has Embraced Digital Retail 4
Amazon Share of Consumer Retail Spend 200% Marketplace
Walmart Share of Consumer Retail Spend E-commerce 182%
S&P 500
9.1% 9.2% 9.3% 150% 145%
9.0% 9.0% 8.9%
6.8% 100%
5.8%
4.6% 50%
3.9%
3.0% 15%
2.2%
0%
-50%
2014 2015 2016 2017 2018 2019 Jan. Mar. May. Jul. Oct. Dec.
Notes:
1) eMarketer, October 2020. 3) PYMNTS.com.
2) Bank of America, U.S. Department of Commerce, ShawSpring Research, Forrester 4) S&P Capital IQ as of 12/30/20. Stock indices as listed on page 17.
Analytics, McKinsey Retail Practice.
12MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
3 Traditional Retail Saw Some Respite in 2H2020 as Holiday Shopping Came Early
E-commerce Dramatically Outpaces Retail Spending... …As 30+ Retailers Filed for Bankruptcy in 2020
» E-commerce growth in the US was 30%+, reaching a level not Dec-20
previously forecasted to achieve until 2022
Nov-20
» The top 10 “etailers” all increased their e-commerce sales by Sep-20
over 25% and now account for ~63% of all online sales,
Aug-20
compared to ~58% in 2019
Aug-20
» However, more impressively, according to Shopify research –
Aug-20
84% of consumers have shopped online during the pandemic
– which will create lasting impacts and fundamentally change Jul-20
how people shop
Jul-20
Jul-20
It’s Been A Roller Coaster Ride for Retail 1 Jul-20
20% Jul-20
11/9: Pfizer announces
early vaccine data; -2% 12%
10% Jun-20
May-20
0%
2/14: First U.S. death May-20
-10% from COVID; -4%
May-20
-20%
May-20
-30%
May-20
3/27: CARES Act
-40% signed into law; -47% May-20
-50% Apr-20
Apr-20
-60%
January March May July October December
Mar-20
Notes:
Sources: eMarketer, U.S. Department of Commerce, Wall Street Research.
1) Composition of Costco, Bed Bath & Beyond, Dick’s, Kohl’s, Nordstrom, Macy’s, Target, Walmart, and Williams-Sonoma. 13MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
4 With the E-commerce Surge, Multiple Themes and Additional Challenges Emerge for All Retailers
Shopify’s Key 2020 E-commerce Themes 1 Brand Building in a Marketplace Mindset
1
E-commerce Boom Fuels Record Online
Competition
70% Of Amazon searches do not include a brand name
DTC brands prioritize omnichannel experience to win new HOWEVER
customers
New Consumer Behaviors will Reshape Future 40% 48% 38%
2 of Retail Of all consumers want Are more willing to Are more willing to
products and brands advocate for their advocate for their
Brands build creative new digital experiences to unlock the
that align with their favorite brands due to favorite brands when
future of retail
beliefs, and are willing the high-quality they’ve received great
to pay a premium products customer service
Fulfillment Emerges as Competitive
3 Differentiator Need to Focus on Retention to Offset High Acquisition Costs
Consumers gravitate to brands offering fast, free, sustainable » Customer acquisition costs are increasing worldwide across
shipping channels, with rates on Facebook rebounding to pre-
pandemic highs
Brand Building Challenged by Marketplace » Globally, consumers and regulators are wary of big tech,
4 Dominance prompting Google and Apple to consider making it harder
New search and purchasing habits cause brands to to target ads across channels
personalize with a human touch » Historically, improving customer retention 5% increases
profits by 25% to 95%
Retention Becomes a Top Priority as ̶ Customers who enroll in a loyalty program are 47%
5 Acquisition Costs Spike more likely to make a second purchase
̶ Personalized email campaigns can drive 18 times more
Brands experiment with new channels as digital advertising
revenue, and 90% of text messages are opened and
uncertainty rises
read within three minutes
Source:
1) Shopify, The Future of Ecommerce Report 2021. www.shopify.com/enterprise/the-future-of-ecommerce 14MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
5 The Customer Journey is Rapidly Evolving as Digital Becomes the Primary Shopping Resource
63% 37% 66% 54% 59% 72% >50%
Of shoppers who visit Of all online buyers Choose a retailer Of shoppers exposed Of online purchasers Of e-commerce Year over year growth
Amazon or visit retailer websites based on to advertising say that are aware of social professionals use of Amazon and
Walmart.com visit / apps prior to the convenience while it helps remind them commerce Facebook for digital Walmart’s
these sites for initial moment of purchase only 47% choose a of something they marketing activities e-commerce
product research retailer based on need or it prompts an businesses 1
price / value idea for something
they want
Online Purchasers’ Pre-Shop Touchpoints
66% Online
37%
28%
31% Offline
21% 20% 20%
18% 17% 17%
13%
Retailer Website Internet Search Email Ad Brand Website / Social Media Post Blog / Online In-Store Offline Ad Recommendation
/ App App / Ad Forum
Sources: Catalyst, Kantar, The State of Ecommerce 2021. https://www.catalystdigital.com/wp-content/uploads/The-State-of-eCommerce-2021.pdf.
1) Digital Commerce, S&P Global. 15MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
6 The Supply Chain – and Importantly Fulfillment – Has Become Critical to the Customer Satisfaction Equation
Critical E-commerce Levers According to Oliver Wyman Retail Fulfillment Leaders
Customer Proposition Supply Chain Design Transformation Enablers
What makes your How can you deliver against How can you rapidly
e-commerce channel this customer promise? execute to deliver change?
distinctive for customers? » Demand forecasting » Technology and
» Customer engagement » Supplier and inventory advanced analytics
» Product and service management » Organizational
offering » Network and transport effectiveness
» Channel structuring logistics » Innovation and
» Fulfillment operations continuous
» Last-mile delivery improvement
Alternative Fulfillment Options Provide Solutions for Inefficient Last Mile Cost Structures
✓ Decrease pressure on
delivery networks
Locker Collection ✓ Deliver stable service for
customers otherwise
worried during crises
Click-and-collect
✓ Eliminate costs associated
Curbside Pickup with small order sizes,
inefficient routing
✓ Provide customers
+12%
2020 stock performance versus
predictability, optionality,
other public retail companies 1
and convenience
Buy Online, Pick Up in Store
Source: Oliver Wyman, Are You Ready for E-Commerce Acceleration?. www.oliverwyman.com/our-expertise/insights/2020/sep/are-you-ready-for-e-commerce-acceleration.html.
1) Capital IQ as of 12/30/20 as compared to Costco, Bed Bath & Beyond, Dick’s, Kohl’s, Nordstrom, Macy’s, and Williams-Sonoma.. 16MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
Marketplace and E-commerce Companies Continued to See Growth and Value Expansion Throughout the Year
E-commerce & Marketplace Companies Have Significantly Outperformed the S&P 500 in 2020
200%
182%
150%
145%
100%
50%
15%
0%
-50%
January February March April May June July August September October November December
Marketplace E-commerce S&P 500
Marketplace E-commerce
145% 182%
2020 Share Price Performance
Source: Capital IQ as of 12/30/20. 17MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
Marketplace Case Study Spotlight: AirBnB’s IPO and the Future of Vacationing
» Shares of Airbnb popped 110%+ on its opening trading day as shares were originally priced at $68 and opened trading at $146 (closed at ~$144)
̶ Airbnb’s market cap was over $85Bn on its first day of trading, surpassing travel giant Booking and competitor Expedia as well as massive
hotel chains such as Marriott and Hilton
» The future of hotel travel in a pandemic or post-pandemic world has forever changed as vacation home rentals are not just mainstream, but
provide both a safer alternative and an expanded vacation experience – many more people have discovered this in 2020
» In the work-from-home as new-normal environment, vacation home rental demand has increased and renters are renting for longer periods of
time
» Traditional hotels and resorts have struggled during 2020, with major hotel brands index value trading down 14% in 2020 1
» Airbnb’s scale v. competitors could provide significant advantages as some industry forecasts don’t expect hotel demand to fully return until 2023
̶ Airbnb already has the largest platform for room listings of its many competitors, including significant size advantages over more traditional
hotel room providers
Airbnb Stock Performance since IPO Analyst Coverage and Key Stats
Mkt. Cap $96.0Bn
90MM
Shares open EV / LTM Rev 29.9x
$210
“business
We see Airbnb (ABNB) as an attractive
with strong tailwinds from
“substitution
Category creator and leader, driving
effect in lodging… Only
trading at $146 “ “
75MM $180 consumer behavior changes toward valuation holds us back from a more
alternative accommodations constructive view
$150
60MM
Shares now trade $120
Raises $3.5Bn in IPO above $160
45MM
priced at $68.00/share
$90
30MM 4 MM+ 220 ~100,000
$60
Hosts Countries Cities
15MM $30
5.6 MM 825 MM+
-
12/10/20 12/20/20 12/30/20 1/9/21 1/19/21
- Active Listings Total Guest Arrivals
Sources: Euromonitor, Wayfair Q2 ‘20 Investor Presentation, Wall Street Research. Stock data as of 1/20/21.
1) Index comprised of: Hilton Worldwide Holdings, Host Hotels & Resorts, Hyatt Hotels, InterContinental Hotels Group, Marriott International, and Red Lion Hotels. 18MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
Sector Spotlight: The Return to the Great Outdoors
Sports and Outdoors Companies Have Seen a Big Uptick In Growth During 2020
OUTDOOR RETAILERS 120%
100% 99%
99% 2020 Share Price Performance
80%
60%
66%
40%
20%
15%
OUTDOOR BRANDS 0%
-20%
66% 2020 Share Price Performance
-40%
-60%
-80%
January February March April May June July August September October NovemberDecember
Outdoor Retailers Outdoor Brands S&P 500
Continued Shift in Consumer Spending Away from Legacy Entertainment to Outdoor Activities
CYCLING PADDLE SPORTS GOLFING CAMPING BIRD WATCHING
+63% +56% +51% +31% +22%
YoY Sales Increase YoY Sales Increase YoY Sales Increase YoY Sales Increase YoY Sales Increase
Source: S&P Capital IQ as of 12/30/2020. 19MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
The Great Outdoors Revival: Significant Activity & Consolidation Across the Sector
» Like many segments of the economy, March-May 2020 was a challenging time as outdoor manufacturers faced severe downturns in demand
leading to immediate lower cash positions throughout this period of shelter-in-place
» As the initial phase of lockdowns were lifted and Spring became Summer, a surge of renewed interest in outdoors and recreation activities
followed
» Consumer dollars followed too, with bicycle sales reaching $697MM, golf equipment sales reaching $661MM, and camping sales reaching
$605MM during this period
» Furthermore, over $1.5Bn in total transaction value underscored the strategic activity across outdoor recreation in 2020
Selected 2020 Outdoor Recreation M&A and Financing Activity
Archery Outdoor Gear Boating RV Dealerships Fishing Bait RV Dealerships Fishing DTC Footwear RV Hunting Brands
Products Manufacturer Manufacturer Accessories Marketplace
3/6 4/14 4/23 5/19 5/27 6/30 7/28 9/22 10/21 11/16
Heavy-duty Baseball Outdoor Audio Bicycle Firearms Sporting Goods Athletic Technical Ammunition RV Dealerships
Footwear Equipment Manufacturer Accessories Retailer Apparel Outerwear Manufacturing
(Select Assets)
1/20 3/9 4/21 4/28 5/22 6/1 7/14 8/20 9/28 11/12
Source: S&P Capital IQ, Pitchbook. 20MARKETPLACE & E-COMMERCE: MARKET TRENDS & INSIGHTS
Selected 2020 M&A and Financing Activity
M&A Transactions ($MM) Financings ($MM)
Ann. Enterprise Ann.
Acquirer Target Investor Target Amount
Date Value Date
10/30 $1,500 11/12 $275
10/13 NA 10/28 $100
9/29 $420 10/21 $100+
9/8 $425 10/8 $200
8/3 $252 9/23 $100
6/10 $7,521 9/11 $85
5/28 $280 9/10 $33
5/13 $190 8/13 $350
3/25 $120 7/1 $453
2/24 $7,100 4/29 $128
2/13 $4,050 3/10 $60
Sources: Capital IQ, Pitchbook, company press releases. 21MARKETPLACE & E-COMMERCE MARKET SUMMARY
Top 10 Leaders in Private Funding Raised-to-Date
Company Headquarters Founded Amt. Raised ($MM)(1) Company Description
Operator of an online real estate marketplace
San Francisco, CA 2014 $4,395
intended to simplify home buying and selling
Provider of an on-demand goods delivery application
San Francisco, CA 2012 $2,270
designed to order groceries from local stores
Operator of the e-commerce business for all major
Jacksonville, FL 1995 $1,970 professional sports leagues, major media brands and
collegiate and professional team properties
Operator of an online shopping platform designed to
Bellevue, WA 2011 $834
offer a simple way to buy and sell locally
Provider of on-demand delivery services intended to
Philadelphia, PA 2013 $758
offer convenience items
Provider of meetings and events technology that offers
McLean, VA 1999 $702
a marketplace that connects venues with professionals
Palo Alto, CA 2009 $664 Operator of an online home furnishing marketplace
Operator of an online lending marketplace intended to
San Carlos, CA 2012 $646
offer personal loans
Provider of a peer-to-peer, car-sharing marketplace
San Francisco, CA 2009 $612
intended to serve cities across the US and Europe
Provider of an online marketplace designed to trade
Detroit, MI 2015 $565
high-demand and limited-edition sneakers
Notes:
Represents U.S. companies.
Sources: Pitchbook, LinkedIn, Company Websites. 22
1) Includes debt and equity financing.MARKETPLACE & E-COMMERCE MARKET SUMMARY
Selected Active Investors
Investor Type Investor Logos
Accelerators / Seed
Venture Capital /
Private Equity
Corporate Investors
Alternative
Investors
Sources: Capital IQ, Pitchbook, Wall Street Research. 23MARKETPLACE & E-COMMERCE MARKET SUMMARY
Most Active Deal Makers
Company Headquarters Number of Deals Selected Investments & M&A
San Jose, CA 15
Tokyo, Japan 12
Shirebrook, United
Kingdom 10
Seattle, WA 10
Unterföhring,
Germany 10
Hangzhou, China 9
Cape Town, South
Africa 9
Northwich, United
Kingdom 9
Chicago, IL 7
Bentonville, AR 7
Notes:
Represents investments since 2010 in North America and Europe with the exception of Walmart’s acquisition of Flipkart. 24
Sources: Capital IQ, Pitchbook, Wall Street Research.I. GCA OVERVIEW
II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS
III. PUBLIC MARKETS
IV. M&A AND FINANCINGS
V. PUBLIC COMPS BACKUP
25MARKETPLACE & E-COMMERCE MARKET SUMMARY
Valuation Overview
1 2
Marketplace E-commerce
EV / ’21 Revenue 9.7x EV / ’21 Revenue 2.5x
Revenue CAGR ‘20-’22 30.1% Revenue CAGR ‘20-’22 20.3%
EV / ’21 EBITDA 22.1x EV / ’21 EBITDA 22.9x
’21 EBITDA margin 8.6% ’21 EBITDA margin 7.4%
Forward multiples continue to be strong as investors remain enthusiastic about marketplace and
e-commerce companies
Source: Capital IQ as of 2/5/21. 26MARKETPLACE & E-COMMERCE MARKET SUMMARY
Public Offerings Coming Soon
Capital Raised Latest
Company Status Description
to Date Valuation
Provider of an online food delivery platform intended to help in ordering
Confidentially restaurant meals. The company's platform optimizes food ordering and
filed; targeting $1.7Bn $7.0Bn delivery by integrating web and mobile consumers with restaurant tablet-
early 2021 IPO 1 based point-of-sale order management terminals, enabling customers to
order food across restaurants and get them delivered at their doorstep.
Operator of an on-demand goods delivery application that facilitates the
In discussion
delivery of essential goods to busy people and families. The company
with banks;
$2.5Bn $17.7Bn offers full-service and in-store shopper services through a network of
potential H1
independent shoppers with same-day delivery and pickup service of fresh
2021 IPO 1
groceries and everyday essentials.
Developer of an online clothing retail platform offering thrift shopping
Confidentially online while making it mainstream. The company's marketplace allows
filed; targeting $337.8MM $670.0MM swapping of old clothes for new ones and selling and buying of
early 2021 IPO 2 secondhand clothes, enabling customers and fashion enthusiasts to trade
and shop at discounted rates.
Notes:
1) The Guardian, January 2021. 3) Bloomberg, October 2020. 27
2) MarketWatch, September 2020.I. GCA OVERVIEW
II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS
III. PUBLIC MARKETS
IV. M&A AND FINANCINGS
V. PUBLIC COMPS BACKUP
28M&A AND FINANCINGS
Precedent M&A Transactions
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description
Operates an online rental classifieds service, at www.avail.co, for do-it-yourself landlords
12/17/20 NA NA NA NA NA
and tenants
Operator of a shipping payment e-commerce network intended to connect retailers with
12/2/20 NA NA NA NA NA
consumers
Provider of food preparing and delivery services intended to offer a perfect balance of
11/23/20 $277 1.8 x 2.7 x NA NA
nutrition and taste to enhance mind and body performance
Provider of a weekly subscription service intended to offer fresh, chef-cooked meals that
10/30/20 $1,500 NA 4.2 x NA NA
can be heated and served directly to customers' doors
Broadband Capital
10/13/20 $70 NA NA NA NA Provider of online retail platform intended to sell indoor and outdoor gardening products
Investments
99designs is an operator of a global creative platform intended to connect designers and
10/5/20 NA NA NA NA NA
businesses
10/2/20 $300 0.5 x NA NA NA Operator of an online retail platform selling food and grocery products
Provider of an online marketplace for bikes intended to help make extra cash by sharing the
9/29/20 NA NA NA NA NA
vehicle
9/23/20 NA NA NA NA NA Operator of a website intended to provide dog food and accessories
9/8/20 NA NA NA NA NA Developer of an e-commerce platform designed for auto part industry
Operator of an e-commerce platform for high-design furniture and accessories for the office
9/1/20 NA NA NA NA NA
and home
8/3/20 $210 NA NA NA NA Provider of an online shopping platform designed to sell household appliances
Developer of a direct-to-consumer software system that connects breweries and consumers
7/27/20 NA NA NA NA NA
through a mobile marketplace
10/13/20 NA NA NA NA NA Operator of an online marketplace designed to retail shoes and related accessories
Designer and provider of an online shopping platform designed to offer ways to shop the
10/2/20 NA NA NA NA NA
latest trends in menswear and women's wear
Operator of a digital coupon marketplace, intended to offer a savings destination which
9/29/20 $420 NA NA NA NA
connects consumers with retailers, restaurants and brands, both online and in-store
Direct-to-consumer contact lens retailer offering easy, convenient and hassle-free
9/23/20 NA NA NA NA NA
replacement of contact lenses of the most popular brands at competitive prices
Operator of an online marketplace intended to make wholesale automotive deals simple
9/8/20 $425 NA NA NA NA
and transparent
Operator and retailer of a personalized products online marketplace intended to aspire,
9/1/20 NA NA NA NA NA
inspire, motivate
Provider of online and catalog retail services intended to provide direct-to-consumer
8/28/20 $250 NA NA NA NA
service
Sources: Capital IQ, Pitchbook, company press releases. 29M&A AND FINANCINGS
Precedent M&A Transactions (cont’d)
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description
8/24/20 $16 1.2 x NA NA NA An e-commerce brand in the health and personal wellness category
8/3/20 $252 NA NA NA NA Online retailer of gifting products
Developer of a digital marketplace and platform intended to help in scheduling on-demand
7/27/20 NA NA NA NA NA
pet care
Developer of an interactive gym designed to bring the essential components of a studio
6/29/20 $500 NA NA NA NA
workout at home
Operator of an online marketplace intended to provide high-quality stock media at a
6/25/20 Confidential
fraction of the cost
Provider of an online shopping platform designed to offer a range of beauty and personal
6/23/20 NA NA NA NA NA
care products, food products, household and kitchen products and stationery
Operator of an online clothing retail store that providing womens clothing and fashion
6/17/20 NA NA NA NA NA
products
6/1/20 $7,521 5.6 x 4.7 x NM NM Provides an online takeout food platform for diners through over 50,000 restaurant partners
5/28/20 $280 8.1 x NA NA NA Provider of an online database for internet graphics
5/27/20 NA NA NA NA NA Retailer of nutritional supplements and fitness-related products
Operator of an online real estate marketplace that allows for the search, listing and
5/13/20 $190 3.3 x NA NA NA
transacting of properties online
Operator of an online design marketplace intended to sell ready-to-use design content
4/30/20 NA NA NA NA NA
from independent creators around the world
3/25/20 $120 NA NA NA NA Developer of a mobile platform designed to facilitate buying and selling of local goods
Developer of financial education and recommendation platform intended to offer free
2/24/20 $525 2.5 x 2.4 x 37.2 x 25.8 x
credit scores and reports with monitoring
2/24/20 NA NA NA NA NA Operator of a real estate marketplace platform based in Seattle, Washington
2/13/20 NA NA NA NA NA Operator of an online marketplace for buying and selling highly valued items
Developer of ticketing software and solutions intended to bring the joy of live shows to
2/13/20 $4,050 NA NA NA NA
fans globally
2/11/20 $485 2.3 x NA NM NA Provider of online marketplace for connecting people seeking care services
1/27/20 NA NA NA NA NA Operator of an online store focused on selling indie and vintage-inspired women's clothing
10/31/19 NA NA NA NA NA Operator of an e-commerce website intended to offer apparel, shoes and accessories
Sources: Capital IQ, Pitchbook, company press releases. 30M&A AND FINANCINGS
Precedent M&A Transactions (cont’d)
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description
10/15/19 NA NA NA NA NA Operator of an online platform intended to provide customizable products for weddings
10/10/19 $100 Confidential Provider of online photography services and photo products
Operator of an e-commerce website offering ergonomic home and office furniture
8/29/19 $35 0.6 x NA NA NA
intended to create energizing spaces
8/21/19 $275 NA NA NA NA Provider of an online marketplace designed for new, used and vintage music gear
Provider of an online marketplace intended to offer a range of sports apparel and
8/6/19 NA NA NA NA NA
accessories
8/2/19 $18 NA NA NA NA Retailer of engraved, monogrammed or custom-made gifts online
Manufacturer and retailer of intimate apparel intended to offer comfortable
7/31/19 $140 NA NA NA NA
undergarments for women
Operator of online retail hunting and outdoor apparel shop headquartered in Franklin,
7/9/19 NA NA NA NA NA
Tennessee
Manufacturer and retailer of photo-based products and services for customers in the United
6/10/19 $2,751 NA NA NA NA
States through its portfolio of brands
Provider of online photo services enabling the users of film cameras, digital cameras and
6/10/19 NA NA NA NA NA
camera phones to share, print and store their photos online
6/13/19 $160 NA NA NA NA Operator of an online marketplace intended to offer various deals on retail stores
Provider of an online marketplace designed for live auctions of collectibles, antiques and
5/21/19 NA NA NA NA NA
fine art
Operator of an e-commerce platform designed to offer exclusive editions of artwork by
5/1/19 NA NA NA NA NA
prominent contemporary artists
Provider of an online platform intended to help users feel good and inspire them to do
4/4/19 $750 1.9 x NA NA NA
good as well
Provider of an online platform intended to offer a range of health, wellness and safety
2/22/19 NA NA NA NA NA
products for infants, toddlers and parents
Operater of digital marketplaces specializing in the digital marketplaces and automotive
2/15/19 $6,368 10.3 x 9.4 x 23.1 x 17.9 x
sectors
2/15/19 NA NA NA NA NA Provider of an online platform designed to sell wall art and decorative items
Provider of an online retail platform intended to offer food products especially frozen
2/11/19 NA NA NA NA NA
meals
E-commerce destination for home furnishings, appliances, furniture, home goods and
1/18/19 $5 0.1 x NA 2.4 x NA
related products
Provider of an online interior designing marketplace designed to exhibit and sell
1/16/19 NA NA NA NA NA
furnishings and home decors
Sources: Capital IQ, Pitchbook, company press releases. 31M&A AND FINANCINGS
Precedent M&A Transactions (cont’d)
($MM)
Announced Enterprise EV / Revenue EV / EBITDA
Date Acquirer Target Value (EV) LTM NTM LTM NTM Target Description
Provider of an online e-commerce marketplace created to sell premium sneakers and
1/4/19 $250 NA NA NA NA
streetwear content
Summary Statistics
Mean 3.3x 5.5x 20.9x 21.9x
Median 2.3x 4.7x 23.1x 21.9x
Sources: Capital IQ, Pitchbook, company press releases. 32M&A AND FINANCINGS
Precedent Financings
($MM)
Announced Amount Total Enterprise
Date Investor Target Invested Raised Value (EV) Target Description
Operator of an online marketplace designed to offer access to the global network of fully finished
12/22/20 $100 $145 $175
apartments
12/15/20 $40 $40 NA Developer of an online platform for boutique products based in Lehi, Utah
Provider of an online marketplace created to offer healthcare practice loans and commercial real estate
12/15/20 $34 $38 NA
mortgages
11/13/20 $72 $273 NA Operator of a learning platform intended to connect students all over the world to the best instructors
11/12/20 $275 $565 $2,800 Provider of an online marketplace designed to trade high-demand and limited edition sneakers
Provider of an online health and beauty marketplace designed to offers a robust catalog directly to
11/9/20 $250 $323 NA
consumers
10/28/20 $100 $621 $750 Operator of an online renting platform intended to revolutionize the accessories and dressing industry
10/21/20 $100 $164 NA Provider of online peer-to-peer recreational vehicle rental services
Operator of an on-demand goods delivery application intended to facilitate the delivery of essential
10/8/20 $200 $2,470 $17,500
goods to busy people and families
Developer of a digitized online mortgage lending platform designed to democratize the home-financing
10/5/20 $200 $454 $4,000
ecosystem
Developer of an online food marketplace platform intended to deliver farm-fresh food to doors all across
10/5/20 $60 $166 $450
the United States
9/23/20 $100 $290 $1,750 Provider of an online footwear marketplace intended to buy and sell sneakers online
9/17/20 $380 $1,280 $3,520 Operator of a learning platform intended to connect students all over the world to the best instructors
Developer of an online retail platform designed to provide consumers with well-designed, quality
9/11/20 $85 $145 $635
clothing and accessories at an approachable price point
Operator of an online marketplace for home furniture and home decor items designed to help people to
9/10/20 $33 $65 $108
buy and sell chic furnishings in an easy-to-use online marketplace
9/9/20 $12 $28 NA Provider of an online marketplace for trading used bicycles and cycling accessories
Provider of an online health and beauty marketplace designed to offers a robust catalog directly to
9/3/20 $40 $73 NA
consumers
8/27/20 $39 $62 NA Operator of an e-commerce platform intended to sell secondhand luxury bags
8/17/20 $35 $84 $635 Operator of an online Chinese supermarket intended to offer authentic gourmet delicacies from Asia
8/13/20 $350 $1,970 $6,200 Operator of a multi-channel sports merchandise retailer
Sources: Capital IQ, Pitchbook, company press releases. 33M&A AND FINANCINGS
Precedent Financings (cont’d)
($MM)
Announced Amount Total Enterprise
Date Investor Target Invested Raised Value (EV) Target Description
7/1/20 $453 $834 NA Operator of an online shopping platform designed to offer a simple way to buy and sell locally
Operator of an online shopping platform intended to offer wholesale club experience for modern
6/30/20 $30 $274 $400
shoppers
5/14/20 $15 $73 $120 Operator of an e-commerce platform and offline stores intended to offer secondhand luxury handbags
4/29/20 $128 $290 $1,328 Provider of an online marketplace designed to trade high-demand and limited edition sneakers
Operator of an online marketplace intended to provide information on residential properties and rented
3/10/20 $60 $150 $400
workspace
Operator of an online marketplace designed to offer access to the global network of fully finished
2/6/20 $30 $45 $95
apartments
2/5/20 $17 $25 $38 Provider of an online retail platform designed to facilitate both offline and online shopping for customers
Developer of an e-commerce platform designed to change the way people discover and shop for designer
1/31/20 $100 $420 $775
fashion
Developer of an online marketplace built on pioneering technology intended to connect today's dynamic
1/31/20 $17 $23 $67
workforce with companies facing increasingly complex staffing requirements
Developer of an online flower delivery platform designed to connect farms and a curated network of
1/30/20 $16 $74 $126
artisan florists directly to consumers
12/9/19 $10 $12 NA Developer of an online marketplace platform designed to offer products for home decoration
12/2/19 $40 $61 $440 Developer of an online shopping platform designed to help women rediscover fashion
11/18/19 $16 $26 $84 Operator of an online retail platform intended to sell meat and seafood products
11/6/19 $16 $27 $46 Provider of an online marketplace intended to offer and help users browse commercial spaces
10/2/19 $35 $49 $400 Operator of an online retail platform intended to provide professional clothing for women
Developer of a lifestyle membership platform designed to provide women with products from premium
9/1/19 $80 $89 $930
and emerging brands
8/26/19 $100 $112 NA Operator of an online retail platform intended to sell bedding textiles
Developer of an online clothing retail platform designed to offer thrift shopping online while making it
8/21/19 $175 $338 $670
mainstream
Developer of an online marketplace designed to transform the way the meetings are booked to benefit
8/20/19 $50 $56 NA
event planners and hoteliers
8/6/19 $40 $40 NA Provider of an online ticketing marketplace to buy and sell tickets
Sources: Capital IQ, Pitchbook, company press releases. 34M&A AND FINANCINGS
Precedent Financings (cont’d)
($MM)
Announced Amount Total Enterprise
Date Investor Target Invested Raised Value (EV) Target Description
8/1/19 $300 $1,800 $11,200 Operator of a mobile e-commerce platform designed to make affordable products accessible to everyone
7/5/19 $14 $23 $59 Developer of a retail platform intended to bring modern brick-and-mortar shopping experience online
Developer of an online kids shopping platform intended to help kids to be socially responsible and make
6/26/19 $15 $28 $55
an impact
6/25/19 $150 $424 $1,700 Provider of an online marketplace designed to hire workers and offer local services
Operator of an online luxury footwear platform intended to offer branded shoes and other fashion
6/17/19 $50 $90 $165
apparel and accessories
Operator of an e-commerce platform intended to be used for the wholesale ordering of professional
5/14/19 $25 $31 $95
grade supplements
5/7/19 $43 $64 $193 Developer of an online marketplace designed to provide warehousing spaces on-demand
4/15/19 $25 $48 $110 Operator of an online marketplace intended to make wholesale automotive deals simple and transparent
Developer of a shopping platform aimed to connect consumers to the items and brands that match their
4/12/19 $20 $31 $100
preferences
4/10/19 $181 $303 $511 Provider of an online car marketplace designed to simplify the process of buying and selling cars
4/9/19 $12 $22 $80 Developer of an online mobile shopping application designed to purchase items directly from retailers
4/1/19 $29 $54 NA Provider of an online marketplace intended to sell pre-owned luxury goods
3/22/19 $50 $338 $1,050 The RealReal Inc provides online marketplace for authenticated and consigned luxury goods
Developer of an online renting platform intended to revolutionize the accessories and dressing retail
3/21/19 $125 $521 $1,000
industry
Developer of a mobile commerce and digital marketing platform designed to connect merchants in the
2/28/19 $20 $29 $95
retail fueling industry to their consumers
Developer of an online wholesale fashion platform designed to improve the entire wholesale buying
2/13/19 $16 $36 $326
process
2/7/19 $80 $252 $520 Provider of an online marketplace intended to offer rare and luxury products
Developer of an online apparel and accessories platform designed to bridge the gap between luxury
2/5/19 $30 $45 $124
goods and affordable fashion
Developer of an online marketplace designed to simplify the leasing process of small to medium-sized
1/17/19 $15 $23 $60
office spaces
1/1/19 $18 $22 $53 Developer of an online platform designed to offer seafood
Sources: Capital IQ, Pitchbook, company press releases. 35I. GCA OVERVIEW
II. MARKETPLACE & E-COMMERCE MARKET TRENDS & INSIGHTS
III. PUBLIC MARKETS
IV. M&A AND FINANCINGS
V. PUBLIC COMPS BACKUP
36APPENDIX – PUBLIC COMPANY VALUATIONS
($MM, except per share data)
Stock Price Market Cash & Total Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin
Company 2/5/2021 Cap ST. Invest. Debt Value (EV) CY21E CY22E CY21E CY22E 21E/20A 22E/21E CY21E CY22E
Marketplaces
Alibaba Group Holding Limited $265.67 $718,664 $70,790 $22,676 $691,511 5.0x 4.2x 18.0x 15.1x 40% 19% 28% 28%
Airbnb $195.31 $115,867 $4,495 $2,282 $113,654 25.4x 18.6x NM NM 37% 37% 0% 10%
Uber Technologies $58.58 $103,322 $7,286 $10,073 $107,349 6.1x 4.6x NM NM 43% 31% (2%) 7%
MercadoLibre $1,918.13 $95,657 $2,664 $1,465 $94,458 17.2x 12.3x NM NM 44% 40% 6% 9%
eBay Inc. $62.23 $42,898 $3,826 $8,143 $47,215 4.0x 3.7x 11.3x 10.3x 17% 6% 35% 36%
Delivery Hero SE $158.55 $33,095 $2,903 $1,976 $32,166 5.9x 4.2x NM NM 77% 41% (9%) (0%)
Etsy $231.12 $29,142 $1,525 $1,110 $28,728 15.8x 13.0x NM 43.3x 12% 21% 28% 30%
Copart $119.39 $28,192 $606 $526 $28,112 10.5x 9.6x 23.5x 20.8x 16% 9% 45% 46%
Farfetch Limited $66.51 $22,587 $757 $621 $22,615 10.2x 7.9x NM NM 34% 29% 2% 7%
Carvana Co. $288.15 $20,337 $286 $1,414 $21,996 2.8x 2.0x NM NM 47% 37% (0%) 2%
Lyft $53.12 $16,867 $2,453 $1,025 $15,438 4.6x 3.4x NM NM 42% 36% (8%) 4%
Just Eat Takeaway.com N.V. $109.30 $16,265 $591 $641 $16,320 4.6x 3.8x NM 28.3x 22% 23% 9% 13%
Fiverr International Ltd. $274.29 $9,632 $214 $5 $9,423 36.3x 27.3x NM NM 38% 33% 10% 16%
Stitch Fix $82.06 $8,605 $388 $166 $8,382 3.6x 3.1x NM NM 28% 15% 1% 3%
Grubhub Inc. $72.54 $6,728 $413 $615 $6,931 3.2x 2.8x 42.8x 24.2x 20% 14% 7% 11%
Upwork Inc. $51.59 $6,298 $155 $37 $6,180 14.2x 12.0x NM NM 19% 19% 3% 6%
Vroom $46.71 $6,084 $1,161 $264 $5,186 2.1x 1.3x NM NM 85% 58% (7%) (3%)
Poshmark $69.21 $5,076 $0 $0 $5,076 13.9x 10.4x NM NM 35% 34% (6%) 1%
Shutterstock $70.91 $2,597 $383 $43 $2,257 3.2x 3.0x 15.0x 12.9x 7% 8% 21% 23%
The RealReal $24.06 $2,131 $395 $275 $2,011 4.8x 3.9x NM NM 36% 25% NM (11%)
Summary Statistics
Mean 9.7x 7.6x 22.1x 22.1x 35% 27% 9% 12%
Median 5.5x 4.2x 18.0x 20.8x 35% 27% 3% 8%
E-Commerce
Amazon.com $3,352.15 $1,688,025 $84,396 $101,229 $1,704,858 3.6x 3.1x 23.5x 18.9x 24% 17% 15% 16%
JD.com $96.64 $149,780 $17,894 $5,002 $140,499 1.0x 0.8x 30.8x 21.6x 23% 21% 3% 4%
Zalando SE $118.49 $29,838 $3,161 $2,087 $28,763 2.5x 2.2x 36.1x 28.1x 17% 18% 7% 8%
Wayfair Inc. $289.30 $29,780 $2,557 $3,832 $31,055 1.9x 1.6x 43.6x 30.2x 13% 19% 4% 5%
Ocado Group plc $38.55 $28,458 $1,605 $1,363 $28,245 7.6x 6.5x NM NM 18% 17% 4% 6%
Vipshop Holdings Limited $33.10 $22,419 $2,037 $596 $21,086 1.2x 1.0x 15.4x 13.2x 19% 11% 7% 8%
ContextLogic Inc. $28.60 $16,788 $1,094 $49 $15,743 5.0x 4.1x NM NM 27% 22% (3%) 1%
Rakuten $10.47 $14,250 $30,491 $20,319 $4,273 0.3x 0.2x 3.9x 2.0x 9% 11% 7% 13%
ZOZO $33.99 $10,380 $413 $194 $10,162 7.0x 6.5x 23.1x 21.0x 9% 7% 30% 31%
ASOS Plc $67.26 $6,699 $545 $418 $6,573 1.2x 1.0x 13.0x 13.0x 26% 20% 9% 8%
boohoo group plc $5.01 $6,252 $461 $18 $5,811 2.3x 1.6x 21.8x 17.5x 33% 40% 11% 9%
Zur Rose Group AG $528.25 $5,530 $273 $553 $5,810 2.7x 1.9x NM NM 22% 41% 0% 3%
Shop Apotheke Europe N.V. $279.08 $5,005 $184 $200 $5,021 3.5x 2.6x NM NM 22% 33% 2% 3%
AO World plc $4.60 $2,172 $110 $137 $2,197 0.9x 0.8x 21.1x 16.7x 19% 8% 4% 5%
1-800-FLOWERS.COM $31.69 $2,055 $371 $278 $1,963 1.0x 1.0x 10.1x 10.1x 16% (0%) 10% 10%
Boozt AB (publ) $22.64 $1,442 $118 $81 $1,405 2.3x 2.0x 27.5x 21.5x 16% 16% 8% 9%
Kogan.com Ltd $13.23 $1,398 $101 $2 $1,299 2.0x 1.7x NM 15.2x 32% 16% 4% 11%
Westwing Group AG $48.32 $971 $107 $35 $895 1.5x 1.2x 21.8x 17.5x 12% 22% 7% 7%
home24 SE $30.61 $808 $59 $42 $774 1.1x 0.9x 38.9x 33.9x 15% 22% 3% 3%
PetMed Express $34.79 $699 $107 $0 $593 1.8x 1.8x 13.3x 12.6x 4% 3% 14% 14%
Summary Statistics
Mean 2.5x 2.1x 22.9x 18.3x 19% 18% 7% 9%
Median 2.0x 1.7x 21.8x 17.5x 18% 17% 7% 8%
Sources: Capital IQ, Wall Street Estimates. Multiples 50x considered NM. 37GCA is a global investment bank that provides strategic M&A, capital markets and private funds advisory services to growth companies and market leaders. The firm offers worldwide coverage with over 500 professionals in 25 offices across America, Asia and Europe. Built by the people that run the business, GCA is a firm of experts who focus on deals that require commitment, original perspective, skill and exceptional networks. www.gcaglobal.com This report was prepared by GCA Advisors, LLC, a registered broker-dealer and member of FINRA and SIPC. Sources of data include Capital IQ and other news organizations. Information obtained from third- party sources is considered reliable, but we do not guarantee that the information herein is accurate and complete. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any other decision. DISCLAIMER: This report includes logos or other words or devices that may be registered trademarks of their respective owners. Such use is solely for purposes of convenience in referring to the trademark owners and their products/services. This report and its contents are not endorsed by, sponsored by or affiliated with any trademark owners. GCA Advisors, LLC and its affiliates are not affiliated with any trademark owner but may provide financial services to one or more trademark owners or their affiliates.
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