FCF IPO Market Monitor - European Initial Public Offerings - H2 2018 - FCF Fox Corporate Finance
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FCF IPO Market Monitor European Initial Public Offerings – H2 2018
Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
2Executive Summary
The FCF IPO Market
Monitor is a FCF IPO Market Monitor Recipients
standardized report is a comprehensive analysis of the European IPO markets and is The FCF IPO Market Monitor targets the following recipients:
on the European published by FCF on a semi-annual basis. The analysis provides
public offerings relevant pricing, performance and valuation metrics (e.g. ratios and ▪ Institutional investors ▪ Family Offices / High
markets and serves a multiples) of European IPOs for the last six months ▪ Private equity investors Net-Worth Individuals
quick reference for ▪ Venture capital investors ▪ Corporates
investors, corporates ▪ Advisors
Selection of Companies
and professionals
The selection of IPOs is based on the following criteria: Data
More advanced, ▪ IPO date within the last 6 months
All input data is provided by S&P Capital IQ and is not independently
detailed and / or ▪ Primary listing at an European exchange* verified by FCF. Ratio and multiple calculations are driven based on
customized reports ▪ Transaction size at least EUR 20m the input data available. For additional information and disclaimer,
are available upon please refer to the last page
▪ IPOs of companies operating in the financial services or real
request estate sector have been excluded
▪ Based on transaction size, the IPOs are categorized as follows: Availability
Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m,
Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m The FCF IPO Market Monitor is available on FCF’s website at
“www.fcf.de“
Calculation of Price Indices
The price indices are calculated based on the following criteria: To recommend colleagues or fellow investors to be added to the
mailing list, kindly send an email with the respective contact
▪ The relevant IPO has been issued within the last 2.5 years information
▪ The holding period for each IPO in the respective index is 2 years
▪ The constituents of each index are based on the transaction size
at the time of IPO and are not re-allocated to other categories If you have questions, comments or ideas, please do not hesitate
to contact us
▪ The index is an arithmetic weighted series where the weights are
the market capitalization of each company, adjustments are
based on the “Paasche formula”
* Countries of exchanges: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, 3
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomExecutive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
4FCF Overview
FCF seeks to provide Who We Are Capital Markets Capabilities and Services
its clients with
▪ Specialized investment bank and financing specialist Private /
financing solutions ▪ Venture capital ▪ Private equity
▪ Advising public and private small / midcap companies Pre-IPO ▪ Growth capital
Equity
(i) at the lowest
cost, ▪ Advisor for structuring and placement of financing transactions: ▪ Initial Public Offering (IPO) pursued in tandem)
– All instruments: Unbiased approach to all available corporate / Capital increase ▪ Private Investment in Public
(ii) with the highest Public ▪ Dual-track (IPO and Equity (PIPE)
flexibility, financing instruments (no product selling approach), allowing alternative transaction ▪ Block trade
for customized financing structures
(iii) in the shortest ▪ Receivables / Factoring / ▪ Working capital / Revolving
– All investors: Close and trusted relationships with senior Short-term ABS credit facility
period of time,
executives of virtually all relevant equity and debt investors Debt ▪ Borrowing base / ▪ Guarantees /
(iv) with the highest – Fast process: Process management skills and direct / personal Inventory Letter of Credit
closing proba- access to institutional debt and equity investors enable fast ▪ Bank loan facility / ▪ Promissory note
Debt
Syndicated loans (Schuldscheindarlehen)
bility, and with transactions Long-term ▪ Sale-and-lease back / ▪ High-yield / PIK bond
(v) financing partners ▪ More than 100 transactions with a total placement volume in Debt Leasing ▪ Second lien / Subordinated
▪ Corporate bonds (public / loans
that integrate well excess of EUR 4.0 billion since foundation in 2005 private placement) ▪ Unitranches
into their strategy
▪ Approx. 10 professionals headquartered in Munich Mezzanine ▪ Mezzanine capital ▪ Convertible bonds
Selected Transactions
Acquisition Financing
Senior Loan & WCF
GSE Group Acquisition
by Finexx
[confidential]
December 2018
5FCF Facts & Figures
More than More than
100 2000 #1 10 Network
Completed Contacts to Family Financing Advisor in Investment Banking Access to more than
Transactions Offices and Ultra Germany, purely Professionals 4000 international
High Net Worth focusing on corporate financial institutions
Individuals financing transactions
worldwide
More than Close to More than More than
4 bn Leading 100 120 25
Total volume of Advisor for Years of aggregated, Articles and International
advised & closed Financing investment banking / research papers conferences
transactions since Transactions with financing experience published organized
2005 EIB in the DACH
region
6FCF’s Equity Expertise
FCF has successfully Selected Public Clients IPO / Public Equity Markets Coverage
closed numerous
equity-related
transactions over the
past years
FCF regularly
publishes specialized
research, covering
industry trends,
equity valuations,
debt transactions,
Click picture to
IPO and M&A activity view the report
FCF has hosted /
hosts the FCF IPO
FCF IPO Conference Presenters FCF Family-2-Family Conference Presenters
Conference,
addressing going
public topics with
great relevance to
decision makers
FCF bi-annually
hosts its Family-2-
Family Conference,
an opportunity for
public companies to
present themselves
to family offices
7Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
8European H2 2018 IPOs – Overview
Fast Facts European IPOs - Performance Performance and Issuance by Exchange
0 1.0%
▪ 23 IPOs in H2 2018 (vs. 59 H1 2018 IPOs / Spanish Stock Exchange 1# 20.5%
-36 IPOs) 0 -1.4% Norway OTC 1# 19.6%
▪ EUR 8,542m Volume raised (-32.1% vs H1
0 Borsa Italia 2# 2.6%
2018) -12.2%
▪ 8 withdrawn or postponed deals AIM - London Stock Exchange 2# 1.5%
0
▪ 100% of H2 2018 IPOs priced within range** IPO +1D IPO +1M IPO - YTD Bulgaria Stock Exchange -5.3% 1#
Swiss Stock Exchange -6.4% 1#
IPOs by Sector Deutsche Börse -16.1% 2#
Stockholm Stock Exchange Stockholm -17.1% 5#
Energy EURONEXT Paris Paris
-21.9% 3#
Communication Services London Stock Exchange -26.9% 5#
Materials
Consumer Staples Industrials 0 0 0 0 0 0 0
4%4%
Utilities 4% 26%
4%
9%
23
Information 9%
Technology 22%
Primary / Secondary Split & Price Range
17% Healthcare
Consumer
Discretionary Secondary Shares
31%
IPOs per Month
69%
Primary Shares
7000 7 8
6000 7
5000 5 5 6
4000 5
3 4
3000
2*
6,086m
2 3
2000 1 2
1000 351m m
1,348m 446m 244m 1
0 67m
0 number of IPOs
in each country (HQ)** 100%
Jul Aug Sep Oct Nov Dec
Within Range
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, All European IPOs, * 2 IPOs with HQ outside Europe, ** where data available 9
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean IPOs – Performance
Last 2 years
With a 22% gain over
the last two years,
the FCF Micro and 160
Small IPO indices H2 2018
outperformed their
European IPO peers
150
and benchmark index
(MSCI Europe Index)
140
The FCF Medium
and Large IPO
indices are trading
below the MSCI 130
Europe Index at the
end of December
2018 120 122%
122%
117%
110
113%
101%
100
90
Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18
MSCI Europe Index FCF Micro IPO Index FCF Small IPO Index FCF Medium IPO Index FCF Large IPO Index
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 10
Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250mExecutive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
11European H2 2018 Micro IPOs – Overview (I)
Fast Facts European Micro IPOs - Performance Performance and Issuance by Exchange
0
▪ 9 IPOs in H2 2018 (vs. 23 H1 2018 IPOs / 0 -2.3% -9.8% Norway OTC 1# 19.6%
-14 IPOs)
0
Bulgaria Stock Exchange -5.3%
▪ EUR 281m Volume raised (3.3% of 0
-24.1% 1#
European Volume) Stockholm Stock Exchange -18.8%
0 Stockholm 4#
▪ 3 withdrawn or postponed deals
0 EURONEXT Paris -40.2%
▪ 100% of H2 2018 Micro IPOs priced within IPO +1D IPO +1M IPO - YTD
Paris 2#
range** London Stock Exchange -76.0% 1#
IPOs by Sector -1 -1 -1 0 0 0 0 0
Consumer
Staples
14% Industrials
Consumer
Discretionary
14% 43%
9
Primary / Secondary Split & Price Range
Information 29%
Technology
Secondary Shares
20%
IPOs per Month
80%
120 3 3 4 Primary Shares
100 3
80 3
2
107m
60
1 1 2
87m
1
40
0m
1 0*
20 38m 1
24m 24m
0 0 number of IPOs
Jul Aug Sep Oct Nov Dec in each country (HQ)** 100%
Within Range
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Micro Large IPOs: 250 –20m
IPOs: EUR 1500 – 50m,
EURm* 0 IPOs with HQ outside Europe, ** where data available 12
European
EuropeanCountries
Countriesinclude: Austria,
include: Belgium,
Austria, Croatia,Croatia,
Belgium, Cyprus, Cyprus,
Czech Republic,
Czech Denmark,
Republic,Estonia,
Denmark,Finland, France,
Estonia, Germany,
Finland, Greece,
France, Hungary, Iceland,
Germany, Greece,Ireland,
Hungary, Iceland, Ireland,
Italy,
Italy,Latvia,
Latvia,Lithuania, Luxembourg,
Lithuania, Luxembourg,Malta,Malta,
Netherlands, Norway, Norway,
Netherlands, Poland, Portugal,
Poland,Romania, Slovakia,
Portugal, Romania,Slovenia, Spain,Slovenia,
Slovakia, Sweden, Switzerland, United Switzerland,
Spain, Sweden, Kingdom United KingdomEuropean H2 2018 Micro IPOs – Overview (II)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial
Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
Standard
Consumer
Gradus AD Bulgaria Bulgaria Equities 17/07/2018 62 0.9 41.6 Micro No GS 50% - 50% 0.9 212.3 0.9 1.2 1.1 1.1 -0.1% -0.1% -0.2% -13.2% -37.7%
Staples
Segment
Compartme Consumer
Navya SA France France 23/07/2018 12 7.0 37.6 Micro No GS 100% - 0% 2.0 53.0 7.0 9.0 8.0 10.5 -23.8% -22.2% -25.0% -12.5% -34.5%
nt B Discretionary
United United Main Information
Argo Blockchain PLC 30/07/2018 49 0.2 28.1 Micro No GS 100% - 0% 0.0 12.7 n/a n/a n/a n/a n/a n/a n/a n/a 25.0%
Kingdom Kingdom Market Technology
Klaveness
Nordic
Combination Carriers Norway Norway Industrials 24/09/2018 14 4.6 38.2 Micro No GS 100% - 0% 5.5 224.5 n/a n/a n/a n/a n/a n/a n/a n/a -35.7%
ABM
AS
Compartme
MedinCell S.A. France France Health Care 03/10/2018 19 7.3 24.0 Micro 6% 100% - 0% 6.7 133.5 7.3 9.3 8.3 8.3 0.0% 0.0% 0.0% -12.1% -45.5%
nt C
AlzeCure Pharma AB
Sweden Sweden First North Health Care 27/11/2018 21 1.4 24.3 Micro No GS 100% - 0% 0.8 30.7 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
(publ)
Jetpak Top Holding
Sweden Sweden First North Industrials 04/12/2018 8 4.4 31.8 Micro 0% 72% - 28% 4.4 52.5 4.4 5.2 4.8 4.8 0.0% 0.0% 0.0% -8.2% -30.5%
AB (publ)
Lime Technologies AB Main Information
Sweden Sweden 05/12/2018 9 7.1 31.3 Micro 15% 0% - 100% 7.8 97.1 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
(publ) Market Technology
Azelio AB Sweden Sweden First North Industrials 06/12/2018 24 2.1 23.6 Micro No GS 100% - 0% 1.2 54.1 n/a n/a n/a n/a n/a n/a n/a n/a -19.3%
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Micro IPOs: EUR 20m – 50m ■ Primary Shares 13
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H2 2018 Micro IPOs – Overview (III)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
First Financial Brokerage Baker Tilly
Gradus AD 1.6% -1.7% -7.2% -5.3% 1.0% 9.3% 0.25% 2.5x 2.2x 2.0x 11.0x 8.5x 7.6x n/a n/a n/a n/a n/a n/a -
House Klitou
Navya SA 2.1% -3.0% -22.0% -72.1% 0.0% 26.6% 0.18% 6.1x 2.1x 0.9x n/m n/m 13.4x 154.6% 232.1% 42.6% n/a CS; Natixis n/a Baker & McKenzie Latham & Watkins n/a
Field Fisher
Argo Blockchain PLC -21.9% -29.9% -62.7% -76.0% 1.3% 68.5% 0.31% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a MIR Securities 1,402,783 Fladgate Littlejohn LLP
Waterhouse
Klaveness
Combination Carriers 49.3% 22.3% 21.4% 19.6% 0.5% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Clarksons Platou n/a n/a - n/a
AS
Bryan Garnier; Crédit
MedinCell S.A. 1.4% -0.7% -7.6% -8.3% 0.0% 29.9% 0.07% 120.2x 56.1x 25.5x n/m n/m n/m n/a -31.7% n/a 50.0% n/a Dechert - n/a
Agricole
Grant
AlzeCure Pharma AB
-21.3% -40.8% -39.1% -40.3% 0.5% 71.8% 0.88% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Vator Securities n/a Hamilton Advokatbyrå - Thornton
(publ)
Sweden
Jetpak Top Holding ABG Sundal Collier; Pareto Baker & McKenzie
-5.7% -0.7% -0.7% -0.7% 0.5% 73.4% 1.26% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Hammarskiöld & Co. Deloitte
AB (publ) Securities Advokatbyrå
Gernandt &
Lime Technologies AB Carnegie; Skandinaviska
3.6% 9.9% 9.9% 9.9% 0.5% 10.0% 3.25% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Danielsson Roschier Advokatbyrå PwC
(publ) Enskilda Banken
Advokatbyrå
Azelio AB -30.1% -44.0% -44.0% -44.0% 0.5% 69.5% 1.17% 7.3x 6.2x 4.9x n/m n/m n/m -2.4% 21.7% -17.9% 15.0% Pareto Securities n/a Advokatfirman Vinge Advokatfirman Vinge n/a
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 14
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Micro IPOs – Performance
Last 2 years
Over the last two
years, the FCF Micro
IPO Index 140
outperformed its H2 2018
benchmark index by
135
23 percentage points
130
125
120 122%
115
110
105
FCF Micro IPO Index
consists of all IPO
transactions within 100
20 – 50 EURm over the
last 2 years 99%
95
MSCI Europe Micro Cap
Index captures 1,415
Micro Cap companies 90
across 15 developed Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18
markets countries in
MSCI Europe Micro Cap Index FCF Micro IPO Index
Europe
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Micro IPOs: EUR 20m – 50m 15Micro IPOs and Market Volatility (VSTOXX) –
Performance Overview
Volatility VSTOXX – LTM
60
VSTOXX –
Last 6M
55 Final-to-Filing Volume 0.0%
Final-to-Filing Volume 25.0%
Adjustment:
Adjustment:
+1d Performance: +3.6%
+1d Performance: -21.9%
Performance since IPO: +9.9%
50 Performance since IPO: -76.0%
Final-to-Filing Volume -45.5%
Adjustment:
45 +1d Performance: +1.4%
Performance since IPO: -8.3% Final-to-Filing Volume -19.3%
Final-to-Filing Volume -30.5%
Final-to-Filing Volume -34.5% Adjustment:
Adjustment:
Adjustment: +1d Performance: -30.1%
40 +1d Performance: -5.7%
+1d Performance: +2.1% Performance since IPO: -44.0%
Performance since -0.7%
Performance since IPO: -72.1% IPO:
35
30 Final-to-Filing Volume -37.7% Final-to-Filing Volume -35.7% Final-to-Filing Volume 0.0%
Adjustment: Adjustment: Adjustment:
+1d Performance: +1.6% +1d Performance: +49.3% +1d Performance: -21.3%
25 Performance since IPO: -5.3% Performance since IPO: +19.6% Performance since -40.3%
IPO:
20
15
10
Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 16Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
17European H2 2018 Small IPOs – Overview (I)
Fast Facts European Small IPOs - Performance Performance and Issuance by Exchange
▪ 4 IPOs in H2 2018 (vs. 12 H1 2018 IPOs / -8
IPOs) 0 6.5% 5.5% Borsa Italia 1# 9.6%
▪ EUR 261m Volume raised (3.0% of European
0 AIM - London Stock Exchange -9.9% 1#
Volume) -6.6%
▪ 1 withdrawn or postponed deals Stockholm Stock Exchange -10.4% 1#
0 Stockholm
▪ 100% of H2 2018 Small IPOs priced within IPO +1D IPO +1M IPO - YTD
range** London Stock Exchange -15.6% 1#
IPOs by Sector 0 0 0 0 0 0 0 0
Consumer
Discretionary
25%
4
75% Primary / Secondary Split & Price Range
Healthcare
Secondary Shares
14%
IPOs per Month
86%
80 1 1 Primary Shares
1 1 1
70 1
60 1
50 1
73m
40
67m
67m
1
54m
30
20 0m
0
0m
0 0 0*
10 0
0 0 number of IPOs
Jul Aug Sep Oct Nov Dec in each country (HQ)** 100%
Within Range
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Small IPOs: EUR 50m – 100m, * 0 IPOs with HQ outside Europe, ** where data available 18
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H2 2018 Small IPOs – Overview (II)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial
Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
United United Main Consumer
TheWorks.co.uk plc 18/07/2018 5 1.8 73.1 Small No GS 44% - 56% 1.5 94.6 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom Market Discretionary
Alternative
United United
Sensyne Health plc Investment Health Care 13/08/2018 0 2.0 67.1 Small No GS 100% - 0% 1.8 226.8 n/a n/a n/a n/a n/a n/a n/a n/a 0.0%
Kingdom Kingdom
Market
Garofalo Health Care
Italy Italy MTA Health Care 07/11/2018 7 3.3 66.8 Small 10% 100% - 0% 3.7 300.1 3.3 3.7 3.5 3.5 0.0% 0.0% 0.0% -4.7% -9.0%
S.p.A.
Main
Q-linea AB (publ) Sweden Sweden Health Care 06/12/2018 25 6.6 53.7 Small No GS 100% - 0% 5.9 136.2 5.9 6.8 6.3 6.3 0.0% 0.0% 0.0% 4.6% -13.0%
Market
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Small IPOs: EUR 50m – 100m ■ Primary Shares 19
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H2 2018 Small IPOs – Overview (III)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
Mayer Brown
TheWorks.co.uk plc 11.1% 5.7% -12.8% -15.6% 1.3% 61.7% 0.25% 0.6x 0.6x 0.5x 9.7x 8.3x 6.9x n/a 12.4% n/a 13.3% Investec Bank 1,462,594 Walker Morris KPMG
International
Allen & Overy;
Sensyne Health plc 6.9% 19.8% 7.8% -9.9% 1.3% 51.3% 0.06% 388.5x 103.4x 18.8x n/m n/m n/m n/a 432.9% n/a 48.5% Peel Hunt n/a Covington & Burling; Simmons & Simmons PwC
Osborne Clarke
Gianni, Origoni,
Garofalo Health Care Grippo, Cappelli &
9.3% 6.9% 14.9% 9.6% 0.0% 10.9% 1.64% 2.1x 1.9x 1.7x 10.8x 9.8x 8.9x 12.3% 9.8% 34.1% 10.4% CS; Equita SIM n/a Linklaters EY
S.p.A. Partners; Shearman &
Sterling
Advokatfirman Baker & McKenzie
Q-linea AB (publ) -1.3% -10.4% -10.4% -10.4% 0.5% 51.2% 1.69% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Carnegie; Redeye n/a PwC
Cederquist Advokatbyrå
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 20
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Small IPOs – Performance
Last 2 years
The FCF Small IPO
Index outperformed
its benchmark index 160
by 23 percentage H2 2018
points over the last
two years
150
140
130
120 122%
110
FCF Small IPO Index
consists of all IPO
transactions within
50 – 100 EURm over the 100
99%
last 2 years
MSCI Europe Small Cap
Index captures 951 Small 90
Cap companies across 15 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18
developed markets
MSCI Europe Small Cap Index FCF Small IPO Index
countries in Europe
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Small IPOs: EUR 50m – 100m 21Small IPOs and Market Volatility (VSTOXX) –
Performance Overview
Volatility VSTOXX – LTM
60
VSTOXX –
Last 6M
55
50
Final-to-Filing Volume 0.0%
Adjustment:
45 +1d Performance: +6.9%
Performance since IPO: -9.9% Final-to-Filing Volume -13.0%
Adjustment:
+1d Performance: -1.3%
40
Performance since IPO: -10.4%
Final-to-Filing Volume 0.0%
Adjustment:
35
+1d Performance: +11.1% Final-to-Filing Volume -9.0%
Performance since IPO: -15.6% Adjustment:
+1d Performance: +9.3%
30 Performance since IPO: +9.6%
25
20
15
10
Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 22Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
23European H2 2018 Medium IPOs – Overview (I)
Fast Facts European Medium IPOs - Performance Performance and Issuance by Exchange
0
▪ 4 IPOs in H1 2018 (vs. 12 H1 2018 IPOs /
-8 IPOs) Spanish Stock Exchange 1# 20.5%
8.1%
▪ EUR 544m Volume raised (6.4% of 0
1#
AIM - London Stock Exchange 12.8%
European Volume) 2.2%
▪ 2 withdrawn or postponed deals -0.4% Borsa Italia -4.3% 1#
0
▪ 100% of H2 2018 Medium IPOs priced IPO +1D IPO +1M IPO - YTD
within range** Deutsche Börse -30.5% 1#
IPOs by Sector 0 0 0 0 0 0 0 0
Utilities
25%
4 50%
Industrials
Consumer 25% Primary / Secondary Split*
Discretionary
Secondary Shares
25%
IPOs per Month 75%
Primary Shares
300 2 3
250 2
200 1
1 2
270m
150
1
100 1*
171m
0
104m
0 0
50 0m 0m 0m 1
0 0 number of IPOs
Jul Aug Sep Oct Nov Dec in each country (HQ)** 100%
Within Range
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Medium IPOs: EUR 100m – 250m, * 1 IPO with HQ outside Europe, ** where data available 24
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H2 2018 Medium IPOs – Overview (II)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial
Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
Alternative
United
Yellow Cake plc Jersey Investment Industrials 05/07/2018 30 2.3 170.6 Medium No GS 100% - 0% 2.5 194.2 n/a n/a n/a n/a n/a n/a n/a n/a 11.3%
Kingdom
Market
Prime Consumer
Westwing Group AG Germany Germany 08/10/2018 11 26.0 114.4 Medium 7% 100% - 0% 18.1 374.3 26.0 29.0 27.5 26.0 5.8% 13.0% 0.0% -5.5% -10.3%
Standard Discretionary
Piovan S.p.A. Italy Italy STAR Industrials 18/10/2018 13 8.3 155.7 Medium No GS 0% - 100% 7.9 404.6 8.3 8.5 8.4 8.4 0.0% 0.0% 0.0% -1.2% n/a
Solarpack
Continuous
Corporacion Spain Spain Utilities 03/12/2018 13 8.3 103.8 Medium 10% 100% - 0% 10.0 320.5 8.0 10.3 9.2 9.2 0.0% 0.0% 0.0% -9.3% 3.8%
Market
Tecnologica, S.A.
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Medium IPOs: EUR 100m– 250m ■ Primary Shares 25
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H2 2018 Medium IPOs – Overview (III)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
Milbank, Tweed, RSM
Yellow Cake plc 1.2% 8.3% 17.6% 12.8% 1.3% 77.5% 0.36% n/a n/a n/a n/m n/m n/m n/a n/a n/a n/a Berenberg; Numis Securities n/a Hadley & McCloy; Norton Rose Fulbright Corporate
Mourant Ozannes Finance
Latham & Watkins
Westwing Group AG -3.1% -3.8% -45.0% -30.5% 0.0% 43.8% 0.01% 1.9x 1.6x 1.4x 132.3x 55.8x 31.1x 1.1% 19.9% n/a 106.4% Citi; Berenberg 1,716,000 n/a EY
Gmbh
Piovan S.p.A. 0.6% 7.6% -3.6% -4.3% 0.0% 28.5% 0.70% 1.7x 1.6x 1.5x 10.7x 10.0x 9.0x 14.7% 6.2% 23.5% 9.0% GS; UC n/a n/a - n/a
Solarpack
Banco Cooperativo Español; GBP Legal; Latham & Auren;
Corporacion 10.1% 20.5% 20.5% 20.5% 0.0% 32.8% 0.63% n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a 3,000,000 Linklaters
CaixaBank; JB Capital; SG Watkins Deloitte
Tecnologica, S.A.
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 26
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Medium IPOs – Performance
Last 2 years
Over the last two
years, the FCF
Medium IPO Index 135
outperformed its H2 2018
benchmark index by
3 percentage points 130
125
120
115
110
105
101%
FCF Medium IPO Index 100
consists of all IPO
transactions within 100 – 98%
250 EURm over the last 2
95
years
MSCI Europe Mid Cap
Index captures 243 Mid 90
Cap companies across 15 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
developed markets
MSCI Europe Mid Cap Index FCF Medium IPO Index
countries in Europe
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Medium IPOs: EUR 100m – 250m 27Medium IPOs and Market Volatility (VSTOXX) –
Performance Overview
Volatility VSTOXX – LTM
60 VSTOXX –
Last 6M
55
50
45 Final-to-Filing Volume n/a
Adjustment:
+1d Performance: +0.6%
Performance since IPO: -4.3%
40 Final-to-Filing Volume +11.3%
Adjustment:
+1d Performance: +1.2%
Performance since IPO: +12.8%
35
Final-to-Filing Volume +3.8%
Adjustment:
30 Final-to-Filing Volume -10.3% +1d Performance: +10.1%
Adjustment: Performance since IPO: +20.5%
+1d Performance: -3.1%
25 Performance since IPO: -30.5%
20
15
10
Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 28Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
29European H2 2018 Large IPOs – Overview (I)
Fast Facts European Large IPOs - Performance Performance and Issuance by Exchange
▪ 6 IPOs in H2 2018 (vs. 12 H1 2018 IPOs / 0 1.6% 0.2%
-6 IPOs) 0 EURONEXT Paris Paris
1# 14.8%
▪ EUR 7,457m Volume raised (87.3% of 0
-6.1%
European Volume)
0 Deutsche Börse -1.7% 1#
▪ 2 withdrawn or postponed deals
0
▪ 100% of H2 2018 Large IPOs priced within IPO +1D IPO +1M IPO - YTD
range** Swiss Stock Exchange -6.4% 1#
IPOs by Sector
London Stock Exchange -14.3% 3#
0 0 0 0 0 0 0 0 0
Communication
Utilities Services
17% 17% Consumer
Discretionary
17% 6 17%
Energy
Primary / Secondary Split & Price Range
17% 17%
Materials Industrials Primary Shares
37%
IPOs per Month 63%
Secondary Shares
6000 4
4
5000 4
4000 3
5,792m
3
3000 1 2
2000
0m
0
0m
0
1,309m
1
355m 0
2 1*
0m 1
1000 1
0 0 number of IPOs
in each country (HQ)** 100%
Jul Aug Sep Oct Nov Dec
Within Range
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Large IPOs: > EUR 250m, * 1 IPO with HQ outside Europe, ** where data available 30
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United KingdomEuropean H2 2018 Large IPOs – Overview (II)
General Information Pricing & Volume Analysis
in EURm, except per share information Greenshoe Final Initial Final-to- Final-to- Issuing Price Final-to-
Days (in % of total Current Current Price Price Final-to- Initial Initial high to Final Initial
Exchange Listing Filing-to- Issuing Issuing Size Issuing Share Market Range - Range - Initial low Price Price Pricing Filing
Company Name HQ Country Standard Industry IPO Date Issuance Price Volume Range Volume) Primary - Secondary Split Price Cap Final Price Range Midpoint Midpoint Midpoint Range Range Midpoint Volume
SIG Combibloc Group Swiss
Switzerland Switzerland Materials 28/09/2018 14 9.9 1,309.4 Large 15% 80% - 20% 9.3 3,044.7 9.7 10.6 10.1 10.6 -4.2% 4.8% -11.1% -2.2% -21.4%
AG Shares
Funding Circle United United Main Communicatio
02/10/2018 29 4.9 494.4 Large No GS 68% - 32% 3.8 1,328.9 4.7 5.9 5.3 5.3 0.0% 0.0% 0.0% -7.4% 16.4%
Holdings Limited Kingdom Kingdom Market n Services
Aston Martin Lagonda United United Main Consumer
03/10/2018 23 21.4 1,221.4 Large No GS 0% - 100% 13.6 3,105.6 20.9 22.6 21.7 22.6 -3.7% 5.7% -11.1% -1.3% -16.1%
Global Holdings plc Kingdom Kingdom Market Discretionary
Knorr-Bremse Prime
Germany Germany Industrials 10/10/2018 12 80.0 3,448.3 Large 12% 0% - 100% 78.6 12,673.5 78.0 80.0 79.0 79.5 -0.6% 8.3% -8.0% 1.3% -8.0%
Aktiengesellschaft Standard
Compartme
Neoen S.A. France France Utilities 16/10/2018 13 16.5 628.2 Large 11% 72% - 28% 18.9 1,609.0 16.0 19.0 17.5 17.5 0.0% 0.0% 0.0% -5.7% n/a
nt A
Kazatomprom JSC United Main
Kazakhstan Energy 13/11/2018 29 10.3 355.2 Large 12% 0% - 100% 11.9 3,083.4 10.3 13.6 12.0 12.0 0.0% 0.0% 0.0% -14.1% -3.8%
NAC Kingdom Market
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Large IPOs: > 250 EURm ■ Primary Shares 31
Note: Issuing Volume excl. GS (Greenshoe) ■ Secondary SharesEuropean H2 2018 Large IPOs – Overview (III)
Share Price / Trading Analysis Valuation Analysis Growth Analysis Advisory Information
EV/SALES EV/EBITDA Sales CAGR EBITDA CAGR
1 Month
IPO IPO IPO IPO - CY - Freefloat Volume / IPO IPO IPO IPO IPO IPO IPO IPO IPO IPO Underwriting Legal Advisors to Legal Counsel to Auditor to
Company Name +1D +1M +3M YTD YTD (in %) Freefloat Year +1Yr +2Yrs Year +1Yr +2Yrs -2Yrs +2Yrs -2Yrs +2Yrs Underwriters Compensation Issuer Underwriters Issuer
SIG Combibloc Group Barclays; Citi; CS; GS; ML; Bär & Karrer; Scotto &
7.1% -1.3% -6.4% -6.4% 0.6% 42.7% 0.26% n/m n/m n/m n/m n/m n/m n/a 4.4% n/a 5.7% n/a - n/a
AG MS; UBS; UC; Vontobel Associés
Funding Circle GS; ML; MS; Numis Freshfields Bruckhaus
0.1% -20.0% -34.0% -22.2% 1.3% 51.9% 0.38% 10.1x 7.1x 5.0x n/m n/m n/m 65.0% 41.7% -12.4% -37.9% n/a Linklaters PwC
Holdings Limited Securities Deringer
CI Capital; CS; DB; GS; HL; Simpson Thacher &
Aston Martin Lagonda Freshfields Bruckhaus
-5.0% -17.6% -38.7% -36.4% 1.3% 30.4% 1.64% 4.2x 3.5x 2.7x 19.4x 15.6x 10.5x 35.6% 26.6% 294.3% 38.0% HSBC; J.P.M; Mediobanca; n/a Bartlett; Slaughter and KPMG
Global Holdings plc Deringer
ML; Numis Securities; UC May
Hengeler Mueller
Knorr-Bremse CoBa; DB; J.P.M;
2.1% 5.2% 5.1% -1.7% 0.0% 29.8% 0.55% 2.0x 1.9x 1.9x 11.1x 10.2x 9.7x 10.0% 3.9% 9.2% 6.9% 34,482,783 Partnerschaft von - KPMG
Aktiengesellschaft Berenberg; MS; UBS; UC
Rechtsanwälten
Barclays; Carnegie; J.P.M; Cleary Gottlieb Steen
Neoen S.A. 3.6% 14.9% 19.2% 14.8% 0.0% 69.1% 0.16% 13.6x 10.2x 7.1x 17.6x 13.0x 8.9x 77.3% 40.3% 76.7% 41.6% n/a Linklaters n/a
Natixis; Société Générale & Hamilton
China International Capital;
Kazatomprom JSC
1.4% 20.2% 14.8% 15.7% 0.8% 15.0% 0.58% 2.9x 2.3x 2.0x 7.9x 5.2x 4.3x 6.4% 22.8% 32.4% 49.6% CS; J.P.M; JSC Halyk; n/a n/a - n/a
NAC
Mizuho
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 32
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this yearEuropean Large IPOs – Performance
Last 2 years
Over the last two
years, the FCF Large
IPO Index 125
outperformed its H2 2018
benchmark index by
18 percentage points
120
115
113%
110
105
100
FCF Large IPO Index
consists of all IPO
transactions above 250
EURm over the last 2 95 95%
years
MSCI Europe Large Cap
Index captures 205 Large 90
Cap companies across 15 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18
developed markets
MSCI Europe Large Cap Index FCF Large IPO Index
countries in Europe
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Large IPOs: > EUR 250m 33Large IPOs and Market Volatility (VSTOXX) –
Performance Overview
Volatility VSTOXX – LTM
60
VSTOXX –
Final-to-Filing Volume -8.0% Last 6M
Adjustment:
55 +1d Performance: +2.1%
Performance since IPO: -1.7%
50
Final-to-Filing Volume -16.1%
45 Adjustment:
+1d Performance: -5.0%
Performance since IPO: -36.4% Final-to-Filing Volume n/a
Adjustment:
40
+1d Performance: +3.6%
Performance since IPO: +14.8%
35 Final-to-Filing Volume +16.4% Final-to-Filing Volume -3.8%
Adjustment: Adjustment:
+1d Performance: +0.1% +1d Performance: +1.4%
Performance since IPO: -22.2% Performance since IPO: +15.7%
30
25
Final-to-Filing Volume -21.4%
Adjustment:
+1d Performance: +7.1%
20 Performance since IPO: -6.4%
15
10
Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research 34Executive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
35Gradus AD
Company Description IPO Facts .
Sector: Packaged Foods and Meats Ticker BUL:GR6 Financial Advisors
Gradus AD produces and sells poultry products worldwide. It provides fresh and frozen chicken Exchange Bulgaria Stock Exchange First Financial Brokerage House Ltd.
Initial Filing Date 16-May-18
products; chicken specialties; and sausages and delicacies. The company was founded in 1992 and
Announced Date 16-May-18
is based in Sofia, Bulgaria.
# Days Announced to Offer 62
Offer Date 17-Jul-18
IPO Price (EUR) 0.92
Filing Price Range (EUR) 0.92 - 1.21
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 45.2m
Greenshoe 0.0% n/a
Filing Volume (EUR) 66.8m
2
Final Volume (EUR) 41.6m
Filing-to-Final Change (37.7%)
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
Angelov, Ivan Angelov 45.3% Baker Tilly Klitou
Angelov, Luka Angelov 45.3% Primary 50%
DSK - Rodina AD, Asset Management Arm 0.1% Secondary 50%
0.0%
Key Financials
Free Float 9.3% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue 9.6 97.2 111.5 125.6 13.7%
IPO +1D IPO +3M IPO +6M since IPO Growth 14.8% 12.6% 1 Buy
Gradus AD 1.6% (7.2%) n/a (5.3%) EBITDA 1.6 17.9 23.3 33.2 36.1% 0 Outperform
OMX Nordic (0.2%) (0.5%) n/a (10.7%) Margin 16.8% 18.4% 20.9% 26.4% 0 Hold
EBIT 1.4 16.9 22.5 25.6 23.0% 0 Underperform
Margin 14.3% 17.4% 20.2% 20.4% 0 Sell
105
Prices Rebased (in %)
Net Income 1.7 11.9 15.7 22.2 36.5%
Margin 18.0% 12.3% 14.0% 17.7%
95 (EURm) Valuation FY 2018 FY 2019 FY 2020
Enterprise Value 222.9 EV/Sales 2.3x 2.0x 1.8x
Net Debt 22.7 EV/EBITDA 12.5x 9.6x 6.7x
85 Minority Interest 0.8 EV/EBIT 13.2x 9.9x 8.7x
Aug-18 Nov-18 0.0
Preferred Equity P/E 17.8x 13.6x 9.6x
Gradus AD OMX Nordic 40 Index Market Cap 212.4 P/B n/a n/a n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 36
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeNavya SA
Company Description IPO Facts
Sector: Automobile Manufacturers Ticker ENXTPA:NAVYA Financial Advisors
Navya SA, through its subsidiaries, provides full self-driving technology and vehicles primarily in the Exchange EURONEXT Paris Credit Suisse Group AG
Initial Filing Date 11-Jul-18
United States, and the EMEA and Asia-Pacific regions. It creates, develops, produces, and services Natixis S.A.
Announced Date 11-Jul-18
autonomous, driverless, shared, and electric mobility solutions, such as autonomous shuttles and
# Days Announced to Offer 12
the autonomous cabs. The company offers its products primarily to municipalities, companies,
Offer Date 23-Jul-18
industrial sites, theme parks, universities, and airports. Navya SA was founded in 2014 and is
headquartered in Villeurbanne, France.
IPO Price (EUR) 7.00
Filing Price Range (EUR) 9.00 - 12.00
Final Price Range (EUR) 7.00 - 9.00
Legal Counsel
Shares Offered (incl. Greenshoe) 5.4m
Greenshoe 0.0% Latham & Watkins LLP
Filing Volume (EUR) 57.5m
2
Final Volume (EUR) 37.6m
Filing-to-Final Change (34.5%)
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
360° Capital Partners 40.1% n/a
Keolis S.A. 12.1% Primary 100%
Valeo SA 12.1% Secondary 0%
Sapet, Christophe 9.2%
Cap Décisif Management SAS 4.1% Key Financials
Free Float 22.5% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue 10.3 17.0 77.9 187.5 232.1%
IPO +1D IPO +3M IPO +6M since IPO Growth 358.2% 140.7% 0 Buy
Navya SA 2.1% (22.0%) n/a (71.4%) EBITDA (10.6) (15.3) (6.1) 11.3 nm 2 Outperform
Paris CAC 1.0% (6.0%) n/a (13.0%) Margin n/m n/m n/m 6.0% 0 Hold
120 EBIT (11.3) (16.8) (18.0) 2.0 nm 0 Underperform
Margin n/m n/m n/m 1.1% 0 Sell
100
Prices Rebased (in %)
Net Income (11.5) (17.5) (12.0) (3.0) (58.5%)
80
Margin n/m n/m n/m n/m
60 (EURm) Valuation FY 2018 FY 2019 FY 2020
40 Enterprise Value 50.9 EV/Sales 3.0x 0.7x 0.3x
Net Debt (2.4) EV/EBITDA nm nm 4.5x
20 Minority Interest 0.0 EV/EBIT nm nm 25.4x
Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 0.0
Preferred Equity P/E -3.1x -4.5x -18.1x
Navya SA Paris CAC 40 Index Market Cap 54.3 P/B 1.2x 2.7x n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 37
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeArgo Blockchain PLC
Company Description IPO Facts
Sector: Application Software Ticker LSE:ARB Financial Advisors
Argo Blockchain PLC, through its subsidiary, Argo Blockchain Canada Holdings Inc., intends to Exchange London Stock Exchange MIR Securities Limited
Initial Filing Date 11-Jun-18
operate a Mining as a Service business that primarily focuses on the cryptocurrency market in the
Announced Date 11-Jun-18
United Kingdom. The company was formerly known as GoSun Blockchain Limited and changed its
# Days Announced to Offer 49
name to Argo Blockchain PLC in December 2017. The company was founded in 2017 and is based in
Offer Date 30-Jul-18
London, the United Kingdom.
IPO Price (EUR) 0.18
Filing Price Range (EUR) n/a
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 156.3m
Greenshoe 0.0% Field Fisher Waterhouse LLP
Filing Volume (EUR) 22.4m
2
Final Volume (EUR) 28.1m
Filing-to-Final Change 25.2%
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
Durban Holdings Ltd. 13.2% Littlejohn LLP
Banque Heritage SA, Asset Management Arm 9.6% Primary 100%
Miton Asset Management Limited 8.5% Secondary 0%
Hadron Capital LLP 5.0%
Beeston, Adrian Richard-Thorpe 4.3% Key Financials
Free Float 59.4% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue n/a n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
Argo Blockchain PLC (21.9%) (63.3%) n/a (75.8%) EBITDA n/a n/a n/a n/a n/a 0 Outperform
FTSE All-Share 0.4% (6.2%) n/a (11.8%) Margin n/a n/a n/a n/a 0 Hold
110 EBIT n/a n/a n/a n/a n/a 0 Underperform
Margin n/a n/a n/a n/a 0 Sell
Prices Rebased (in %)
85 Net Income n/a n/a n/a n/a n/a
Margin n/a n/a n/a n/a
60
(EURm) Valuation FY 2018 FY 2019 FY 2020
35 Enterprise Value 12.1 EV/Sales n/a n/a n/a
Net Debt 0.0 EV/EBITDA n/a n/a n/a
10 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 0.0
Preferred Equity P/E n/a n/a n/a
Argo Blockchain PLC FTSE All-Share Index (GBP) Market Cap 12.6 P/B n/a n/a n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 38
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeKlaveness Combination Carriers AS
Company Description IPO Facts
Sector: Marine Ticker OTCNO:KCC Financial Advisors
Klaveness Combination Carriers AS owns and operates ship in Norway. The company operates Exchange Norway OTC Clarksons Platou Securities AS
Initial Filing Date 10-Sep-18
combination carriers and container vessels. The company was founded in 2018 and is headquartered
Announced Date 10-Sep-18
in Oslo, Norway. Klaveness Combination Carriers AS operates as a subsidiary of Klaveness Ship
# Days Announced to Offer 14
Holding AS.
Offer Date 24-Sep-18
IPO Price (EUR) 4.76
Filing Price Range (EUR) n/a
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 8.2m
Greenshoe 0.0% n/a
Filing Volume (EUR) 59.4m
2
Final Volume (EUR) 38.2m
Filing-to-Final Change (35.7%)
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
n/a n/a n/a
Primary 100%
Secondary 0%
Key Financials
Free Float 100.0% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue n/a n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
Klaveness Combination Carriers AS 41.8% n/a n/a 18.1% EBITDA n/a n/a n/a n/a n/a 0 Outperform
OMX Nordic 1.2% n/a n/a (1.7%) Margin n/a n/a n/a n/a 0 Hold
150 EBIT n/a n/a n/a n/a n/a 0 Underperform
140 Margin n/a n/a n/a n/a 0 Sell
Prices Rebased (in %)
Net Income n/a n/a n/a n/a n/a
130
Margin n/a n/a n/a n/a
120
110 (EURm) Valuation FY 2018 FY 2019 FY 2020
100
Enterprise Value 227.8 EV/Sales n/a n/a n/a
90 Net Debt 0.0 EV/EBITDA n/a n/a n/a
80 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Oct-18 Nov-18 0.0
Preferred Equity P/E n/a n/a n/a
Klaveness Combination Carriers AS OMX Nordic 40 Index Market Cap 227.8 P/B n/a n/a n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 39
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeMedinCell S.A.
Company Description IPO Facts
Sector: Pharmaceuticals Ticker ENXTPA:MEDCL Financial Advisors
MedinCell S.A. develops various therapeutic solutions. It develops solutions based on BEPO, a Exchange EURONEXT Paris Bryan Garnier & Co
Initial Filing Date 14-Sep-18
technology for long-acting injectable products based on proprietary copolymers and a biocompatible Crédit Agricole Corporate and Investment Bank S.A.
Announced Date 14-Sep-18
solvent, which solubilizes or suspends the active pharmaceutical ingredients. The company’s
# Days Announced to Offer 19
products in development include mdc-IRM, a subcutaneous injection in Phase III trials for use in the
Offer Date 03-Oct-18
treatment of schizophrenia; mdc-CWM, an intra-articular injection to treat pain and inflammation; and
mdc-TJK, a subcutaneous injection in preclinical trials for use in the treatment of schizophrenia. Its
product candidates in formulation research comprise subcutaneous injections, such as mdc-WWM IPO Price (EUR) 7.25
for contraception; mdc-ANG for CNS related treatments; mdc-ELK for depression; and mdc-GRT for Filing Price Range (EUR) 7.25 - 9.25
use in organ transplant, as well as perineural injections, including mdc-CMV for anesthesia and pain, Final Price Range (EUR) 7.25 - 9.25
and mdc-NVA for pain. The company is based in Jacou, France.
Legal Counsel
Shares Offered (incl. Greenshoe) 3.5m
Greenshoe 5.9% n/a
Filing Volume (EUR) 44.0m
2
Final Volume (EUR) 24.0m
Filing-to-Final Change (45.5%)
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
MedinCell S.A., ESOP 11.8% n/a
Nguyen, Sabine 11.6% Primary 100%
Nguyen, Anh 10.0% Secondary 0%
Seventure Partners 6.2%
Sturtz, Franck 5.9% Key Financials
Free Float 54.5% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue 7.4 n/a 1.4 3.0 n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a 114.3% 1 Buy
MedinCell S.A. 1.4% n/a n/a (8.3%) EBITDA (8.9) n/a (14.4) (14.2) n/a 0 Outperform
Paris CAC (1.1%) n/a n/a (12.7%) Margin n/m n/a n/m n/m 0 Hold
110 EBIT (9.5) n/a (15.1) (15.0) n/a 0 Underperform
Margin n/m n/a n/m n/m 0 Sell
Prices Rebased (in %)
Net Income (14.5) n/a (17.4) (17.0) n/a
100 Margin n/m n/a n/m n/m
(EURm) Valuation FY 2018 FY 2019 FY 2020
90
Enterprise Value 166.1 EV/Sales n/a 118.6x 55.4x
Net Debt 32.6 EV/EBITDA n/a nm nm
80 Minority Interest 0.0 EV/EBIT n/a nm nm
Oct-18 Nov-18 Dec-18 0.0
Preferred Equity P/E n/a -7.7x -7.9x
MedinCell S.A. Paris CAC 40 Index Market Cap 133.5 P/B n/a n/a n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 40
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeAlzeCure Pharma AB (publ)
Company Description IPO Facts
Sector: Pharmaceuticals Ticker OM:ALZCUR Financial Advisors
AlzeCure Pharma AB (publ) develops therapies for the treatment of Alzheimer ´s disease and related Exchange Stockholm Stock Exchange Vator Securities
Initial Filing Date 06-Nov-18
neurodegenerative disorders. It provides scientific research in the drug discovery and early
Announced Date 06-Nov-18
development processes on neurological diseases; and develops medical technologies that detect and
# Days Announced to Offer 21
monitor treatment effect in patients. The company was founded in 2012 and is based in Huddinge,
Offer Date 27-Nov-18
Sweden.
IPO Price (EUR) 1.37
Filing Price Range (EUR) n/a
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 17.9m
Greenshoe 0.0% n/a
Filing Volume (EUR) 24.3m
2
Final Volume (EUR) 24.4m
Filing-to-Final Change 0.3%
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
BWG Invest S.a r.l. 7.1% Grant Thornton Sweden AB
Alzecure Discovery AB 4.5% Primary 100%
Danske Bank A/S, Asset Management Arm 3.7% Secondary 0%
Thelin, Peter 3.0%
Nordvall, Gunnar 2.3% Key Financials
Free Float 79.3% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue n/a n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
AlzeCure Pharma AB (publ) (21.4%) n/a n/a (40.9%) EBITDA n/a n/a n/a n/a n/a 0 Outperform
OMX Nordic 0.1% n/a n/a (4.3%) Margin n/a n/a n/a n/a 0 Hold
125 EBIT (2.7) n/a n/a n/a n/a 0 Underperform
Margin n/m n/a n/a n/a 0 Sell
Prices Rebased (in %)
Net Income (2.7) n/a n/a n/a n/a
100 Margin n/m n/a n/a n/a
(EURm) Valuation FY 2018 FY 2019 FY 2020
75
Enterprise Value 24.1 EV/Sales n/a n/a n/a
Net Debt (6.4) EV/EBITDA n/a n/a n/a
50 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Nov-18 Dec-18 0.0
Preferred Equity P/E n/a n/a n/a
AlzeCure Pharma AB (publ) OMX Nordic 40 Index Market Cap 30.5 P/B n/a n/a n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 41
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeJetpak Top Holding AB (publ)
Company Description IPO Facts
Sector: Air Freight and Logistics Ticker OM:JETPAK Financial Advisors
Jetpak Top Holding AB (publ) provides logistic solutions in Sweden, Norway, Finland, Denmark, Exchange Stockholm Stock Exchange ABG Sundal Collier Holding ASA
Initial Filing Date 26-Nov-18
Holland, and the United Kingdom. It operates through two segments, Express Ad-Hoc and Express Pareto Securities AS
Announced Date 26-Nov-18
Systemized. The Express Ad-Hoc segment includes courier express, Jetpak direct, and Jetpak next
# Days Announced to Offer 8
day services. The Express Systemized segment comprises courier logistics, customer specific, and
Offer Date 04-Dec-18
line haul services. It serves healthcare, aerospace, manufacturing, and automotive industries. Jetpak
Top Holding AB (publ) is headquartered in Solna, Sweden.
IPO Price (EUR) 4.39
Filing Price Range (EUR) 4.40 - 5.19
Final Price Range (EUR) 4.40 - 5.19
Legal Counsel
Shares Offered (incl. Greenshoe) 7.2m
Greenshoe 0.0% Hammarskiöld & Co. AB
Filing Volume (EUR) 45.8m
2
Final Volume (EUR) 31.7m
Filing-to-Final Change (30.7%)
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
Polaris Management A/S 25.6% Deloitte AB
Paradigm Capital AG 6.8% Primary 72%
Marx, Kenneth 0.3% Secondary 28%
Persson, Hans-Åke 0.2%
Høy, Christian 0.1% Key Financials
Free Float 67.6% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue 79.4 n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
Jetpak Top Holding AB (publ) (6.0%) n/a n/a (1.1%) EBITDA 10.3 n/a n/a n/a n/a 0 Outperform
OMX Nordic (1.2%) n/a n/a (5.1%) Margin 13.0% n/a n/a n/a 0 Hold
105 EBIT 10.0 n/a n/a n/a n/a 0 Underperform
Margin 12.6% n/a n/a n/a 0 Sell
100
Prices Rebased (in %)
Net Income 5.6 n/a n/a n/a n/a
95
Margin 7.0% n/a n/a n/a
90 (EURm) Valuation FY 2018 FY 2019 FY 2020
85 Enterprise Value 85.7 EV/Sales n/a n/a n/a
Net Debt 33.6 EV/EBITDA n/a n/a n/a
80 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Dec-18 0.0
Preferred Equity P/E n/a n/a n/a
Jetpak Top Holding AB (publ) OMX Nordic 40 Index Market Cap 52.1 P/B n/a n/a n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 42
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeLime Technologies AB (publ)
Company Description IPO Facts
Sector: Application Software Ticker OM:LIME Financial Advisors
Lime Technologies AB (publ) provides software as a service based customer relationship Exchange Stockholm Stock Exchange Carnegie Investment Bank AB (publ)
Initial Filing Date 26-Nov-18
management (CRM) solutions on the Nordic markets. It develops, sells, and implements CRM Skandinaviska Enskilda Banken AB (publ.)
Announced Date 26-Nov-18
systems, as well as provides consultancy services. The company’s products include Lime GO, a tool
# Days Announced to Offer 9
for sales representatives with contact details for various businesses and executive officers in Sweden;
Offer Date 05-Dec-18
and Lime CRM, a CRM system that collects sales, projects, documents, e-mails, reminders, etc. in
one place. It offers its pre-packaged CRM solutions to customers in verticals, such as energy, real
estate, wholesale, and consultancy. The company was founded in 1990 and is headquartered in IPO Price (EUR) 7.03
Lund, Sweden. Filing Price Range (EUR) n/a
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 4.4m
Greenshoe 0.0% Roschier Advokatbyrå Ab
Filing Volume (EUR) 31.3m
2
Final Volume (EUR) 31.3m
Filing-to-Final Change 0.0%
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
Monterro Holdings AB 70.0% Öhrlings PricewaterhouseCoopers AB
Syren, Erik 10.0% Primary 0%
Swedbank Robur Fonder AB 5.9% Secondary 100%
Grenspecialisten AB 4.1%
Fransson, Anders 1.6% Key Financials
Free Float 8.4% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue 22.8 n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
Lime Technologies AB (publ) 4.2% n/a n/a 9.7% EBITDA 4.2 n/a n/a n/a n/a 0 Outperform
OMX Nordic (2.3%) n/a n/a (4.0%) Margin 18.6% n/a n/a n/a 0 Hold
115 EBIT 3.6 n/a n/a n/a n/a 0 Underperform
110 Margin 15.9% n/a n/a n/a 0 Sell
Prices Rebased (in %)
Net Income 2.5 n/a n/a n/a n/a
105
Margin 10.9% n/a n/a n/a
100
95 (EURm) Valuation FY 2018 FY 2019 FY 2020
90
Enterprise Value 105.9 EV/Sales n/a n/a n/a
85 Net Debt 9.5 EV/EBITDA n/a n/a n/a
80 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Dec-18 0.0
Preferred Equity P/E n/a n/a n/a
Lime Technologies AB (publ) OMX Nordic 40 Index Market Cap 96.4 P/B n/a n/a n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 43
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeAzelio AB
Company Description IPO Facts
Sector: Heavy Electrical Equipment Ticker OM:AZELIO Financial Advisors
Azelio AB engages in the research and development, production, and supply of Stirling engine-based Exchange Stockholm Stock Exchange Pareto Securities AS
Initial Filing Date 12-Nov-18
renewable energy systems worldwide. It is involved in the assembly and on site installation of the
Announced Date 12-Nov-18
Stirling engine with a concentrated solar power solution and modular multi-hour thermal energy
# Days Announced to Offer 24
storage. The company was founded in 2008 and is headquartered in Gothenburg, Sweden.
Offer Date 06-Dec-18
IPO Price (EUR) 2.15
Filing Price Range (EUR) n/a
Final Price Range (EUR) n/a
Legal Counsel
Shares Offered (incl. Greenshoe) 11.0m
Greenshoe 0.0% Advokatfirman Vinge KB
Filing Volume (EUR) 29.3m
2
Final Volume (EUR) 23.6m
Filing-to-Final Change (19.5%)
Public Shareholders 1 Accounting Advisors
Primary / Secondary Split 2
Janér, Kent 23.3% n/a
Back In Black Capital 4.4% Primary 100%
BFO Private Equity Holding AG 4.3% Secondary 0%
Villard, Bertil 0.8%
Nuder, Pär 0.7% Key Financials
Free Float 68.0% (EURm) LTM FY 2018 FY 2019 FY 2020 CAGR 18-20 # of Recommendations
Share Price Performance Revenue 4.7 n/a n/a n/a n/a
IPO +1D IPO +3M IPO +6M since IPO Growth n/a n/a 0 Buy
Azelio AB (29.5%) n/a n/a (44.4%) EBITDA (7.9) n/a n/a n/a n/a 1 Outperform
OMX Nordic (1.4%) n/a n/a (2.6%) Margin n/m n/a n/a n/a 0 Hold
120 EBIT (9.5) n/a n/a n/a n/a 0 Underperform
Margin n/m n/a n/a n/a 0 Sell
Prices Rebased (in %)
100 Net Income (9.5) n/a n/a n/a n/a
Margin n/m n/a n/a n/a
80
(EURm) Valuation FY 2018 FY 2019 FY 2020
60 Enterprise Value 46.1 EV/Sales n/a n/a n/a
Net Debt (7.7) EV/EBITDA n/a n/a n/a
40 Minority Interest 0.0 EV/EBIT n/a n/a n/a
Dec-18 0.0
Preferred Equity P/E n/a n/a n/a
Azelio AB OMX Nordic 40 Index Market Cap 53.7 P/B n/a n/a n/a
.
Source: S&P Capital IQ as of 28.12.2018, Implied Free Float 44
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include GreenshoeExecutive Summary
I. FCF Overview
II. Market Overview
a) Micro IPOs
b) Small IPOS
c) Medium IPOs
d) Large IPOs
III. Recent IPO Case Studies
a) Micro IPOs
b) Small IPOs
c) Medium IPOs
d) Large IPOs
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