Q4 2012 Market Snapshot

Transcription

Signal Hill
Q4 2012 Internet & Digital Media
Market Snapshot
Alex Hart
Robert Berstein
[email protected]
[email protected]
www.signalhill.com
B a l t i m o r e │ B a n g a l o r e │ B o s t o n │ N a s h v i l l e │ N e w Yo r k │ R e s t o n
Contents
Signal Hill at a Glance……………………………………………………………………………………………..…
3
Signal Hill’s Internet & Digital Media Practice M&A Overview…………………………..……………..
4
Signal Hill’s Q4 2012 Internet & Digital Media Transactions………………………….......................
5
Notable Q4 2012 Internet & Digital Media M&A Transactions…………………….………….............
6
Q4 2012 Internet & Digital Media M&A Summary Transactions……………………..……………..….
7
Q4 2012 Internet & Digital Media Public Company Valuation Metrics………………….…………….
10
LTM Relative Internet & Digital Media Stock Price Performance……………………………………….
13
2
Signal Hill at a Glance
Signal Hill is a premier investment banking partnership serving the M&A advisory and private capital raising needs of growth
companies. Signal Hill's experienced bankers provide deep domain expertise and an unyielding commitment to clients in our
sectors: Internet & Digital Media, Internet Infrastructure, Services and Software. With over 500 completed transactions and offices
in Baltimore, Bangalore, Boston, Nashville, New York and Reston, Signal Hill leverages deep strategic industry and financial
sponsor relationships to help our clients achieve Greater Outcomes®.
Recent Mergers & Acquisitions, Strategic Advisory Transactions

Mergers &
Acquisitions

Equity Private
Placements

Debt Advisory

Strategic
Advisory

Special
Committee
Advisory

Fairness
Opinions
3
Signal Hill’s Internet & Digital Media Practice
February 2013
has received a growth equity
investment from
Pending
has agreed to be
acquired by
March 2012
December 2011
has been acquired by
has acquired
November 2012
September 2011
private placement
October 2012
May 2011
private placement
August 2012
March 2011
July 2012
February 2011
/
January 2011
has acquired
December 2010
February 2008
February 2008
October 2010
February 2008
private placement
August 2010
private placement
December 2007
June 2010
December 2007
has acquired
June 2008
May 2012
has sold its Higher
Education Readiness
Division to
January 2011
has received a majority
investment from
May 2008
has acquired
October 2007
August 2007
has been acquired by a
consortium led by
June 2006
May 2006
& CIBC World
Markets
July 2007
private placement
June 2007
April 2007
March 2007
January 2007
initial public offering
initial public offering
Includes Previous Experience
private placement
follow-on offering
4
Signal Hill Q4 2012 Internet & Digital Media Transactions
Signal Hill Internet & Digital Media Transactions, Announced Q4 2012
Signal Hill served as financial adviser to Arbitron and rendered a
fairness opinion. Nielsen Holdings N.V. (NYSE: NLSN), a leading
Arbitron acquired by global provider of information and insights into what consumers
watch and buy, announced that it has entered into a definitive
Nielsen*
agreement to acquire Arbitron (NYSE: ARB), an international
EV: $1,218.7M
LTM Revenue Multiple: 2.7x media and marketing research firm. The acquisition of Arbitron’s
assets will further Nielsen’s “Watch” segment’s audience
measurement across screens and forms of listening.
Incentive Targeting
acquired by Google
Signal Hill served as exclusive financial advisor to Incentive
Targeting. Incentive Targeting, a unique marketing platform that
enables shopper insights and preferences and then creates
targeted promotional campaigns, has been acquired by Internet
giant Google. The acquisition will enhance Google’s ongoing
efforts to help consumers save time and money and enable
retailers to deliver relevant discounts to the right customers.
Escalate Media
acquired by H.I.G.
Growth Partners
Signal Hill served as exclusive financial advisor to Escalate Media.
Escalate Media Holdings, a newly formed entity comprised of
Escalate Media, LP and womensforum.com, which are leading
online advertising companies that encompass a number of owned
and operated websites as well as an online advertising network
and an affiliate network, has been acquired by H.I.G. Growth
Partners, the dedicated growth capital investment affiliate of
H.I.G. Capital, a leading global private equity firm.
*Pending
5
Notable Q4 2012 Internet & Digital Media Transactions
The Internet & Digital Media sector experienced over 200 announced or closed deals in Q4 2012, four of which are
profiled in detail below. A cursory overview of all deals can be found on the following pages.
Selected Internet & Digital Media Transactions, Announced Q4 2012
*Pending
Kayak acquired by
priceline.com*
EV: $1,629.5M
LTM Revenue Multiple: 5.8x
Kayak Software, an operator of websites and mobile apps for
comparison shopping on airline, hotel and rental car bookings, has
agreed to be acquired by priceline.com, an online travel agent. Kayak
went public in July 2012; it will continue to operate as its own entity. The
acquisition will be the largest in priceline.com’s history.
Ancestry.com acquired by
Permira Advisers
EV: $1,544.4M
Ancestry.com, a genealogy website that helps users trace their family
roots, has been acquired by a group led by private equity firm Permira
Advisers. Ancestry.com put itself up for sale after the failure of a TV
show it sponsored titled “Who Do You Think You Are?” The transaction
will take Ancestry.com private.
Eloqua acquired by Oracle
EV: $871.0M
Eloqua, a cloud-based marketing automation firm, has been acquired by
software giant Oracle. The acquisition is expected to create a
comprehensive customer experience, transforming the way
organizations market, sell, support and service their clients.
Hyper Marketing acquired
by Epsilon
EV: $460.0M
LTM EBITDA Multiple: 9.0x
Hyper Marketing (“HMI”), a group of companies that offer the full
breadth of ROI-based marketing services, has been acquired by Epsilon,
a unit of Alliance Data Systems Corporation, a leading provider of loyalty
and marketing solutions derived from transaction-rich data. The
acquisition will bring together Epsilon’s consumer data insights, data
management and analysis capabilities with HMI’s marketing services.
6
Internet & Digital Media M&A Transactions
Date
Announced
Target
Acquirer
LodgeNet Interactive Corporation
12/31/2012
(OTCPK:LNET)
12/28/2012 Pearson DeBoer Creative Solutions
Colony Capital, LLC; PAR Capital
Management, Inc.; NALA Investments, LLC
BOLD Communications Group LLC
12/24/2012 HighBeam Research, Inc.
Yippy, Inc. (OTCPK:YIPI)
12/22/2012 InsideNOVA.com
Northern Virginia Media Services
12/21/2012
12/21/2012
12/20/2012
12/20/2012
12/20/2012
12/20/2012
The TJX Companies, Inc. (NYSE:TJX)
Kantar Media North America
Viratech Corp. (OTCPK:VIRA)
Oracle Corporation (NasdaqGS:ORCL)
ProbioticSmart, LLC
Adobe Systems Inc. (NasdaqGS:ADBE)
Sierra Trading Post, Inc.
AdGooroo, LLC
Cancer.im, Inc
Eloqua, Inc. (NasdaqGS:ELOQ)
American Livestock Supply, Inc.
Behance, Inc.
12/20/2012 Bloomspot, Inc.
Chase Bank USA, National Association
12/20/2012 Leger Metrics
Leger Marketing Inc.
12/20/2012 QRCodesCreator.com
Denso Wave Incorporated
12/20/2012
12/19/2012
12/19/2012
12/19/2012
12/18/2012
12/18/2012
12/18/2012
12/18/2012
12/17/2012
12/17/2012
12/16/2012
12/14/2012
12/13/2012
12/13/2012
12/13/2012
12/12/2012
Publicis Groupe SA (ENXTPA:PUB)
Warburg Pincus LLC
Dropbox, Inc.
Pet360, Inc.
Nielsen Holdings N.V. (NYSE:NLSN)
RP Graphics Group Inc.
EPAM Systems, Inc. (NYSE:EPAM)
The Ogilvy Group, Inc.
RJM BV
Great Hill Partners, LLC
Bobit FleetGroup
Allegis Group, Inc.
Terillion, Inc.
Anedot, Inc.
Airbnb, Inc.
Dropbox, Inc.
Orange County Register Communications
Inc.
Perfect Sense Digital, LLC
Research Triangle Institute
Bella Bean Organics, Inc.
W2O Group
Rokkan Inc.
CROSSMARK, Inc.
Snapjoy, Inc.
Zootoo, LLC
Arbitron Inc. (NYSE:ARB)
Data In Motion Marketing
Empathy Lab, LLC
The Royal Order of Experience Design, Inc.
Weedmaps, LLC
SheKnows LLC
LimoforSale.com
Gettinghired, LLC
GuestComment LLC
Hivemind Labs, Inc, Youcansend.me
Localmind, Corp.
AG Entertainment Inc.
12/12/2012 Churm Media, Inc.
12/12/2012
12/12/2012
12/12/2012
12/12/2012
KickApps Corporation
MPR Associates, Inc.
OrganicFood2You LLC
Vm Foundry Properties, L.L.C.
Date
Announced
Target
Acquirer
12/11/2012 Capable Networks, LLC
Magenium Solutions LLC
12/11/2012 Scribit LLC
12/11/2012 Telescope, Inc.
Outbrain Inc.
H.I.G. Growth Partners, LLC; Moorgate
Partners, Investment Arm
InComm, Inc.
InfoCommerce Group, Inc.
12/10/2012 Adility LLC
12/10/2012 Anne Holland Ventures Inc., Subscription
Site Central and Subscription Site Insider
12/10/2012 FeaturedUsers, Inc.
12/10/2012 Human Capital Solutions, LLC
12/7/2012 The Write Sound
12/6/2012 Social Code Mobile (SC2) Inc.
12/5/2012 MediaTrust, Inc.
12/5/2012 Accesso LLC
12/5/2012 Redcats USA, Inc.
12/5/2012
12/4/2012
12/4/2012
12/4/2012
12/4/2012
12/4/2012
12/4/2012
12/4/2012
12/4/2012
12/4/2012
12/4/2012
12/3/2012
12/3/2012
12/3/2012
12/3/2012
12/3/2012
12/2/2012
Oodle, Inc.
Affiniscape, Inc.
AR New York Corp.
Blue Ribbon Motoring, LLC
Edvisors Network, Inc.
Hungry Thumb
OnTheAir Inc.
Orbis Global Inc.
Postmedia Network Inc., SwarmJam
TapMe, Inc.
Tello, Inc.
Bottlerocket Marketing Group, LLC
Buysight, Inc.
Findly, Inc. and StaffCV Limited
Guanabee Media LLC
TwigTek, Inc., YouRenew.com
Z57, Inc.
IZEA, Inc. (OTCPK:IZEA)
Beyond.com, Inc.
Rock Wreckognition
Isaac Daniel Group, Inc.
WebXU, Inc. (OTCBB:WBXU)
Lo-Q Plc (AIM:LOQ)
Charlesbank Capital Partners, LLC; Webster
Capital
Interactivity Marketing, Inc.
Brazos Higher Education Service
Corporation, Inc.
QVC, Inc.
YourMembership.com, Inc.
Publicis Worldwide BV
AutoZone, Inc. (NYSE:AZO)
College Loan Corporation
Tatango, Inc.
Yahoo! Inc. (NasdaqGS:YHOO)
Infor Global Solutions, Inc.
CityXpress Ltd.
MediaMath Inc.
Urban Airship, Inc.
Brand Connections, LLC
AOL Advertising, Inc.
First Advantage Corporation
Gawker Media, LLC
Clover Wireless, LLC
Constellation HomeBuilder Systems, Inc.
11/30/2012
11/30/2012
11/28/2012
11/28/2012
Bundle Corporation
Legal Clicks LLC
Geni, Inc.
Incentive Targeting, Inc.
Capital One Digital Innovation Lab
ProTek Capital, Inc. (OTCPK:PRPM)
MyHeritage Ltd.
Google Inc. (NasdaqGS:GOOG)
12/5/2012 2ndPole
12/5/2012 InterviewStream, LLC
7
Date
Announced
11/28/2012
11/27/2012
11/26/2012
11/26/2012
Target
PARTNERS+simons, Inc.
Snoring Isn't Sexy, LLC
HotPads, Inc.
McGraw-Hill Education, Inc.
Acquirer
11/26/2012 Hub Marketing Solutions, LLC
Baird Capital Partners
TMJ Practice Management Associates, Inc.
Zillow, Inc. (NasdaqGS:Z)
Apollo Global Management, LLC
(NYSE:APO)
Precision Dialogue
11/26/2012 MicroGiving, Inc.
DonorCommunity, Inc.
11/21/2012 RMG Networks, Inc.
SCG Financial Acquisition Corp.
(NasdaqCM:SCGQ)
Virtual Piggy, Inc (OTCBB:VPIG)
Poplyn eCommerce Inc.
Rental Compare, LLC
InsuranceCalculator.net
Hi Score Corporation (OTCPK:HSCO)
BubbleUP Marketing Corp.
11/21/2012
11/21/2012
11/21/2012
11/20/2012
11/20/2012
11/20/2012
Croakies, Ecommerce Operations
Gamblers Gifts, Inc.
RentStuff, Inc.
AffordableInsurancePlans.com
PRO SEO LLC
Whytespace Ltd.
11/19/2012
11/19/2012
11/19/2012
11/19/2012
11/17/2012
11/16/2012
4 Paws Marketing, LLC
eCD Market, LLC
Exhedra Solutions, Inc.
Icapture Marketing
AutomotiveInsuranceCalculator.com
Bondfunds.com And MunicipalBonds.com,
LLC
InsuranceHotline.com
Streetwise Media, Inc.
Gorilla Nation Media, LLC, Publishing Assets
Meteor Solutions Inc.
SpringVid Inc.
TreeHugger, Inc.
Acceptional, Inc.
One Jackson, Inc.
Russer Communications
Singularity Hub
50 Below Sales & Marketing, Inc., Retail
Division Assets
BroBible, LLC
Esingularity.org
Everlater, Inc.
11/16/2012
11/16/2012
11/15/2012
11/15/2012
11/15/2012
11/15/2012
11/14/2012
11/14/2012
11/14/2012
11/14/2012
11/13/2012
11/13/2012
11/13/2012
11/13/2012
Date
Announced
11/13/2012
11/13/2012
11/13/2012
11/13/2012
Target
GoJane.com, Inc.
Good Dog/Bad Dog Creative Design, Inc.
SNAPforSeniors, Inc.
Techjobs.com
Acquirer
Aéropostale, Inc. (NYSE:ARO)
Exakt Marketing, LLC
CareLike, LLC
NetJobs Group AB (OM:NJOB)
11/13/2012 The Adlib Group Inc.
The Autumn Group Advertising and Design
Inc.
11/13/2012 The Associated Press, Inc., iCircular Business Wanderful Media
Unit
11/12/2012 Ziff Davis Media Inc.
j2 Global, Inc. (NasdaqGS:JCOM)
11/12/2012
11/9/2012
11/9/2012
11/8/2012
11/8/2012
11/8/2012
Digital Net Agency, Inc.
StoneCastle Cash Management, LLC
Freelancer Australia Pty Limited
Eniche Solutions
InsuranceCalculator.net
Mitre Media Corp.
11/8/2012
11/8/2012
11/8/2012
11/8/2012
11/7/2012
11/7/2012
Amerimarq Tek Corp.
Hyper Marketing Incorporated
4Mads
North Country Media Group, Inc.
The Sportman’s Guide, Inc.
Kayak Software Corporation
(NasdaqGM:KYAK)
Exclusively.In, Inc.
Layer One Media, Inc.
LegalTells LLC
SpaceMaster, Inc.
EatDrinkWebsites, LLC
Cumberland Marketing, LLC
Kanetix Ltd.
American City Business Journals, Inc.
Crave Online Media, LLC
Rio SEO, Inc.
Buy Real Marketing, Inc.
MNN Holdings, LLC
Bell Curves LLC
TaskRabbit, Inc
Corcoran Consulting & Coaching Inc.
Singularity University, Endowment Arm
ARI Network Services Inc. (OTCBB:ARIS)
11/7/2012
11/6/2012
11/5/2012
11/5/2012
11/5/2012
11/5/2012
11/5/2012
11/5/2012
11/5/2012
11/5/2012
11/5/2012
Second Story, Inc.
WrestleNewz.com
Efficient Learning Systems Inc.
Longboard Media, Inc.
Bitplay, Inc.
LIUsedCars.com
Oncontact Software Corporation
PIE Advertising LLC
Plaid Skirt Marketing, LLC
Road New Media Corporation
SkuLoop, Inc.
Woven Digital, LLC
Nine Eye Interactive Media
MapQuest, Inc.
11/2/2012 Oriental Trading Company, Inc.
11/2/2012 Nexopia.com, Inc.
11/2/2012 Smartguys Advertising & Design, Inc.
BGGR, Inc.
Epsilon Data Management, LLC
InSequent, Inc.
Digital Generation, Inc. (NasdaqGS:DGIT)
Northern Tool + Equipment Company, Inc.
priceline.com Incorporated
(NasdaqGS:PCLN)
Myntra Designs Private Limited
Red Arrow Labs, LLC
Gadzoog LLC
Advanced Solutions International, Inc.
StearClear LLC
Charles Tombras Advertising, Inc.
Sapientnitro USA, Inc.
Rebellion Media Group Inc.
John Wiley & Sons Inc. (NYSE:JW.A)
Bazaarvoice, Inc. (NasdaqGS:BV)
Jive Software, Inc. (NasdaqGS:JIVE)
Long Island Exchange Inc.
WorkWise, Inc.
Brand Connections, LLC
Digital Net Agency, Inc.
Perisson Petroleum Corp.
Revionics, Inc.
Berkshire Hathaway Inc. (NYSE:BRK.A)
Ideon Media
Asher Agency, Inc.
8
Date
Announced
Target
11/1/2012
11/1/2012
10/31/2012
10/31/2012
10/31/2012
10/30/2012
10/30/2012
10/29/2012
10/25/2012
10/25/2012
10/25/2012
10/25/2012
10/25/2012
10/24/2012
10/23/2012
10/23/2012
JDA Software Group Inc.
The Sonoma Index-Tribune
StampWants.com, Inc.
Buyfolio, Inc.
nclud, LLC
Profit-Tell International, Inc.
Trusteria Services, Inc.
JumpTime, Inc.
AIM Education, Inc., Learn360
InsiderTrips.com
PHPMonster.com
Stamped, Inc.
Tender Creative LLC
Infotree Web Services, LLC
The Smart Book, LLC
VOIS, Inc., Prior to Reverse Merger with
Mind Solutions Inc.
10/22/2012 Ancestry.com Inc.
10/22/2012
10/18/2012
10/17/2012
10/17/2012
10/17/2012
10/17/2012
10/17/2012
Acquirer
JDA Software Group
Sonoma Media Investments, LLC
The Stanley Gibbons Group plc (AIM:SGI)
Zillow, Inc. (NasdaqGS:Z)
BrowserMedia, LLC
Audio Messaging Solutions, LLC
Fiore Communications, Inc.
OpenX Technologies, Inc.
Facts on File, Inc.
Cruise Travel Outlet Inc.
Armia Systems, Inc.
Yahoo! Inc. (NasdaqGS:YHOO)
VSA Partners, Inc.
ForeSite Technologies, Inc.
Pelican Publications & Consulting
VOIS, Inc. (OTCPK:VOIS)
Permira Advisers Ltd.; Spectrum Equity
Investors; Permira Investments Limited
Catalogs Online, Inc.
Bright Mountain Holdings, Inc.
(OTCBB:BMHI)
Vesuvius Technologies, LLC
Beezid Inc.
Daylife, Inc.
NewsCred, Inc.
Escalate Media, LP and Womensforum.com H.I.G. Growth Partners, LLC
Inflexxion, Inc., MyStudentBody
Hazelden Foundation
MarketingPilot Software, LLC
Microsoft Dynamics
WebmasterWorld, Inc.
Internet Marketing Ninjas, Inc.
10/16/2012
10/16/2012
10/16/2012
10/16/2012
Date
Announced
10/11/2012
10/11/2012
10/11/2012
10/10/2012
10/10/2012
10/9/2012
10/9/2012
10/9/2012
10/8/2012
10/6/2012
10/4/2012
10/4/2012
10/4/2012
10/4/2012
10/3/2012
10/3/2012
Target
Relocation.com LLC
Pardot LLC
GeeksWithBlogs, LLC
Vertis Holdings, Inc.
Makeover Solutions, Inc.
avVenta Worldwide, LLC.
Liquid Spins, Inc.
Vine
SeeHere.com
The Pink Elephant, Corporation
KOG Games Inc.
Margaret Kool Marketing Inc.
Prime Access, Inc.
WinHire, Inc.
Digispace Solutions, LLC
getSpotOn, Inc.
Acquirer
Moving.com, Inc.
ExactTarget, Inc. (NYSE:ET)
Watson Technology Group
Quad/Graphics, Inc. (NYSE:QUAD)
StyleCaster Media Group, LLC
Accenture plc (NYSE:ACN)
Max Sound Corporation (OTCBB:MAXD)
Twitter, Inc.
Shutterfly, Inc. (NasdaqGS:SFLY)
The Decatur Daily
KOG Corporation
RED The Agency Inc.
Global Advertising Strategies, Inc.
Renaissance Partner Group, Inc.
Andiamo Corporation (OTCPK:ANDI)
Airbnb, Inc.
10/3/2012 PRIMATABLE
Hotel Tonight Inc.
10/3/2012 StartupDigest Inc.com
Startup Weekend
10/2/2012
10/2/2012
10/2/2012
10/2/2012
10/2/2012
10/2/2012
ClickMotive LP
Cre8asiteforums
Full Partner, LLC
Lucidmedia Networks, Inc.
MercadoMagico.com
Threefold Photos, Inc.
Wanderfly, Inc.
ADRevolution, LLC
Godvine.com
Morningstar Inc., Hemscott Businesses
DealerTrack, Inc.
Internet Marketing Ninjas, Inc.
Synduit LLC
Videology, Inc.
NeoMagic Corp. (OTCPK:NMGC)
True Ventures; Freestyle Capital; Lowercase
Capital; Audrey Capital; resolute.vc
TripAdvisor Inc. (NasdaqGS:TRIP)
Tactara, LLC
Salem Web Network
Investis Ltd.
Club Vibes Media International Inc.
ThinkNear, Inc.
EmbanetCompass, LLC
Alloy Education, Minority Nurse Magazine
And Website
10/16/2012 BTG Test Prep, LLC
myZone Media Inc.
Telenav, Inc. (NasdaqGS:TNAV)
Pearson plc (LSE:PSON)
Springer Publishing Company, LLC
10/2/2012
10/1/2012
10/1/2012
10/1/2012
Hobsons Inc.
10/1/2012 Online Print Solutions, Inc.
10/16/2012 Pinhole Press and Pinhole Pro
liveBooks, Inc.
10/16/2012 The Carberry News-Express Ltd.
FP Canadian Newspapers Limited
Partnership (TSX:FP)
Tagged Inc.
River Capital, Inc.
10/1/2012 Penton Media, Inc., Chief Marketer,
Multichannel Merchant, Direct and PROMO
Brands
10/1/2012 Popover Games, Inc. and Foghorn Games, Titan Gaming Inc.
LLC
10/1/2012 SimplySoles
SKYE Associates LLC
10/16/2012 Urbantag
10/12/2012 Blue Wave Products, Inc.
Electronics for Imaging, Inc.
(NasdaqGS:EFII)
Access Intelligence, LLC
9
Internet & Digital Media Public Company Valuation Metrics
e-Commerce
($ in millions, except per share amounts)
Price
Company
12/31/2012
e-Commerce
Amazon.com
250.87
eBay
51.00
priceline.com
620.39
Liberty Interactive
19.68
Expedia
61.44
Netflix
92.59
Copart
29.50
Mercadolibre
78.55
Live Nation
9.31
Groupon
4.86
HomeAway
22.00
Vistaprint
32.86
Liquidity Services
40.86
OpenTable
48.80
Shutterfly
29.87
Orbitz
2.72
Blue Nile
38.48
Zipcar
8.24
Stamps.com
25.20
1-800-Flowers.com
3.67
Overstock.com
14.31
Travelzoo
18.99
Vitacost.com
6.78
Digital River
14.38
PetMed Express
11.10
U.S. Auto Parts Network
1.83
Median
Mean
% Dec./Inc.
from LTM
High
Low
(5.0%)
(4.0%)
(19.9%)
(6.1%)
(2.2%)
(30.6%)
(4.0%)
(24.8%)
(15.3%)
(81.2%)
(21.4%)
(24.3%)
(38.6%)
(7.3%)
(14.7%)
(42.7%)
(14.5%)
(49.3%)
(24.3%)
(10.9%)
(10.6%)
(40.0%)
(21.6%)
(24.7%)
(20.9%)
(66.1%)
45.9%
72.6%
32.2%
23.5%
119.3%
75.3%
30.7%
22.4%
16.2%
86.9%
14.6%
17.2%
31.8%
45.5%
40.0%
31.4%
67.7%
39.7%
35.3%
66.8%
187.9%
14.7%
36.4%
11.7%
22.0%
7.0%
Fully
Diluted
Eq. Val.
113,634
65,990
30,936
10,717
8,286
5,143
3,681
3,468
1,743
3,187
1,828
1,126
1,285
1,109
1,081
286
481
330
393
238
336
300
227
511
214
57
Net Cash
5,248
4,617
3,083
(5,715)
1,001
398
(298)
173
(1,172)
1,196
244
(200)
63
86
90
(288)
30
(70)
37
(57)
55
58
35
321
62
(16)
Fully
Diluted
Ent. Val.
108,386
61,373
27,853
16,432
7,286
4,745
3,979
3,295
2,915
1,991
1,584
1,326
1,222
1,023
991
574
451
400
356
295
280
242
192
190
151
73
YoY Revenue Growth
CY '12E
CY '13E
29.0%
20.6%
20.5%
4.7%
15.6%
12.3%
5.4%
25.8%
5.4%
45.0%
21.5%
19.1%
40.0%
15.5%
26.4%
0.9%
17.5%
14.8%
15.1%
2.7%
4.9%
0.9%
27.4%
(3.8%)
(0.8%)
(6.2%)
27.7%
16.0%
19.5%
5.3%
13.5%
13.2%
8.7%
24.4%
4.3%
16.9%
20.6%
15.9%
20.3%
17.0%
17.9%
4.5%
11.7%
11.6%
13.2%
5.8%
8.3%
6.5%
18.5%
(0.7%)
0.0%
(4.6%)
LTM
Enterprise Value /
Revenue
EBITDA
CY '12E CY '13E
LTM CY '12E CY '13E
1.9x
4.6x
5.5x
1.7x
1.9x
1.3x
4.2x
9.2x
0.5x
0.9x
5.9x
1.3x
2.6x
6.6x
1.8x
0.7x
1.2x
1.5x
3.2x
0.4x
0.3x
1.6x
0.6x
0.5x
0.6x
0.2x
1.7x
4.4x
5.3x
1.6x
1.8x
1.3x
4.2x
8.8x
0.5x
0.9x
5.7x
1.2x
2.4x
6.3x
1.7x
0.7x
1.1x
1.4x
3.0x
0.4x
0.3x
1.6x
0.6x
0.5x
0.7x
0.2x
1.4x
3.8x
4.4x
1.6x
1.6x
1.2x
3.8x
7.0x
0.5x
0.7x
4.7x
1.0x
2.0x
5.4x
1.4x
0.7x
1.0x
1.3x
2.7x
0.4x
0.2x
1.5x
0.5x
0.5x
0.7x
0.2x
NM
15.6x
15.2x
8.5x
10.4x
32.4x
11.6x
25.8x
7.0x
15.2x
32.7x
12.8x
12.5x
22.0x
19.1x
5.7x
34.5x
10.0x
15.3x
7.4x
15.6x
7.0x
NM
3.6x
5.8x
6.8x
30.9x
13.0x
14.2x
8.7x
9.3x
33.6x
11.0x
24.3x
7.0x
7.1x
19.8x
9.9x
11.1x
14.7x
9.7x
4.6x
19.9x
24.7x
12.1x
6.9x
8.8x
7.4x
NM
2.9x
6.0x
6.0x
22.8x
11.2x
11.6x
8.1x
8.1x
24.8x
9.8x
19.3x
6.2x
7.9x
15.8x
9.0x
9.0x
12.2x
7.6x
4.3x
15.8x
18.3x
10.3x
5.6x
7.0x
7.5x
NM
2.7x
5.6x
5.0x
1.5x
2.3x
1.5x
2.2x
1.3x
1.9x
12.6x
14.7x
9.9x
13.0x
9.0x
10.6x
CY R
10
Internet Content & Services
Price
Company
12/31/2012
Internet Content and Services
Google
707.38
Facebook
26.62
Yahoo!
19.90
LinkedIn
114.82
Yandex
21.54
TripAdvisor
41.92
IAC/InterActiveCorp
47.24
CoStar Group
89.37
AOL
29.61
Pandora
9.18
Bankrate
12.45
Yelp
18.85
Demandware
27.32
Zillow
27.75
Monster Worldwide
5.62
Demand Media
9.29
United Online
5.59
Angie's List
11.99
LivePerson
13.14
Zynga
2.36
Blucora
15.71
Dice Holdings
9.18
WebMD
14.34
Bazaarvoice
9.35
eHealth
27.48
Renren
3.45
Trulia
16.24
Move
7.57
Brightcove
9.04
The Active Network
4.91
TechTarget
5.55
XO Group
9.30
Spark Networks
7.80
MeetMe
3.49
Tree.com
18.03
Geeknet
16.10
Median
Mean
% Dec./Inc.
from LTM
High
Low
(8.7%)
(40.8%)
(0.4%)
(8.5%)
(48.7%)
(12.3%)
(15.0%)
(1.0%)
(32.6%)
(64.7%)
(52.0%)
(41.0%)
(20.3%)
(40.8%)
(46.0%)
(25.7%)
(7.1%)
(39.5%)
(33.0%)
(85.2%)
(15.7%)
(16.5%)
(64.4%)
(55.7%)
(2.1%)
(56.2%)
(38.9%)
(24.8%)
(64.5%)
(72.3%)
(29.6%)
(7.4%)
(2.9%)
(36.2%)
(0.1%)
(25.5%)
27.1%
51.7%
38.7%
87.4%
29.8%
70.6%
15.6%
59.2%
99.5%
29.7%
24.4%
33.7%
28.0%
25.2%
12.2%
58.8%
54.0%
34.1%
15.6%
12.9%
47.2%
32.1%
9.2%
8.1%
96.8%
15.0%
10.6%
19.0%
9.4%
6.7%
39.3%
28.8%
116.1%
125.0%
235.8%
33.4%
Fully
Diluted
Eq. Val.
232,441
57,670
23,535
12,337
7,049
5,967
4,179
2,526
2,478
1,561
1,246
1,193
812
928
658
791
509
693
734
1,850
640
547
703
668
557
1,298
444
298
251
297
219
226
162
129
205
105
Net Cash
36,724
9,550
8,331
677
382
119
434
(40)
743
81
(123)
123
103
229
(21)
113
(136)
51
103
1,223
76
8
169
142
131
892
92
31
25
76
57
73
11
(6)
90
38
Fully
Diluted
Ent. Val.
195,717
48,120
15,205
11,661
6,667
5,848
3,745
2,566
1,735
1,481
1,368
1,070
709
699
679
678
644
643
631
627
564
539
534
527
426
406
352
267
226
222
162
153
151
135
115
67
YoY Revenue Growth
CY '12E
CY '13E
38.6%
34.9%
(10.6%)
81.6%
48.6%
19.3%
35.7%
38.3%
(1.6%)
54.7%
10.6%
64.2%
35.5%
72.3%
(13.6%)
14.6%
(3.2%)
72.7%
17.7%
6.3%
76.3%
8.3%
(17.4%)
59.3%
3.3%
47.4%
72.7%
3.4%
36.5%
24.6%
(5.5%)
4.4%
28.1%
NA
69.1%
0.3%
23.1%
30.0%
3.3%
50.9%
32.0%
19.9%
16.3%
22.1%
0.5%
41.0%
7.4%
52.1%
26.3%
41.3%
(4.4%)
13.9%
(0.1%)
49.0%
17.4%
(11.0%)
15.9%
11.3%
(9.6%)
28.5%
10.8%
42.9%
45.8%
9.4%
22.5%
13.0%
1.5%
6.9%
22.8%
NA
16.2%
17.5%
LTM
Enterprise Value /
Revenue
EBITDA
CY '12E CY '13E
LTM CY '12E CY '13E
4.1x
10.4x
3.1x
13.9x
7.9x
8.0x
1.4x
8.1x
0.8x
3.9x
2.9x
8.8x
9.9x
6.8x
0.7x
1.9x
0.7x
4.7x
4.2x
0.5x
1.5x
2.8x
1.1x
3.9x
2.8x
2.5x
5.9x
1.4x
2.8x
0.6x
1.6x
1.2x
2.6x
3.2x
1.8x
0.5x
3.7x
9.6x
3.4x
12.3x
7.2x
7.7x
1.3x
7.4x
0.8x
3.5x
2.9x
7.8x
9.3x
6.1x
0.8x
1.8x
0.7x
4.1x
4.0x
0.5x
1.4x
2.8x
1.2x
3.5x
2.7x
2.3x
5.3x
1.3x
2.6x
0.5x
1.6x
1.2x
2.4x
NM
1.2x
0.6x
3.0x
7.4x
3.3x
8.1x
5.4x
6.4x
1.2x
6.0x
0.8x
2.5x
2.7x
5.1x
7.3x
4.3x
0.8x
1.6x
0.7x
2.8x
3.4x
0.6x
1.2x
2.5x
1.3x
2.7x
2.5x
1.6x
3.6x
1.2x
2.1x
0.5x
1.6x
1.1x
2.0x
NM
1.1x
0.5x
12.3x
44.1x
7.7x
NM
17.9x
19.0x
11.3x
41.0x
3.9x
NM
10.2x
NM
NM
NM
5.6x
10.4x
5.3x
NM
29.6x
NM
7.7x
7.3x
13.5x
NM
21.9x
NM
NM
14.1x
NM
23.6x
9.4x
8.4x
NM
NM
NM
31.4x
10.4x
17.3x
9.4x
NM
16.0x
16.6x
7.9x
31.7x
4.1x
NM
10.5x
NM
NM
33.6x
4.4x
6.7x
4.8x
NM
21.8x
3.9x
6.8x
7.0x
8.4x
NM
17.4x
NM
NM
10.0x
NM
5.1x
8.4x
6.0x
NM
NM
8.3x
16.0x
8.8x
13.1x
8.6x
33.2x
11.9x
13.9x
6.1x
22.7x
4.2x
NM
9.8x
NM
NM
20.6x
3.8x
5.7x
4.9x
NM
16.8x
4.8x
5.6x
6.4x
9.1x
NM
14.6x
NM
35.4x
7.7x
NM
4.4x
7.6x
5.2x
NM
NM
7.1x
9.2x
2.8x
3.9x
2.7x
3.6x
2.5x
2.8x
11.8x
16.2x
8.4x
11.7x
8.6x
11.2x
CY R
11
Interactive Marketing
Price
Company
12/31/2012
ValueClick
19.41
Web.com
14.80
ExactTarget
20.00
Millennial Media
12.53
Digital Generation
10.91
comScore
13.78
Constant Contact
14.21
Blinkx
1.06
QuinStreet
6.72
Velti
4.50
ReachLocal
12.91
Marchex
4.11
% Dec./Inc.
from LTM
High
Low
(11.2%)
(24.9%)
(33.1%)
(55.1%)
(30.3%)
(42.4%)
(55.8%)
(30.4%)
(43.5%)
(69.3%)
(7.7%)
(36.7%)
40.7%
40.4%
15.9%
39.2%
45.3%
21.9%
23.6%
96.7%
18.7%
46.6%
113.4%
37.5%
Fully
Diluted
Eq. Val.
Net Cash
1,460
698
1,362
982
301
491
434
384
287
292
368
152
(55)
(671)
212
122
(386)
42
88
42
1
14
96
36
Fully
Diluted
Ent. Val.
1,515
1,368
1,150
859
688
449
346
342
287
279
272
117
YoY Revenue Growth
CY '12E
CY '13E
18.1%
146.2%
38.5%
76.1%
20.3%
9.0%
17.2%
54.0%
(15.0%)
47.7%
21.0%
(6.4%)
12.4%
7.8%
28.0%
58.2%
3.3%
11.2%
13.5%
25.7%
(1.2%)
25.4%
16.6%
3.6%
Median
Mean
LTM
Enterprise Value /
Revenue
EBITDA
CY '12E CY '13E
LTM CY '12E CY '13E
2.3x
3.7x
4.3x
5.6x
1.8x
1.8x
1.4x
2.2x
0.8x
1.1x
0.6x
0.8x
2.3x
2.8x
4.0x
4.7x
1.8x
1.8x
1.4x
2.2x
0.9x
1.0x
0.6x
0.9x
2.0x
2.6x
3.1x
3.0x
1.7x
1.6x
1.2x
1.8x
0.9x
0.8x
0.5x
0.8x
7.9x
40.4x
NM
NM
6.1x
20.0x
15.3x
20.6x
5.7x
10.2x
34.7x
29.5x
7.1x
9.5x
NM
NM
5.5x
10.3x
9.4x
21.9x
4.9x
3.9x
11.7x
6.6x
6.2x
8.5x
NM
48.7x
5.1x
9.1x
7.8x
12.8x
4.6x
3.1x
9.1x
6.2x
1.8x
2.2x
1.8x
2.0x
1.7x
1.7x
17.6x
19.0x
8.2x
9.1x
7.8x
11.0x
CY R
Diversified Marketing
Price
Company
12/31/2012
WPP
14.43
Experian
15.93
Nielsen
30.59
Omnicom
49.96
Alliance Data Systems
144.76
Publicis
59.66
Equifax
54.12
Dentsu
26.65
Interpublic Group
11.02
Havas
5.50
Valassis
25.78
Acxiom
17.46
MDC Partners
10.65
Harte-Hanks
5.90
% Dec./Inc.
from LTM
High
Low
(1.3%)
(10.6%)
(4.6%)
(8.8%)
(2.5%)
(2.0%)
(2.5%)
(13.5%)
(9.4%)
(7.1%)
(8.5%)
(8.1%)
(30.2%)
(42.4%)
33.0%
15.5%
22.3%
14.0%
44.2%
28.9%
42.8%
31.9%
21.9%
32.4%
37.9%
45.0%
15.6%
14.8%
Fully
Diluted
Eq. Val.
18,352
15,722
11,079
13,198
7,217
11,740
6,473
6,640
4,754
2,100
1,011
1,302
331
370
Net Cash
(5,034)
(2,270)
(6,386)
(3,174)
(7,043)
(1,258)
(726)
275
(952)
(649)
(507)
(79)
(570)
(77)
Median
Mean
Statistics exclude companies with <$50m Enterprise Value
Fully
Diluted
Ent. Val.
23,385
17,992
17,465
16,373
14,260
12,998
7,198
6,365
5,705
2,749
1,519
1,381
901
448
YoY Revenue Growth
CY '12E
CY '13E
8.2%
NA
2.1%
2.6%
13.8%
14.4%
10.1%
(6.1%)
(0.4%)
9.1%
(5.1%)
(1.6%)
12.8%
(6.2%)
3.5%
7.8%
4.6%
3.9%
12.0%
6.5%
10.6%
9.0%
3.0%
3.1%
(2.2%)
1.7%
7.3%
(2.9%)
LTM
Enterprise Value /
Revenue
EBITDA
CY '12E CY '13E
LTM CY '12E CY '13E
1.4x
3.9x
3.1x
1.2x
4.1x
1.6x
3.4x
0.3x
0.8x
1.2x
0.7x
1.2x
0.9x
0.5x
1.4x
3.8x
3.1x
1.2x
3.9x
1.5x
3.3x
0.3x
0.8x
1.2x
0.7x
1.2x
0.8x
0.6x
1.3x
3.5x
3.0x
1.1x
3.5x
1.4x
3.0x
0.3x
0.8x
1.1x
0.7x
1.2x
0.8x
0.6x
8.6x
11.6x
12.6x
7.6x
13.4x
8.6x
10.5x
6.8x
7.0x
7.9x
5.3x
6.0x
28.0x
5.1x
8.4x
11.1x
11.0x
7.9x
12.1x
8.4x
10.3x
7.7x
6.5x
7.5x
5.0x
5.8x
8.5x
5.3x
7.9x
10.3x
10.3x
7.5x
10.6x
7.8x
8.7x
7.3x
6.0x
7.2x
4.9x
6.0x
7.3x
5.2x
1.2x
1.7x
1.2x
1.7x
1.2x
1.6x
8.3x
9.9x
8.1x
8.2x
7.4x
7.6x
CY R
12
LTM Relative Internet & Digital Media Stock Price Performance
Last Twelve Months
Indexed Internet & Digital Media Stock Price Performance
50%
40%
30%
20%
10%
0%
-10%
-20%
1/1/12
4/1/12
S&P 500
Internet Content and Services
7/1/12
eCommerce
10/1/12
1/1/13
13
www.signalhill.com
Baltimore│ Bangalore│ Boston│ Nashville│ New York│ Reston
Member, FINRA
14

Q4 2012 Market Snapshot

Transcription

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