1
Sector
Update
Marketplaces
Important disclosures appear at the back of this report
GP Bullhound LLP is authorised and regulated by the Financial Conduct Authority
GP Bullhound Inc is a member of FINRA
Q2 2020
2
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and
capital to category leaders.
Marketplaces perspectives
EXECUTIVE SUMMARY
Apax Partners
ACQUIRED BY
Baltic Classifieds Group
UNDISCLOSED
ACQUIRED BY
UNDISCLOSED
OLX (Naspers)
AutoTrader SA
Accel, Baring Vostok &
Vostok New Ventures
INVESTMENT BY
Avito.ru
$110m
GP Bullhound Fund IV,
Cathay, Atomico and others
INVESTMENT
Ontruck
€25m
GP Bullhound Fund IV,
Lakestar, Korelya and others
INVESTMENT
Glovo
€150m
GP Bullhound’s marketplaces sector comprises the broader internet ecosystem, including online marketplaces, online classifieds, online travel
and ecommerce. This reports aims to provide insights into public and private valuations across the transaction spectrum and qualitative insights
into broader market trends. We also feature interviews with many of the leading companies and CEOs who are currently transforming the
sector.
In Q2, we saw a sharp recovery in performance and valuations in most verticals in the marketplaces sector after the COVID-induced shock.
Towards the end of the quarter there was further consolidation in mature verticals (e.g. food), and in general online incumbents have gained
significant market share and share of mind versus the offline sector, accelerating an ongoing shift. Going forward, we expect an increase in
funding and M&A activity.
Based in our London office, Alessandro Casartelli heads the marketplaces practice which has completed over 20 transactions. Several of GP
Bullhound’s marquee marketplaces advisory transactions and investments are showcased below:
3
Key sector takeaways
Recent marketplaces transaction trends
Public company analyses
Marketplaces CEO commentary
Key marketplaces metrics
Appendix A: Public comparables by category
1
3
4
5
6
Contents
2
Appendix B: GP Bullhound credentials and team
7
Appendix C: GP Bullhound corporate overview
8
4
Section 1
Key sector takeaways
5
GP Bullhound’s views on current trends in marketplaces
Unbundling of the marketplace technology stack
2
1
The resilience of resale marketplaces
The fitness industry embraces the connected era
3
6
1
GP Bullhound’s views on current trends in marketplaces
Source: Capital IQ, Pitchbook, Mergermarket
▪ Even before the COVID-19 global pandemic, consumers continued to look towards
resale marketplaces for value and accessibility, and in general we saw strong traction
in the pre-owned goods compared to new.
▪ Many verticals such as apparel, consumer electronics, luxury items, and automotive
are on the rise.
▪ Heavy investment into customer experience, authentication and protection has
increased willingness for consumers to use online platforms to purchase high-priced
goods.
- Apparel is a core segment within resale, driven by sustainability, consumer
choice and access to limited/exclusive supply. From Vinted and Depop at
the more affordable end to Vestiaire Collective or Rent the Runway at the
high-end, the choice for customers is widening.
-
Recycled and refurbished electronic goods players such as Back Market and
Music Magpie see huge opportunities in the coming years as demand for
new smartphones reduces and consumers look to reduce their environmental
footprint.
-
There are some players making headway in specific, high-prices verticals
such as watches and photography equipment, with the likes of Chrono24
and MPB growing their offering and user bases through the lockdowns.
-
In automotive, Cazoo became the fastest British unicorn. It has transformed
the method of buying a used car by providing a full-stack service by
inspecting and fixing cars and having them delivered to a customer within 72
hours of an order. Brumbrum in Italy also offers a similar service, which we
profiled in our Q4 2019 sector update.
▪ With an evolving economic climate and sustainability increasingly prominent in the
purchase decision process, resale marketplaces will continue to thrive going forward.
The resilience of resale marketplaces
DEAL DATE: JUN-20
TTV: $31M
EV/ REV: N/A
DEAL DATE: MAY-20
TTV: $120M
EV/ REV: N/A
DEAL DATE: APR-20
TTV: $64M
EV/ REV: N/A
DEAL DATE: NOV-19
TTV: $141M
EV/ REV: N/A
7
2
GP Bullhound’s views on current trends in marketplaces
Source: Capital IQ, Pitchbook, Mergermarket
▪
The fitness industry is embracing the connected era as part of a broader transition
from offline to online. Online platforms allow users to have access to workouts
everywhere and at any time, replicate some dynamics of doing an activity with other
people, and share their achievements and drive motivation within their networks.
▪ Companies like Peloton, Zwift or MyFitnessPal paved the way, and the industry is
seeing new digitally native entrants:
-
In Q2, Hydrow, an in-home digital rowing machine, and Echelon Fitness, an
indoor smart connected bike manufacturer, each raised new funding rounds
to accelerate growth.
-
iFit’s parent company is ICON Health & Fitness secured $200m in funding to
accelerate its interactive exercise streaming platform (Pitchbook).
▪ On the other hand, we see traditional businesses transitioning to online:
-
Barry's bootcamp received an investment from Lightbay Capital to boost its
digital presence (Mergermarket).
-
Equinox launched a Precision Run treadmill, SoulCycle bike, and ‘Variis’, its
digital platform.
- Mirror, the interactive home gym provider, was recently acquired by
Lululemon, to help the established activewear brand to enter consumer
homes and further ingrain themselves into their lives.
▪ Connected fitness companies drive better engagement than traditional ones as users
can share their experience and become part of a community while working out at
their place of choice.
▪
The main advantages of these business models are that they are more capital
efficient as the do not have the large overhead base that traditional business models
have. They also benefit from their user base’s network effect, which is accelerated
through social media.
The fitness industry embraces the connected era
DEAL DATE: JUN-20
EV: $500M
EV/ REV: N/A
DEAL DATE: JUN-20
EV: $25M
EV/ REV: N/A
DEAL DATE: JUN-20
TTV: N/A
EV/ REV: N/A
DEAL DATE: MAY-20
TTV: $80M
EV/ REV: N/A
8
GP Bullhound’s views on current trends in marketplaces
1
▪ Historically, marketplace businesses were challenged with buying and building
online pipework and infrastructure in-house.
▪ More recently this value chain has become unbundled with the emergence of
specialist providers focused on enabling and enhancing online retail.
▪
These specialists provide value-adding functions in modular approach which
include:
-
Shopfront and sales infrastructure – led by players such as Shopify (+684%
YTD) and now being disrupted by entrants like Ecwid who are looking to
provide analogue SMBs a route to the next generation of shopping.
-
Payments – Stripe, Checkout.com (Europe’s most valuable Fintech) and
Adyen (+177% YTD) have transformed the online retail payment landscape
by offering simple integrated solutions for companies to process payments
online securely.
- Analytics – With the vast amounts of data generated by online commerce,
retailers are increasingly looking to analyse this. Platforms such as Edited
combine machine learning with image and text recognition to understand
pricing, discounts, assortments and trends in real-time across the retail
industry.
- Optmisation – As the online selling landscape becomes more fragmented
optimisation experts seek to drive competitive advantages for retailers. For
example Zycada’s innovative bot technology boosts ecommerce speeds
10X faster than Amazon, dramatically increasing online shopping revenue
for retailers.
▪
This modular ecosystem is enabling customers, both traditional retail and native
digital sellers, to deliver online commerce at speed and the ability to provide
improved selling experiences.
Unbundling of the marketplace technology stack
Source: Capital IQ, Pitchbook, Mergermarket
DEAL DATE: MAY-20
TTV: $42M
EV/ REV: N/A
DEAL DATE: JUN-20
TTV: $19M
EV/ REV: N/A
DEAL DATE: APR-20
TTV: $29M
EV/ REV: N/A
DEAL DATE: JUN-20
TTV: $150M
EV/ REV: N/A
3
9
Section 2
Recent marketplaces transaction trends
10
0%
20%
40%
60%
80%
100%
2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2US and Canada
Europe
Asia
Other
0%
20%
40%
60%
80%
100%
2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2US and Canada
Europe
Asia
Other
0
100
200
300
400
$0B
$10B
$20B
$30B
$40B
$50B
2016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2M&A
M&A deals
0
500
1,000
1,500
2,000
$0B
$10B
$20B
$30B
$40B
$50B
2016 Q22016 Q32016 Q42017 Q12017 Q22017 Q32017 Q42018 Q12018 Q22018 Q32018 Q42019 Q12019 Q22019 Q32019 Q42020 Q12020 Q2Total capital invested
Deal count
Uptick in M&A deal value, financings relatively stable
M&A deal value increases while volume decreases
Private placement deal value and volume decreases in Q2
Europe’s M&A activity increases in Q2 2020
US & Europe private placement volume dominates in Q2 2020
Source: Pitchbook as of 1 July 2020
Note: Data includes all “Marketplaces” M&A, private placement deals and IPOs as defined by Pitchbook regardless of
geography or transaction size
GLOBAL MARKETPLACES TRANSACTION TRENDS
We expect a decrease in fundraising activity due to the consumer-facing nature of most of the companies in the space. However, we expect
M&A volume to increase due to consolidation.
11
Announcement date
Target
Buyer
Target description
Value ($m) Implied EV/LTM Rev
Jun-20
1
On-demand food delivery platform in the US
2,500
-
Jul-20
Online and mobile food ordering and delivery
marketplace
8,127
5.6x
Jun-20
Online marketplace for buying and selling used cars
500
-
Jun-20
Connected fitness system that streams live and on-
demand classes to users in-home
500
-
May-20
Online marketplace for vector art, logos, posters,
photographs, and graphics
-
-
May-20
Travel technology platform that provides car rental and
mobility solutions to the travel industry
109
-
May-20
Crowdsourced same-day delivery service for large
national multichannel retailers
-
-
May-20
ecommerce platform for on trend, affordable fashion
332
1.6x
May-20
End-to-end transaction platform for commercial real
estate
190
3.3x
May-20
Online marketplace for businesses to find and hire legal
help based on their preferences in the US
-
-
Apr-20
Online marketplace to discover the Internet's best
fashion and lifestyle products
-
-
Apr-20
E-grocery service that offers same-day food delivery
-
-
Apr-20
Online provider of mattresses and bedding products
-
-
Strategic M&A deals dominate with few marquee deals
NOTABLE MARKETPLACES M&A DEALS
Source: Capital IQ, Pitchbook, Mergermarket
(1) Deal leaked in Jun-20 and officially announced Jul-20
Q2 2020 saw few deals led by financial investors and notable deals involved strategic acquirers. European strategics followed US counterparts in
accelerating investment in M&A.
12
Food delivery and mobility funding traction continues
NOTABLE MARKETPLACES PRIVATE PLACEMENTS DEALS
Source: Capital IQ, Pitchbook, Mergermarket
(1) First close of $225m in Jun-20 from DST and General Catalyst, second close in Jul-20 with $100m additional investment
from T.Rowe Price
Announcement date
Issuer
Lead investor
Issuer description
Value ($m)
Jun-20
1
Same-day grocery delivery marketplace
325
Jun-20
Online marketplace enabler for small and mid-sized companies
500
Jun-20
End-to-end online marketplace for buying and selling refurbished
smartphones
36
Jun-20
Online used car marketplace enabling users to buy, finance or
rent cars
30
May-20
Online marketplace for refurbished electronics
120
May-20
Food delivery company specialising in real-time logistics
optimisation
100
May-20
Ecwid empowers small businesses to sell products and services
with mobile management and POS integration
42
May-20
Bolt is a transportation platform providing ride-hailing and
scooter sharing services
100
Apr-20
Online community marketplace for people to list, discover, and
book accommodations around the world
1,000
Apr-20
Acquirer of Amazon third-party private-label businesses
100
Apr-20
Global marketplace enabling people to buy and sell luxury, pre-
owned fashion products
64
Apr-20
Digital platform connecting restaurants and their suppliers in
order to optimize the food supply chain
30
Apr-20
Peer-to-peer property listings platform designed to make the real
estate transactions efficient
30
Apr-20
Leading grocery and consumer goods delivery platform in Russia
45
Q2 2020 saw strong momentum in mega rounds with six transactions completed over $100m. Food delivery and mobility players dominated this
space, but there were also large rounds in resale segment.
13
Public company analyses
Section 3
14
Amazon continues to dominate the marketplaces universe
Source: Capital IQ as of 30 June 2020
(1)
Prosus’ market capitalisation includes stake in Tencent
(2)
Shopify not included in trading comparables
13.4
15.3
15.5
16.4
17.7
17.9
18.5
18.7
20.4
36.9
49.0
53.9
56.3
65.2
92.7
102.8
113.3
151.6
578.9
1,376.0
VIP Shop
Trip.com
Takeaway.com
Peloton
Zalando
Chewy
Ocado
Wayfair
Delivery Hero
eBay
Mercado Libre
Uber
Recruit Holdings
Booking.com
JD.com
Pinduoduo
Shopify
Prosus
Alibaba
Amazon
SELECTED MARKETPLACES PUBLIC COMPANY VALUATIONS
Market cap values in $bn
(1)
(2)
15
Share price performance L5Y
Large caps are the best performing in the sector (LTM)
Source: Capital IQ as of 30 June 2020
Notes: GP Bullhound Marketplaces index constituents are aligned with trading comps found in Appendix A.
ecommerce
43.5%
Large cap
36.4%
Online marketplaces
(0.3%)
S&P 500
27.3%
Classifieds
5.6%
Online travel
(27.4%)
LTM performance
SHARE PRICE PERFORMANCE OF KEY MARKETPLACES INDICES
As the ongoing COVID-19 situation continues, we expect volatility to continue to particularly affect the Online Travel and Classified segments
Share price performance
L5Y
L3Y
LTM
L6M
Since 01/02
S&P 500 Technology Sector
156.1%
89.9%
27.3%
10.1%
2.1%
Large cap
254.8%
114.9%
36.4%
29.3%
22.5%
ecommerce
65.0%
49.7%
43.5%
42.9%
46.9%
Online marketplaces
148.7%
71.6%
(0.3%)
17.2%
2.2%
Classifieds
99.6%
55.5%
5.6%
(5.2%)
(10.0%)
Online travel
12.4%
(33.0%)
(27.4%)
(27.5%)
(22.9%)
-50%
0%
50%
100%
150%
200%
250%
300%
Jun 15
Dec 15
Jun 16
Dec 16
Jun 17
Dec 17
Jun 18
Dec 18
Jun 19
Dec 19
Jun 20
16
Indicative trading valuation benchmarks
Source: Capital IQ as of 30 June 2020
(1) Average
LTM gross
margin (1)
EV / CY20E
revenue (1)
CY19-21 rev
growth (1)
Selected companies
Verticals
50%
5.8x
23%
Large cap
57%
6.1x
24%
Online marketplaces
66%
9.4x
6%
Classifieds
77%
3.6x
(6%)
Online travel
42%
2.0x
12%
ecommerce
17
EV/NTM revenue trends L5Y
Indices trading in line with 5-year averages
Source: Capital IQ as of 30 June 2020
(1) Prosus excluded from Large Cap, revenue multiple not meaningful for comparison (data skewed by Tencent stake)
3.6x
8.0x
2.2x
5.2x
5.8x
GP BULLHOUND MARKETPLACES INDEX VALUATIONS
The recent correction has moved valuations to below 5-year averages for most segments. Valuations in the Large cap index remain the most stable due to their
diversification.
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
Jun-15
Dec-15
Jun-16
Dec-16
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Jun-20
EV/NTM revenue average
L5Y
L3Y
LTM
L6M
Since 01/02
Large cap (1)
4.0x
4.0x
4.3x
4.2x
4.5x
ecommerce
1.8x
1.8x
1.7x
1.7x
1.9x
Online marketplaces
5.2x
5.5x
5.0x
4.7x
4.9x
Classifieds
6.5x
6.4x
6.5x
6.7x
7.0x
Online travel
3.0x
2.8x
2.4x
2.4x
2.7x
18
Section 4
Marketplaces CEO commentary
19
CEO profile
allplants is an online platform and chef-to-customer delivery service making it easy and
exciting to eat more plants. With its delicious and healthy chef-made meals and a sweep of
Great Taste Awards, allplants dishes are flash-frozen, ensuring nutrition and flavours are locked
in, and ready to eat in minutes. Since launching in 2017 from Europe's largest plant-based
kitchen, allplants provides customers with cooking inspiration and recipes, and now serves over
35,000 meals a week. As a B-Corp, allplants works hard to uphold the highest environmental,
ethical and social standards.
“With supermarket supply constrained and Britain forced to eat every
meal at home day after day, there's been an unprecedented surge
in food delivery demand in Q2 2020. Maintaining supply chain and
ensuring the very best quality, while continuing to offer full availability
and delightful customer service is paramount for any players
responding to these spike in volumes.
Having recently opened Europe's largest dedicated plant-based
kitchen, we've been able to ramp up our chef-to-customer model at
speed – providing uniquely delicious plant-based food for families’
freezers across the UK. Over two-thirds of allplants’ customers aren’t
vegan or veggie, they simply want tasty, healthy ways to fit feel-good
food into their day and enjoy a little more plants in their lifestyle.”
Jonathan Petrides
FOUNDER & CEO
London,
UK
Investors
20
CEO profile
Ecwid is a hosted Cloud commerce platform used by over 1m merchants in 175 countries.
Easily embedded into any web or social site with integrations for leading POS systems, Ecwid
empowers small businesses to market, merchandise, and sell products and services with mobile
management and point-of-sale integration for a unified commerce experience.
“The past quarter has been a vindication of the transition to a digital
economy. Ecwid has been the unofficial champion for democratizing
ecommerce and making the process of selling online easy for small
businesses. As the pandemic spread, we witnessed demand (by new
signups) triple as SMBs faced immense pressure to transition to online.
What followed was a 7X YoY increase in ‘pickup’ orders by GMV.
A flood of partner requests mirrored the demand from merchants who
sign up for Ecwid directly. The nature of Ecwid’s platform helped us to
flip the switch on these partnerships and scale our presence as
ecommerce was promoted from -nice to have’ to a necessity.
As shops reopen, we’re starting to see creative hacks. Some merchants
have leveraged their ecommerce platform for modified order
processes that result in a low-touch in-person experience. We applaud
the entrepreneurial spirit of SMBs that managed to adapt during the
pandemic and expect persistent changes in consumer behavior.”
Ruslan Fazlyev
FOUNDER & CEO
San Diego,
USA
Investors
21
CEO profile
“Consumers understanding the benefits of buying secondhand,
alongside increasing engagement was driving growth in secondhand
marketplaces even prior to the pandemic. Now we are seeing this
consumer trend grow exponentially.
At MPB we enable our customers access to a vast range of
affordable secondhand creative kit which outnumbers the new
market 100 to 1, our platform is fueling creativity amongst content
creators and driving down barriers to entry across the industry.
I’m proud to be operating a business that is making a positive impact
and allows consumers to embrace their personal passions at a time
where we all need a bit of a boost! More widely, we believe that the
growth in uptake for reuse means that we will come out of this as
wiser, more conscious consumers, making better choices, and that
fills me with great excitement and positivity for the future of resale.”
Matt Barker
FOUNDER & CEO
Brighton,
UK
Investors
MPB is the world’s largest resale platform for digital photography and filmmaking equipment.
With over 160,000 cameras, lenses and accessories traded each year MPB makes buying,
selling, and trading kit convenient and trustworthy through an end-to-end technology platform,
rigorous testing, and validation by product experts and top-notch customer service. Since
launching in 2011, over 250,000 creatives in Europe and the United States have trusted MPB for
their kit needs and as a result is making creative industries more sustainable and driving the
circular economy by inspiring photographers and filmmakers to choose used.
22
CEO profile
musicMagpie is one of the world’s leading ‘Recommerce’ businesses for consumer technology
products (over 60% of its £150m group turnover) and physical media. Founded in 2007, the
company rapidly scaled by acquiring product through its trade-in sites in the UK and from 2014
Decluttr.com in the US (now 25% of group turnover).
musicMagpie is the biggest transactional seller in the world in the history of both eBay and
Amazon marketplace (with over 10m global feedbacks on both platforms) but has now taken
direct ownership of the customer by selling primarily via its musicMagpie and Decluttr online
shops.
“The modern-day consumer has really woken up in recent years to
the importance of our environment and musicMagpie has always
placed sustainability at the heart of everything that we do, operating
under the mantra of ‘Smart for You, Smart for the Planet
Having been born in the last global recession, we have always
described ourselves as not just ‘recession resistant’ but ‘recession
friendly’. The recent unprecedented times with COVID has proved
the business’s ultimate resilience credentials as consumers have
flocked to use both our Sell and Shop functions in both of our
categories on both sides of the Atlantic as we have firmly established
our uber-Trusted status as a place to both sell and shop in consumer’s
hearts and minds with Group Turnover increasing by over 20% YoY in
recent months.”
Steve Oliver
CO-FOUNDER & GROUP CEO
Stockport,
UK
Investors
23
Section 5
Key marketplaces metrics
24
Tracking metric
Calculation
Description
GMV / (Take rate %)
▪ GMV = Total value of transactions
▪ Take rate (%) = % * GMV
▪ GMV (Gross Merchandise Value) is the total value of merchandise sold through a
marketplace
▪ Take rate is the commission that the company collects on sales
Net revenue / (growth %)
▪ Net revenue = Total revenue less sales tax,
returns and cancellations
▪
Include growth metrics:
▪ YoY / MoM
▪ CAGR
▪ Organic vs. acquisition
Annual Run Rate Revenue
(ARRR)
▪ Annual Run Rate Revenue (ARRR)
▪ Calculation:
▪ ARRR = revenue in period / # of days in
period x 365
▪
Indicator of financial performance which takes a company’s current revenue in a
certain period and converts to an annual figure to get the full-year equivalent
▪
Implied assumption that present financial environment will not change significantly
and sensitive to seasonal fluctuations in revenue
Gross profit / (margin %)
Contribution margin I
(CM1)
▪ Net revenue = less COGS,
discounts/promotions
▪ True calculation of gross profit includes any discounts
Contribution margin II /
(CMII margin %)
▪ CMII = CMI less logistics & packing, service costs
& payment fees
▪ Business profitability following customer/order servicing
Contribution margin III /
(CMIII margin %)
▪ CMIII = CMII less sales and marketing costs
▪
Is the business profitable following customer acquisition and marketing efforts
EBITDA (EBITDA margin %)
▪ EBITDA = CMIII less HR overhead, HQ costs &
other general & administrative costs
▪ Underlying profitability of the business after all overheads and HQ costs
▪
If currently not profitable, does EBITDA margin progression give an indication of when
the business could reach breakeven
Common marketplaces headline financial KPIs
25
Tracking metric
KPI
Description
Traffic statistics
▪ Visits (gross & unique)
▪ Sign-ups
▪ Organic vs. Paid traffic
▪ Application (mobile/tablet) vs. Desktop
▪ Conversion rates by channel
▪ Track overall visits funnel and conversion of traffic into leads, transactions and
revenue
Order statistics
▪ Orders / customer
▪ Product split (%) – e.g. private label vs. 3rd party
▪ Return rate (%)
▪ Average order value (AOV)
▪ Further analyse traffic funnel and understand conversion into revenue
▪ Order metrics can help analyse and shape product strategy/segmentation
New vs. Repeat stats
▪ New vs. Repeat consumers / order / revenue
▪ New marketing spend
▪ Repeat marketing spend
▪ Consumers can be analysed by cohort e.g. by first purchase
▪ Run cohorts to look at customer retention over time to spot trends and ROI on sales
and marketing initiatives
Customer acquisition cost
(CAC)
▪ CAC = Sales & marketing spend / number of
new consumers
▪ Cost of acquiring one consumer/user
▪ All S&M expenses for new consumers. Sometimes excludes personnel management
S&M costs
▪ CAC strategy can typically vary on a seasonal basis as S&M efforts, e.g. ramp-up or
slowdown
Customer lifetime value
(CLV)
▪ CLV = Gross margin (%) x retention (%) x AOV
▪ Value a consumer contributes to a business over their lifetime
▪ Projected on a cohort basis e.g. 1-year, 2-year, 5-year etc.
CLV:CAC ratio
▪ CLV:CAC = CLV / CAC
▪ How much value is a business making from consumers in relation to how much it
cost to acquire them
▪ Good benchmark is 3:1. 1:1 or below suggests a business loses money as it scales. If
the ratio is too high (e.g. 5:1 or higher) this business could be under investing
Common marketplaces headline financial KPIs
26
Appendix A: Public comparables
by category
Section 6
27
Public comparables – Large cap
Source: Capital IQ as of 30 June 2020
Note: Prosus includes OLX, PayU, iFood, Delivery Hero, Swiggy, Tencent, Mail.ru and other smaller ecommerce companies
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Large cap
Large cap
Amazon
United States
99%
37%
1,376,033
1,404,892
4.1x
3.4x
2.9x
31.1x
22.6x
17.8x
41%
40%
41%
13%
15%
17%
21%
20%
Alibaba
China
93%
4%
578,885
561,569
6.4x
5.2x
4.2x
21.6x
15.7x
12.8x
46%
45%
45%
30%
33%
33%
25%
27%
Prosus
The Netherlands
97%
29%
151,603
147,452
6.2x
4.9x
4.1x
21.1x
16.5x
13.3x
n.a.
39%
35%
29%
30%
31%
n.a.
n.a.
JD.com
China
96%
60%
92,725
89,975
0.9x
0.7x
0.6x
31.4x
21.5x
16.5x
9%
15%
8%
3%
3%
4%
21%
46%
Pinduoduo
China
95%
144%
102,804
97,931
14.4x
9.1x
6.9x
n.m.
n.m.
38.8x
77%
77%
77%
(12%)
9%
18%
59%
n.m.
eBay
United States
99%
56%
36,855
41,620
4.0x
3.8x
3.6x
10.7x
10.2x
9.7x
77%
78%
77%
38%
37%
37%
0%
5%
Rakuten
Japan
75%
11%
11,937
13,871
1.0x
0.9x
0.8x
14.5x
8.1x
6.9x
72%
80%
n.m.
7%
11%
12%
15%
1%
Pinterest
United States
60%
1%
13,002
11,423
9.1x
6.8x
5.4x
n.m.
n.m.
55.5x
70%
66%
68%
(10%)
3%
10%
21%
59%
Mean
89%
43%
295,481
296,092
5.8x
4.4x
3.6x
21.7x
15.8x
21.4x
56%
55%
50%
12%
18%
20%
23%
26%
Median
96%
33%
97,765
93,953
5.1x
4.4x
3.8x
21.3x
16.1x
14.9x
70%
56%
45%
10%
13%
17%
21%
23%
28
Public comparables – ecommerce
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Source: Capital IQ as of 30 June 2020
E-commerce
Online fashion
VIP Shop
China
92%
56%
13,388
12,824
0.9x
0.8x
0.8x
11.6x
9.4x
8.5x
22%
22%
22%
8%
9%
9%
11%
27%
Zalando
Germany
95%
47%
17,658
17,009
2.0x
1.7x
1.5x
34.7x
26.0x
20.6x
43%
42%
42%
6%
7%
7%
17%
18%
boohoo.com
United Kingdom
95%
28%
5,920
5,663
3.0x
2.4x
1.9x
31.4x
24.8x
19.8x
54%
54%
54%
10%
10%
10%
29%
32%
Farfetch
United Kingdom
78%
42%
5,865
5,889
4.3x
3.2x
2.6x
n.m.
n.m.
47.7x
46%
47%
45%
(8%)
0%
5%
34%
n.m.
Stitch Fix
United States
79%
9%
2,559
2,483
1.4x
1.1x
1.0x
n.m.
n.m.
38.9x
44%
45%
44%
(3%)
(0%)
3%
12%
n.a.
ASOS
United Kingdom
91%
5%
4,217
4,819
1.3x
1.1x
0.9x
37.9x
17.7x
13.9x
49%
48%
48%
3%
6%
7%
10%
43%
The RealReal
United States
48%
(12%)
1,111
943
3.2x
2.2x
1.7x
n.m.
n.m.
n.m.
65%
65%
64%
(31%)
(11%)
(1%)
15%
n.m.
Rev olv e
United States
36%
(16%)
1,031
957
1.7x
1.4x
1.2x
37.0x
16.3x
12.9x
54%
48%
53%
5%
9%
9%
7%
3%
Global Fashion Group
Luxembourg
64%
56%
624
447
0.3x
0.3x
0.2x
n.m.
n.m.
11.7x
41%
42%
40%
(2%)
0%
2%
6%
n.m.
Vertical E-commerce
Ocado
United Kingdom
90%
56%
18,509
18,341
7.0x
6.1x
5.4x
n.m.
n.m.
n.m.
34%
38%
34%
1%
3%
6%
17%
37%
Peloton
United States
96%
79%
16,362
15,452
6.9x
5.3x
3.8x
n.m.
73.2x
42.7x
42%
44%
45%
5%
7%
9%
55%
n.a.
Wayfair
United States
89%
111%
18,701
20,321
1.6x
1.4x
1.2x
n.m.
n.m.
53.0x
23%
25%
24%
0%
1%
2%
26%
n.m.
HelloFresh
Germany
98%
128%
8,838
8,630
2.7x
2.3x
1.9x
30.7x
24.9x
17.1x
62%
67%
65%
9%
9%
11%
37%
157%
Stamps
United States
83%
147%
3,138
3,005
5.0x
4.6x
n.a.
19.6x
17.7x
n.a.
72%
73%
73%
25%
26%
n.a.
6%
2%
Zooplus
Germany
97%
84%
1,175
1,152
0.6x
0.5x
0.5x
44.0x
28.6x
22.4x
29%
29%
26%
1%
2%
2%
14%
74%
1-800-flowers.com
United States
75%
32%
1,287
1,222
0.8x
0.8x
n.a.
9.8x
n.a.
n.a.
42%
42%
42%
8%
n.a.
n.a.
10%
n.a.
AO World
United Kingdom
84%
76%
841
943
0.6x
0.6x
0.5x
38.7x
25.3x
18.3x
16%
16%
16%
2%
2%
3%
n.a.
98%
Blue Apron
United States
38%
187%
148
209
0.5x
0.4x
0.4x
27.8x
9.6x
6.9x
39%
41%
38%
2%
5%
6%
2%
n.m.
Casper Sleep
United States
57%
n.a.
356
306
0.6x
0.5x
0.4x
n.m.
n.m.
37.2x
49%
50%
49%
(13%)
(5%)
1%
19%
n.m.
Oponeo
Poland
86%
4%
92
89
0.4x
0.3x
n.a.
10.8x
10.4x
n.a.
19%
19%
19%
3%
3%
n.a.
5%
(9%)
SRP Groupe
France
47%
(25%)
49
82
0.1x
0.1x
n.a.
n.m.
n.m.
n.a.
n.a.
n.a.
30%
(4%)
(1%)
n.a.
(4%)
n.m.
MySale Group
Australia
57%
21%
58
58
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
9%
n.a.
n.a.
n.a.
n.a.
n.a.
E-Commerce - Others


Chewy
United States
85%
69%
17,946
17,998
2.7x
2.2x
1.9x
n.m.
n.m.
58.3x
23%
24%
24%
0%
2%
3%
29%
n.m.
B2W
Brazil
98%
17%
10,222
10,320
6.3x
5.7x
4.8x
64.1x
47.7x
35.6x
30%
33%
30%
10%
12%
14%
20%
39%
Cimpress
Ireland
53%
(36%)
1,976
3,687
1.7x
1.4x
1.4x
11.8x
9.6x
9.2x
n.a.
n.a.
50%
14%
15%
15%
(4%)
(10%)
Yelp
United States
59%
(29%)
1,663
1,413
1.7x
1.5x
1.4x
18.1x
8.3x
6.9x
94%
94%
94%
10%
18%
21%
(4%)
(11%)
Shutterstock
United States
76%
(19%)
1,246
996
1.6x
1.5x
1.4x
11.1x
10.0x
8.3x
58%
57%
57%
14%
15%
17%
1%
2%
CEWE
Germany
88%
(3%)
797
854
1.1x
1.0x
1.0x
6.8x
6.3x
6.0x
73%
74%
75%
15%
16%
16%
3%
2%
Quotient Technology
United States
61%
(27%)
658
639
1.4x
1.2x
1.2x
14.5x
9.4x
8.8x
43%
46%
39%
10%
13%
13%
9%
22%
Groupon
United States
25%
529%
519
367
0.3x
0.4x
0.4x
n.m.
3.9x
3.4x
53%
56%
54%
(6%)
10%
11%
(34%)
(36%)
Jumia Technologies
Nigeria
20%
(9%)
430
231
1.4x
1.0x
0.8x
n.m.
n.m.
n.m.
46%
62%
50%
(104%)
(72%)
(45%)
13%
n.m.
Ov ertstock.com
United States
96%
250%
1,148
1,137
0.7x
0.6x
0.6x
n.m.
n.m.
n.m.
20%
22%
20%
(2%)
(1%)
(0%)
14%
n.m.
Qliro Group
Sweden
53%
(4%)
105
154
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
25%
n.a.
n.a.
n.a.
n.a.
n.a.
Delticom
Germany
45%
(43%)
35
134
0.2x
0.2x
0.2x
8.1x
5.9x
n.a.
27%
27%
22%
2%
3%
n.a.
7%
n.m.
Mean
72%
55%
4,667
4,670
2.0x
1.7x
1.5x
24.7x
19.3x
22.1x
44%
45%
42%
(0%)
4%
6%
12%
27%
Median
78%
28%
1,210
1,145
1.4x
1.2x
1.2x
19.6x
13.4x
17.1x
43%
45%
42%
3%
5%
7%
11%
20%
29
Public comparables – Online marketplaces
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Source: Capital IQ as of 30 June 2020
Online marketplaces
Uber
United States
68%
(14%)
53,892
55,371
4.2x
3.0x
2.4x
n.m.
n.m.
35.3x
51%
53%
34%
(18%)
(0%)
7%
14%
n.m.
Mercado Libre
Argentina
99%
49%
49,003
47,950
15.8x
11.4x
8.3x
n.m.
n.m.
n.m.
48%
48%
55%
(1%)
2%
6%
36%
n.m.
Deliv ery Hero
Germany
94%
31%
20,375
19,720
7.7x
4.9x
3.4x
n.m.
n.m.
n.m.
30%
29%
25%
(24%)
(5%)
0%
70%
n.m.
Takeaway.com
Netherlands
91%
11%
15,524
15,772
7.2x
5.7x
4.7x
62.6x
38.4x
26.6x
73%
62%
73%
11%
15%
18%
143%
n.a.
Lyft
United States
48%
(30%)
10,128
7,991
2.8x
1.8x
1.4x
n.m.
n.m.
43.6x
43%
51%
41%
(26%)
(5%)
3%
10%
n.m.
Etsy
United States
99%
118%
12,607
12,657
10.8x
9.1x
7.6x
46.9x
38.4x
29.3x
68%
66%
66%
23%
24%
26%
30%
33%
GrubHub
United States
88%
30%
6,484
6,680
4.3x
3.8x
3.3x
n.m.
45.8x
29.7x
48%
39%
37%
4%
8%
11%
16%
(11%)
Kakaku.com
Japan
88%
(5%)
5,211
5,019
10.1x
8.6x
8.2x
20.8x
18.2x
16.0x
n.a.
n.a.
100%
49%
47%
51%
2%
(1%)
CarGurus
United States
62%
(29%)
2,856
2,778
5.4x
4.3x
3.7x
39.8x
26.6x
18.1x
94%
93%
93%
14%
16%
21%
5%
16%
Moneysupermarket.com United Kingdom
77%
(7%)
2,150
2,163
4.7x
4.3x
4.1x
13.7x
12.0x
11.2x
70%
67%
69%
34%
36%
36%
2%
1%
Gruppo MutuiOnline
Italy
81%
(4%)
803
888
4.6x
4.1x
3.8x
18.3x
14.1x
11.8x
44%
n.a.
45%
25%
29%
32%
(7%)
(6%)
TrueCar
United States
46%
(30%)
277
135
0.5x
0.5x
0.5x
16.4x
n.m.
10.0x
91%
91%
91%
3%
(0%)
5%
(15%)
n.a.
Redbubble
Australia
90%
106%
373
334
1.2x
1.1x
1.0x
37.6x
23.4x
17.6x
15%
n.a.
15%
3%
5%
5%
10%
74%
Mean
79%
17%
13,822
13,651
6.1x
4.8x
4.0x
32.0x
27.1x
22.7x
56%
60%
57%
8%
13%
17%
24%
15%
Median
88%
(4%)
6,484
6,680
4.7x
4.3x
3.7x
29.2x
25.0x
18.1x
50%
58%
55%
4%
8%
11%
10%
1%
30
Public comparables – Classifieds
Source: Capital IQ as of 30 June 2020
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Classifieds
Property, cars, general
Autohome
China
75%
(1%)
8,990
7,109
5.9x
5.1x
4.5x
14.1x
12.0x
10.8x
91%
89%
91%
42%
43%
42%
8%
4%
REA Group
Australia
92%
(3%)
9,810
9,977
17.2x
15.2x
12.9x
33.3x
25.2x
21.9x
72%
91%
72%
52%
60%
59%
2%
9%
Zillow
United States
86%
24%
12,719
12,437
3.7x
2.4x
1.7x
n.m.
n.m.
n.m.
n.a.
n.a.
n.a.
(3%)
(0%)
2%
38%
n.a.
Scout24
Germany
97%
12%
7,975
5,656
14.7x
13.2x
11.9x
24.7x
22.0x
19.4x
75%
n.a.
75%
59%
60%
61%
2%
(16%)
Rightmov e
United Kingdom
77%
(22%)
5,881
5,852
23.9x
16.5x
15.3x
35.5x
22.1x
20.2x
77%
66%
77%
67%
75%
76%
(1%)
(2%)
Adev inta
Norway
77%
(18%)
6,871
7,006
9.1x
7.8x
6.8x
40.5x
26.9x
22.1x
64%
n.a.
64%
23%
29%
31%
9%
8%
Auto Trader
United Kingdom
86%
(12%)
6,286
6,635
14.1x
18.4x
13.6x
25.2x
21.6x
19.0x
n.a.
n.a.
n.a.
56%
85%
71%
(11%)
(4%)
Info Edge
India
88%
(2%)
4,475
4,288
27.0x
22.8x
19.9x
n.m.
67.9x
54.7x
53%
n.a.
53%
33%
34%
36%
5%
10%
carsales.com
Australia
91%
6%
3,008
3,321
11.4x
10.3x
9.2x
20.2x
19.3x
17.3x
84%
n.a.
84%
57%
53%
53%
5%
7%
Redfin
United States
99%
72%
4,155
4,106
5.1x
3.4x
2.7x
n.m.
n.m.
n.m.
19%
17%
18%
(6%)
(1%)
2%
24%
n.m.
Bitauto
China
99%
5%
1,126
2,819
2.0x
1.8x
1.7x
18.6x
9.5x
13.7x
60%
60%
61%
11%
19%
12%
2%
212%
Purplebricks
United Kingdom
29%
(62%)
164
115
0.9x
0.8x
0.6x
45.7x
10.0x
6.3x
58%
n.a.
58%
2%
8%
10%
n.a.
n.m.
Jobs
Recruit Holdings
Japan
80%
(14%)
56,314
55,891
2.8x
2.6x
2.3x
25.5x
19.1x
15.7x
54%
n.a.
54%
11%
13%
15%
(1%)
(1%)
51job
China
78%
(0%)
4,803
3,262
6.1x
5.4x
4.8x
17.6x
16.0x
14.4x
70%
68%
70%
35%
34%
34%
3%
7%
SEEK
Australia
91%
(1%)
5,329
6,495
5.6x
4.9x
4.1x
28.3x
18.5x
14.7x
47%
n.a.
47%
20%
26%
28%
7%
5%
DHI Group
United States
49%
(25%)
102
130
0.9x
0.8x
n.a.
4.5x
3.6x
n.a.
89%
89%
89%
20%
23%
n.a.
2%
2%
Freelancer
Australia
40%
(14%)
125
121
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
84%
n.a.
84%
n.a.
n.a.
n.a.
n.a.
n.a.
JcbNext
Malaysia
79%
(19%)
39
7
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
60%
n.a.
60%
n.a.
n.a.
n.a.
n.a.
n.a.
Mean
78%
(4%)
7,676
7,513
9.4x
8.2x
7.5x
25.7x
21.0x
19.2x
66%
69%
66%
30%
35%
35%
6%
18%
Median
83%
(2%)
5,066
4,972
6.0x
5.3x
4.8x
25.2x
19.2x
17.3x
67%
68%
67%
28%
31%
34%
3%
5%
31
Public comparables – Online travel
Source: Capital IQ as of 30 June 2020
Market
cap
EV
EV / Revenues
EV / EBITDA
Gross margin (%)
EBITDA margin
2019-2021 CAGR
Company HQ
(USD)
(USD)
CY2020
CY2021
CY2022
CY2020
CY2021
CY2022
CY2019
CY2020
LTM
CY2020
CY2021
CY2022
Revenue
EBITDA
% of 52
week high
Perf. since
1 Feb 2020
Online travel
Booking.com
United States
76%
(13%)
65,176
67,201
9.8x
5.8x
4.7x
64.2x
17.6x
12.5x
100%
99%
100%
15%
33%
38%
(12%)
(19%)
Trip.com
China
63%
(19%)
15,252
17,889
6.2x
3.7x
3.1x
n.m.
17.1x
12.6x
79%
73%
79%
(1%)
22%
25%
1%
(3%)
Expedia
United States
57%
(24%)
11,589
16,338
2.7x
1.8x
1.5x
n.m.
10.8x
7.5x
83%
74%
80%
0%
17%
20%
(13%)
(16%)
MakeMyTrip
India
51%
(33%)
1,578
1,440
3.9x
2.1x
1.4x
n.m.
n.m.
17.7x
n.a.
n.a.
45%
(13%)
0%
8%
19%
n.m.
Triv ago
Germany
37%
(25%)
695
573
1.5x
0.9x
0.8x
n.m.
22.7x
8.8x
99%
98%
99%
(12%)
4%
9%
(19%)
(43%)
Despegar.com
Argentina
47%
(52%)
486
320
1.5x
0.6x
0.5x
n.m.
8.1x
4.0x
66%
57%
64%
(31%)
8%
13%
(0%)
24%
Webjet
Australia
23%
(71%)
777
801
4.8x
4.2x
3.6x
37.2x
17.9x
n.a.
70%
73%
71%
13%
23%
n.a.
(18%)
(35%)
On The Beach
United Kingdom
59%
(29%)
574
590
6.0x
3.4x
3.0x
76.3x
11.6x
9.6x
n.a.
n.a.
53%
8%
29%
31%
8%
3%
Lastminute.Com
Netherlands
46%
(48%)
265
195
1.1x
0.7x
n.a.
n.m.
5.5x
n.a.
19%
n.a.
79%
(1%)
13%
n.a.
(18%)
(29%)
Edreams Odigeo
Luxembourg
45%
(43%)
307
718
1.2x
1.2x
1.2x
5.6x
5.3x
4.9x
n.a.
n.a.
85%
22%
22%
24%
(5%)
0%
Holidaycheck
Germany
51%
(37%)
95
86
2.8x
0.7x
0.6x
n.m.
5.3x
4.0x
72%
n.a.
58%
(166%)
12%
14%
(11%)
50%
Hostelworld
Ireland
35%
(60%)
91
75
4.1x
1.4x
0.8x
n.m.
2.9x
3.1x
n.a.
n.a.
100%
(121%)
48%
26%
(23%)
6%
Trav elzoo
United States
36%
(44%)
64
84
1.7x
1.0x
n.a.
n.m.
12.3x
n.a.
89%
88%
89%
(12%)
8%
n.a.
(15%)
(20%)
Mean
48%
(38%)
7,458
8,178
3.6x
2.1x
1.9x
45.8x
11.4x
8.5x
75%
80%
77%
(23%)
18%
21%
(8%)
(7%)
Median
47%
(37%)
574
590
2.8x
1.4x
1.4x
50.7x
11.2x
8.1x
79%
74%
79%
(1%)
17%
22%
(12%)
(9%)
32
Section 7
Appendix B: GP Bullhound credentials & team
33
GP Bullhound’s recent advisory activity in the marketplaces
space
ACQUIRED BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
ACQUIRED BY
INVESTMENT BY
INVESTMENT BY
ACQUIRED BY
ACQUIRED BY
INVESTMENT BY
INVESTMENT BY
34
GP Bullhound’s recent investing activity in the marketplaces
space
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
INVESTMENT BY
CIBELES
Angels
Fund III
Fund IV
Fund III
Fund IV
Fund III
Fund IV
Fund III
Fund IV
Fund IV
Fund I
35
Authors
Alessandro Casartelli
EXECUTIVE DIRECTOR
Alessandro.Casartelli@gpbullhound.com
Dipam Patel
VICE PRESIDENT
Dipam.Patel@gpbullhound.com
Joaquin del Rio
ANALYST
Joaquin.Delrio@gpbullhound.com
36
Section 8
Appendix C: GP Bullhound corporate overview
37
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Confidential
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