Responsive Acquisition Marketing Platform (RAMP)
Peer Public Market Data
($ in millions)
EBITDA Margins
Share
Market
Enterprise
TEV / Rev
TEV/EBITDA
Revenue Growth
EBITDA Growth
Company
Price
Cap ($mm) (1) Val ($mm) (2)
CY21E
CY22E
CY21E
CY22E
CY21E
CY22E
CY21E
CY22E
CY21E
CY22E
SYSTEM (3)
NA
NA
$1,4354)
1.9x
1.6x
11.9x
9.1x
31.7%
18.6% 50.4% 30.9%
15.8% 17.4%
User Monetization
J2
$138.60
$6,768
$7,954
4.7x
4.4X
11.7x
10.9x
14.0%
6.8%
10.3%
7.0%
40.0%
40.1%
GLOBAL
lendingtree
222.50
3,075
3,513
3.2
2.7
24.6
16.4
21.9%
16.3%
15.2%
50.2%
12.9%
16.6%
MediaAlpha
43.74
2,856
3,085
4.4
3.4
46.5
33.2
20.2%
27.8%
14.1%
40.1%
9.4%
10.3%
Taboola
10.23
2,585
2,000
4.5
3.9
15.7
14.0
17.4%
16.0%
19.8%
12.6%
28.5%
27.7%
(5)
79.10
2,258
2,388
9.7
TechTarget
97
8.5
28.6
25.0
24.4%
13.3%
37.1%
14.4%
33.8%
34.1%
EVERQUOTE
33.87
1,022
986
2.2
1.9
34.4
24.1
26.8%
19.1%
55.9%
42.6%
6.5%
7.8%
QuinStreet
18.64
1,021
932
1.6
1.4
17.1
13.7
11.9%
10.4%
26.0%
24.5%
9.2%
10.4%
User Monetization Mean
4.3x
3.8x
25.5x
19.6x
19.5%
15.7%
25.5%
27.3%
20.1%
21.0%
User Monetization Median
4.4x
3.4x
24.6x
16.4x
20.2%
16.0%
19.8%
24.5%
12.9%
16.6%
Source: Company filings, Factset, Capital IQ and Wall Street research.
Note: Market data as of June 25, 2021. Financial data excludes amortization of intangibles, the impact of stock-based compensation expense and one-time charges.
Market Value based on diluted shares outstanding.
Enterprise Value = Market Value + Total Debt + Preferred Stock + Minority Interest - Cash & Equivalents - Short-Term Investments - Long-Term Investments.
System] metrics are based on Pro Forma Billings Adj. Revenue & Pro Forma Billings Adj. EBITDA.
1.
2.
3.
S1
4.
Assumes current net debt of $150mm.
5.
2020 financials for TechTarget are pro-forma for the BrightTALK acquisition.
49
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