Azerion SPAC Presentation Deck
Comparable peers
Valuation and financial benchmarking
Game / Apps
monetization
platforms
Game
developers
Ad Tech
Ad funded
digital media
azerion
Company
AppLovin
ironSource
Median
Playtika
Zynga
Stillfront
Ten Square
Median
The Trade Desk
Digital Turbine
Magnite
LiveRamp
PubMatic
Median
Google
Facebook
Snapchat
Twitter
Pinterest
Median
EV
(€bn)
35.1
8.0
7.9
6.6
2.2
0.5
41.7
5.2
2.8
2.6
6000
1.8
1,683.4
787.8
75.8
31.6
22.6
EV / Revenue EV / EBITDA
2022E
2022E
10.7x
12.8x
11.7x
3.1x
2.4x
3.6x
2.7x
2.9x
30.3x
3.8x
5.8x
4.8x
7.3x
5.8x
Valuation metrics
6.4x
6.3x
15.3x
5.8x
7.9x
6.4x
Source: Company filings and FactSet data as of 07 December 2021.
Note: All financials calendarized to 31 December YE.
(1) Growth adjusted multiples based on Revenue growth 2021-2022E.
36.1x
37.7x
36.9x
8.3x
10.0x
9.0x
9.1x
9.0x
79.0x
21.8x
17.4x
49.3x
22.8x
22.8x
15.8x
13.1x
85.9x
23.1x
25.0x
23.1x
Growth adjusted multiples
(2022E Growth)¹
EV / Revenue EV / EBITDA
0.45x
0.39x
0.42x
0.47x
0.30x
0.36x
0.20x
0.33x
1.07x
0.11x
0.24x
0.23x
0.33x
0.24x
0.41x
0.36x
0.33x
0.28x
0.27x
0.33x
1.52x
1.15x
1.34x
1.25x
1.28x
0.92x
0.54x
1.09x
2.80x
0.62x
0.70x
2.32x
1.02x
1.02x
1.02x
0.75x
1.84x
1.12X
0.87x
1.02x
Revenue
2022E
(€bn)
3.3
0.6
2.6
2.8
0.6
0.2
1.4
1.4
0.5
0.5
0.3
264.7
124.7
4.9
5.5
2.9
Financial metrics
EBITDA
growth
21E-22E
Revenue
growth
21E-22E
32.3%
45.3%
38.8%
12.2%
11.5%
15.5%
19.1%
13.9%
30.1%
33.1%
28.7%
20.0%
25.0%
28.7%
16.9%
18.8%
39.0%
21.3%
26.3%
21.3%
49.9%
56.8%
53.4%
9.4%
12.8%
21.0%
29.0%
16.4%
21.6%
62.6%
27.4%
45.8%
4.6%
27.4%
13.5%
5.0%
104.4%
6.4%
30.1%
13.5%
EBITDA
margin 2022E
29.7%
34.0%
31.8%
37.3%
23.4%
39.8%
30.3%
33.8%
38.3%
17.5%
33.6%
9.8%
32.1%
32.1%
40.5%
48.4%
17.7%
24.9%
31.5%
31.5%
58View entire presentation