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Tech Insights #344
Australian Private Equity
Mergers & acquisitions
Corporate finance advisory
Capital raising
2 September 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights Page 1 of 2
Total
Adamantem Capital
3
Allegro Funds
3
BGH Capital
4
Five V Capital
5
Pacific Equity Partners
7
Quadrant Private Equity
9
Next Capital
5
Crescent Capital
3
Mercury Capital
5
Advent Partners
2
Potentia
1
47
Overview
This Tech Insights report presents a select group of Australian Private Equity firms with a presence in New Zealand. On the first page we present their investments or acquisitions through time, with the second page presenting the level of ownership of active New Zealand investments (where available from the Companies Register).
Transactions by investor (first investment date, grey indicates an exited company)
2006
2008
2010
2012
2014
2016
2018
2020
2022
2024
2000 to 2006
Tech Insights #344
Australian Private Equity
Mergers & acquisitions
Corporate finance advisory
Capital raising
2 September 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights Page 2 of 2
Disclaimer The information provided in this report has been solely sourced from the New Zealand Companies Office and FactSet. Clare Capital holds no responsibility over the
actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
-
20%
40%
60%
80%
100%
Founded date
2016
2004
2017
2016
1998
1996
2005
2000
2010
1984
2014
Active
3
1
4
3
2
4
3
1
1
2
1
Exit
-
2
-
2
5
5
2
2
4
-
-
Median
76.0%
73.4%
69.1%
81.5%
59.0%
37.1%
65.2%
84.9%
88.9%
56.3%
19.9%
Current active investor ownership % (where available per Companies Register)
Bastion Security Group includes Helix Security, ZX Security and Quantum Security.
Heritage Lifecare Hellers Evnex Gull Hannahs / Number one shoes Carpet Court New Zealand Pushpay Holdings CyberCX Fusion5 Abano Healthcare Group Mooven Habit Health Orbit Remit Totara Learning Solutions Education Perfect UP Education FirstCape ACG Education Manuka Health Griffins Foods Asahi Beverages (NZ) Frucor Beverages / Frucor Suntory Helix Security Services ZX Security Quantum Security Services Bastion Security Group New Zealand Health Group Sunfed Nestle SA / NZ Seniors Money International Summerset Group Holdings Kathmandu Jucy Group Hirepool Ltd New Zealand Bus Vitaco Health Group Go Bus Transport Prime Panels New Zealand Metro Performance Glass Kiwi Fresh Orange co / Simply Squeezed Tamaki Health Group International Volunteer HQ Blue Star Group NXP Limited Hexagon Holdings Integrated Control Technology Flintfox International Vista Group
-
0.5
1.0
1.5
2.0
2.5
3.0
Shopify
PayPal
Wisetech
Riskified
Vista
Olo
Atlassian
Life360
Unity
Block
Clearwater
AvidXchange
Palantir
Paycom
Q2
Veeva
Xero
2U
Datadog
UiPath
Jfrog
AppFolio
Ansarada
DigitalOcean
Fastly
CrowdStrike
ServiceNow
Sprout
Cloudflare
Snowflake
Squarespace
BigCommerce
Zscaler
Twilio
Autodesk
Samsara
Klaviyo
Workday
SentinelOne
Appian
Braze
nCino
Agora
Elastic
Jamf
Tenable
monday.com
Five9
Adobe
Objective
Workiva
Bill
Qualys
Gitlab
Paylocity
Okta
Dynatrace
Confluent
Wix.com
Nuix
Sprinklr
Procore
HubSpot
Couchbase
BlackLine
Kaltura
Smartsheet
Freshworks
AvePoint
RingCentral
CS
MongoDB
DocuSign
Everbridge
Zuora
Asana
Toast
Salesforce
HashiCorp
Definitive
ZoomInfo
WalkMe
PagerDuty
Amplitude
C3.ai
Dropbox
ON24
Box
Domo
Overview
SaaS Magic Number is a metric for SaaS companies that examines the level of sales and marketing (S&M) spending required to generate new revenue. The calculation tells you how much new annualised revenue the company generated for every $1.00 spent on sales and marketing. For example, a SaaS Magic Number of 0.7 means that for every $1.00 spent on S&M, $0.70 of new annual revenue is achieved. A company with a well-performing sales engine that has a SaaS Magic Number of 1.0 shows it will take one year to recover the corresponding S&M expense to gain that revenue. A company with a poor-performing sales engine that has a SaaS Magic Number of 0.5 or less will extend this period out to two or more years.
Tech Insights #343
SaaS Magic Number
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
26 August 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
SaaS Magic Number Formula
(Current quarter revenue –
previous quarter revenue) x 4
Previous quarter S&M spend
Key
US Listed
ASX or NZX Listed
Companies > 0.75
Good sales efficiency
Could spend more in S&M
Companies < 0.5
Poor sales efficiency
Rethink how S&M is spent
3.0+
Companies 0.75 – 0.5
Neutral sales efficiency
SaaS Magic Number as at December 2023
The following charts examine the performance of 89 selected companies from the Clare Capital Cloud Index.
Median
Dec 2021
0.80
Dec 2022
0.59
Dec 2023
0.50
Quarter-on-quarter revenue growth (December 2023)
-
20%
40%
60%
Shopify
PayPal
Wisetech
Riskified
Vista
Olo
Atlassian
Life360
Unity
Block
Clearwater
AvidXchange
Palantir
Paycom
Q2
Veeva
Xero
2U
Datadog
UiPath
Jfrog
AppFolio
Ansarada
DigitalOcean
Fastly
CrowdStrike
ServiceNow
Sprout
Cloudflare
Snowflake
Squarespace
BigCommerce
Zscaler
Twilio
Autodesk
Samsara
Klaviyo
Workday
SentinelOne
Appian
Braze
nCino
Agora
Elastic
Jamf
Tenable
monday.com
Five9
Adobe
Objective
Workiva
Bill
Qualys
Gitlab
Paylocity
Okta
Dynatrace
Confluent
Wix.com
Nuix
Sprinklr
Procore
HubSpot
Couchbase
BlackLine
Kaltura
Smartsheet
Freshworks
AvePoint
RingCentral
CS
MongoDB
DocuSign
Everbridge
Zuora
Asana
Toast
Salesforce
HashiCorp
Definitive
ZoomInfo
WalkMe
PagerDuty
Amplitude
C3.ai
Dropbox
ON24
Box
Domo
-
5%
10%
15%
20%
Tech Insights #343
SaaS Magic Number
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
26 August 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Over the last three years, the median revenue growth has deteriorated.
Over the last three years, the median sales and marketing spend as a % of revenue has decreased.
20%+
Companies that have a high SaaS Magic Number are growing revenue at a faster rate.
Companies that have a high SaaS Magic Number are spending less as a % of total revenue.
Sales & marketing spend % revenue (December 2023)
Median
Dec 2021
8.2%
Dec 2022
5.7%
Dec 2023
4.6%
Median
Dec 2021
42.9%
Dec 2022
41.3%
Dec 2023
36.4%
Tech Insights #342
Kogan.com and Mighty Ape
Mergers & acquisitions
Corporate finance advisory
Capital raising
19 August 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights Page 1 of 2
Overview
Kogan.com is an Australian online retailer offering a diverse range of products and services, including consumer electronics, homewares, mobile plans, and insurance. In March2014 the business officially launched in New Zealand, but it was unable to capture market share away from incumbents JB Hi-Fi, Harvey Norman, and Dick Smith (which Kogan.com later acquired the brand of in March 2016). In 2020, Kogan.com acquired local retailer Mighty Ape to increase its market presence in NZ. In this report we analyse MightyApe’s contribution to Kogan.com and compare financial metrics of the business to peers.
(10)
-
10
20
30
40
50
60
70
FY18
FY19
FY20
FY21
FY22
FY23
FY24
Mighty Ape
Kogan
Kogan.com adjusted EBITDA split (AUD $m)
Since its acquisition MightyApe has consistently contributed positive EBITDA to Kogan.com.
-
100
200
300
400
500
600
700
800
FY18
FY19
FY20
FY21
FY22
FY23
FY24
Mighty Ape (NZ)
Mighty Ape (AU)
Kogan (NZ)
Kogan (AU)
Kogan.com revenue split (AUD $m)
Kogan.com begun operating in NZ in 2014, but never reached a scale at which they were required to report NZ as its own segment (until 2021). We estimate that Kogan NZ’s share of total revenue was approx. 2% before acquiring Mighty Ape.
After acquiring the business Kogan has leveraged the scale within the existing business to double Mighty Ape’s revenue.
When first acquired, Mighty Ape represented just 10% of revenues but now contributes 31%.
Kogan.com acquired Mighty Ape for AUD $122 million in December 2020, bringing more than 690,000 unique customers and subscribers.
The total consideration comprised of four tranches with 70% for tranches one and two, and 15% each for three and four. AUD $56 million was paid on completion with the remainder subject to performance-based targets on normalised EBITDA.
Transaction highlights
Tech Insights #342
Kogan.com and Mighty Ape
Mergers & acquisitions
Corporate finance advisory
Capital raising
19 August 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights Page 2 of 2
Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers.
Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
-
100%
200%
300%
400%
500%
Aug 19
Feb 20
Aug 20
Feb 21
Aug 21
Feb 22
Aug 22
Feb 23
Aug 23
Feb 24
Aug 24
Harvey Norman
Briscoes
The Warehouse
The Reject Shop
ASX 200
Kogan.com
Exchange
Year end
1-yr share price change
Enterprise value ($m)
LTM revenue ($m)
LTM revenue growth (%)
Gross margin (%)
LTM EBITDA ($m)
EBITDA margin (%)
EV / LTM revenue
EV / LTM EBITDA
Harvey Norman
ASX
Jun
29.2%
6,648
3,901
(6.1)
32.0
824
21.1
1.7x
8.1x
Briscoe Group
NZX
Jan
(5.1%)
700
733
2.2
42.4
146
19.9
1.0x
4.8x
Warehouse Group
NZX
Jul
(29.5%)
409
2,978
(0.6)
34.2
250
8.4
0.1x
1.6x
The Reject Shop
ASX
Jun
(35.7%)
51
838
4.3
39.7
124
14.8
0.1x
0.4x
Kogan.com
ASX
Jun
(23.9%)
361
461
(19.5)
35.3
40
8.7
0.8x
9.0x
Median
(23.9%)
409
838
(0.6)
35.3
146
14.8
0.8x
4.8x
Selected comparable financial metrics as of 16 Aug 24 (AUD)
Revenue share by product / division (AUD $m)
Indexed price returns from Aug 19
37%
32%
32%
17%
64%
14%
5%
-
100
200
300
400
500
FY23
FY18
Exclusive brands
MightyApe
Third party brands
Other
Other includes, Kogan First, Marketplace, Mobile, Money, Advertising and other.
Mighty Ape acquisition
* Gross margin is calculated from sales of products to customers less cost of goods sold and does not include other revenue.
-
5%
10%
15%
20%
ANZ
Westpac
BNZ
ASB
Kiwibank
Rabobank
-
1%
2%
3%
ANZ
Westpac
BNZ
ASB
Kiwibank
Rabobank
83%
66%
56%
66%
71%
22%
27%
19%
17%
78%
9%
13%
9%
10%
-
50
100
150
Rabobank
Kiwibank
ASB
BNZ
Westpac
ANZ
Housing loans
Business loans
Agriculture loans
Other loans
Consumer loans
29%
19%
19%
19%
5%
3%
-
100
200
300
400
500
600
700
Total assets (NZ $b)
ANZ
Westpac
BNZ
ASB
Kiwibank
Rabobank
NZ bank market share - by total assets (NZD $b) – Mar 24
Tech Insights #341
New Zealand banking overview
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
12 August 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Overview
This report looks into the New Zealand (NZ) banking sector. The four largest banks are all Australian owned, however this analysis only covers New Zealand banking activity. Kiwibank, the fifth largest, is significantly smaller and owned by the NZ Government. Rabobank, the sixth largest, is owned by Dutch bank, Rabobank Nederland. The second page of this report looks at the new capital requirements which was phased in from Jul 22. All information in this report, unless stated otherwise, is as at Mar 24.
Breakdown of largest NZ loan books (NZD $b) – Mar 24
6%
Major banks’ return on equity (ROE)
ROE is the ratio of profit after tax to average equity. ROE is an indicator of how efficiently shareholder funds are used to generate profits. The scale and operating expense efficiency of the larger banks contributes to their higher ROE.
Annual net interest margins (NIM) – last 7 years
Net interest income is the primary driver of NZ banks’ earnings. The NIM ratio of net interest income to average interest-bearing assets, is an indicator of how efficiently funding generates revenue. The recent period of rising interest rates has contributed to the rising NIM.
Mar 18 – Mar 24
Mar 18 – Mar 24
Other banks
Housing loans in NZ total to $352b
Minimum total capital requirements, including Prudential Capital Buffer (PCB) – to be phased in by Jul 28
•
The total capital requirements for New Zealand banks are changing. The transition period started in Jul 22 and banks have a seven-year period to meet the capital requirements shown in the graph.
•
The four largest banks (ANZ, Westpac, BNZ and ASB) have been identified as Domestic Systemically Important Banks (DSIBs). These banks are subject to the DSIB buffer which requires them to hold an additional layer of capital, the extra insurance acknowledgment that failure of one of these banks would have serious consequences.
•
The counter-cyclical capital buffer, normally set at 1.5%, may be set at higher or lower levels in times of excessive credit build-up or during post-recession recovery.
•
The conservation buffer is designed to ensure banks can absorb losses during economic and financial stress.
Tech Insights #341
New Zealand banking overview
Page 2 of 2
Disclaimer The information provided in this report has been sourced and calculated the RBNZ Bank Financial Strength Dashboard. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
12 August 2024
Large banks (DSIBs) - total capital ratios as at Mar 24
The large banks (DSIBs) will need to continue to increase capital levels over the remaining four years of the transition, to reach the requirements by Jul 28. This totals ~$20b of additional capital, across all banks, since the start of the period.
8%
9%
9%
2.5%
5.5%
5.5%
1.5%
1.5%
2%
-
5%
10%
15%
20%
All banks(pre-2022)
Largebanks(DSIBs)
Otherbanks
% of Risk Weighted Assets (RWA)
DSIB buffer
Counter-cyclicalcapital buffer
Conservation buffer
Total capital ratio
PCB
Other banks - total capital ratios as at Mar 24
Some smaller banks have already reached the required minimum total capital levels.
-
5%
10%
15%
20%
ANZ
Westpac
BNZ
ASB
% of RWA
Minimum capital requirement (18% - 2028)
-
5%
10%
15%
20%
Kiwibank
Rabobank
TSB
SBS
Bank ofChina
Heartland
% of RWA
Minimum capital requirement (16% - 2028)
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394
225
211
187
118
84
25
-
100
200
300
400
500
Tech Insights #340
The Unicorn Club
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
5 August 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights.
Overview
A unicorn is a private company with a valuation that exceeds USD $1b. The term was first used by venture capitalist Aileen Lee in 2013, highlighting the rarity of a privately held start-up to reach such a valuation. This Tech Insights report looks at unicorn trends and a breakdown by industry and geography, as well as more closely at selected unicorn companies vs key competitors/comparators within relative industries.
Top 15 unicorns (by estimated valuation) as of May 2024*
Unicorns by broad industry (#)*
Unicorns by country (#)*
Company
Valuation (USD $bn)
Country
Industry
China
Media (TikTok)
US
Industrials
US
Enterprise tech
US
Financial services
Singapore
Consumer & retail
US
Enterprise tech
UK
Financial services
US
Consumer & retail
Australia
Enterprise tech
US
Financial services
US
Enterprise tech
US
Media (Gaming)
NZ
Financial services
US
Enterprise tech
US
Enterprise tech
There are approximately 1,200 unicorn companies worldwide.
17
18
19
20
24
25
31
32
40
43
66
70
80
210
268
665
168
70
56
31
27
23
9
193
-
200
400
600
800
*Unicorn data sourced from CB Insights.
Xiahongshu
-
2x
4x
6x
8x
10x
12x
14x
16x
-
50
100
150
200
250
300
350
400
GAP
Shein
Inditex (Zara)
H&M
Alibaba
Enterprise value (USD $m)
EV/Rev (RHS)
-
10x
20x
30x
40x
50x
60x
70x
-
5
10
15
20
25
30
35
TechnologyOne
Altium
Seek
Xero
Canva
WisetchGlobal
Enterprise value (USD $b)
EV/Rev (RHS)
-
5x
10x
15x
20x
25x
-
5
10
15
20
25
Allfunds Group
HUB24
Envestnet
Netwealth
FNZ
SS&C
Enterprise value (USD $b)
EV/Rev (RHS)
44
-
2x
4x
6x
8x
10x
12x
-
200
400
600
800
1,000
1,200
Snap inc
X
Bytedance
Meta
Enterprise value (USD $b)
EV/Rev (RHS)
Tech Insights #340
The Unicorn Club
Page 2 of 2
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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet and CB Insights. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
5 August 2024
Bytedance vs comparative technology companies
Shein vs global manufacturing comparators
FNZ vs global FinTech companies
Canva vs ASX listed tech companies
Based on the purchase price for the business in 2022.
1,281
+
-
20%
40%
60%
80%
100%
FY19
FY23
-
20%
40%
60%
80%
100%
FY19
FY23
Tech Insights #339
Gentrack hits one billion in market cap
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
29 July 2024
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Overview
Gentrack listed on the NZX in 2014 as a provider of utility and airport software solutions. Gentrack experienced close to no revenue growth between FY18-FY21 and saw a resulting fall in its share price. The company has subsequently rebounded, with an 8x increase in share price between July 2022 and July 2024. This has been driven by rediscovered revenue growth. Note: Gentrack has a September financial year end.
-
2
4
6
8
10
12
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Revenue (NZD $m) and EBITDA margin
Revenue by geography
Share price since IPO (NZD)
Revenue by sector
UK
UK
AUS
AUS
ROW
ROW
NZ
NZ
-
10%
20%
30%
-
100
200
300
FY18
FY19
FY20
FY21
FY22
FY23
FY24
Recurring revene
Other revenue
EBITDA margin
Utilities
Utilities
Airports
Airports
Company guidance
8x increase in share price over two-year period
EV / revenue = 1x
EV / revenue = 3x
EV / revenue = 7.5x
Gary Miles appointed CEO
Sept year end
Market cap exceeds NZD $1b
Tech Insights #339
Gentrack hits one billion in market cap
Page 2 of 2
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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet and public information. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
29 July 2024
Country
Description
EV
LTM Revenue
Revenue growth
LTM EBITDA
EBITDA margin
EV / Rev
EV / EBITDA
1yr share price Δ
ikeGPS
NZ
Software for GPS capture devices
110
21
(31%)
(12)
(55%)
5x
nm
1%
Energy One
AUS
Software for electricity and gas industry
168
53
28%
11
20%
3x
16x
22%
EROAD
NZ
Software and hardware for fleet management
205
178
11%
42
24%
1x
5x
(8%)
Serko
NZ
Software for corporate travel
358
69
48%
(4)
(6%)
5x
nm
(9%)
ReadyTech
AUS
Software for various industries
405
119
20%
36
30%
3x
11x
1%
Vista
NZ
Software for the cinema industry
569
143
6%
12
9%
4x
46x
33%
Hansen Tech.
AUS
Software for energy, water and communication
884
357
10%
112
31%
2x
8x
(14%)
Nuix
AUS
Software for analytics and intelligence
1,061
209
23%
32
15%
5x
33x
131%
Vertex
USA
Software for tax compliance solutions
6,207
979
20%
151
15%
6x
41x
107%
Wisetech
AUS
Software for logistics industries
31,173
1,016
27%
460
45%
31x
68x
12%
Gentrack
NZ
Software for utilities and airports
1,149
188
22%
25
14%
6x
45x
135%
Median
569
178
20%
32
15%
5x
33x
12%
Selected comparators (NZD $m)
Revenue per employee (NZD $000s)
Selected NZX tech companies: EV / LTM revenue since 2020
-
2x
4x
6x
8x
10x
Jan 20
Jul 20
Jan 21
Jul 21
Jan 22
Jul 22
Jan 23
Jul 23
Jan 24
Jul 24
-
50
100
150
200
FY18
FY19
FY20
FY21
FY22
FY23
Tech Insights #338
Blackpearl Group
Mergers & acquisitions
Corporate finance advisory
Capital raising
22 July 2024
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-
0.2
0.4
0.6
0.8
1.0
1.2
Dec 22
Mar 23
Jun 23
Sep 23
Dec 23
Mar 24
Jun 24
Overview
Blackpearl Group, a SaaS company specialising in digital marketing and email management tools for SMBs, listed on the NZX in December 2022. In March 2023, it launched Pearl Diver, a tool that converts anonymous website traffic into insights and potential leads. The company has experienced significant growth since Pearl Diver's launch and as of the June quarter reported reaching $8.6 million in Annual Recurring Revenue (ARR), almost triple that of June 2023 and translating to $252,000 of ARR per employee.
Financial summary as reported at March ($000s)
Item
Units
FY22
FY23
FY24
Ending ARR
$000s
NA
2,650
7,400
ARR per employee
$000s
NA
50
230
Subscription revenue
$000s
727
1,431
4,053
Gross profit
$000s
192
701
2,891
EBITDA
$000s
(4,383)
(6,724)
(5,822)
Revenue growth (yoy)
%
NA
97%
183%
Gross margin
%
27%
49%
71%
Revenue churn
%
NA
3%
4%
Blackpearl share price (NZD) from first trade date (12 Dec 22)
19 Jul 24EV / Revenue = 9.7x
EV / ARR = 4.6x
Blackpearl Group operating breakdown as reported at March ($000s)
FY22
FY24
4,053
(5,822)
1,162
99
(3,322)
(3,879)
(1,611)
(6,000)
(3,000)
-
3,000
6,000
Subscription revenue
Cost of sales
Other revenue
Personnel
Operating
Administrative
EBITDA
727
(2,565)
(4,383)
534
171
(1,731)
(450)
(6,000)
(3,000)
-
3,000
6,000
Subscription revenue
Cost of sales
Other revenue
Personnel
Operating
Administrative
EBITDA
In FY24, $1.3m of recorded revenue came via Newoldstamp which was acquired in FY23.
NA = not available.
Tech Insights #338
Blackpearl Group
Mergers & acquisitions
Corporate finance advisory
Capital raising
22 July 2024
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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare
Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Listing date
IPO offer price
Share price
Enterprise value ($m)
LTM revenue ($m)
LTM revenue growth (%)
Gross margin estimate (%)
LTM EBITDA ($m)
EBITDA margin (%)
EV / LTM revenue
LTM Revenue / FTE (000s)
Gentrack
Jun 14
2.40
10.80
1,090
188
22.2
NA
25.5
13.6
5.8x
251
Vista Group
Aug 14
2.35
2.37
586
143
5.8
62.7
12.4
8.7
4.1x
200
Serko
Jun 14
1.10
3.80
392
69
47.9
82.3
(4.0)
(5.8)
5.7x
198
EROAD
Aug 14
3.00
1.34
259
178
11.4
84.2
42.0
23.6
1.5x
366
ikeGPS
Jul 14
1.10
0.46
66
21
(31.5)
60.2
(11.6)
(54.9)
3.1x
240
PaySauce
Dec 18
0.18
0.25
36
8
32.8
76.9
(1.1)
(14.0)
4.7x
185
Blackpearl Group
Dec 22
1.25
0.76
39
4
183.3
71.3
(5.8)
(143.1)
9.7x
119
Median
259
69
22.2
74.1
(1.1)
(5.8)
4.7x
200
Selected financial metrics as of 19 Jul 24
-
2
4
6
8
10
12
14
16
18
Dec 22
Mar 23
Jun 23
Sep 23
Dec 23
Mar 24
Jun 24
Sep 24P
Dec 24P
Mar 25P
Blackpearl ARR (reported and Clare Capital projection) ($m)
From Dec 22 to Jun 24 the cumulative monthly growth rate of ARR was 6.7% (or as a CAGR is 118%)
Projection*
Actuals
FY24 revenue by geography and product ($000s)
*ARR is projected using a 7.5% monthly growth rate.
Pearl Diver
Newoldstamp
Total
United States
2,514
779
3,293
Australia
110
71
181
Canada
31
81
112
United Kingdom
25
72
97
New Zealand
78
12
89
Other
34
247
281
Total subscription revenue
2,792
1,261
4,053
Topicus, Jonas, Volaris, Vela, Perseus, Harris
-
10
20
30
40
-
200
400
600
800
Jan 17
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Quarterly transactions
Share price index
Tech Insights #337
Constellation Software buy and hold
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
15 July 2024
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Constellation Software: share price vs transactions since 2017
-
200%
400%
600%
SAP
Salesforce
Oracle
Adobe
Intuit
Constellation
Share price Δ since 2017
Overview
Constellation Software specialises in the acquisition and management of software companies (buy and hold). It operates through six operating companies, each of which focus on acquisitions in specific software verticals. The business model focuses on valuation arbitrage where companies with lower valuation multiples than Constellation Software are acquired. The success of this is shown through impressive share price performance, revenue growth and EBITDA margins.
Note: Clare Capital Tech Insights report #60 also focuses on Constellation Software. It can be found on our website.
Operating companies
-
1x
2x
3x
1
2
3
4
5
6
7
8
9
10
Company acquired
(10%)
-
10%
20%
30%
40%
50%
60%
2017
2018
2019
2020
2021
2022
2023
EBITDA margin
Inorganicrevenue growth(through M&A)
Organicrevenue growth
Tech Insights #337
Constellation Software buy and hold
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Disclaimer The information provided in this report has been solely sourced and calculated from FactSet. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
15 July 2024
Constellation Software 40% rule
Revenue multiple for Constellation Software transactions since ‘20
Constellation Software EV / EBITDA
Constellation Software EV / Revenue
Note: These are only the transactions where a valuation multiple is provided (the minority of transactions)
40%
Median: 1.4x
+
-
1x
2x
3x
4x
5x
6x
7x
8x
9x
Jan 17
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
-
5x
10x
15x
20x
25x
30x
Jan 17
Jan 18
Jan 19
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Median: 6.2x
Median: 23.1x
Tech Insights #336
Olympic fashion
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
8 July 2024
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Overview
Millions of sports fans are expected to descend on Paris when the 2024 Olympics open on the 26th of July. This Tech Insights report looks at a group of listed sports apparel manufacturers who are sure to feature in the home of fashion. Nike’s scale and Lululemon’s profitability both stand out. The financials on the second page show a mixed set of results, with more than half the companies experiencing a fall in share price over the last 5 years.
EV USD $m
-
10,000
20,000
30,000
40,000
50,000
60,000
-
20,000
40,000
60,000
80,000
100,000
120,000
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Revenue USD $m (LTM)
EBITDA USD $m (LTM)
adidas
Lululemon
On
Skechers
ASICS
Puma
Columbia
Under Armour
Nike
adidas
Lululemon
On
Skechers
ASICS
Puma
Columbia
Under Armour
Nike
adidas
Lululemon
On
Skechers
ASICS
Puma
Columbia
Under Armour
Other Nike
products
Nike
Nike Footwear
Tech Insights #336
Olympic fashion
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Disclaimer The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
8 July 2024
EBITDA margin – average over the last two years
% of revenue from North America
-
5%
10%
15%
20%
25%
30%
-
10%
20%
30%
40%
50%
60%
70%
80%
Sportswear and footwear manufacturers USD $m
Name
Headquarters
Year founded
EV
LTM revenue
LTM EBITDA
EV / LTM revenue
EV / LTM EBITDA
LTM EBITDA margin
3yr revenue CAGR
Share price change (1yr)
Share price change (5yr)
Nike
USA
1964
115,142
51,362
7,543
2.2x
15x
15%
5%
(31%)
(10%)
adidas
Germany
1924
46,681
23,315
978
2.0x
48x
4%
1%
19%
(25%)
Lululemon
Canada
1998
37,211
9,827
2,629
3.8x
14x
27%
25%
(20%)
67%
On
Switzerland
2010
11,519
2,084
234
5.5x
49x
11%
60%
13%
NA
Skechers
USA
1992
11,280
8,250
1,053
1.4x
11x
13%
20%
27%
108%
ASICS
Japan
1949
11,170
3,916
550
2.9x
20x
14%
7%
96%
438%
Puma
Germany
1948
8,937
9,188
800
1.0x
11x
9%
13%
(22%)
(30%)
Columbia
USA
1938
4,186
3,437
452
1.2x
9x
13%
10%
(0%)
(23%)
Under Armour
USA
1996
3,367
5,702
379
0.6x
9x
7%
6%
(11%)
(75%)
Median
11,280
8,250
800
2.0x
14x
13%
10%
(0%)
(17%)
Mean
27,721
13,009
1,624
2.3x
21x
12%
16%
8%
56%
-
2.5x
5.0x
7.5x
10.0x
12.5x
15.0x
17.5x
20.0x
22.5x
25.0x
Jun 19
Dec 19
Jun 20
Dec 20
Jun 21
Dec 21
Jun 22
Dec 22
Jun 23
Dec 23
Jun 24
Tech Insights #335
Cloud Index as at 30 June 2024
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
1 July 2024
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Overview
This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. As at 30 June 2024, the US Cloud Index is down 10% from the previous quarter to 6.0x EV / NTM revenue and well below the five-year average of 11.3x. The ANZ Cloud Index stayed above the US Index and down 3% to 6.9x EV / NTM revenue. This is against the more positive backdrop of the S&P 500 Index, which hit an all-time high in June. Market commentary has primarily attributed the S&P 500 Index's strong performance to the magnificent seven stocks (Google, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla), which had a significant average stock price increase of 15.7% over the quarter. None of the magnificent seven stocks are in the Clare Capital Cloud Index.
NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)
7.7x
ANZ Cloud Index
Average
12MMA
Jun 24
6.9x
6.2x
Mar 24
7.1x
6.0x
Change
(3%)
5%
Jun 23
6.0x
5.5x
Change
15%
14%
US Cloud Index
Average
12MMA
Jun 24
6.0x
6.3x
Mar 24
6.7x
6.3x
Change
(10%)
0%
Jun 23
6.4x
6.1x
Change
(7%)
4%
Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (19 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (87 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average
11.3x
6.9x
6.0x
Key:
US
ANZ
Average
12MMA
5yr avg
-
5.0x
10.0x
15.0x
20.0x
Jun 19
Jun 20
Jun 21
Jun 22
Jun 23
Jun 24
-
10.0x
20.0x
30.0x
40.0x
Jun 19
Jun 20
Jun 21
Jun 22
Jun 23
Jun 24
75th percentile
Median
25th percentile
Tech Insights #335
Cloud Index as at 30 June 2024
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
1 July 2024
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US cloud companies NTM revenue multiple
ANZ cloud companies NTM revenue multiple
8.4x
5.0x
3.3x
8.8x
4.5x
2.9x
US cloud companies
25th
75th
30 Jun 2024
Average
percentile
Median
percentile
EV (NZD $m)
32,637
3,339
8,872
21,156
EV / NTM rev
6.0x
3.3x
5.0x
8.4x
Revenue growth (NTM)
14%
7%
13%
21%
EV / LTM rev
7.1x
3.6x
6.0x
9.8x
Revenue growth (LTM)
17%
10%
17%
24%
Gross margin
73%
69%
75%
81%
Operating margin
(7%)
(17%)
(4%)
8%
FCF margin
21%
14%
21%
29%
ANZ cloud companies
25th
75th
30 Jun 2024
Average
percentile
Median
percentile
EV (NZD $m)
4,619
551
1,057
3,388
EV / NTM rev
6.9x
2.9x
4.5x
8.8x
Revenue growth (NTM)
21%
9%
14%
25%
EV / LTM rev
8.4x
3.8x
5.5x
9.9x
Revenue growth (LTM)
20%
7%
20%
29%
Gross margin
56%
30%
60%
81%
Operating margin
6%
(4%)
10%
22%
FCF margin
10%
3%
12%
18%
Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.
EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months, FCF = Unlevered free cash flow.
Disclaimer The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. ClareCapital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Tech Insights #334
English Premier League: pay to win
Mergers & acquisitionsCorporate finance advisoryCapital raising
24 June 2024
Overview
This Tech Insights report examines the relationship between player expenditure and performance in the English Premier League (EPL). History has shown that clubs with significant financial backing have better chances of outperforming clubs with less resources. We look at a selection of league position finishes and their team salary across multiple seasons for comparison. The second page explores the largest transfer fees and whether top spending translated into trophies won.
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EPL squad salary (£m) comparison by league position)
Page 1 of 2
1st place
2nd place
3rd place
Avg. of remaining places
20th place (last)
In the 15/16 season, bookmaker odds for Leicester City to win stood at 5,000:1. They won the league and spent less on salaries than the team (Aston Villa) that placed last.
-
50
100
150
200
250
13/14
14/15
15/16
16/17
17/18
18/19
19/20
20/21
21/22
22/23
23/24
-
1.0
2.0
Chelsea FC
Manchester City
Manchester United
Arsenal FC
Liverpool FC
Tottenham Hotspur
Newcastle United
Aston Villa
West Ham United
Fulham FC
-
20
40
60
80
100
120
140
160
14/15
15/16
16/17
17/18
18/19
19/20
20/21
21/22
22/23
23/24
Tech Insights #334
English Premier League: pay to win
Mergers & acquisitionsCorporate finance advisoryCapital raising
24 June 2024
Top nominal EPL transfer fees across seasons (€m)
Page 2 of 2
Disclaimer The information provided in this report has been sourced from FBref, Spotrac, and Transfermarkt. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Highest net expenditure (transfer fees) EPL clubs since 1992 (€bn)
Note that figures are all net cash outflows and trophies won are seasons since 1992 in the order of Premier League, FA Cup, Champions League, all other titles (such as Europa League), and the total won respectively.
Club
Pos
4th
4th
6th
2nd
3rd
3rd
4th
1st
6th
2nd
Player
Team
Annual salary (£m)
% of team salary
# matches played
Minutes played
Salary/min played
Kevin De Bruyne
Manchester City
20.8
10.3%
18
1,221
Casemiro
Manchester United
18.2
8.8%
25
1,982
Mohamed Salah
Liverpool FC
18.2
13.4%
32
2,534
Raheem Sterling
Chelsea FC
16.9
10.8%
31
1,978
Kai Havertz
Arsenal FC
14.6
8.8%
37
2,634
Top paid EPL players across a selection of teams for the 23/24 season
Position represents the league position of the club at the end of each season.
£17.0k
£9.2k
£7.2k
£8.5k
£5.5k
5x
7x
2x
13x
8x
3x
1x
11x
13x
6x
2x
19x
3x
9x
-
11x
1x
3x
2x
12x
-
-
-
2x
-
-
-
-
-
-
-
2x
-
-
-
1x
-
-
-
-
27
23
40
23
18
2
-
2
1
-
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-
0.5
1.0
1.5
2.0
Mar 21
Sep 21
Mar 22
Sep 22
Mar 23
Sep 23
Mar 24
Tech Insights #333
Have meal kits lost their flavour?
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
17 June 2024
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Overview
The pandemic fuelled a surge in meal kit delivery and recipe box services as households sought convenient meal solutions. With pre-pandemic normalcy restored, demand is waning. One notable player in the domestic space is My Food Bag, which listed on the NZX in March 2021. My Food Bag creates and delivers meal kits, pre-prepared ready for heating meals and grocery items across New Zealand. Its meal kit segment operates under the My Food Bag, Bargain Box, Fresh Start and MADE brands. Its main rival in New Zealand is Berlin-based Hello Fresh. For FY22, HelloFresh New Zealand reported revenue of NZD $211m, while My Food Bag reported NZD $194m in the same period.
My Food Bag share price (NZD) from IPO date (5 March 21)
My Food Bag deliveries
FY20
FY24
% change
5.9%
4.0%
20.8%
40.0%
33.5%
(23.4%)
9
22
2
5
126
162
-
50
100
150
200
Net profit before tax
Other
Financing
Marketing
COS
Total income
11
16
1
4
121
153
-
50
100
150
200
Net profit before tax
Other
Financing
Marketing
COS
Total income
Total cost increase of 8.2% exceeded revenue growth of 5.9%.
-
5
10
15
20
25
FY20
FY21
FY22
FY23
FY24
Meals delivered (millions)
Meals delivered by brand (% total)
54%
47%
28%
38%
16%
13%
3%
2%
-
20%
40%
60%
80%
100%
FY21
FY24
31 March 24
TEV / EBITDA = 4.8x
My Food Bag operating profit breakdown – FY20 vs FY24
31 March 21
TEV / EBITDA = 16.3x
13 June 24
Share price = $0.15
Tech Insights #333
Have meal kits lost their flavour?
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Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence and annual reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
17 June 2024
Meal kit company indexed share prices from 29 March 21*
Location
TEV
10 Jun 24
(NZD $m)
Financial year end
Listing date
IPO offer price (NZD)
Share price
10 Jun 24 (NZD)
LTM revenue
(NZD $m)
LTM revenue growth (%)
LTM EBITDA
(NZD $m)
TEV / EBITDA
(x)
Customers FY20 (000s)
Customers FY23
(000s)
HelloFresh
Germany
2,270
Dec
Nov 17
17.26
10.01
13,616
5.8%
269.1
8.5x
5,290
6,640
Marley Spoon**
Germany
196
Dec
Jul 18
1.55
0.03
579
(13.0%)
(27.9)
NM
327
245
Goodfood
Canada
67
Aug
Jun 17***
-
0.35
194
(22.6%)
2.5
27.6x
280
116
My Food Bag
New Zealand
58
Mar
Mar 21
1.85
0.15
162
(7.7%)
16.0
3.6x
63
58
Cheffelo
Sweden
52
Dec
Mar 21
13.06
3.98
155
(1.3%)
7.8
6.7x
115
69
Median
-
67
-
-
-
-
194
(7.7%)
7.8
6.7x
280
116
***SPAC merger date
EBITDA margin (%)
Gross margin (%)
Revenue / customer (NZD)
Meal kit company financial metrics – FY20 vs FY23
(5%)
-
5%
10%
15%
-
10%
20%
30%
40%
FY20
FY23
-
800
1,600
2,400
3,200
-
40
80
120
160
Mar 21
Sep 21
Mar 22
Sep 22
Mar 23
Sep 23
Mar 24
*Cheffelo’s IPO date
Select financial metrics as of 10 June 2024
**Marley Spoon announced delisting from ASX on 11 June
Tech Insights #332
Potentia buys a ticket to the movies
Mergers & acquisitionsCorporate finance advisoryCapital raising
10 June 2024
Overview
This Tech Insights report examines NZX/ASX dual-listed tech company, Vista Group. Vista is a company that provides technology and data analytics solutions for the film industry. The company recently had Potentia, an Australian private equity firm, knocking on the door acquiring a c. 19.9% stake in the firm. The second page follows another transaction Potentia was involved in where its initial investment was of a similar stake to what it currently holds in Vista.
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Vista overview FY23 (NZD $m)
Revenue by geography (NZD $m)
Share price and EV/Revenue
-
20
40
60
80
100
120
140
160
FY18
FY19
FY20
FY21
FY22
FY23
Other
Mexico
NZ
UK
USA
Group
Cinema
Movio
AGC
Corporate
EV
534.1
EV/Rev
3.7x
Revenue
143.0
97.7
19.3
26.0
-
Gross profit
89.7
59.3
13.2
17.2
-
EBITDA
13.3
20.6
5.0
3.3
(15.6)
Recurr. rev %
87%
85%
94%
86%
Rev growth %
6%
4%
(3%)
20%
Vista Group
Cinema
Movio
AGC
3.7x
7.7x
Additional Group Companies (AGC)
27 May, Potentia acquires 19.9% stake.
December year-end.
10%
9%
18%
27%
36%
-
1
2
3
4
5
6
7
8
-
1
2
3
4
5
6
7
8
2018
2019
2020
2021
2022
2023
2024
EV/Rev multiple
Share price (NZD $m)
Tech Insights #332
Potentia buys a ticket to the movies
Mergers & acquisitionsCorporate finance advisoryCapital raising
10 June 2024
Potentia’s takeover of Nitro Software (AUD $ / share)
Page 2 of 2
Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence, annual reports and filings. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
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Selection of listed software companies across New Zealand and Australia (NZD $m)
Company
Listing country
EV
LTM revenue
LTM rev growth
LTM EBITDA margin %
LTM Gross margin %
EV/Revenue
Hansen Technologies
Australia
1,000
358
11%
15%
37%
2.8x
Gentrack
New Zealand
971
188
22%
7%
NA
5.2x
Serko
New Zealand
294
71
53%
(26%)
NA
4.3x
TASK Group
Australia
288
76
27%
(10%)
NA
3.8x
Ansarada Group
Australia
195
58
5%
(10%)
96%
3.4x
Bigtincan
Australia
88
131
(1%)
(6%)
88%
0.7x
ikeGPS
New Zealand
67
21
(18%)
(66%)
60%
3.2x
Median
288
76
11%
(10%)
37%
3.4x
Vista Group
New Zealand
534
143
6%
9%
63%
3.7x
-
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Nov 21
Mar 22
Jul 22
Nov 22
Mar 23
Acquirer
Target
Potentia builds 17% stake, $1.58 full takeover offer. Offer rejected.
Potentia increases to $1.80. Offer rejected.
Alludo offers $2.00. Board in favour.
Potentia increases to $2.00. Offer rejected.
Alludo increase to $2.15 Board in favour.
Potentia signals potential to increase to $2.30 with no certainty. Does not eventuate.
Alludo $2.15 does not pass scheme vote.
Potentia increases offer to $2.17. Board in favour.
Nitro acquired by Potentia, delists from ASX.
2nd Bidder
(Owned by KKR)
-
2
4
6
8
10
12
14
16
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
Other
D&A
S&M
R&D
G&A
Revenue
-
1
2
3
4
5
6
-
20
40
60
80
100
120
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
ARR
Market cap
Tech Insights #331
The rise and fall of Geo
Mergers & acquisitionsCorporate finance advisoryCapital raising
27 May 2024
Overview
This Tech Insights report examines Geo Limited (previously GeoOp) which delisted from the New Zealand Stock Exchange in February. Geo is a company that provides job management software for trades, field service, and home service businesses. The company has had a turbulent spell following its listing on the NZX, reaching a peak market cap of NZD $99m before dropping to NZD $2m prior to delisting. We take a look at Geo’s financials since it listed and how the dynamics between its market cap and cumulative capital raised compares to a selection of its SaaS peers. Note that Geo figures for FY15 contain 15 months of financials due to the change in year end from March to June.
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Financial summary (NZD $m)
Revenue split (NZD $m)
Market cap and ARR comparison (NZD $m)
Expense split to total revenue (NZD $m)
$99m (306x ARR multiple)
$2m (0.7x ARR multiple)
-
1
2
3
4
5
6
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
GeoServices
GeoSales
Other (non-SaaS)
Acquired GeoSales in FY16 for $9m (shares and convertible notes)
Sold GeoSales in FY21 for $0.2m (cash)
Key Financials
Units
FY21
FY22
FY23
ARR
$m
3.1
3.3
3.3
Revenue
$m
3.7
3.5
3.5
EBITDA
$m
(0.8)
(2.0)
(4.8)
Net profit
$m
(1.8)
(3.2)
(6.1)
Operating cash flow
$m
(0.7)
(1.6)
(4.3)
ARR growth
%
NA
5.9%
(2.0%)
Revenue growth
%
NA
(5.1%)
(0.2%)
$8.7m writedown of InterfaceIT (GeoSales) acquisition
-
5,000
10,000
15,000
20,000
25,000
30,000
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2023
-
20
40
60
80
100
120
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2023
-
500
1,000
1,500
2,000
2,500
3,000
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Tech Insights #331
The rise and fall of Geo
Mergers & acquisitionsCorporate finance advisoryCapital raising
27 May 2024
Geo cumulative capital raised to market cap (NZD $m)
Page 2 of 2
Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence and annual reports. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
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Pushpay cumulative capital raised to market cap (NZD $m)
IkeGPS cumulative capital raised to market cap (NZD $m)
Xero cumulative capital raised to market cap (NZD $m)
2023
Pushpay was acquired
Geo delisted from the NZX in Feb 2024
Market cap
Cumulative capital raised since 2013
-
20
40
60
80
100
120
140
160
180
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
$110m cumulative capital raised vs $1.6bn market cap
$96m cumulative capital raised vs $85m market cap
$1.8bn cumulative capital raised vs $17.7bn market cap
$31m cumulative capital raised vs $2m market cap
-
5x
10x
15x
20x
GASTROFIX
Shopkeep
Upserve
Vend
NuORDER
Multiple at completion
Multiple after 18 months
-
20
40
60
80
100
120
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Lightspeed share price (USD) and deals completed (dots)
Change in revenue multiple for Lightspeed deals
Overview
This page shows all Lightspeed acquisitions since 2020. The deal structure in each transaction included Lightspeed equity, with 65% of the total value of the deals funded via Lightspeed shares to the sellers. The sellers in these deals may have been obligated to hold their shares for a period before being able to sell. Typically, there is a lock up of 12-18 months in these circumstances. This would greatly reduce the deal value for most of the sellers given the fall in Lightspeed’s share price after these deals were completed.
Lightspeed has not completed any transactions since 2022
Share price is down ~90% from peak in 2021
Using Lightspeed share price 18 months after completion and target revenue at completion.
Company USD $m
Geography
Completion date
Deal value $m
Cash $m
Shares $m
Shares %
Revenue multiple
Revenue $m
Shares $m
Revenue multiple
Change in multiple
GASTROFIX
Germany
Jan 20
120
69
51
42%
9.1x
13
140
15.8x
75%
Shopkeep
USA
Nov 20
500
145
354
71%
9.8x
51
156
5.9x
(40%)
Upserve
USA
Dec 20
421
115
306
73%
10.1x
42
152
6.4x
(37%)
Vend
NZ
Apr 21
354
163
191
54%
12.7x
28
48
7.6x
(40%)
NuORDER
USA
Jul 21
386
207
179
46%
19.3x
20
30
11.8x
(39%)
Ecwid
USA
Oct 21
643
175
468
73%
NA
NA
73
NA
NA
Median
404
154
249
62%
10.1x
28
106
7.6x
(39%)
Tech Insights #330
Deal values (completion vs after)
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
20 May 2024
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Completion
18 months later
Completion: 10.1x
18m later: 7.6x
Median
-
50
100
150
200
250
300
350
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Deal
Later
LivePerson /Wild Health
8x8 / Fuze
Xero / Planday
Everbridge /xMatters
LINK Mobility /MessageBroadcast
Sinch / WAVY
Northern Data /Bitfield
Lightspeed /Vend
Cash
Shares
-
100
200
300
400
500
600
700
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Deal
Later
Lectra / Gerber
AppLovin /Wurl
Lightspeed /NuORDER
Lightspeed /Upserve
Northern Data /Decentric
Lightspeed /Shopkeep
Lightspeed /Ecwid
ANSYS /AnalyticalGraphics
Cash
Shares
Tech Insights #330
Deal values (completion vs after)
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Disclaimer The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
20 May 2024
Completion deal values between USD $200m-$360m
The deal value in all these transactions was lower 18 months after completion
Overview
The two graphs show transactions by application software companies completed between late 2020 and late 2022. In each of these transactions at least 25% of the consideration paid by the buyer was in the form of shares.
In all instances the value of the shares paid decreased in the 18 months after completion, implying a fall in transaction value. This would impact any sellers who were obliged to hold these shares for an 18-month period following completion.
The average equity portion at completion for these deals was 56%.
The average transaction value fell 36% in the 18 months after completion.
Example
Lightspeed paid Vend $163m in cash at completion and $191m in Lightspeed shares = $354m total deal value.
18 months after completion, the value of the shares paid to Vend was $48m, implying a transaction value of $203m, 40% below the completion value.
Completion deal values between USD $360m-$750m
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Then 18m later
Tech Insights #329
Consumer Price Index (CPI)
Mergers & acquisitionsCorporate finance advisoryCapital raising
13 May 2024
Annual headline CPI from 2014
Overview
CPI measures the change in price of a weighted basket of goods and services purchased by the average New Zealand household. Every quarter, Stats NZ collects the prices of the items in this ‘fixed’ basket and measures how they have changed from the same quarter in the previous year. Tradeable inflation includes goods and services that are imported or face competition with foreign goods e.g., imported cars. Non-tradeables are produced locally and do not face foreign competition e.g., local dentist.
Tradeable vs non-tradeable inflation
-
2%
4%
6%
8%
Mar 14
Mar 16
Mar 18
Mar 20
Mar 22
Mar 24
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March 2024 CPI 4.0%
(3%)
-
3%
6%
9%
Mar 14
Mar 16
Mar 18
Mar 20
Mar 22
Mar 24
For the March 2024 quarter:
Tradeables
1.6% annual change
~40% basket weight
Non-tradeables
5.8% annual change
~60% basket weight
Notable changes to the CPI basket of goods (total # of removals / additions in top left corner)
2014
2017
2020
-12
-23
-13
+15
+15
+4
Energy
drinks
Rice
cookers
Squash club membership
Magazines
Video game hire
DVD players/ recorders
Indoor
plants
Alfalfa sprouts
Bowling club membership
Luncheon meat
Sewing machines
Overseas package holidays
Cheque book fees
Prams
Items removed
Items added
Packaged lettuce
Breakfast food drinks
Kittens
Dog licenses
Casual dresses
Spades
Headsets / headphones
Fresh herbs
Hearing aids
Body massages
Zoo admission charges
Bicycle helmets
Exercise
equipment
E-cigarette
devices
Surgeon fees
Ream of printing paper
Digital camera memory cards
Cordless telephones
Travel guides
Home stereo systems
E-cigarette
juices
Page 1 of 2
11 CPI groups
CPI group basket weights*
Percentage change in index points
% point contribution to CPI
Tech Insights #329
Consumer Price Index (CPI)
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Disclaimer The information provided in this report has been sourced from Stats NZ and the Reserve Bank of New Zealand. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
13 May 2024
Basket items
•Item review is informed by Stats NZ’s Household Economic Survey (HES), CPI price collectors, retail transaction data and information direct from other government and business organisations.
•There are currently 649 items in the basket.
Item weights
•HES is the primary source for informing item reweights.
•Expenditure weights show the relative importance of goods and services in the CPI basket. Currently, food carries a weight of 18.8% suggesting for every $100 a household spends, $18.8 is spent on food.
•Weights are price-updated every quarter; that is, if the price of an item increases, its relative weight also increases.
28.0%
18.7%
11.9%
8.5%
7.9%
7.5%
4.3%
4.2%
4.1%
3.1%
1.8%
-
6%
12%
18%
24%
30%
Housing and household utilities
Food
Transport
Recreation and culture
Miscellaneous goods and services
Alcoholic beverages and tobacco
Household contents and services
Health
Clothing and footwear
Communication
Education
Drivers of annual CPI for March 2024 quarter by group
March 2024 CPI 4.0%
*Note basket weights do not reflect any quarterly price-updates beyond June 2023.
Top drivers of annual CPI for March 2024 quarter
CPI basket selection and weights (reviewed on average every 3 years)
Item
Basket weight
(%)
YOY change
(%)
% point contribution to 4% CPI
Petrol
3.9%
12.1%
0.5%
Purchase of new housing
9.8%
3.3%
0.3%
Local authority rates and payments
2.7%
9.8%
0.3%
Pharmaceutical products
0.7%
(11.1%)
(0.1%)
Vegetables
1.7%
(14.9%)
(0.2%)
International air transport
2.0%
(20.4%)
(0.4%)
4.5%
2.4%
2.0%
5.6%
6.6%
7.4%
0.3%
4.6%
4.3%
3.2%
5.2%
-
2%
4%
6%
8%
4.0%
1.2%
0.4%
0.3%
0.5%
0.5%
0.5%
0.02%
0.2%
0.2%
0.1%
0.1%
0
2
4
Booster Milford Simplicity Pathfinder Generate fisherfunds fisher funds
Tech Insights #328
KiwiSaver private investments
Mergers & acquisitions
Corporate finance advisory
Capital raising
6 May 2024
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Overview
In this Tech Insights report we investigate KiwiSaver providers with an allocation to private investments (in unlisted equities). Despite having cracked NZD $100 billion in total
funds under administration (FUM), just six of the 33 KiwiSaver providers are investing in private businesses, representing approx. 0.3% of total FUM across all KiwiSaver funds. For
comparison, AFSA reports that in Australia across all superannuation schemes with more than six members, the allocation to unlisted equities was 4.9% in June 2023.
Target allocation range for unlisted equities
- 2% 4% 6% 8% 10% 12% 14%
Not provided in SIPO
Represents the min and max
allocation across KiwiSaver
funds with an allocation to
unlisted equities, as stated in
the schemes Statement of
Investment Policy and
Objectives (SIPO).
-
1%
2%
3%
4%
-
20
40
60
80
100
120
140
160
Booster Milford Simplicity Pathfinder Generate Fisher Funds
Percentage of total FUM
Value of investments ($m)
Value of private investments and percentage of FUM at Sep 23
$260M+
Value of private
investments
c92%
Of private investments
by KiwiSavers based
in NZ
63
Current private
investments
$100B
Approximate
KiwiSaver FUM
0.3%
Of all KiwiSaver FUM
invested in unlisted
equities
6/33
Providers investing in
unlisted equities
KiwiSaver stats
-
5
10
15
20
25
30
35
Earlier 2020 2021 2022 2023 YTD
Fisher Funds
Generate
Pathfinder
Simplicity
Milford
Booster
Private investments by provider by calendar year
The earlier bucket
includes all
investments made
prior to 2020.
Tech Insights #328
KiwiSaver private investments
Mergers & acquisitions
Corporate finance advisory
Capital raising
6 May 2024
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Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence and other public data. Clare Capital has used judgement analysing
reporting from the Disclose Register which may not capture all investments. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised
Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Example current investments
Provider
Date
Company
Description
Business sector
Initial amount($000s)
Holding value ($000s) Sep 23
Current shareholding
Booster
May 22
ZeroJet
Electric powered jet propulsion system.
Energy
500
301
4.3%
Booster
May 22
Orbis Diagnostics
Point-of-care diagnostics platform.
Health care
250
33
0.7%
Simplicity
Aug 23
Pure Food
Food and nutrition.
Consumer staples
unknown
4,204
22.7%
Simplicity
Jul 23
DataTorque
Government revenue systems.
Information technology
unknown
4,856
32.8%
Simplicity
Jul 21
Quantifi Photonics
Photonics and electrical test instruments.
Information technology
4,000
4,755
10.1%
Pathfinder
Oct 21
EasyCrypto
Cryptocurrency exchange.
Financial services
unknown
159
0.6%
Pathfinder
May 21
Groov
Workplace wellbeing platform.
Health care
800
983
3.9%
Pathfinder
Jun 20
Sharesies
Share trading platform.
Financial services
460
1,302
<1.0%
Average value ($m) at Sep 23
12
8
2
25
-
50
Indirect
3
5
4
1
7
-
5
10
Direct
Current value of investments ($m) at Sep 23
126
18
36
6
9
74
-
50
100
Direct
Indirect
43
2
7
6
2
3
-
10
20
30
40
Booster
Milford
Simplicity
Pathfinder
Generate
Fisher Funds
Direct
Indirect
Current count of investments (#) at Sep 23
Generate and Fisherfunds tend to invest via external private equity and venture capital funds.
Milford has a dedicated private equity fund which the KiwiSaver invests alongside other LPs.
-
50%
100%
150%
200%
250%
2019
2020
2021
2022
2023
2024
Tech Insights #327
Cannabis, a growing industry?
Mergers & acquisitionsCorporate finance advisoryCapital raising
29 April 2024
Overview
In this week’s Tech Insights report, Clare Capital looks at the cannabis industry. The industry has experienced turbulent periods of highs and lows as investors seek to gain exposure into the sector as various countries began legalising medicinal cannabis. The first page looks into the financial performance and market valuations of listed and past industry transactions while the second page provides key metrics of these listed companies.
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Industry transactions EV/rev multiples
Rev for top 20 listed companies within the industry (USD $bn)
Top 20 listed companies EV/rev multiples within the industry
-
2x
4x
6x
8x
10x
Aurora Cannabis/MedReleaf Australia
Tilray Brands/HEXO Corp
MediPharm Labs Corp/VIVO Cannabis
Aurora Cannabis/Bevo Agtech
Curaleaf/Bloom Dispensaries
High Tide/NuLeaf Naturals
Trulieve Cannabis/PurpleMed Healing Center
The Valens Co./Citizen Stash Cannabis Corp
HEXO Corp/48North Cannabis Corp
Canopy Growth/The Supreme Cannabis Co.
Greenrose Acquisition Corp/Shango
Median
2.6x
Note Aurora Cannabis/Bevo Agtech and High Tide/Nuleaf Naturals were majority but not 100% acquisitions.
2024
2023
2022
2021
Top 20 listed industry share price index
-
2
4
6
8
10
12
2018
2019
2020
2021
2022
2023
2024
Medicine Man Tech
Acreage Holdings
4Front Ventures Corp
High Tide
Aurora Cannabis
Jushi
SNDL
The Cannabist Co
TerrAscend Corp
Glass House Brands
Cronos Group
Ascend Wellness
Ayr Wellness
Canopy Growth Corp
Cresco Labs
Tilray Brands
Verano Holdings
Trulieve Cannabis Corp
Green Thumb Industries
Curaleaf
-
5x
10x
15x
20x
25x
30x
2020
2021
2022
2023
2024
2.4x
1.6x
1.4x
12.6x
6.6x
5.0x
188%
75th percentile
Median
25th percentile
S&P 500 index
NZX 50 index
Cannabis Top 20 index
119%
25%
Note: these are last twelve month (LTM) figures taken as at April of each year.
Tech Insights #327
Cannabis, a growing industry?
Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
29 April 2024
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Metrics for top 20 listed companies within the industry (USD $m)
Company
Listing
country
Enterprise value
LTM revenue
LTM rev growth
Gross margin
LTM EBITDA margin
Share price change
(1-year)
Share price change
(3-year)
EV/Revenue
Curaleaf
Canada
4,584.7
1,346.6
6%
46%
18%
104%
(61%)
3.5x
Green Thumb Industries
Canada
3,171.3
1,054.6
4%
50%
28%
76%
(54%)
3.1x
Trulieve Cannabis Corp
Canada
2,483.4
1,129.2
(7%)
52%
23%
102%
(71%)
2.3x
Verano Holdings
Canada
1,441.9
938.5
7%
51%
30%
68%
(71%)
1.6x
Tilray Brands
USA
1,594.5
743.2
25%
30%
1%
(22%)
NA
2.1x
Cresco Labs
Canada
1,158.9
756.1
(8%)
48%
17%
30%
(82%)
1.6x
Canopy Growth Corp
Canada
1,009.0
268.5
(1%)
11%
(68%)
(32%)
(97%)
3.8x
Ayr Wellness
Canada
804.8
463.6
10%
44%
12%
240%
(91%)
1.8x
Ascend Wellness
Canada
755.4
518.6
28%
30%
5%
35%
NA
1.5x
Cronos Group
Canada
127.9
87.2
1%
14%
(83%)
43%
(67%)
1.5x
Glass House Brands
USA
714.5
160.8
89%
50%
11%
196%
(15%)
4.4x
TerrAscend Corp
Canada
678.7
317.3
50%
50%
17%
4%
(83%)
2.2x
The Cannabist Co
USA
629.5
511.3
0%
35%
8%
(44%)
(96%)
1.2x
SNDL
USA
502.1
673.6
28%
21%
(8%)
40%
(77%)
0.7x
Jushi
USA
396.3
269.4
(5%)
43%
12%
51%
(90%)
1.5x
Aurora Cannabis
Canada
362.1
204.5
22%
31%
(12%)
21%
(91%)
1.8x
4Front Ventures Corp
Canada
298.0
97.4
(10%)
47%
(15%)
(44%)
(92%)
3.2x
Acreage Holdings
Canada
264.7
228.1
(4%)
39%
0%
16%
(92%)
1.2x
Medicine Man Tech
USA
223.3
172.4
8%
44%
15%
(41%)
(73%)
1.3x
High Tide
Canada
190.1
368.8
24%
27%
4%
65%
(70%)
0.5x
Median
696.6
416.2
6%
43%
10%
38%
(79%)
1.7x
Tech Insights #326
A refreshing look at the beverage landscape
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
22 April 2024
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Overview
This Tech Insights report explores the global beverage industries. These industries include soft drinks and non-alcoholic, beer and malt liquor brewers, as well as distillers and vintners. The beverage landscape is consolidated with major players operating through subsidiaries. Some of the ownership structures are complex. As seen on the second page, M&A activity is prevalent in the space. New Zealand and Australian companies are commonly targeted. Note all values are in NZD.
Median EBITDA margin by EV and industry
Soft drinks and non-alcoholic
Beer and malt liquor
L’Arche Green N.V.
Kweichow Moutai
Moutai Wangzi
Moutai 1935
Han Jiang
Lai Mao
Distillers and vintners
Revenue and 3-year avg. EBITDA margin
EV / EBITDA multiple
**Owned by ultimate parent company L’Arche Green N.V.
*Note: PepsiCo own several snack brands
Beverage market key market players and related brands (New Zealand focus)
8%
15%
20%
13%
16%
19%
8%
20%
35%
-
10%
20%
30%
40%
>$1bn EV
$1 - 20bn EV
$20bn+ EV
Soft drinks and non-alcoholic
Beer and malt liquor
Distillers and vinters
18%
32%
13%
32%
20%
15%
33%
68%
-
20%
40%
60%
80%
-
40
80
120
160
LTM revenue (NZD $bn)
3-year avg. EBITDA margin
16x
18x
9x
10x
11x
10x
14x
19x
-
5x
10x
15x
20x
-
3
6
9
12
-
20
40
60
80
Average value (NZD $bn)
Count
Australia
New Zealand
Other
Avg. deal value
732
262
176
121
117
79
78
65
55
54
-
200
400
600
800
Tech Insights #326
A refreshing look at the beverage landscape
Page 2 of 2
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence, company annual reports and news articles. Clare Capital holds no responsibility over the actual numbers. Clare Capital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
22 April 2024
Number of majority acquisitions from 2010 by parent company*
Number of majority acquisitions from 2010 by target geography
Notable beverage full acquisitions in Australia and New Zealand since 2010
Australia and New Zealand based companies have been the target of ~7% of beverage acquisitions since 2010
Target
Acquirer
Acquirer parent
Target country
Acquirer country
Completion date
Value NZD $m
EV / EBITDA multiple
Australia
Australia
Dec 21
545
20.0x
-
Australia
United Kingdom
May 21
9,327
6.3x
-
New Zealand
USA
Dec 20
27
NA
Asahi Holdings (Australia)
Australia
Australia
Jun 20
17,160
14.9x
-
Australia
USA
May 18
1,080
6.0x
DB Breweries
L'Arche Green N.V.
New Zealand
New Zealand
Jan 17
31
NA
New Zealand
New Zealand
May 16
25
NA
-
New Zealand
New Zealand
Jul 15
89
1.2x
Australia
Australia
Jun 12
330
5.5x
-
*Includes acquisitions made by parent company subsidiaries
-
2.5x
5.0x
7.5x
10.0x
12.5x
15.0x
17.5x
20.0x
22.5x
25.0x
Mar 19
Sep 19
Mar 20
Sep 20
Mar 21
Sep 21
Mar 22
Sep 22
Mar 23
Sep 23
Mar 24
Tech Insights #325
Cloud Index as at 31 March 2024
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
15 April 2024
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Overview
This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. As at 31 March 2024, the US Cloud Index is down 2% from the previous quarter to 6.7x EV / NTM revenue and still well below the five-year average of 11.6x. The ANZ Cloud Index has had a strong quarter and moving above the US Index, with an increase of 19% to 7.1x EV / NTM revenue. The ANZ increase was driven by top quartile companies, Xero, WiseTech, Megaport and Altium lifting their EV / NTM revenue multiple by 10-50%, which can be seen in the 75th percentile EV / NTM revenue increasing from 9.0x to 10.8x EV / NTM revenue, a 20% increase.
NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)
7.9x
ANZ Cloud Index
Average
12MMA
Mar-24
7.1x
6.0x
Dec-23
6.0x
5.6x
Change
19%
5%
Mar-23
5.6x
5.6x
Change
27%
7%
US Cloud Index
Average
12MMA
Mar-24
6.7x
6.3x
Dec-23
6.8x
6.0x
Change
(2%)
4%
Mar-23
6.0x
6.6x
Change
10%
(5%)
Note: Indices are calculated using a simple average (equal weighting), with the ANZ index (20 companies) comprising of companies that have a minimum NZD $250m market capitalisation versus NZD $500m for the US Index (88 companies). Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average
11.6x
7.1x
6.7x
Key:
US
ANZ
Average
12MMA
5yr avg
-
10.0x
20.0x
30.0x
40.0x
Mar 19
Mar 20
Mar 21
Mar 22
Mar 23
Mar 24
75th percentile
Median
25th percentile
-
5.0x
10.0x
15.0x
20.0x
Mar 19
Mar 20
Mar 21
Mar 22
Mar 23
Mar 24
Tech Insights #325
Cloud Index as at 31 March 2024
Page 2 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
15 April 2024
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
US cloud companies NTM revenue multiple
ANZ cloud companies NTM revenue multiple
9.2x
6.1x
3.4x
10.8x
4.6x
3.1x
US cloud companies
25th
75th
31 Mar 2024
Average
percentile
Median
percentile
EV (NZD $m)
35,515
4,018
9,610
22,018
EV / NTM rev
6.7x
3.4x
6.1x
9.2x
Revenue growth (NTM)
14%
7%
14%
20%
EV / LTM rev
7.8x
3.7x
6.7x
10.3x
Revenue growth (LTM)
19%
11%
17%
25%
Gross margin
72%
68%
75%
81%
Operating margin
(8%)
(18%)
(5%)
5%
FCF margin
19%
11%
19%
29%
ANZ cloud companies
25th
75th
31 Mar 2024
Average
percentile
Median
percentile
EV (NZD $m)
4,392
504
985
2,771
EV / NTM rev
7.1x
3.1x
4.6x
10.8x
Revenue growth (NTM)
16%
8%
11%
25%
EV / LTM rev
8.1x
3.1x
4.8x
11.9x
Revenue growth (LTM)
25%
7%
20%
32%
Gross margin
55%
26%
60%
81%
Operating margin
6%
(5%)
10%
22%
FCF margin
10%
4%
11%
18%
Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the first day of the reported quarter.
EV = Enterprise Value, LTM = Last 12 months, NTM = Next 12 months, FCF = Unlevered free cash flow.
Disclaimer The information provided in this report has been solely sourced and calculated from S&P Global Market Intelligence. ClareCapital holds no responsibility over the actual numbers. ClareCapital is not an Authorised Financial Adviser. If you are making investment decisions you should seek appropriate personalised financial advice.
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