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1、Digital Commercesector updateQ1 2023Qualitative insights into broader Digital Commerce trends and public and private valuations across the transaction spectrum,and interviews with todays leaders transforming the sector.Important disclosures appear at the end of this reportGP Bullhound Corporate Fina

2、nce Ltd and GP Bullhound Asset Management Limited are authorised and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRAGP Bullhound Luxembourg S.R.L.is regulated by the CSSF in Luxembourg2Q1 2023 Digital Commerce sector updateTHE VIEWQ1 Digital Commerce Perspectives f

3、rom GP BullhoundOnline pharmacy delivery services are growing The healthcare industry is digitising E-prescriptions are driving demand for pharmacy delivery services Global players are facing strong competition from innovative startupsCustomer experience and merchandising is undergoing a revolution

4、Immersive shopping is growing,enhanced by artificial intelligence The enhanced shopping experience is improving customer conversion Technology that enables immersive shopping has sustainable themes Pressure is on to become carbon neutral Ecommerce goes carbon-neutral with offset programmes and carbo

5、n-neutral shipping Customers demand sustainability with willingness to pay premium prices Carbon neutrality fuels sustainable innovation and economic growthAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways3Q1 2023 Digital Commerce sector updateGP BULLHOUNDS S

6、ECTOR TAKEAWAYS Online pharmacy delivery services are growingE-prescriptions are driving strong demand for pharmacy delivery servicesLarge fundraising rounds for startups in the space With there being a clear requirement for the healthcare industry to digitise,the pharmacy delivery services industry

7、 has seen alot of fundraising activity in the past few years.Alto Pharmacy recently raised$200m in a Series E funding round led by Softbank Vision Fund,as they looked to compete with retail giants.The company launched in 2016 and has expanded into 12 markets with now over$700m in annual revenues Oth

8、er landmark transactions include digital pharmacy startup Capsule,raising$300m in new capital at a valuation of over$1bn in 2021.Capsule has taken a more holistic approach,with the aim of being a one-stop-shop for digital healthcare,where consumers can access Capsules digital pharmacy along with a c

9、urated set of products and services In an ever-increasing competitive field,large players are also very active.Amazon has ramped up healthcare competition with the rollout of their Amazon Pharmacy.Amazons service offers prime members unlimited,free two-day delivery for medications and prescription s

10、avings benefitsSource:Absolute Reports,Market Watch,Fierce HealthcareAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysINVESTMENT BYINVESTMENT BYINVESTMENT BYSelect transactions Driven by a change in customer needs during the Covid pandemic,e-prescriptions are

11、 now widely being adopted by the healthcare industry as a more efficient and convenient solution for patients and staff.Prescribers can process prescriptions with less enquiries,while dispensers can manage stock control more effectively,with the ultimate patient benefitting from a morestreamlined an

12、d convenient end-to-end experience With this change in dynamics,pharmacy delivery providers are seeing strong growth in their services,with patients now receiving delivery of their prescriptions direct to their homes.The global prescription delivery service market stood at$157.1m in 2022 and is anti

13、cipated to reach$396.5m by 2029,growing at a CAGR of 16.7%in the forecast period 2023-2029 Global players of prescription delivery services include Walgreens,CVS Health,Express Scripts,Walmart Stores and Zur Rose Group.These large players,however,have experienced strong competition,with several new

14、and innovative startups emerging,offering same-day delivery services nationwide.North America is the largest market of these services,with a share of 55,followed by Europe with over 23%market share$200m$300m$73m4Q1 2023 Digital Commerce sector updateGP BULLHOUNDS SECTOR TAKEAWAYS Customer experience

15、&merchandising are undergoing a revolutionAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysThe ongoing shift in how we shop for products online.and its sustainability impact An often-overlooked aspect of the shift to visualisation and immersive shopping in co

16、mmerce is the environmental impact.Giving consumers more confidence when it comes to purchases could lead to a big reduction in both bulk-buying and returns.In fact,according to Shopify,returns are reduced by 40%+due to accurate product visualisation an impressive result,which not only helps retaile

17、rs save costs,but also reduces CO2 emissions and packaging waste To put the scale of the problem into perspective,in the United States,item returns contribute to over 11 billion kilograms(24billion pounds)of landfill waste,and 15 million tonnes of carbon emissions annually.Meanwhile,in Europe,total

18、packaging waste in 2016 reached approximately 87 million tonnes,which equates to around 170kg(374lbs)per individual Recent developments in the space clearly demonstrate the opportunity for technology to transform the issue.For example.Snap introduced AR Enterprise Services to help brands and retaile

19、rs implement AR and AI into their shoppingSource:Accenture,Gartner,Shopify,TechCrunch,TheIndustry.fashionSNAP INTRODUCES AR ENTERPRISE SERVICSE TO HELP RETAILERS WITH AR AND AI SHOPPINGINVESTMENT BYSelect transactions/events Immersive shopping has gained significant popularity,especially recently wi

20、th developments in artificial intelligence,virtual reality,and 3D visualisation enabling online retailers to blend the digital and physical realms,providing a more personalised and interactive shopping experience The benefits of the technology visible in use cases such as try-before-you-buy are not

21、a secret to anyone with some of the most common ones being:Higher conversion rates:A study by Shopify showed that implementing AR and 3D visualisation tools resulted in a 94%higher conversion rate for online retailers in 2023 Increased customer satisfaction:80%of customers who engaged with immersive

22、 shopping experiences reported higher levels of satisfaction compared to traditional online shopping methodsNFINITE LAUNCHED DYNAMIC DISPLAY ALLOWING RETAILERS TO EMBED INTERACTIVE,SHOPPABLE SHOWROOMS ON ANY WEBPAGE5Q1 2023 Digital Commerce sector updateGP BULLHOUNDS SECTOR TAKEAWAYS Pressure is on

23、to become carbon neutral2.6 billion online shoppers are driving the growing environmental impact of ecommerce A growing number of ecommerce businesses are implementing carbon offset programmes to lessen their carbon footprint.Here,carbon emissions from a companys operations are calculated,and funds

24、are subsequently invested in initiatives like reforestation or renewable energy projects,that either reduce or offset those emissions.Research by the Climate Neutral Network predicts that the voluntary carbon market will increase from$300m in 2005 to$50bn by 2030 Carbon-neutral shipping and delivery

25、 becomes more widespread and plays an important part in a companys carbon footprint.Many businesses are implementing carbon-neutral shipping methods to remedy this,like electric vehicles or shipping carbon offset programmes.For instance,Shopify has started an initiative to offset the carbon emission

26、s of all its shipments,whileAmazon has promised to make all its shipping carbon neutral by 2040 The practice of tracking and reporting carbon emissions is spreading:to monitor their progress towards carbon neutrality,several ecommerce businesses measure and publish their carbon emissions.This enable

27、s them to establish emission reduction goals and identify places where emissions can be reduced.For instance,in 2020 Walmart said that it intended to become an emission-free business by 2040.As part of this endeavour,Walmart will measure and publish its carbon emissions Customers want items and prac

28、tices that are carbon-neutral:demand for carbon-neutral goods and practices is increasing along with consumer awareness of climate change.69%of consumers stated they are more likely to buy from a firm with a good environmental track record,and 73%of consumers expect businesses to lessen their carbon

29、 footprint.Companies that conduct business online can draw in and keep clients that care about the environment by using carbon-neutral practices,proven by 66%of consumers willing to pay a premium for sustainable products Sustainable technology innovation is being fueled by carbon neutrality with eco

30、mmerce businesses promoting innovation in sustainable technology like renewable energy,electric vehicles,and eco-friendly packaging as they work to lessen their carbon impact.This then stimulates economic growth and establishes new commercial prospects.According to a projection by the International

31、Renewable Energy Agency,global employment in the renewable energy sector might reach 28 million people by 2050 Overall,as businesses work to lessen their environmental effects and satisfy consumer demand for sustainable products and practices,carbon neutrality is altering the face of ecommerce.Busin

32、esses that embrace carbon-neutral practices can draw and keep customers who care about the environment.Carbon offset programmes,carbon-neutral shipping,and tracing and reporting carbon emissions are becoming more prevalent.In the years to come,we anticipate even more innovation in sustainable ecomme

33、rce,as demand for sustainable goods and practices increasesSource:Salesforce,Climate Neutral Network,Walmart,International Renewable Energy AgencyAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysINVESTMENT BYINVESTMENT BYINVESTMENT BYSelect transactions6Q1 20

34、23 Digital Commerce sector updateA LEADING TECHNOLOGY ADVISORY AND INVESTMENT FIRM,PROVIDING TRANSACTION ADVICE AND CAPITALGP Bullhounds recent Digital Commerce activityInvestment BankingInvestment ManagementACQUIRED BYINVESTMENT BYACQUIRED BYACQUIRED BYACQUIRED BYINVESTMENT BYACQUIRED BYINVESTMENT

35、BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYINVESTMENT BYFund VFund VFund IIIFund IIIFund IIIFund VAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysPRIVATE INVESTORS7Q1 2023 Digital Co

36、mmerce sector updateDeal dateTargetBuyerTarget descriptionImplied EV($m)Mar-23Developer of an on-demand textual primary care platform 100Mar-23Provider of hire and rental services to the mining industry428Feb-23Online marketplace enabling users to find local and national businesses supporting conser

37、vative ideasn.a.Feb-23Operator of a bargain-based online marketplace intended to offer multi-category products72Feb-23Operator of an online shopping portal for apparel and accessories 335Jan-23Operator of a vendor-neutral platform for freight-related bookings and payments 80Jan-23Operator of commerc

38、e-centric electric vehicle charging networks 169Jan-23Operator of a video-first SaaS enabling organisation for consumers to engage with their product and gather customer perspectives 1.300NOTABLE DIGITAL COMMERCE M&A DEALS&PRIVATE FINANCINGSNotable M&A transactions from Q1 2023Selected M&A transacti

39、onsSource:Pitchbook,Capital IQ and MergerMarket(as of 31 March 2023),GP Bullhound intelligence*denotes SPACsAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways*8Q1 2023 Digital Commerce sector updateDeal dateTargetLead investorIssuer descriptionDeal Value($m)Ma

40、r-23China-based developer and operator of ecommerce platform designed for blind boxes shopping and trading80Mar-23Spain-based provider of on-demand transportation services intended to promote mobility in cities110Mar-23US-based developer of automated self-serve kiosk systems to evaluate and buy back

41、 used electronics50Mar-23US-based operator of a health insurance marketplace intended to improve healthcare benefits for employers and consumers179Mar-23US-based operator of an accommodation booking platform intended to turn empty apartments into pop-up hotels that could be booked for a stay65Mar-23

42、Singapore-based developer of a refurbished electronic marketplace designed to sell a used product at a low price50Mar-23India-based developer of a peer-to-peer property listing platform designed to make real estate transactions efficient210Feb-23Singapore-based operator of an online car marketplace

43、intended for buyers and sellers to deal directly without middlemenn.a.Feb-23India-based operator of an online grocery and meat delivery store intended to offer fresh and healthy food104Feb-23South Korea-based operator of an online resale platform intended for authenticated limited-edition sneakers a

44、nd streetwear168NOTABLE DIGITAL COMMERCE M&A DEALS&PRIVATE FINANCINGSNotable transactions from Q1 2023Selected private financings(1/2)Source:Pitchbook,Capital IQ and MergerMarket(as of 31 March 2023),GP Bullhound intelligenceNote:(1)Denotes Scatola ciecaAbout usPublic comparablesTransaction trendsPu

45、blic company analysesCEO commentaryTakeaways(1)FOXZZ INVESTMENT9Q1 2023 Digital Commerce sector updateNOTABLE DIGITAL COMMERCE M&A DEALS&PRIVATE FINANCINGSNotable transactions from Q1 2023Selected private financings(2/2)Sources:Pitchbook,Capital IQ and MergerMarket(as of 31 March 2023),GP Bullhound

46、intelligenceAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysDeal dateTargetLead investorIssuer descriptionDeal Value($m)Feb-23US-based operator of ecommerce fulfillment centers across the United States and abroad208Feb-23US-based operator of an acquisition c

47、ompany intended to focus on assisting third-party sellers on ecommerce platformsn.a.Feb-23Kuwait-based operator of an online flower delivery platform intended to deliver a wide range of flowers and gifts156Feb-23UK-based provider of cook-at-home meal kit services intended to offer curated and easy-t

48、o-make food61Feb-23Saudi Arabia-based operator of an online grocery platform intended to facilitate doorstep deliveries of groceries and other home essentials133Feb-23Brazil-based developer of online grocery shopping platform designed to offer multi-category grocery supplies50Jan-23US-based develope

49、r of a digital merchandising platform designed to offer automotive dealers,OEMs,and online marketplaces for digital automotive merchandising104Jan-23Spain-based developer and operator of a mobile-based shopping platform intended to connect buyers and sellers online86Jan-23Netherlands-based operator

50、of an ecommerce platform intended to offer fonts,graphics,crafts designs,and premium content from leading designers61Jan-23US-based provider of ride-hailing services intended to offer passenger,freight,and intercity transportation services150Undisclosed InvestorsUndisclosed Investors10Q1 2023 Digita

51、l Commerce sector updateSELECTED DIGITAL COMMERCE PUBLIC COMPANY VALUATIONSAmazon remains far ahead of other players in the spaceMarket cap values in$bnSource:Capital IQ(as of 31 March 2023)Note:(1)JD Health1,058264100100967969686664432825242419161494A,Inc.Alibaba GroupHolding LimitedBooking Holding

52、sInc.Prosus N.V.PDD Holdings Inc.Airbnb,Inc.JD.com,Inc.Shopify Inc.MercadoLibre,Inc.Uber Technologies,Inc.Recruit HoldingsCo.,Ltd.Coupang,Inc.DoorDash,Inc.eBay Inc.JD HealthInternational Inc.Pinterest,Inc.Chewy,Inc.Etsy,Inc.Delivery Hero SEWayfair Inc.=13=4312xRanking vs Q4 Digital Commerce Report21

53、2=1(1)=About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways11Q1 2023 Digital Commerce sector updateGP BULLHOUND KEY INDICES SHARE PRICE PERFORMANCEDigital commerce sell-off continues in Q1-23Share price performance L5YSource:Capital IQ(as of 31 March 2023)(38.7%

54、)Ecommerce(41.9%)Marketplaces(0.8%)Large cap(5.4%)S&P 500(22.5%)Classifieds(11.6%)Online travelShare price performanceL5YL3YLTML6MS&P 500 Technology Sector136.6%94.7%(5.4%)26.9%Large cap29.5%26.5%(0.8%)15.1%Ecommerce(47.5%)24.4%(38.7%)19.4%Marketplaces(2.3%)4.7%(41.9%)6.5%Online travel(22.6%)91.8%(1

55、1.6%)34.6%Classifieds6.0%25.4%(22.5%)13.7%-100%-50%0%50%100%150%200%250%300%350%Mar-18Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysLTM Performance12Q1 2023 Digital Commerce sector updateGP BULLHO

56、UND DIGITAL COMMERCE INDICES INDICATIVE TRADING VALUATION BENCHMARKSIndicative trading valuation benchmarksSource:Capital IQ(as of 31March 2023)Note:(1)MeanAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysLTM gross margin(1)EV/CY23E Revenue(1)CY21-23 Revenue

57、CAGR(1)Selected companiesVerticals 49%4.0 x43%1.7x14%59%7.6x11%70%2.8x48%42%0.9x5%Large capEcommerceMarketplacesClassifiedsOnline travel11%About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways13Q1 2023 Digital Commerce sector updateValuations across digital comme

58、rce continue to decline and remain below historical averagesEV/NTM revenue trends L5YSource:Capital IQ(as of 31 March 2023)L5YL3YLTML6MLarge cap 3.4x6.3x3.5x2.9xEcommerce1.3x1.0 x1.4x0.7xMarketplaces4.9x3.2x2.7x1.6xOnline travel 3.3x1.5x3.9x2.6xClassifieds6.7x5.9x7.4x5.6xAbout usPublic comparablesTr

59、ansaction trendsPublic company analysesCEO commentaryTakeaways0.7x2.7x4.7x6.7x8.7x10.7x12.7xMar-18Sep-18Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-2314Q1 2023 Digital Commerce sector updateDIGITAL COMMERCE FUTURE IPOSThe IPO market is silent amid volatility in the public marketFilings to lo

60、ok for in the next 12 monthsSource:Pitchbook,Capital IQ and MergerMarket(as of 31 March 2023),GP Bullhound intelligenceCompanyHQVerticalsDescriptionMarketplacesMarketplace for luxury watchesMarketplacesUS-based online wholesale marketplace MarketplacesUS-based food and grocery delivery platform Mark

61、etplacesPeer-to-peer car-sharing platform MarketplacesOn-demand online deliveryMarketplacesFresh-food ecommerce platformMarketplacesOnline retail shopping portalMarketplacesOnline marketplace for industrial products About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTak

62、eawaysAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways15Q1 2023 Digital Commerce sector updateLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORAli El-Ali,Co-Founder&CEOAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaway

63、sCO-FOUNDER&CEO-CUREAli El-AliCURE is a pharmacy delivery startup that integrates telehealth,e-prescription,and medication delivery services.Founded in 2021,it is changing the way patients access healthcare and medications by providing a platform that bridges the gap between pharmacies and patients

64、through more personalised care.CURE is also capitalising on the regulatory shift towards e-prescriptions in Germany,which further streamlines the prescription process for patients and healthcare providers.“At CURE,we pride ourselves on being a one-stop solution for healthcare access and medication d

65、elivery.Our unique approach enables us to provide unparalleled convenience and speed,while maintaining the highest standards of care.We differentiate ourselves from competitors by continuously leveraging cutting-edge technology and fostering strong partnerships with healthcare providers,ultimately p

66、rioritising our patients well-being and satisfaction above all else.”SELECT INVESTORS16Q1 2023 Digital Commerce sector updateLEADING COMPANIES AND CEOS TRANSFORMING THE SECTORDane Baker&Peter Twomey,Co-FoundersAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways

67、CEO&COO,CO-FOUNDERS-ECOCARTDane Baker,Peter TwomeyEcoCart is a sustainability solution that enables businesses to calculate and offset the carbon emissions associated with their value chain,and then encourages consumers to engage with them through transparent front-end experiences.By partnering with

68、 various projects and organisations,such as forest protection and building clean energy sources,EcoCart determines the amount of each carbon offsetting activity needed to counteract specific amounts of carbon emissions,and then matches the cost of doing so with each orders amount of emissions.“By of

69、fering a scalable way for thousands of companies to contribute to impactful,sustainable projects that support people and help to decarbonise our planet,EcoCart has created a way for brands to connect with shoppers on a deeper level by threading transparency and climate action into everyday shopping

70、experiences.As we continue to grow,we will continue honing our real-time emissions calculation capabilities and launching new,intuitive ways for brands to be transparent about,and take action against,their carbon footprint.”SELECT INVESTORS17Q1 2023 Digital Commerce sector updateLEADING COMPANIES AN

71、D CEOS TRANSFORMING THE SECTORBen Parr,President&Co-FounderAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysPRESIDENT&CO-FOUNDER OCTANE AIBen Parr Octane AI built one of the first chatbot platforms in 2016.Originally serving celebrities like Rick Ross and Mar

72、oon 5,Octane AI shifted to Shopify,building a business that services ecommerce brands with AI tools,such as its Quiz AI personalisation platform.Today,the company services over 3,000 customers with its Generative AI products and has positioned itself as the AI company for the ecommerce industry.“Oct

73、ane AI has built an enduring AI-focused brand in the ecommerce world.Weve built one of the best data collection tools in commerce and have been building generative AI products since 2020.Were profitable and have a loyal customer base.The AI revolution has put the wind in our sails.SELECT INVESTORS18

74、Q1 2023 Digital Commerce sector updateMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2023CY2024LTMCY2022CY2023CY2024RevenueEBITDA%of 52 week highPUBLIC COMPARABLES BY CATEGORYPublic comparables Large capSource

75、:Capital IQ(as of 31 March 2023)Note:EV/EBITDA multiples in red excluded from mean&mediansAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysLarge capLarge capAmazonUnited States61%1,058,4391,158,3512.3x2.1x1.8x21.4x13.5x11.2xn.a.46%44%11%15%16%9%20%AlibabaChin

76、a81%264,391234,8281.9x1.7x1.5x10.4x8.5x7.0 x9%n.a.36%18%21%22%5%17%PinduoduoIreland71%95,96776,7564.0 x3.2x2.6x16.6x12.7x9.2xn.a.74%76%24%25%28%33%122%ProsusThe Netherlands91%99,64699,34113.8x12.6x9.7xn.a.n.m.10.1xn.a.39%30%n.a.(7%)96%13%n.m.JD.comChina64%68,82055,1680.4x0.3x0.3x15.7x9.8x7.7x9%14%8%

77、2%3%4%10%101%eBayUnited States76%23,82125,7682.6x2.6x2.5x9.0 x7.9x7.5xn.a.73%73%29%33%34%(3%)(3%)PinterestUnited States93%18,64916,1805.8x5.3x4.6xn.m.30.8x21.3xn.a.78%76%(1%)17%21%9%22%Mean77%232,819238,0564.4x4.0 x3.3x14.6x13.9x10.6x9%54%49%14%15%32%11%47%Median76%95,96776,7562.6x2.6x2.5x15.7x11.3x

78、9.2x9%59%44%14%17%22%9%21%19Q1 2023 Digital Commerce sector updateMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2023CY2024LTMCY2022CY2023CY2024RevenueEBITDA%of 52 week highPUBLIC COMPARABLES BY CATEGORYPublic

79、 comparables Ecommerce(1/2)Source:Capital IQ(as of 31 March 2023)Note:EV/EBITDA multiples in red excluded from mean&mediansAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysE-commerceOnline fashionZalandoGermany75%10,84410,4950.9x0.9x0.8x46.7x14.7x11.5xn.a.41%

80、39%2%6%7%2%13%VIP ShopChina94%8,8946,2040.4x0.4x0.4x5.8x5.1x4.8xn.a.21%21%7%8%8%(0%)13%The RealRealUnited States45%1,9301,7191.6x1.5x1.3x20.4x19.9x14.4xn.a.53%54%8%7%9%15%(11%)The Hut GroupUnited Kingdom42%1,0851,8280.7x0.6x0.6xn.a.11.8x8.5xn.a.43%42%n.a.5%7%3%33%ASOSUnited Kingdom46%1,0131,6720.3x0

81、.3x0.3xn.a.7.4x6.3x49%48%44%n.a.5%5%(0%)0%About youGermany34%9308390.4x0.3x0.3xn.m.n.m.26.2x49%48%36%(8%)(2%)1%16% United Kingdom60%9101,0000.4x0.5x0.4xn.a.22.4x8.8x54%54%51%n.a.2%5%(7%)(41%)Stitch Fix United States45%5755250.3x0.3x0.3xn.m.n.m.n.m.44%45%41%(11%)(6%)n.a.(15%)n.m.Global Fashion GroupL

82、uxembourg42%23190.0 x0.0 x0.0 xn.m.n.m.64.7xn.a.44%43%(6%)(2%)0%(1%)n.m.Mister Spex Germany46%148760.3x0.3x0.2xn.m.15.1x5.2x49%48%23%(12%)2%5%10%n.m.RevolveUnited States15%1254270.7x0.7x0.6xn.m.n.m.n.m.n.a.66%58%(27%)(12%)n.a.16%n.m.E-Commerce-Others CoupangUnited States75%28,38827,2631.3x1.1x1.0 xn

83、.m.31.5x20.5xn.a.25%23%1%4%5%21%n.m.ChewyUnited States71%15,95915,7811.6x1.4x1.3xn.m.50.1x33.8xn.a.28%28%1%3%4%12%n.m.Yelp United States78%2,1351,8511.6x1.4x1.3x22.0 x6.1x5.5xn.a.90%91%7%23%24%12%129%ShutterstockUnited States76%2,6022,5813.2x3.0 x2.9x16.6x11.3x10.6xn.a.64%62%19%27%27%5%29%Americanas

84、 S.A.Brazil3%1783,1840.5x0.4x0.4xn.a.3.5x3.0 xn.a.31%31%n.a.13%13%24%95%OUnited States44%9135880.3x0.4x0.3x15.8x19.0 x13.8xn.a.23%23%2%2%3%(24%)(50%)CimpressIreland66%1,1502,7500.9x0.9x0.8x27.3x7.9x6.5xn.a.n.a.47%3%11%13%7%19%CEWEGermany98%7317060.9x0.9x0.8x5.1x4.9x4.6xn.a.76%76%17%17%18%4%5%Quotien

85、t TechnologyUnited States48%3203421.1x1.2x1.1xn.m.8.7x6.7xn.a.57%46%(13%)13%16%(25%)89%Jumia TechnologiesNigeria26%3291140.5x0.5x0.4xn.m.n.m.n.m.n.a.66%60%(95%)(53%)n.a.15%n.m.Groupon United States20%1291950.3x0.4x0.4xn.m.3.4x3.4xn.a.88%87%(15%)11%10%(25%)(2%)UNQ China52%3439n.a.n.a.n.a.n.m.n.a.n.a.

86、n.a.n.a.24%n.a.n.a.n.a.n.a.n.a.DelticomGermany47%291120.2x0.2x0.2xn.m.7.0 x5.2xn.a.n.a.22%(0%)3%4%(7%)44%20Q1 2023 Digital Commerce sector updateMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2023CY2024LTMCY20

87、22CY2023CY2024RevenueEBITDA%of 52 week highVertical E-commerceJD HealthChina64%23,65716,9232.6x1.9x1.5xn.m.n.m.43.5x42%44%21%(0%)2%3%41%n.m.Ocado United Kingdom43%5,4016,2342.0 x1.8x1.6xn.m.n.m.26.4xn.a.46%38%(6%)2%6%6%n.m.HelloFreshGermany47%4,0874,2610.5x0.5x0.4x13.4x8.0 x5.7xn.a.63%66%4%6%8%16%6%

88、PelotonUnited States41%3,9245,4711.8x2.0 x1.8xn.m.n.m.55.0 xn.a.n.a.20%(37%)(3%)3%(18%)n.m.Wayfair United States28%3,7966,6730.5x0.6x0.5xn.m.n.m.29.4xn.a.29%28%(10%)(0%)2%(6%)n.a.Pop MartChina54%3,7283,1074.1x3.4x2.8x26.8x11.5x8.9xn.a.60%57%15%30%31%18%18%GoodRxUnited States30%2,4852,4453.2x3.1x2.8x

89、36.3x12.2x10.2x16%16%92%9%26%27%3%103%FigsUnited States26%1,0318911.8x1.7x1.5x22.5x14.2x10.4xn.a.69%70%8%12%14%13%125%DingDongChina53%8357230.2x0.2x0.2xn.m.15.1x5.2x54%54%31%(2%)1%3%14%n.m.1-800-United States77%7458480.4x0.4x0.4x11.6x8.3x6.6x42%42%36%3%5%6%(2%)(22%)MoonpigUnited Kingdom44%5227812.0

90、x1.8x1.7xn.a.7.0 x6.5xn.a.n.a.52%n.a.26%26%2%12%AO World United Kingdom65%4605850.4x0.4x0.4xn.a.8.0 x7.8x16%16%17%n.a.5%5%(14%)170%Hepsiburada Turkey48%4371700.3x0.1x0.1xn.m.20.7x32.1xn.a.36%10%(20%)1%0%77%n.m.SRP Groupe France73%1831560.2x0.2x0.2x8.3x5.9x5.2xn.a.38%37%3%3%4%(2%)(17%)WestwingGermany

91、60%1691440.3x0.3x0.3xn.m.11.8x6.3xn.a.45%47%(4%)3%4%(9%)(30%)The Honest CompanyUnited States34%1681900.6x0.6x0.6xn.m.n.m.n.m.n.a.32%29%(15%)(8%)n.a.(1%)n.m.OponeoPoland67%1221520.4x0.3x0.3xn.a.8.2x7.2xn.a.20%20%n.a.4%4%11%(8%)Blue ApronUnited States8%47740.2x0.2x0.2xn.m.n.m.n.m.n.a.36%34%(19%)(8%)n.

92、a.(6%)n.m.My Food BagNew Zealand21%35470.4x0.4x0.4xn.a.3.8x3.4xn.a.n.a.27%n.a.11%12%(2%)(16%)PUBLIC COMPARABLES BY CATEGORYPublic comparables Ecommerce(2/2)Source:Capital IQ(as of 31 March 2023)Note:EV/EBITDA multiples in red excluded from mean&mediansAbout usPublic comparablesTransaction trendsPubl

93、ic company analysesCEO commentaryTakeawaysE-commerceMean50%3,0563,0271.0 x0.9x0.8x19.9x12.4x14.4x42%46%42%(6%)5%9%5%27%Median47%8358390.5x0.5x0.4x18.5x8.7x7.8x47%45%38%(0%)4%6%3%12%21Q1 2023 Digital Commerce sector updateMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin2021-2023 CAGRCompan

94、yCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2023CY2024LTMCY2022CY2023CY2024RevenueEBITDA%of 52 week highUberUnited States84%63,84070,1792.2x1.9x1.6xn.m.22.0 x13.7xn.a.41%31%(3%)9%12%45%n.m.Mercado Libre Uruguay99%66,24368,6426.5x5.3x4.2x47.4x36.7x27.2xn.a.49%56%14%14%16%35%69%DoorDash

95、United States49%24,92021,5273.3x2.7x2.3xn.m.31.5x20.5xn.a.48%47%(11%)9%11%27%n.m.EtsyUnited States74%13,87715,1386.0 x5.5x4.9x33.7x19.7x17.1xn.a.72%71%18%28%28%9%19%Delivery Hero Germany54%8,77311,5821.2x1.0 x0.8xn.a.54.1x14.4xn.a.33%23%n.a.2%6%37%n.m.TLuxembourg81%7,1838,6384.1x3.3x2.9x21.8x14.7x12

96、.0 xn.a.n.a.30%19%23%24%43%17%AllegroPoland58%5,1704,3355.8x3.7x3.0 xn.m.n.m.n.m.n.a.n.a.57%(24%)(12%)n.a.61%n.m.K Netherlands48%4,1894,5690.7x0.7x0.7xn.m.20.0 x10.5xn.a.43%20%(8%)4%6%14%n.m.ZomatoUnited States24%3,5052,8050.7x0.6x0.6xn.m.11.1x6.3xn.a.52%30%(30%)6%9%18%n.m.LyftJapan63%2,7312,5575.9x

97、5.2x4.5x12.8x11.1x10.1xn.a.n.a.96%46%47%45%13%17%CarGurus United Kingdom69%2,0059220.4x0.3x0.3xn.m.76.5x7.9xn.a.32%33%(8%)0%4%11%n.m.DeliverooUnited Kingdom28%1,9422,4731.1x0.9x0.7xn.m.75.4x15.5xn.a.48%44%(22%)1%5%10%n.m.M Germany52%1,5091,5420.2x0.2x0.2xn.a.n.m.58.0 xn.a.10%7%n.a.(1%)0%15%n.m.BIndo

98、nesia62%1,7092831.2x0.9x0.7xn.m.n.m.n.m.n.a.42%29%(70%)(26%)n.a.61%n.m.PoshmarkUnited States41%2,1461,7791.1x1.9x1.6x12.3x14.5x11.6xn.a.62%40%9%13%14%(0%)(19%)FiverrIsrael43%1,3181,1293.3x3.1x2.6xn.m.22.2x15.3xn.a.83%80%(14%)14%17%10%n.m.MyTheresaUnited Kingdom97%1,6531,6943.5x3.3x3.0 x13.8x10.9x9.9

99、xn.a.68%68%25%30%31%14%24%Gruppo MutuiOnlineIsrael43%1,3181,1293.3x3.1x2.6xn.m.22.2x15.3xn.a.83%80%(14%)14%17%10%n.m.RoverItaly78%1,0671,2893.7x2.9x2.7x13.2x11.2x9.9xn.a.n.a.46%28%26%28%12%18%OpendoorGermany44%5975680.7x0.6x0.5x9.0 x7.0 x5.7xn.a.n.a.52%8%9%9%11%n.m.Auto1 GroupUnited States19%1,1315,

100、2500.3x0.6x0.5xn.m.n.m.n.m.n.a.9%4%(5%)(8%)0%4%n.m.AihuishouUnited States69%8385893.4x2.8x2.3xn.m.21.5x13.9xn.a.77%76%(3%)13%16%39%n.m.CarvanaChina68%6913530.2x0.2x0.2xn.m.5.5x6.8xn.a.26%23%(4%)3%2%32%n.m.FarfetchUnited States7%1,0388,6240.6x0.7x0.6xn.m.n.m.n.m.n.a.12%9%(9%)(2%)n.a.(5%)n.a.WishUnite

101、d States18%311(388)n.m.n.m.n.m.1.1x1.4x1.8xn.a.32%29%(62%)(52%)n.a.(50%)n.m.CazooUnited Kingdom82%3192690.8x0.7x0.7xn.a.8.9x7.5xn.a.n.a.45%n.a.8%9%5%1%ThredUpUnited States56%204510.3x0.3x0.3xn.m.n.m.20.5xn.a.91%90%(39%)(12%)1%(14%)n.m.TrueCar United States44%157280.3x0.3x0.3xn.m.n.m.n.m.n.a.70%69%(3

102、6%)(24%)n.a.(7%)n.m.VroomUnited States31%1256910.3x0.7x0.5xn.m.n.m.n.m.n.a.16%13%(15%)(21%)n.a.(42%)n.m.1stdibsUnited States28%2572370.8x0.8x0.7xn.m.n.m.n.m.n.a.69%67%(27%)(7%)n.a.12%n.m.Victorian PlumbingUnited Kingdom4%965810.4x0.6x0.4xn.m.n.m.n.m.n.a.10%2%(26%)(15%)n.a.9%n.m.AcastSweden34%122410.

103、3x0.3xn.a.n.m.n.m.n.a.n.a.n.a.34%(22%)(9%)n.a.25%n.m.RedbubbleAustralia27%83240.1x0.1x0.1xn.m.n.m.n.m.n.a.n.a.15%(11%)(6%)n.a.(10%)n.m.Mean51%6,6997,2462.0 x1.7x1.5x18.3x23.7x14.4xn.a.47%43%(10%)2%14%14%18%Median49%1,3181,2891.0 x0.8x0.7x13.2x19.7x12.0 xn.a.48%40%(10%)3%11%12%18%Online marketplacesP

104、UBLIC COMPARABLES BY CATEGORYPublic comparables MarketplacesSource:Capital IQ(as of 31 March 2023)Note:EV/EBITDA multiples in red excluded from mean&mediansAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeaways22Q1 2023 Digital Commerce sector updateClassifiedsPUB

105、LIC COMPARABLES BY CATEGORYPublic comparables ClassifiedsSource:Capital IQ(as of 31 March 2023)About usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarketcapEVEV/RevenuesEV/EBITDAGross margin(%)EBITDA margin2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2

106、024CY2022CY2023CY2024CY2023CY2024LTMCY2022CY2023CY2024RevenueEBITDA%of 52 week highREA GroupAustralia99%12,22912,43915.8x14.5x12.9x32.9x26.0 x22.4x61%91%61%48%56%58%0%14%AdevintaNorway80%8,63510,8636.0 x5.4x4.8x17.7x15.3x12.7x71%n.a.71%34%35%38%26%57%ZillowUnited States83%10,3728,8771.4x4.8x4.2xn.m.

107、24.0 x15.9xn.a.n.a.n.a.0%20%26%(7%)2%Info EdgeIndia76%5,8365,52422.1x18.3x16.2xn.m.51.1x42.4xn.a.n.a.50%22%36%38%33%61%Auto TraderUnited Kingdom90%7,0007,08012.5x11.6x10.0 xn.a.16.5x15.0 xn.a.n.a.n.a.n.a.70%66%12%12%RightmoveUnited Kingdom84%5,7135,67513.8x12.7x11.9x18.8x17.2x16.0 xn.a.75%n.a.73%74%

108、74%8%8%Australia94%5,4966,24815.1x10.0 x8.9x33.7x18.7x16.2x84%n.a.84%45%54%55%41%48%Scout24Germany87%4,4574,6159.4x8.5x7.7x20.4x15.0 x13.3xn.a.93%77%46%57%58%9%24%AutohomeChina82%4,1741,1541.1x1.1x1.0 x5.1x4.0 x3.5xn.a.83%82%22%28%30%0%(2%)ACV AuctionsUnited States82%2,0501,6333.9x3.5x2.8xn.m.n.m.79

109、.8x184%50%11%(24%)(7%)3%14%n.m.HemnetSweden99%1,6571,67919.3x16.9x14.2x39.9x33.9x27.1xn.a.n.a.84%48%50%52%19%23%Baltic Classifieds GroupLithuania88%9471,00416.0 x14.0 x12.2xn.a.18.1x15.8x58%n.a.77%n.a.77%77%16%13%Redfin United States48%9942,0180.9x1.8x1.7xn.m.n.m.51.0 xn.a.38%13%(11%)(3%)3%(23%)n.m.

110、Aramis GroupFrance50%3264450.2x0.2x0.2xn.a.n.m.12.8xn.a.n.a.6%n.a.0%1%19%(73%)CarTradeIndia53%2221252.8x2.4x2.0 xn.m.14.7x9.5x58%n.a.31%(6%)16%21%19%n.m.PurplebricksUnited Kingdom26%26(7)n.m.n.m.n.m.n.a.1.4xn.m.58%n.a.51%n.a.(5%)5%(4%)n.m.JobsRecruit HoldingsJapan64%43,41639,3171.6x1.5x1.4x10.7x10.3

111、x9.9xn.a.n.a.58%15%15%15%12%2%SEEKAustralia80%5,6826,5228.1x7.6x7.3x24.7x16.9x15.4xn.a.n.a.64%33%45%47%16%24%ZIP RecruiterUnited States64%1,6741,6631.8x2.1x1.9x16.6x9.1x7.6xn.a.90%90%11%23%25%2%156%DHI GroupUnited States51%1762121.4x1.3x1.2x10.1x6.2x5.2xn.a.88%88%14%21%22%17%41%FreelancerAustralia46

112、%6566n.a.n.a.n.a.n.m.n.a.n.a.n.a.n.a.84%n.a.n.a.n.a.n.a.n.m.JcbNextMalaysia85%4024n.a.n.a.n.a.23.9xn.a.n.a.n.a.n.a.46%n.a.n.a.n.a.n.a.n.a.Mean73%5,5095,3268.4x7.6x6.4x21.2x18.8x20.6x82%76%59%25%36%36%11%26%Median81%3,1121,8497.0 x6.5x4.8x19.6x16.9x15.4x61%86%64%22%36%34%13%19%23Q1 2023 Digital Comme

113、rce sector updateOnline travelPUBLIC COMPARABLES BY CATEGORYPublic comparables Online travelSource:Capital IQ(as of 31 March 2023)Note:EV/EBITDA multiples in red excluded from mean&mediansAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysMarketcapEVEV/Revenues

114、EV/EBITDAGross margin(%)EBITDA margin2021-2023 CAGRCompanyCompany HQ(USD)(USD)CY2022CY2023CY2024CY2022CY2023CY2024CY2023CY2024LTMCY2022CY2023CY2024RevenueEBITDA%of 52 week highB United States100%99,85998,5755.8x4.9x4.4x18.4x14.8x13.0 xn.a.95%86%32%33%34%35%48%AirbnbUnited States69%78,53771,2568.6x7.

115、4x6.5x36.6x21.3x17.8xn.a.83%82%23%35%36%26%133%T China94%24,34025,0448.7x5.0 x4.1xn.m.22.8x16.1xn.a.79%77%5%22%25%40%n.m.Expedia United States48%14,87918,2451.6x1.4x1.3x13.2x6.6x5.8xn.a.86%86%12%21%22%23%138%MakeMyTrip India71%2,5762,3704.0 x3.1x2.7xn.m.36.8x21.8xn.a.n.a.47%5%8%12%67%n.m.Webjet Aust

116、ralia98%1,8001,6159.6x5.9x5.2xn.a.13.1x12.2x70%73%58%n.a.45%42%n.a.n.a.Edreams OdigeoSpain69%7521,1912.0 x1.7x1.5xn.m.14.5x8.1xn.a.n.a.83%(5%)12%18%45%n.m.TrivagoGermany63%5172520.4x0.4x0.3x3.5x2.2x2.2xn.a.98%98%12%17%16%31%182%DArgentina49%4074140.8x0.6x0.6xn.a.5.9x3.7xn.a.67%64%n.a.11%15%42%n.m.On

117、 The Beach United Kingdom57%2962211.2x1.0 x0.9xn.a.4.8x4.0 xn.a.n.a.67%n.a.21%23%96%n.m.HolidaycheckGermanyn.a.2672352.2x1.8xn.a.n.a.12.1xn.a.72%n.a.37%n.a.15%n.a.33%68%Lastminute.ComNetherlands56%271102n.a.n.a.n.a.n.a.n.a.n.a.19%n.a.70%n.a.n.a.n.a.n.a.n.m.HostelworldIreland83%1982132.8x2.3x2.0 xn.m

118、.13.2x10.2xn.a.n.a.42%(17%)17%19%125%n.m.TravelzooUnited States73%95921.3x1.1x1.0 x9.4x4.3x3.3xn.a.86%86%14%26%30%16%n.a.Mean72%16,05715,7023.8x2.8x2.5x16.2x13.2x9.9x54%83%70%9%22%24%48%114%Median69%6358032.1x1.8x1.7x11.3x12.6x9.2x70%85%74%8%19%23%38%133%24Q1 2023 Digital Commerce sector updateJames

119、 LoydallANALYSTMethodologyAbout usPublic comparablesTransaction trendsPublic company analysesCEO commentaryTakeawaysThis report is based on the expert insights of GP Bullhounds worldwide team alongside detailed analysis of investment trends across the global technology landscape.GP Bullhounds Digita

120、l Commerce sector comprises the broader consumer internet ecosystem,including marketplaces,online classifieds,online travel and ecommerce.Alessandro CasartelliEXECUTIVE DIRECTORViqas ChohanVICE PRESIDENTOliver ConnickASSOCIATENikolay PapazovANALYSTBased in our London office,Alessandro Casartelli hea

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150、the GP Bullhound ComplianceOfficer or nominated delegated.In addition,GP Bullhound,the members,directors,officers and/or employees thereof and/orany connected persons may have an interest in the securities,warrants,futures,options,derivatives or other financialinstrument of any of the companies refe

151、rred to in this report and may from time-to-time add or dispose of such interests.GPBullhound Corporate Finance Ltd and GP Bullhound Asset Management Ltd are private limited companies registered in Englandand Wales,registered numbers 08879134 and 08869750 respectively,and are authorised and regulate

152、d by the FinancialConduct Authority.GP Bullhound Luxembourg Sarl is a private limited company,registered in Luxembourg(B-254.845)andauthorised and regulated as an Alternative Fund Manager by the CSSF in Luxembourg(A00003217).Any reference to a partnerin relation to GP Bullhound is to a member of GP

153、Bullhound or an employee with equivalent standing and qualifications.A list ofthe members of GP Bullhound is available for inspection at its registered office,GP Bullhound 78 St.Jamess Street,LondonSW1A 1JB.For US Persons:This report is distributed to US persons by GP Bullhound Inc.a broker-dealer r

154、egistered with the SEC and amember of the FINRA.GP Bullhound Inc.is an affiliate of GP Bullhound Corporate Finance Ltd.All investments bear certainmaterial risks that should be considered in consultation with an investors financial,legal and tax advisors.GP Bullhound Inc.engages in private placement

155、 and mergers and acquisitions advisory activities with clients and counterparties in theTechnology and CleanTechsectors.In addition,the persons involved in the production of this report certify that no part of their compensation was,or will be,directly or indirectly related to the specific views exp

156、ressed in this report.As such,no person at GP Bullhound(including itsmembers,directors,officers and/or employees)has received,or is authorised to accept,any inducement,whether monetary orin whatsoever form,in counterparty of promise to issue favorable coverage for the companies to which this report

157、may relate.In the last twelve months,GP Bullhound or an affiliate is or has been engaged as an advisor to and received compensationfrom,or has invested in the following companies mentioned in this report:Glovo,Matsmart,Murf,Spring,Vivino,Wallapop,and Zuto.GP Bullhound InsightsLONDONSAN FRANCISCOSTOCKHOLMBERLINMANCHESTERPARISMADRIDNEW YORKLUXEMBOURGZURICHMALAGAMUNICHFRANKFURTFollow us on