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1、Q2 2024E-Commerce and D2CMarket Update2023 M&A Advisory RankingsAll Global TransactionsDealsAdvisor352Houlihan Lokey1349Rothschild&Co2300Goldman Sachs&Co3300JP Morgan3253Morgan Stanley5Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.2023 Global Distressed Debt&Bankruptcy Restru

2、cturing RankingsDealsAdvisor73Houlihan Lokey164PJT Partners Inc251Rothschild&Co337Lazard427Evercore Partners5Source:LSEG(formerly Refinitiv).19992023 Global M&A Fairness Advisory RankingsDealsAdvisor1,247Houlihan Lokey11,035JP Morgan2977Duff&Phelps,A Kroll Business3884UBS4716Morgan Stanley5Source:LS

3、EG(formerly Refinitiv).Announced or completed transactions.Houlihan Lokey,Inc.(NYSE:HLI)is a leading global investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Our firm is the trusted advisor to more top decision-mak

4、ers than any other independent global investment bank.Leading Capital Markets AdvisorCORPORATE FINANCENo.1Global Restructuring AdvisorFINANCIAL RESTRUCTURINGNo.1Global M&A Fairness Opinion Advisor Over the Past 25 YearsFINANCIAL AND VALUATION ADVISORY1,700+Transactions Completed Valued at More Than$

5、3.5 Trillion Collectively2,000+Annual Valuation EngagementsNo.1Global M&A AdvisorAbout Our Firm2Learn more about how our advisors can serve your needs:Corporate FinanceFinancial andValuation AdvisoryFinancial RestructuringOur Industry CoverageAMERICASAtlantaLos AngelesBaltimoreMiamiBostonMinneapolis

6、CharlotteNew YorkChicagoSan FranciscoDallasSo PauloHoustonWashington,D.C.EUROPE AND MIDDLE EASTAmsterdamMilanAntwerpMunichDubaiParisFrankfurtStockholm LondonTel AvivMadridZurichManchesterASIA-PACIFICBeijingShanghaiFukuokaSingaporeGurugramSydneyHong Kong SARTokyoMumbai29 Senior officers dedicated to

7、the sponsor community in the Americas and Europe.1,300+Sponsors covered,providing market insights and knowledge of buyer behavior.800+Companies sold to financial sponsors over the past five years.Fully Integrated Financial Sponsor Coverage3(1)As of March 31,2024;excludes corporate MDs.(2)As of June

8、30,2024.(3)LTM ended March 31,2024.36 Locations Worldwide2,000 Financial Professionals$9.3B Market Cap(2)2,000+Clients Served Annually316 Managing Directors(1)$1.9B Annual Revenue(3)Our clients benefit from our local presence and global reach.About Our Consumer Group4Industry Sector CoverageTombston

9、es included herein represent transactions closed from 2021 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Houlihan Lokeys Consumer Group has earned a reputati

10、on for providing superior service and achieving outstanding results in M&A advisory,capital-raising,restructuring,and financial and valuation advisory services.We have built a reputation as a trusted advisor to companies in the consumer industry.We do this by combining our extensive market capabilit

11、ies with our in-depth industry knowledge to help maximize shareholder value for our clients.Consumer Industry CoverageConsumer Products125+Dedicated Consumer Group financial professionals.50 Completed industry sector transactions in CY23.Consumer Group:No.1 for Global M&A Transactions Under$1 Billio

12、nKey Facts and FiguresWe cover a broad array of sectors,with financial professionals dedicated to each of our primary coverage areas.Food and BeverageConsumer Channels and LeisureBased on number of transactions and according to data provided by LSEG(formerly Refinitiv),Houlihan Lokey was ranked the

13、No.1investment bank for global consumer M&A transactions under$1 billion in 2023.Featured Consumer Transactionsa portfolio company ofand majority owned by management and founders has entered into a partnership withSellside Advisorwithhave increased their stake inSellside Advisorhas entered into a st

14、rategic partnership with new minority shareholderSellside Advisora portfolio company ofhas been acquired bySellside Advisorhas sold its stake intoSellside Advisor*has acquired a majority stake inBuyside Advisora portfolio company ofhas been acquired by a private family officeSellside Advisorhas been

15、 acquired bySellside Advisorhas received a growth investment fromFinancial AdvisorA controlling interest inhas been acquired bySellside Advisor&Fairness Opinionhas been acquired bySellside Advisorhas been acquired bySellside Advisorhas received an investment fromSellside Advisor2023 M&A Advisory Ran

16、kingsGlobal Consumer Transactions Under$1 BillionDealsAdvisor50Houlihan Lokey148Rothschild&Co232Lazard325Goldman Sachs&Co423UBS5Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.About Our E-Commerce and D2C Team5The e-commerce and direct-to-consumer(D2C)sector,which operates with

17、in Houlihan Lokeys Consumer Group,has earned a reputation for providing superior service and achieving outstanding results in M&A advisory,capital-raising,restructuring,and financial and valuation advisory services.The global Houlihan Lokey Consumer Group has more than 125 dedicated advisors located

18、 in 13 offices around the world and has built a reputation as a trusted advisor to companies in the consumer industry.We do this by combining our extensive market capabilities with our in-depth industry knowledge to help maximize shareholder value for our clients.When our experience is combined with

19、 our comprehensive understanding of the industrys financial,regulatory,and competitive dynamics,we are able to more effectively analyze a full range of strategic options,such as mergers,acquisitions,divestitures,capital-raising,and asset sale transactions.LeadershipRequest a MeetingLearn More About

20、UsThomas EgliManaging DirectorThomas.EgliHL.com+41(0)43 499 43 41Steven TishmanManaging DirectorSTishmanHL.com+1 212.497.4142Please reach out to us to schedule a call to discuss this quarters market update or to explore how we can serve your business needs.Contact UsSubsector CoverageAggregators,Pla

21、tforms,and MarketplacesCircular and Sustainable BrandsCircular BusinessCircular EnablersCircular Marketplaces(Peer-to-Peer,Managed)Direct-to-ConsumerFashion/ApparelFitnessFood RetailGaming and GamblingMulti-Unit ServicesOut-of-Home EntertainmentProduct-as-a-ServiceQSR/FranchiseRestaurants/Hospitalit

22、yRetailSmart MobilityTravela portfolio company ofand majority owned by management and founders has entered into a partnership withSellside Advisorhas soldtoSellside Advisor*has sold its stake intoSellside Advisor*has received a growth investment fromFinancial Advisorhas acquired a majority stake inB

23、uyside Advisora portfolio company ofhas sold a majority stake toSellside Advisorhas been acquired bySellside AdvisorFeatured TransactionsTombstones included herein represent transactions closed from 2017 forward.*Selected transactions were executed by Houlihan Lokey professionals while at other firm

24、s acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.has soldtoSellside Advisorhas received an investment fromSellside Advisorhas acquired a minority stake inBuyside AdvisorTable of Contents07081011131415IntroductionFeatured Sector NewsAdditional M&A Highlight

25、sRelevant Buyer KPIs and M&A ProcessEquity Market Index PerformanceEquity Market Index Performance:SubsectorsSector Definition1617232531How the Landscape Has Evolved Over the Past Three Years Key TrendsPublic Company ValuationsPublic Comparables DisclaimerE-Commerce and D2C Market Update70.8x TEV/NT

26、M Revenue3.5%20222024ERevenue CAGR8.8%NTM EBITDA MarginE-Commerce and D2CSector Market Snapshot(1)E-Commerce and D2CM&A Transaction Volume146 215 191 187 175 135 118 104 104 12972 108 80 85 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2202120222023202485Transactions Q2 2024Sources:S&P Capital IQ,Federal Reserve Econo

27、mic Data.Data as of June 30,2024.(1)The Houlihan Lokey E-Commerce and D2C Index consists of a diversified set of companies across the e-commerce and D2C sector.See pages 2530 for a complete list.11.0 x TEV/NTM EBITDADespite a strong uptick in transaction volume in the last quarter of 2023,M&A activi

28、ty decreased to 80 transactions across Q1 2024 while gaining traction during Q2 2024 with a total of 85 transactions.Optimism for improvement in H2 2024 remains intact,supported by increasing transaction activity in Q2,especially focused on high-quality assets with profitable operations.Featured Sec

29、tor News 8DateCompanySubsectorDescriptionArticle Link6/20/2024Aggregators,Platforms,and MarketplacesAmazon Business has announced new features,such as the Amazon Business App Center,System for Cross-Domain Identity Management,and Integrated Quoting to simplify procurement for large enterprises,unive

30、rsities,government agencies,and healthcare networks.Read More6/20/2024Aggregators,Platforms,and MarketplacesRakuten Group,Inc.,introduced“Rakuten PLAY,”a free video streaming guide in Japan.The platform aims to enhance the entertainment experience by simplifying content discovery amid the growing co

31、mplexity of video-on-demand offerings.Read More6/18/2024Inventory-Based E-CommerceBHG Group has sold DesignkuppAS,a Norwegian bathroom and kitchen accessories specialist,to Brdrene A&O Johansen A/S(AO)for NOK 70 million.Designkupp,with a turnover of NOK 125 million and a 3%EBIT margin in 2023,is a w

32、ise divestment for BHG as it consolidates its Nordic DIY operations under Bygghemma Nordic.Read More6/18/2024Inventory-Based E-CommerceJD.com launched JD.Vision,an Apple Vision Pro app,on June 18.This AI-powered immersive shopping platform uses spatial computing to revolutionize retail by allowing u

33、sers to visualize products in their homes with realistic feedback.Read More6/13/2024Aggregators,Platforms,and MarketplacesAmazon Web Services(AWS)announced a$230 million investment to support startups in developing generative AI applications.This initiative includes AWS credits,mentorship,and educat

34、ion,particularly through the AWS Generative AI Accelerator program.Applications close July 19.Read More6/13/2024Aggregators,Platforms,and MarketplaceseBay is expanding payment options by integrating Venmo,known for its popularity among Gen Z and Millennials.This move offers U.S.buyers a simple,secur

35、e,and flexible checkout experience,while sellers benefit from reduced cart abandonment.Read More6/12/2024D2CBARK,Inc.,has expanded BARK Air,the worlds first air travel service designed for dogs,adding five new destinations.This luxury experience,which includes tailored treats and calming measures,no

36、w covers routes to Paris,Chicago,San Francisco,Phoenix,and Miami.Read More5/30/2024Aggregators,Platforms,and MarketplacesJust Eat T has expanded its U.S.collaboration with Amazon,enabling Amazon customers to order from thousands of restaurants via Grubhub on A and the Amazon Shopping app.The five-ye

37、ar agreement renews annually.Read MoreSources:Company websites,press releases.While M&A volume remains subdued,slightly below levels seen in the previous year,both strategic and financial buyers persist in recognizing the inherent value of high-quality e-commerce players.Featured Sector News(cont.)9

38、DateCompanySubsectorDescriptionArticle Link5/29/2024Aggregators,Platforms,and MarketplacesAWS and SAP have expanded their strategic collaboration to enhance cloud ERP experiences with generative AI.This partnership aims to simplify the adoption of RISE with SAP on AWS,improve SAP workloads,and integ

39、rate generative AI across business applications.Read More5/29/2024Inventory-Based E-CommerceJD Health has launched AI-driven mental health services,including a therapeutic chatbot and diagnostic tools,making it Chinas first AI-based online mental health platform.With more than 6,000 psychiatrists an

40、d advanced technology,JD Health enhances treatment quality and accessibility.Read More5/22/2024Aggregators,Platforms,and MarketplacesLVMH Group and Alibaba Group have extended their partnership to enhance luxury experiences in China using Alibabas AI and cloud technologies.This collaboration integra

41、tes Alibaba Clouds generative AI capabilities,supporting LVMHs innovative retail initiatives.Read More5/22/2024Inventory-Based E-CommerceJD.com launched JD NOW,combining its instant shopping services.JD NOW promises rapid delivery from more than 500,000 stores within nine minutes across China.The ne

42、w service includes a redesigned logo and delivery rider uniforms.Read More5/21/2024Aggregators,Platforms,and MarketplacesNinjaTech AI launched its personal AI,Ninja,an autonomous agent powered by AWSs Trainium and Inferentia2 chips.Ninja handles complex tasks like research and scheduling,enhancing p

43、roductivity with elastic,cost-effective,and energy-efficient AI technology.Read More4/30/2024Aggregators,Platforms,and MarketplacesAmazon Web Services has launched Amazon Q,an advanced AI-powered assistant designed to enhance software development and leverage internal data.This innovation promises t

44、o boost productivity significantly,with early indications suggesting an 80%increase.Read More4/24/2024D2CAUTODOC SE,Europes leading auto parts e-commerce platform,announced a minority equity investment led by Apollos funds at a valuation of 2.3 billion.This marks the first time AUTODOC has raised th

45、ird-party equity,supporting its B2B segment expansion and continued growth in the European B2C aftermarket.Read MoreSources:Company websites,press releases.While M&A volume remains subdued,slightly below levels seen in the previous year,both strategic and financial buyers persist in recognizing the

46、inherent value of high-quality e-commerce players.Additional E-Commerce and D2C M&A Highlights10($in Billions)Transaction Value and Deal Volume(1)Notable TransactionsSource:S&P Capital IQ.Data as of June 30,2024.(1)2021 transaction value largely fueled by$46 billion Prosus N.V.and Naspers Ltd.transa

47、ction(May 2021).$42.6$43.3$115.3$14.3$21.4$8.960759873953241316520192020202120222023YTD 2024Disclosed Value($B)DealsKey TakeawaysAfter a rather weak start into 2024,transaction volume picked up again in Q2,indicating continued interest from private equity investors and strategic investors in the sec

48、tors.The focus shift toward EBITDA and current trading performance remains intact and continues to be the decision point for potential transactions.With financial strength,there is a continued opportunity to acquire assets at favorable prices due to market dynamics.DateAcquirerTargetSubsectorDeal Va

49、lue($M)6/28/2024Aggregators,Platforms,and Marketplaces3,107.36/26/2024D2CN/D6/17/2024D2C1,045.06/13/2024Aggregators,Platforms,and MarketplacesN/D5/14/2024Inventory-Based E-Commerce300.74/30/2024Aggregators,Platforms,and MarketplacesN/D4/24/2024Inventory-Based E-Commerce2,300.04/23/2024D2C1,457.84/17

50、/2024Undisclosed InvestorsD2C90.04/17/2024Inventory-Based E-CommerceN/D4/3/2024Inventory-Based E-Commerce1,680.1Relevant KPIs That Potential Buyers Focus On11The main buyer focus is on top-line growth,gross and EBITDA margins,and customer economics.Buyers are only interested if these KPIs look attra

51、ctive.Market TrendsTrafficShop/Front-EndConversionCustomersAfter SalesFinancials%Market Growth%Paid vs.Unpaid TrafficScalability%Conversion RateRepurchase RateSame/Next-Day Delivery%Top-Line Growth%Online-Share GrowthCPCs for Paid Channels#of Exclusive and Total Products%Cancellation RateNew vs.Exis

52、ting Customers/Orders#of SKUs and%on Stock%Gross Margin%Market Share%Direct TrafficLoad TimesDropout RateCLTV to CACHandling Time%EBITDA MarginNet Promoter ScoreFiltering FunctionalityResponse TimesChurn Rate/Customer CohortsReturn Rate%Cash Conversion%Mobile Traffic ShareMobile FriendlinessAOVNWC R

53、equirementImportance of Criteria(Full=High;Empty=Low)Key Metrics for D2C/E-Commerce Companies and the Importance for Potential BuyersAnd What They Question in M&A Processes12Strategy Whats the internationalization strategy historically/going forward and the profitability of the home/core market vers

54、us international operations(P&L by country)?Explain the development of online/offline share historically and in the future.Can you lay out the key initiatives of your future growth plan?Can you give details on the ESG status and ESG strategy going forward?Competition Will there be KPI benchmarking w

55、ith peers?What are the market shares in respective countries?How do you differentiate yourself from potential competitors(e.g.,Amazon and Zalando)?Management/Ownership How dependent is the company on the management team?Is management willing to reinvest?What is your willingness for financial/trade b

56、uyers?Products/Brands What are the sourcing conditions,and what is the“secret sauce?”Explain relevant competence,product strategy specializations,best brands,price point,etc.Identify disruptions in the supply chain and how you will address them.Share of own brand(if any)?Technology What are the capa

57、bilities of the data warehouse(e.g.,CRM,ERP,marketing and purchasing tools)?What do management dashboards and KPI information look like on areal-time basis?What is your technology stack:scalable,mobile-ready,proprietary,and state-of-the-art?Customers/Marketing Identify your source of traffic(e.g.,di

58、rect,search engine(organic/paid),referrals,email,mobile share,CPC,NPS).Do you have a profound understanding of cohort analysis(number oforders,number of customers,churn,AOV,repurchase),monthly CLTV,and CAC?What is the focus of your marketing efforts,online and offline,and social media engagement?How

59、 strong and credible is your brand?Sourcing/Logistics Whats your current sourcing strategy,i.e.,how can the supply chain challenge current business models(e.g.,bike,chips,and gaming console industries)?How scalable and up-to-date is your logistics center?What are your current outbound/inbound/storag

60、e capacity utilization levels versus maximum capacity?What is your strategy regarding inventory levels,SKUs,and units in stock,and what are the associated risks?Financials Elaborate on the unit economics of your detailed bottom-up growth plan.How do you expect to generate further operating leverage?

61、In terms of NWC development,show your DIO,DSO,and DPO development and explain monthly peaks.What is the impact of inflation on gross/EBITDA margin?Equity Market Index Performance13Key Market TrendsAfter a period of stagnation in the first quarter of 2024 and subsequent growth rates below the market,

62、e-commerce and D2C assets continue to grow broadly in line with the overall market.In the second quarter alone,the S&P 500 showed an overall growth of 4.1%.However,the E-Commerce and D2C Index did not sustain the same level,leading to an overall growth of 0.8%,underperforming the market during this

63、time frame.LTM June 2024 PerformanceAprilJune 2024 Performance22.6%S&P 5004.1%S&P 5008595105115125135Jun-23Aug-23Oct-23Dec-23Feb-24Apr-24Jun-24S&P 500Houlihan Lokey E-Commerce and D2C Index859095100105110115Apr-24May-24Jun-24S&P 500Houlihan Lokey E-Commerce and D2C IndexSource:S&P Capital IQ.Data as

64、 of June 30,2024.All share prices rebased to 100.(1)The Houlihan Lokey E-Commerce and D2C Index consists of a diversified set of companies across the e-commerce and D2C sector.See pages 2530 for a complete list.21.4%Houlihan Lokey E-Commerce and D2C Index(1)0.8%Houlihan Lokey E-Commerce and D2C Inde

65、x(1)Equity Market Index Performance E-Commerce and D2C Subsectors1414YTD PerformanceLTM June 2024 Performance by SubsectorThree-Year PerformanceSource:S&P Capital IQ.Data as of June 30,2024.All share prices rebased to 100.The aggregators,platforms,and marketplaces subsector saw a significant increas

66、e of 26.6%,outperforming D2C as well as inventory-based e-commerce,which experienced more moderate growth rates or declines of 16.4%and-3.2%,respectively.Upon reviewing the performance over the past three years,it is evident that all three subsectors are currently trading significantly lower than th

67、eir levels from three years ago.-15.0%6.6%-5.5%-74.2%-17.5%-66.2%8090100110120130140Jun-23Sep-23Dec-23Mar-24Jun-24Inventory-Based E-CommerceAggregators,Platforms,and MarketplacesDirect-to-ConsumerKey Subsector Trends26.6%Aggregators,Platforms,and Marketplaces16.4%Direct-to-Consumer-3.2%Inventory-Bas

68、ed E-CommerceE-Commerce and D2C Sector Definition15010203Inventory-based e-commerce players are online distributors of third-party goods.Manufacturers and consumer-packaged-goods firms sell directly to the consumer through their own online and offline stores.Aggregators,platforms,and marketplaces co

69、nnect the seller and potential buyers,whereby the seller can either be a company or a private person.Inventory-Based E-CommerceD2CAggregators,Platforms,and Marketplaces has soldtoSellside Advisor*has sold premium DTC brandsto Sellside Advisor*has received a growth investment fromFinancial Advisorhas

70、 acquired a majority stake inBuyside AdvisorInterflora Swedenhas been acquired byMyflowera portfolio company of Sellside Advisorhas sold its stake intoSellside Advisor*Tombstones included herein represent transactions closed from 2019 forward.*Selected transactions were executed by Houlihan Lokey pr

71、ofessionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Companies that manufacture or distribute physical products can be systematically segmented into various subgroups,although certain companies could be categorized into two group

72、s.Distributors sell goods predominantly online through their own platform.Physical goods are bought from third parties and stored and handled through their own logistics.Their own brands account for less than 50%of total sales.They are selling their own products and branded products(excluding servic

73、es).They possess a dominant online share of 50%of total sales together with a tech-focused marketing approach.The consumer acts as the purchaser(not businesses).Buyers are able to purchase products without leaving the site(or app).The buyers are mainly consumers,not businesses.Physical products are

74、sold,not digital downloads or services.E-Commercehas received an investment fromSellside Advisorhas acquired a minority stake inBuyside Advisorsold bya portfolio company oftoSellside Advisor*2020 2021Strong growth of revenue is driven by first-time customers and an increased repurchase rate of exist

75、ing customersat substantially lower overall marketing and CAC costs,with lower rebates and,thus,higher gross marginsleading to strong growth at higher EBITDA margins.2022 However,2022 was characterized by supply chain disruptions,lower YoY growth(due to a strong 2021),lower margins,and higher CACs.2

76、023 In 2023,the market was characterized by oversupply and decreasing discretionary spending.In parallel,companies focused on process improvements,reduced costs,improved inventory management,and streamlined the overall organization.How the Landscape Has Evolved Over the Past Three Years16E-commerce/

77、D2C market perception has strongly improved in the wake of the pandemic.However,valuations and market perception started to decrease at the end of 2021,driven by slower growth,higher CAC/marketing expenses,lower discretionary spending,and supply chain challenges.Revenues/KPIs Strong growth in 2020 a

78、nd 2021 was driven by the pandemic.2022 was a transition year characterized by supply chain disruptions and high CAC combined with decreasing growth.2023 was characterized by oversupply and decreasing discretionary spending,negatively affecting revenues.As supply chain challenges and product costs g

79、radually return to normal levels,online companies are continuing to cut inventory and boost profitability in 2024.Market Perception Online Players:Investors remain cautious about the consumer,especially in the D2C/e-commerce space.Offline Players:Theres a strong focus on liquidity and decreasing ove

80、rsupply.Still ongoing lower valuation levels of listed companies might lead to increased P2P activity.Depending on the subsector,PE investors remain interested in the space for market-leading,growing,and profitable assets.PE investors have become more focused on EBITDA and current trading.M&A Even t

81、hough higher than in 2022,M&A volume was weak in 2023 and Q1 2024,but strategics and financial buyers continue to find value in high-quality e-commerce players,leading to an uptick in M&A activity during Q2 2024.Strategic buyers have continued to dominate the limited transaction activity,largely dri

82、ven by private strategics.Aggregators continue to suffer in a very challenging environment.Well-capitalized aggregators continue to have significant opportunities to acquire assets at attractive prices.Impact on Three LevelsDevelopment of E-Commerce Since January 2020 What Trends We Expect for 20241

83、7Innovative PricingSubscription pricing,loyalty programs,discounts,free shipping,and buy-now-pay-later schemes all enhance customer loyalty and satisfaction while increasing revenues through various sales-driving incentives that motivate customers to top up their spending.D2CD2C continues to rise as

84、 customers are increasingly willing to trust new,innovative brands and platforms that are progressively pushed by an increasing number of creators and influencers that enhance customer centricity and proximity.Tech-Driven ShoppingLive commerce,augmented reality,virtual reality,and metaverse applicat

85、ions will further redefine customer engagement,enabling immersive product visualization and interactive 3D experiences to enhance personalization and flexibility in the industry.Social CommerceMore users favor social media over search engines for brand research,thereby increasing the importance of s

86、ocial media marketing and user-generated content to foster meaningful customer connections and create strong consumer loyalty.Consumer BehaviorA surge in mobile shopping boosts accessibility and availability of customer touchpoints that are increasingly characterized by visually driven content,like

87、short video formats,which collectively shape an interactive e-commerce landscape aligned with consumer preferences.Customer Experience Personalization,AI-enabled customer support,innovations in search,and increased delivery speed are demanded to foster customer satisfaction and create a modern custo

88、mer experience.Asian PlayersWe expect continued pressure from Shein and Temu across many verticals.European players need to adapt and focus on quality products,good prices,and impeccable service.However,margin pressure will continue.SustainabilityCircular economy,ethical shopping,sustainability pref

89、erences,and sustainable packaging continue to become increasingly relevant as overall environmental awareness grows and becomes inevitable to consider for product and service providers.And How This Impacts the M&A Environment18010203The overall expansion of EV/sales and EV/EBITDA multiples in the pa

90、st months,driven by cost-cutting and customer resilience,gives hope for further expansion in the course of 2024.Overall transaction volume increased in Q4 2023 with longer transaction processes and more focus on current trading,affecting volume in Q1 2024 but showing a continued interest in high-qua

91、lity assets toward Q2 2024,leading to an increase in M&A activity.M&A and capital markets activity is still largely dependent on the macro backdrop,with recent economic data indicating resilience with a glance toward interest rate reductions.Valuation Recovery M&A ProcessesMacroeconomics04Industry c

92、onsolidation is expected to continue in 2024,including more substantial M&A transactions driven by large players who are trying to exploit their full capabilities.Consolidation05After a weak 2022/2023,we expect continuous improvement of M&A activity in H2 2024 due to improved operational performance

93、,higher gross margins on the back of cheaper sourcing in Asia,lower transportation costs,and improved YoY trading.Potential rate cuts might accelerate the positive momentum.Activity Increase AnticipatedKey Trends E-Commerce and D2C19Key trends highlight a dynamic market environment,prioritizing effi

94、ciency/cost-cutting and data-centric approaches while also refocusing on the consumer to enhance profitability.Inventory-Based E-CommerceInventory-based e-commerce players are online distributors of third-party goods.Micro FulfillmentInventory ManagementAI Order PickingSupply Chain AutomationDirect-

95、to-Consumer Manufacturers and consumer-packaged-goods firms sell directly to the consumer through their own online and offline stores.Niche OrientationData-Based RelationshipUser-Generated ContentD2C Subscription Service Aggregators,Platforms,and Marketplaces Aggregators,platforms,and marketplaces c

96、onnect sellers and potential buyers,whereby the seller can either be a company or a private person.Audience OrientationOpportunistic EnvironmentSupplier OverstockAggregator ValuationsKey Trends Inventory-Based E-Commerce20An orientation toward data-driven supply chain management and AI integration w

97、ill foster financial performance in times of increasing volatility.Pressure From Asian PlayersInflation/Discretionary SpendingIncreasing AI AdoptionLimited Internal OptimizationStrongly growing players from Asia,such as Shein and Temu,are impacting established players.Discretionary spending due to i

98、ncreased inflation is impacting several subsectors within the e-commerce industry.As AI and machine learning become increasingly sophisticated,they penetrate an increasing number of application areas.Internal inventory improvement potential is limited and provides decreasing marginal benefits.Qualit

99、y ProductsMargin UpsideAI Order PickingSupply Chain AutomationThe key is to focus on quality products with impeccable service at good prices.A focus on cost-cutting and efficiency,combined with lower sourcing costs,will positively impact gross margins in 2024.AI-supplemented order management will pr

100、edict the demand and improve picking processes.Automating the whole supply chain,from manufacturer to fulfillment,will reap inventory efficiency gains.1234Key Trends Aggregators,Platforms,and Marketplaces21In this highly opportunistic environment,smaller players can build momentum and look toward in

101、creasing valuations.End of Targeted AdvertisingEconomic DownturnUncertain Retail DemandAggregator CompetitionFollowing Apple,Google will discontinue user tracking and personally targeted advertising.Weakening economic conditions push competitors into insolvency,and the end of targeted advertising ha

102、mpers D2C sales.Traditional retailers are struggling with inventory levels as consumer preferences switch with the ending pandemic and surging inflation.The competition in the aggregator business is increasing as more players rush into the space.Audience OrientationOpportunistic EnvironmentSupplier

103、OverstockAggregator ValuationsThere is an increasing focus on an engaged relationship with the audience through shared values and authenticity.Decreased competition leads to easier and cheaper supplier collaboration,network effects,and new business models.Suppliers,such as traditional retailers,are

104、looking for ways to increase their consumer base and to sell their inventory,e.g.,through D2C partnerships.Rising valuation targets due to buyer competition makes the aggregator business model increasingly difficult.1234Key Trends D2C22There is an increasing focus on customer values and relationship

105、s as demand for personalization rises in line with data security concerns.End of Targeted AdvertisingConsumer DataSocial CommerceSubscription/Club ModelsSimilar to aggregators,platforms,and marketplaces,Google will discontinue user tracking and personally targeted advertising.Newly developed digital

106、 capabilities enable data collection,integration,and synchronization on multiple channels that are used by customers.Consumers increasingly prefer social media over search engines for brand research,driven by the need for more personal relationships with brands.Subscription-based business models are

107、 on the rise,featuring new product groups such as clothes or food.Niche OrientationData-Based RelationshipUser-Generated ContentD2C Subscription ServiceThe focus is on directly addressing selected consumer groups instead of the broad market environment.Open data collection and sharing lead to increa

108、sed consumer/brand collaboration and relationship building.Focusing on selling goods directly within social media platforms will result in a quicker path to purchase,less friction,and deeper brand connection.Establishing subscription models leads to a closer customer relationship and identification

109、with the brand.1234Public Company Valuations LTM June 202423EV/LTM RevenueEV/LTM EBITDAForward P/EInventory-Based E-CommerceAggregators,Platforms,and MarketplacesDirect-to-Consumer14.4x19.0 x9.9x0.5x3.3x0.9x23.2x23.6x14.7xSource:S&P Capital IQ.Data as of June 30,2024.EV/2024E RevenueEV/2024E EBITDAP

110、/E 2024EInventory-Based E-CommerceAggregators,Platforms,and MarketplacesDirect-to-ConsumerPublic Company Valuations 2024E24Source:S&P Capital IQ.Data as of June 30,2024.9.7x14.6x11.3x0.5x3.1x0.9x23.4x24.8x15.5xPublic Comparables(LTM June 2024)E-Commerce and D2C25Source:S&P Capital IQ.Data as of June

111、 30,2024.($in Millions,Except per-Share Prices)As of 6/30/24Market CapUSD MEVUSD MNet DebtUSD MNet Debt/LTM EBITDALTMForward P/ETEV/RevenueUSD MEBITDAUSD MEBITDA MarginEPSLTM EBITDALTM RevenueInventory-Based E-CommerceJD.com,Inc.39,455.9 34,014.4(17,192.9)N/M 152,587.1 7,272.5 4.8%$2.2 7.7x 4.7x 0.2

112、x ZOZO,Inc.7,435.5 7,126.3(328.9)N/M 1,302.5 423.0 32.5%1.0 26.2x 16.8x 5.5x Vipshop Holdings Ltd.7,061.7 3,954.5(3,393.4)N/M 15,645.1 1,614.9 10.3%2.1 5.2x 2.4x 0.3x Wayfair Inc.6,429.4 9,389.4 2,055.0 N/M 11,958.0(289.5)N/M(5.4)35.7x N/M0.8x Zalando SE6,023.0 5,567.2(458.9)N/M 10,927.7 565.1 5.2%0

113、.4 24.1x 9.9x 0.5x Ocado Group PLC2,994.1 4,382.6 1,362.7 16.5x 3,580.7 82.6 2.3%(0.5)N/M N/M1.2x Redcare Pharmacy N.V.2,484.8 2,541.7 26.5 1.0 x 2,143.6 26.2 1.2%0.0 N/M N/M1.2x THG PLC1,046.0 1,777.5 737.3 14.6x 2,605.3 50.6 1.9%(0.2)N/M 35.1x 0.7x AO World PLC808.2 847.1 38.9 0.5x 1,312.6 75.5 5.

114、8%0.1 21.9x 11.2x 0.6x Boozt AB780.7 810.9 29.9 0.6x 733.6 47.0 6.4%0.3 24.3x 17.2x 1.1x DocMorris AG767.0 1,019.4 269.3 N/M 1,151.3(71.1)N/M(12.0)N/M N/M0.9x 1-800-FLOWERS.COM,Inc.611.3 739.9 5.5 0.0 x 1,869.3 135.1 7.2%(0.1)29.7x 5.5x 0.4x About You Holding SE604.6 602.0(2.6)0.1x 2,091.9(45.8)N/M(

115、0.7)N/M N/M0.3x ASOS PLC536.8 1,360.6 823.7 N/M 4,061.9(177.1)N/M(2.7)N/M N/M0.3x Victorian Plumbing Group PLC382.0 394.5 12.5 0.5x 357.3 24.5 6.9%0.0 19.0 x 16.1x 1.1x K Ltd.279.9 239.1(41.8)N/M 315.0 12.5 4.0%0.0 23.2x 19.1x 0.8x BHG Group AB279.2 524.8 227.0 7.1x 1,045.8 32.1 3.1%(0.8)32.5x 16.3x

116、 0.5x Westwing Group SE171.6 122.3(49.6)N/M 468.6 7.2 1.5%0.0 N/M 16.9x 0.3x V Oyj.106.6 128.1 21.7 2.2x 527.4 10.0 1.9%0.0 20.4x 12.8x 0.2x Mister Spex SE106.6 82.8(24.0)1.9x 247.0(12.7)N/M(1.6)N/M N/M0.3x PetMed Express,Inc.80.6 26.8(55.3)N/M 281.1 0.5 0.2%(0.4)N/M N/M0.1x Bike24 Holding AG61.3 10

117、0.3 39.3 N/M 238.0(5.7)N/M 0.0 N/M N/M0.4x Delticom AG42.6 94.3 53.4 2.9x 525.8 18.3 3.5%0.6 7.5x 5.1x 0.2x Median21.7 1.4x 1,302.5 24.5 4.0%0.0 23.2x 14.4x 0.5x Mean(688.9)4.0 x 9,390.3 425.9 5.8%(0.8)21.3x 13.5x 0.8x Public Comparables(LTM June 2024)(cont.)E-Commerce and D2C26($in Millions,Except

118、per-Share Prices)As of 6/30/24Market CapUSD MEVUSD MNet DebtUSD MNet Debt/LTM EBITDALTMForward P/ETEV/RevenueUSD MEBITDAUSD MEBITDA MarginEPSLTM EBITDALTM RevenueAggregators,Platforms,and MarketplacesA,Inc.2,011,080.7 2,086,566.7(533.0)N/M 590,740.0 109,758.0 18.6%$3.6 40.5x 19.0 x 3.5x Alibaba Grou

119、p Holding Ltd.174,109.4 140,959.3(55,432.9)N/M 130,346.7 26,955.1 20.7%4.3 8.8x 5.2x 1.1x MercadoLibre,Inc.83,316.2 82,371.2(1,761.0)N/M 15,620.0 3,050.0 19.5%22.3 45.1x 27.0 x 5.3x Copart,Inc.52,118.0 49,164.7(3,089.9)N/M 4,165.4 1,812.0 43.5%1.4 34.6x 27.1x 11.8x eBay Inc.27,206.1 27,301.1(388.0)N

120、/M 10,158.0 2,711.0 26.7%5.0 11.3x 10.1x 2.7x REA Group Ltd.17,335.3 17,457.9 94.8 0.2x 1,027.3 443.4 43.2%1.5 N/M 39.4x 17.0 x Rakuten Group,Inc.11,083.9 11,008.4(11,258.9)N/M 13,945.4 1,146.9 8.2%(1.0)N/M 9.6x 0.8x Zillow Group,Inc.10,873.8 9,802.8(1,190.0)9.7x 2,005.0(122.3)N/M(0.7)32.0 x N/M4.9x

121、 Allegro.eu S.A.9,889.3 11,023.5 1,145.6 2.1x 2,597.3 557.6 21.5%0.1 23.6x 19.8x 4.2x Auto Trader Group PLC9,074.7 9,094.8 20.1 0.0 x 721.0 470.2 65.2%0.4 24.0 x 19.3x 12.6x CAR Group Ltd.8,870.4 9,584.8 696.2 2.2x 668.3 321.1 48.0%0.6 35.7x 29.9x 14.3x Etsy,Inc.6,896.7 8,242.0 1,345.3 3.1x 2,753.5

122、434.5 15.8%2.2 12.5x 19.0 x 3.0 x Delivery Hero SE6,730.5 10,994.1 4,402.9 N/M 10,989.2(293.2)N/M(9.5)N/M N/M1.0 x Scout24 SE5,583.3 5,711.8 129.4 0.5x 588.2 287.2 48.8%2.7 24.4x 19.9x 9.7x Rightmove PLC5,402.8 5,363.1(40.1)N/M 464.0 333.6 71.9%0.3 20.7x 16.1x 11.6x Autohome Inc.3,324.5 232.6(3,274.

123、9)N/M 1,005.4 220.2 21.9%2.1 12.2x 1.1x 0.2x Just Eat T N.V.2,482.3 3,153.0 699.7 N/M 5,711.3(37.6)N/M(9.6)N/M N/M0.6x AUTO1 Group SE1,415.8 1,664.1 250.0 N/M 5,838.0(22.0)N/M 0.0 N/M N/M0.3x C Inc.1,302.5 1,744.9 442.4 2.7x 702.3 166.7 23.7%1.6 9.7x 10.5x 2.5x Americanas S.A.63.4 4,395.5 4,815.7 N/

124、M 3,476.3(950.9)N/M(2.6)2.4x N/M1.3x Median57.4 2.1x 3,114.9 384.1 23.7%1.0 23.6x 19.0 x 3.3x Mean(3,146.3)2.6x 40,176.1 7,362.1 33.1%1.2 22.5x 18.2x 5.4x Source:S&P Capital IQ.Data as of June 30,2024.Public Comparables(LTM June 2024)(cont.)E-Commerce and D2C27($in Millions,Except per-Share Prices)A

125、s of 6/30/24Market CapUSD MEVUSD MNet DebtUSD MNet Debt/LTM EBITDALTMForward P/ETEV/RevenueUSD MEBITDAUSD MEBITDA MarginEPSLTM EBITDALTM RevenueDirect-to-ConsumerHims&Hers Health,Inc.4,336.5 4,144.8(203.6)N/M 959.4 7.6 0.8%($0.0)N/M N/M4.3x YETI Holdings,Inc.3,251.8 3,252.8(90.2)N/M 1,697.3 303.4 17

126、.9%2.0 14.5x 10.7x 1.9x Warby Parker Inc.1,908.9 1,870.0(220.4)N/M 697.8 10.6 1.5%(0.5)N/M N/M2.7x tonies SE838.7 801.6(38.3)12.7x 399.0(3.0)N/M(0.1)N/M N/M2.0 x boohoo group PLC547.5 821.7 274.0 17.2x 1,845.7 15.9 0.9%(0.1)N/M N/M0.4x RVRC Holding AB485.6 460.0(25.4)N/M 168.0 36.3 21.6%0.2 15.0 x 1

127、2.7x 2.7x BARK,Inc.317.9 280.2(85.6)3.1x 490.2(27.7)N/M(0.2)N/M N/M0.6x The Honest Company,Inc.288.0 282.3(33.6)2.1x 347.2(15.8)N/M(0.2)N/M N/M0.8x Solo Brands,Inc.132.7 447.6 154.8 3.2x 491.9 49.0 10.0%(2.0)4.6x 9.1x 0.9x Allbirds,Inc.78.7 56.0(102.1)1.3x 239.0(76.6)N/M(0.9)N/M N/M0.2x Brilliant Ea

128、rth Group,Inc.28.8 69.4(88.6)N/M 446.0 18.6 4.2%0.0 22.1x 3.7x 0.2x Median(85.6)3.1x 490.2 10.6 4.2%(0.1)14.7x 9.9x 0.9x Mean(41.7)6.6x 707.4 28.9 8.1%(0.2)14.0 x 9.1x 1.5x Overall Median1.4 2.1x 1,226.9 34.2 8.2%0.0 22.0 x 16.1x 0.9x Overall Mean(1,467.2)4.1x 19,023.7 2,914.0 16.7%0.1 21.0 x 15.1x

129、2.6x Source:S&P Capital IQ.Data as of June 30,2024.Public Comparables(2024E)E-Commerce and D2C28Source:S&P Capital IQ.Data as of June 30,2024.($in Millions,Except per-Share Prices)As of 6/30/24Net Debt/2023 EBITDAEV/RevenueEV/EBITDAP/E202224 CAGREBITDA MarginForward P/E20232024E20232024E20232024ERev

130、enueEBITDA20232024E20232024EInventory-Based E-CommerceJD.com,Inc.N/M 0.2x 0.2x 4.8x 5.4x 12.0 x 7.9x 2.7%8.0%4.6%4.0%7.9x 7.7x ZOZO,Inc.N/M 5.2x 5.5x 16.7x 16.8x 25.9x N/A(2.2%)(1.7%)31.0%32.7%23.9x 26.2x Vipshop Holdings Ltd.N/M 0.2x 0.3x 2.6x 2.5x 6.4x 5.4x 1.7%14.0%9.6%10.1%5.1x 5.2x Wayfair Inc.

131、N/M 0.8x 0.8x N/M 15.9x N/M 47.2x(0.3%)N/A N/M 4.8%N/M 35.7x Zalando SEN/M 0.5x 0.5x 10.2x 6.7x N/M 26.0 x 0.5%52.6%4.8%7.4%30.5x 23.7x Ocado Group PLC16.5x 1.2x 1.1x N/M 25.8x N/M N/M 12.1%N/A 2.3%4.4%N/M N/M Redcare Pharmacy N.V.1.2x 1.3x 1.0 x N/M 33.5x N/M N/M 40.9%N/A 1.2%3.0%N/M N/M THG PLC14.

132、6x 0.7x 0.7x 35.1x 9.4x N/M N/M(0.9%)266.3%1.9%7.1%N/M N/M AO World PLC0.5x 0.6x 0.6x 10.8x 10.0 x 25.6x 22.9x(1.0%)48.0%5.8%6.0%26.2x 21.6x Boozt AB0.6x 1.1x 1.0 x 16.4x 12.2x 35.5x 24.5x 10.9%28.0%6.4%8.4%26.9x 24.8x DocMorris AGN/M 0.9x 0.8x N/M N/M N/M N/M 14.1%(59.1%)N/M N/M N/M N/M 1-800-FLOWE

133、RS.COM,Inc.1.0 x 0.4x 0.4x 5.5x 7.9x N/M 33.9x(7.7%)(12.4%)7.1%5.1%35.3x 29.7x About You Holding SE0.0 x 0.3x 0.3x N/M 31.1x N/M N/M 5.5%N/A N/M 0.9%N/M N/M ASOS PLCN/M 0.3x 0.3x N/M 11.0 x N/M N/M(7.2%)N/A N/M 3.1%N/M N/M Victorian Plumbing Group PLC0.5x 1.1x 1.0 x 16.7x 10.8x 24.6x 19.4x 8.5%43.0%

134、6.5%9.3%18.7x 18.8x K Ltd.N/M 0.8x 0.7x 19.1x 8.0 x N/M 23.2x(9.5%)N/A 4.0%9.4%30.4x 22.9x BHG Group AB7.0 x 0.4x 0.5x 16.1x 9.0 x N/M 47.2x(13.7%)(5.3%)2.8%6.1%N/M 32.2x Westwing Group SEN/M 0.3x 0.3x 12.9x 5.9x N/M N/M 1.3%N/A 2.0%4.4%N/M N/M V Oyj.1.8x 0.2x 0.2x 10.9x 8.2x 46.6x 23.6x(4.8%)38.6%2

135、.1%3.0%14.4x 20.2x Mister Spex SE2.0 x 0.3x 0.3x N/M 15.0 x N/M N/M 4.0%N/A N/M 2.2%N/M N/M PetMed Express,Inc.N/M 0.1x 0.1x 5.1x 3.1x N/M N/A 2.9%(27.1%)1.9%3.2%47.6x N/M Bike24 Holding AGN/M 0.4x 0.4x N/M 16.7x N/M N/M(5.8%)(13.0%)N/M 2.4%N/M N/M Delticom AG2.9x 0.2x 0.2x 5.1x 4.7x 4.8x 7.5x(4.6%)

136、51.2%3.5%4.0%11.1x 7.5x Median1.5x 0.4x 0.5x 10.9x 9.7x 25.1x 23.4x 0.5%14.0%4.0%4.6%25.1x 22.9x Mean4.0 x 0.8x 0.8x 12.5x 12.3x 22.7x 24.0 x 2.1%28.7%5.7%6.4%23.2x 21.2x Public Comparables(2024E)(cont.)E-Commerce and D2C29Source:S&P Capital IQ.Data as of June 30,2024.($in Millions,Except per-Share

137、Prices)As of 6/30/24Net Debt/2023 EBITDAEV/RevenueEV/EBITDAP/E202224 CAGREBITDA MarginForward P/E20232024E20232024E20232024ERevenueEBITDA20232024E20232024EAggregators,Platforms,and MarketplacesA,Inc.0.8x 3.6x 3.3x 21.2x 15.2x N/M 42.5x 11.5%44.1%17.1%21.5%N/M 40.5x Alibaba Group Holding Ltd.N/M 1.1x

138、 1.0 x 5.2x 5.7x 13.2x 9.1x 4.3%0.1%20.7%18.3%7.6x 8.8x MercadoLibre,Inc.N/M 5.7x 4.2x 28.3x 24.9x N/M 48.3x 35.7%44.0%20.1%17.0%N/M 45.1x Copart,Inc.N/M 12.1x 11.0 x 27.6x 25.0 x 38.7x 35.6x 10.1%12.7%43.9%44.2%36.4x 34.6x eBay Inc.0.0 x 2.7x 2.7x 10.4x 8.5x 10.3x 11.5x 2.4%4.9%25.8%31.3%12.2x 11.3

139、x REA Group Ltd.0.2x 17.0 x 17.1x 39.4x 30.2x N/M N/M 2.9%21.6%43.2%56.4%N/M N/M Rakuten Group,Inc.N/M 0.7x 0.8x 12.5x 7.3x N/M N/A(1.9%)N/A 6.0%10.7%N/M N/M Zillow Group,Inc.8.4x 5.0 x 4.5x N/M 21.6x N/M 34.1x 5.0%164.2%N/M 21.0%35.0 x 32.0 x Allegro.eu S.A.2.2x 4.3x 3.8x 21.1x 14.6x N/M 25.4x 18.0

140、%36.7%20.1%26.3%30.3x 23.3x Auto Trader Group PLC0.0 x 13.0 x 11.9x 20.1x 17.9x 29.8x 24.8x 14.3%15.2%64.6%66.5%26.2x 23.7x CAR Group Ltd.2.2x 14.3x 12.4x 29.9x 23.4x 36.8x 34.4x 37.6%45.4%48.0%53.2%37.7x 35.4x Etsy,Inc.3.1x 3.0 x 3.0 x 18.7x 10.8x 26.3x 12.9x 4.3%29.1%16.0%27.4%12.6x 12.5x Delivery

141、 Hero SEN/M 1.0 x 0.9x N/M 13.7x N/M N/M 16.8%N/A N/M 6.4%N/M N/M Scout24 SE0.4x 9.7x 9.4x 19.7x 15.7x 28.4x 25.3x 9.1%26.3%49.3%60.2%24.9x 24.2x Rightmove PLCN/M 11.6x 10.9x 16.1x 15.3x 21.8x 20.7x 11.0%9.0%71.9%71.1%20.7x 20.5x Autohome Inc.N/M 0.2x 0.2x 1.0 x 1.3x 12.7x 11.9x 1.3%(15.2%)22.2%17.8

142、%12.8x 12.2x Just Eat T N.V.N/M 0.6x 0.6x N/M 6.4x N/M N/M(2.9%)N/A N/M 8.7%N/M N/M AUTO1 Group SEN/M 0.3x 0.3x N/M N/M N/M N/M(6.3%)N/A N/M 0.5%N/M N/M C Inc.2.7x 2.5x 2.4x 10.7x 8.0 x 11.3x 10.3x 6.2%13.7%23.7%29.4%9.0 x 9.7x Americanas S.A.5.6x N/A 0.7x 5.1x 5.0 x N/M 2.1x 11.1%N/A N/A 14.7%N/M 2

143、.4x Median2.2x 3.6x 3.1x 19.2x 14.6x 24.1x 24.8x 7.6%21.6%23.7%23.9%22.8x 23.3x Mean2.3x 5.7x 5.1x 17.9x 14.2x 22.9x 23.3x 9.5%30.1%32.8%30.1%22.1x 22.4x Public Comparables(2024E)(cont.)E-Commerce and D2C30Source:S&P Capital IQ.Data as of June 30,2024.($in Millions,Except per-Share Prices)As of 6/30

144、/24Net Debt/2023 EBITDAEV/RevenueEV/EBITDAP/E202224 CAGREBITDA MarginForward P/E20232024E20232024E20232024ERevenueEBITDA20232024E20232024EDirect-to-ConsumerHims&Hers Health,Inc.13.6x 4.8x 3.3x N/M 31.5x N/M 39.0 x 53.4%N/A N/M 10.6%N/M N/M YETI Holdings,Inc.0.0 x 2.0 x 1.8x 11.1x 9.4x 19.7x 14.8x 6.

145、6%37.2%17.6%19.0%14.6x 14.5x Warby Parker Inc.N/M 2.8x 2.5x N/M 26.6x N/M N/M 12.7%N/A 0.3%9.3%N/M N/M tonies SE12.7x 2.0 x 1.5x N/M 21.4x N/M N/M 37.3%N/A N/M 7.2%N/M N/M boohoo group PLC20.6x 0.4x 0.5x N/M 9.8x N/M N/M(9.2%)72.5%0.7%4.7%N/M N/M RVRC Holding ABN/M 2.7x 2.4x 12.2x 11.3x 17.0 x 15.5x

146、 16.3%16.9%21.9%21.4%14.8x 14.9x BARK,Inc.1.1x 0.6x 0.6x N/M N/M N/M N/M(4.7%)(97.2%)N/M N/M N/M N/M The Honest Company,Inc.0.2x 0.8x 0.8x N/M 38.6x N/M N/M 7.2%N/A N/M 2.0%N/M N/M Solo Brands,Inc.3.3x 0.9x 0.9x 7.7x 8.2x N/M 4.7x(1.9%)(9.7%)11.8%10.9%2.5x 4.7x Allbirds,Inc.0.3x 0.2x 0.3x N/M N/M N/

147、M N/M(18.7%)5.2%N/M N/M N/M N/M Brilliant Earth Group,Inc.N/M 0.2x 0.2x 4.1x 3.8x N/M 25.1x 2.3%(22.4%)3.8%4.0%13.3x 22.1x Median2.2x 0.9x 0.9x 9.4x 11.3x 18.3x 15.5x 6.6%5.2%7.8%9.3%13.9x 14.7x Mean6.5x 1.6x 1.3x 8.8x 17.8x 18.3x 19.8x 9.2%0.3%9.3%9.9%11.3x 14.1x Overall Median1.8x 0.9x 0.8x 12.5x

148、10.9x 23.2x 23.4x 3.5%15.2%8.4%9.3%19.7x 21.9x Overall Mean4.1x 2.7x 2.5x 14.6x 14.0 x 22.4x 23.0 x 6.3%23.9%17.0%16.3%21.0 x 20.9x Disclaimer31 2024 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without the prior written consent o

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157、gulatory authorities regarding such activities in other jurisdictions.Other persons,such as retail clients,are NOT the intended recipients of our communications or services and should not act upon this communication.Houlihan Lokey gathers its data from sources it considers reliable;however,it does n

158、ot guarantee the accuracy or completeness of the information provided within this presentation.The material presented reflects information known to the authors at the time this presentation was written,and this information is subject to change.Any forward-looking information and statements contained

159、 herein are subject to various risks and uncertainties,many of which are difficult to predict,that could cause actual results and developments to differ materially from those expressed in,or implied or projected by,the forward-looking information and statements.In addition,past performance should no

160、t be taken as an indication or guarantee of future performance,and information contained herein may be subject to variation as a result of currency fluctuations.Houlihan Lokey makes no representations or warranties,expressed or implied,regarding the accuracy of this material.The views expressed in t

161、his material accurately reflect the personal views of the authors regarding the subject securities and issuers and do not necessarily coincide with those of Houlihan Lokey.Officers,directors,and partners in the Houlihan Lokey group of companies may have positions in the securities of the companies d

162、iscussed.This presentation does not constitute advice or a recommendation,offer,or solicitation with respect to the securities of any company discussed herein,is not intended to provide information upon which to base an investment decision,and should not be construed as such.Houlihan Lokey or its af

163、filiates may from time to time provide financial or related services to these companies.Like all Houlihan Lokey employees,the authors of this presentation receive compensation that is affected by overall firm profitability.Corporate Finance Financial Restructuring Financial and Valuation AdvisoryHL.com