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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?
Page 2 of 2
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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.
Page 1 of 2
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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)
Page 2 of 2
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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)
Page 2 of 2
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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
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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
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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.
Tech Insights #324
Being AI
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Mergers & acquisitionsCorporate finance advisoryCapital raising
8 April 2024
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Overview
Being AI recently joined the NZX via a reverse-listing through the shell of Ascension Capital. The company has positioned itself as New Zealand’s first listed AI company.As it stands today, the business is a legacy mail/courier business (Send Global), with a small school (AGE) and a 6-month old consultancy (Being Consultants) attached.
The market cap of Being AI (NZX:BAI) is $115m (using VWAP from Friday 5 April).
Entity
Send Global(formerly G3)
AGE
Being Consultants(incl Being Labs and Ventures)
Total
Description
Mail and courier services, outsourced business services (filing / mailroom etc).
A school for years 1–13 in Takapuna, Auckland forup to 100 students.
Positioning itself as an AI/EAT (Exponentially Accelerating Technologies) business.
Currently a mail/courier business, that has branded itself as an AI/EATbusiness.
Revenue
$38.0m
$2.3m
-
$40.3m
EBITDA
$2.6m
($0.1m)
-
$2.5m
Value (as per reverse listing)
$25m
$15m
$5m initiallyUp to another $35m over 3 years
$45m nowUp to $80m including earn-in
Clare Capitalequity valuation estimate
$12m - $24m
$0m - $2m
$0m
Less than the sum of the parts
Commentary
•Revenue has fallen from $52m in FY17 to $38m currently, in a decliningmail environment.
•EBITDA in recent years has been consistently around $3m.
•EBITDA multiple of 4x-8x appropriate, likely at the lower end of the range.
•Small school with no current profitability.
•Has physical assets of $2.7m, but also debt at a similar level.
•ClareCapital see little economic value in this company.
•Has only been established~6 months ago.
•As far as we can tell, has no revenue or customers.
•Is essentially just an idea at this stage.
•Current value is primarily derived from the EBITDA of Send Global, however this will be diminished as it is used to fund the Being AI division.
NZX:BAI
Note: Send Global financials for the 12 months to 30 Sept 2023, AGE financials for the 12 months to 31 Dec 2023. Financials are estimates where actuals are not available.
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Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence, and NZX 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.
Mergers & acquisitionsCorporate finance advisoryCapital raising
8 April 2024
Tech Insights #324
Being AI
Timeline
30 Oct 2023
Being Consultants Limited incorporated.
29 Nov 2023
Being Labs and Being Ventures incorporated.
11 Dec 2023
Ascension announces proposed reverse-listing to the market.
11 Mar 2024
Acquisition docs including independent advisors report released.
17 Oct 2023
Last time Ascension (NZX:ACE) shares are traded(30,000 shares @ 1.5c, ~$450).
28 Mar 2024
Shareholders approve the transaction (99% in favour) @ 2.5c share price.
2 Apr 2024
Shares begin to trade under BAI ticker – $1.7k traded @ VWAP 2.2c.
3 Apr 2024
$72.5k traded @ VWAP 4.4c, ends day at 5c.
4 Apr 2024
NZ RegCo issues a ‘please explain’ to BAI given its share price increase.
NZ RegCo encourages investors to read the listing docs and the valuation guidance in them. $59.5k traded @ VWAP of 7c.
5 Apr 2024
NZ RegCo issues its first ever ‘trade with caution’ notice.
NZ RegCo strongly urges investors to read the listing docs and that the reverse listing was undertaken at 2.5c. $261.2k traded @ VWAP of 6.2c.
Reverse listing details
The reverse listing was settled in shares valued at 2.5c each, the cap table for Being AI post the reverse listing is tightly held by several individuals.
Shareholder
Shares (m)
%
Katherine Allsop-Smith and Evan Christian (owned 100% of Send and 87% of AGE) 1
1,520
81.4%
David McDonald (owned 100% of Being Consultants)
200
10.7%
Sean Joyce / Excalibur Capital Partners 2
116
6.2%
Other Ascension shareholders
19
1.0%
Other Ascension directors
13
0.7%
Total
1,868
100.0%
1 250m of the Allsop-Smith/Christian shares have been given to their charitable foundation (which until February was called the 'AGE Foundation Charitable Trust’, since renamed ‘Te Turanga Ukaipo Charitable Trust’).
2 Sean Joyce was a director and shareholder of Ascension, and is the Chair of Being AI. His Being AI shares derive from his initial Ascension shares, his 13% shareholding in AGE, and capitalisation of Ascension debt / directors fees.
There are no lock-ups for the shareholders, except for a 12-month lock-up for any earn-in shares, and a 6-month lock-up for director fee shares.
Being AI “earn-in” mechanism
In addition to the $5m upfront share issue for Being Consultants, more shares will be issued if the share price reaches 4c after 9months, 8c after 18months, 12c after 24months and 30c up to 36months.
If current share price levels hold, this would trigger an additional ~$12m of shares issued to David McDonald, lifting his stake to 29%. If the full earn-in is achieved, David McDonald would own just under 50% of Being AI.
-
200
400
600
800
1,000
FY21
FY22
FY23
S&M
G&A
R&D
Cost of revenue
Revenue
Revenue
-
75
150
225
300
375
450
-
2,000
4,000
6,000
8,000
10,000
12,000
Series A
Series B
Series C
Series D
Series E
Series F
IPO
Dec 12
Sep 14
Jul 17
Feb 19
Feb 21
Aug 21
Mar 24
Tech Insights #323
Reddit Inc.
Mergers & acquisitionsCorporate finance advisoryCapital raising
25 March 2024
r/Overview
This week’s Tech Insights report looks at Reddit, which recently listed its class A shares on the New York Stock Exchange. Reddit is a social media platform which provides a network of communities with the ability to discuss interests, ask questions, share images and videos. The first page looks at key financial metrics, Reddit’s funding rounds to date and key information about the IPO. The second page looks at industry metrics and how this compares to some of Reddit’s competitors.
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r/Reddit funding rounds & valuation (USD $m)
r/Share structure & key IPO information
r/Reddit financials (USD $m)
Key items
A shares
B shares
Total
Shares outstanding (# m)
36.9
122.1
159.0
Economic rights (%)
23.2%
76.8%
100.0%
Voting rights (%)
2.9%
97.1%
100.0%
Voting weight
1 / share
10 / share
NA
Trading status
Public
Private
NA
Valuation (LHS)
Capital raised (RHS)
Reply
Share
Over 95% of Reddit’s revenue is advertising.
IPO gross proceeds
USD $748m
Market cap at IPO open
USD $5.4bn
CEO voting rights
46.3%
Reddit shares opened at $34 / share and closed its 1st day of trading at $50.4 / share, a 48% increase in market value.
For this IPO
Shares (#m)
USD $m
Primary sale
15.3
519.4
Secondary sale
6.7
228.6
Total sale
22.0
748.0
r/Daily active users for FY23 (# millions)
r/Advertising revenue for FY23 (USD $b)
r/ARPU for Q4 FY23 (USD $)
Tech Insights #323
Reddit Inc.
Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence, Crunchbase and SEC 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.
Mergers & acquisitionsCorporate finance advisoryCapital raising
25 March 2024
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r/Peer comparables data (USD $b)
Company
Market cap
LTM revenue
LTM EBITDA
Gross margin
LTM rev growth
EV/LTM rev
Alphabet (Google)
1,841.6
307.4
100.2
56.9%
8.7%
6x
Meta (Facebook)
1,294.5
134.9
61.4
80.7%
15.7%
9x
Roblox
23.8
2.8
(1.0)
19.0%
25.8%
8x
23.3
3.1
0.0
77.5%
9.0%
7x
Snap
18.4
4.6
(1.2)
54.1%
0.1%
4x
Median
23.8
4.6
0.0
56.9%
9.0%
7x
8.0
0.8
(0.1)
86.2%
35.7%
11x
Reddit information is taken as at the end of the first day of trading on 21 March.
2,074
400
65
-
500
1,000
1,500
2,000
2,500
Snapchat
131.9
4.6
0.8
31.5
-
20
40
60
80
100
120
140
Snapchat
YouTube
Advertising revenue / avg. daily active users for quarter.
18.3
3.3
3.4
-
4
8
12
16
20
Snapchat
1
(22)
11
27
(40)
(20)
-
20
40
60
80
FY13
FY15
FY17
FY19
FY21
FY23
Revenue ($m)
Op. margin
Business model
Total
3,399
1.8%
Low margin at scale
1,892
3.8%
Low margin at scale
1,061
2.6%
249
9.3%
Good margin
162
(13.7%)
Neither
34
(65.4%)
New product
Tech Insights #322
A Tale of Two Acquisitions
Mergers & acquisitionsCorporate finance advisoryCapital raising
18 March 2024
Overview
On the back of the recently announced $1 sale of Torpedo7, this Tech Insights report examines two companies that The Warehouse Group acquired at a similar time and price, Torpedo7 and Noel Leeming. Torpedo7 specialises in outdoor sports gear while Noel Leeming in consumer electronics. We compare how they have performed since the acquisition by looking into their financials and key metrics to demonstrate the stark differences between the fate of the two companies.
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Note that we have used operating profit as an approximation for cash flow. The operating profit figures are all presented on a pre-IFRS 16 basis. The price of Noel Leeming includes $8m of debt acquired.
Torpedo7 vs Noel Leeming’s operating profit (NZD $m)
Key information for first full year
Torpedo7
Noel Leeming
NZD $m
Torpedo7
Noel Leeming
Acquisition
(53)
(73)
Bolt-on acquisitions
(27)
-
Total investment
(79)
(73)
Accum. operating profit
(41)
310
Exit/implied value
-
273
Total return
(41)
583
NZD $m
Torpedo7
Noel Leeming
Financial year
FY14
FY14
Revenue
108
621
Operating profit
1
11
Identifiable NTA
25
33
Store count # – (leased)
10
77
Accumulated as at FY23
Annual operating profit
Returns comparison
Note Noel Leeming’s implied value is assumed by taking the median EBIT multiple of its industry peers.
Analysis excludes change in net working capital.
The Warehouse Group
(41)
(100)
-
100
200
300
1
2
310
What $1 buys
Estimated Salary cost
$11.2m
Store count (leased)
25
Operating profit
($22m)
Net op. assets
$54m
Net operating assets is from FY22 and excludes lease assets/liabilities
Acquired: 2012
Price: $73m
Acquired: 2013
Price: $79m
-
200
400
600
800
1,000
1,200
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
Tech Insights #322
A Tale of Two Acquisitions
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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Revenue (NZD $m)
Operating profit margin
% of total retail revenue
-
20
40
60
80
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
Store count (#)
Torpedo7
Noel Leeming
(15%)
(10%)
(5%)
-
5%
10%
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
-
5%
10%
15%
20%
25%
30%
35%
40%
FY14
FY15
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
-
5
10
15
20
25
30
Mar 20
Dec 20
Sep 21
Jun 22
Mar 23
Dec 23
Tesla revenue
BYD revenue
Tech Insights #321
Charging ahead: Exploring the EV landscape
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Mergers & acquisitionsCorporate finance advisoryCapital raising
11 March 2024
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Overview
This Tech Insights report explores the electric vehicle (EV) industry. In the financial quarter ending on 31 December 2023, Chinese carmaker BYD surpassed Tesla to become the global leader in fully electric vehicle sales. However, Tesla maintains its position as the most popular new car EV manufacturer in New Zealand by number of registrations. For the purposes of this report, the term ‘EV’ refers to all-battery electric vehicles. All financial figures are presented in USD.
Tesla and BYD quarterly revenue (US $bn)
Indexed share prices – Tesla and BYD
Market capitalisation (USD $bn) – Tesla and BYD
Tesla and BYD number of quarterly sales (000s)
Note: Revenue for BYD quarter ending Dec 23 is an analyst estimate.
-
400%
800%
1,200%
1,600%
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Tesla
BYD
-
300
600
900
1,200
Jan 20
Jan 21
Jan 22
Jan 23
Jan 24
Tesla
BYD
-
200
400
600
800
1,000
Mar 20
Dec 20
Sep 21
Jun 22
Mar 23
Dec 23
BYD hybrids sold
BYD EVs sold
Tesla EVs sold
% change from 2022
(29.3%)
25.4%
121.6%
211.9%
74.5%
3.9%
18.3%
3393.8%
43.0%
(33.7%)
Tech Insights #321
Charging ahead: Exploring the EV landscape
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Disclaimer The information in this report has been sourced from S&P Global Market Intelligence, annual reports, NZ Transport Agency and the Ministry of Transport. Clare Capital holds no responsibility over the actual numbers and is not an Authorised Financial Adviser. If you are making investment decisions, you should seek appropriate advice.
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EVs by number and share of new vehicles registered in NZ
Dominant EV car makes in NZ by new vehicles registered
Global car manufacturers by enterprise value (USD $bn)
-
2,000
4,000
6,000
8,000
Polestar
BMW
Volkswagen
Peugeot
Hyundai
Kia
MG
BYD
Nissan
Tesla
2022
2023
-
1.5%
3.0%
4.5%
6.0%
7.5%
9.0%
-
5
10
15
20
25
30
'19
'20
'21
'22
'23
Share of total vehicles registered
Number of EVs registered (‘000)
Others
Tesla
BYD
Share of total vehicles registered
Note: Chart refers to all-battery electric vehicles.
Company
Country
Total cars sold FY23 (millions)
Enterprise value
LTM revenue
LTM revenue growth
EBITDA
EBITDA
margin
Gross
margin
Enterprise value / LTM revenue
Enterprise value
/ EBITDA
Tesla
USA
1.8
550
97
18.8%
14
14.0%
18.2%
5.7x
40.6x
Toyota
Japan
10.3
487
312
14.5%
47
15.0%
19.9%
1.6x
10.4x
Volkswagen
Germany
9.2
281
333
15.1%
25
7.6%
17.6%
0.8x
11.1x
Mercedes
Germany
2.5
182
164
5.1%
24
14.6%
21.9%
1.1x
7.6x
Ford
USA
4.4
172
176
11.5%
12
6.7%
9.2%
1.0x
14.5x
BMW
Germany
2.3
161
162
13.9%
25
15.5%
17.7%
1.0x
6.4x
General Motors
USA
6.2
151
172
9.6%
16
9.2%
11.2%
0.9x
9.6x
Hyundai
South Korea
4.2
119
121
12.0%
14
11.5%
20.6%
1.0x
8.5x
Honda
Japan
3.7
93
138
10.1%
18
13.1%
21.2%
0.7x
5.1x
Stellantis
Netherlands
6.2
88
205
8.3%
30
14.6%
20.2%
0.4x
2.9x
BYD
China
3.0
70
82
58.7%
8
9.4%
19.4%
0.9x
9.1x
Median
4.2
161
164
12.0%
18
13.1%
19.4%
1.0x
9.1x
-
300
600
900
1,200
Feb 20
Feb 21
Feb 22
Feb 23
Feb 24
-
1,000
2,000
3,000
4,000
Feb 20
Feb 21
Feb 22
Feb 23
Feb 24
Solana
BNB
Tether
Ethereum
Bitcoin
Tech Insights #320
Crypto
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Mergers & acquisitionsCorporate finance advisoryCapital raising
4 March 2024
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Overview
In this Tech Insights report we explore the crypto space. The first page highlights the top 5 coins by total market cap and the value traded from February 2020, along with notable events. The second page outlines the 11 bitcoin ETFs approved for trading by the Securities Exchange Commission (SEC) on 10 January 2024. On 12 February, the price of Bitcoin surpassed USD $50,000 for the first time since November 2021. This mainstream adoption by traditional institutions marks a step in the development of crypto as an asset class. Note all dollar values are in USD.
Top 5 cryptocurrencies by market cap (USD $bn)
Monthly value traded (USD $bn)
Solana
BNB
Tether
Other
Ethereum
Bitcoin
Bitcoin domain registered
2008
2009
Bitcoin white paper released
2011
Altcoins (alternative coins) launch
2014
First stablecoin Tether launches
2021
•Bitcoin market cap hits
•$1 trillion USD
•Dogecoin spikes ~1,850% from Jan to May peak
2023
•BlackRock and others file for Bitcoin and Ethereum ETFs
•Sam Bankman-Fried found guilty
Two pizzas purchased for 10,000 Bitcoin, marking an early commercial crypto transaction
2010
Bitcoin market cap hits
$1 billion USD
2013
Ethereum launches with proof of stake consensus protocol a as an alternative to Bitcoin’s proof of work
2015
FTX filed for bankruptcy and founder (Sam Bankman-Fried) arrested
2022
SEC approves spot-exchange trading for Bitcoin ETFs
2024
-
17,500
35,000
52,500
70,000
Feb 14
Feb 16
Feb 18
Feb 20
Feb 22
Feb 24
Tech Insights #320
Crypto
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Disclaimer The information in this report has been sourced from S&P Global Market Intelligence and CoinMarketCap. Clare Capital holds no responsibility over the actual numbers and is not an Authorised Financial Adviser. If you are making investment decisions, seek appropriate personalised financial advice.
Mergers & acquisitionsCorporate finance advisoryCapital raising
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Indexed returns of top 5 coins by market cap
Daily value traded for spot Bitcoin ETFs (USD $bn)
Bitcoin price over time (USD) – what are two pizzas worth now?
On May 22, 2010, two Papa John’s pizzas were purchased using 10,000 Bitcoin. At the time, the value of this amount of Bitcoin was ~$41. See call-outs below for the value of 10,000 Bitcoin at different points in time.
28 Feb 14:$5.49m
29 Feb 24:$611.98m
Indexed returns of S&P BDMI* vs. S&P 500 and NZX 50
Stablecoin
BNB
Solana
Ethereum
Bitcoin
Tether
*Cryptocurrency Broad Digital Market Index
-
2
4
6
8
11 Jan
18 Jan
25 Jan
1 Feb
8 Feb
15 Feb
22 Feb
29 Feb
6 others
Bitwise
Ark Invest/21Shares
Fidelity
Grayscale
BlackRock
-
300%
600%
900%
1,200%
Feb 20
Feb 21
Feb 22
Feb 23
Feb 24
S&P BDMI
S&P 500
NZX 50
-
1,000%
2,000%
3,000%
4,000%
May 20
Feb 21
Nov 21
Aug 22
May 23
Feb 24
-
1
2
3
4
2021
2022
2023
2024
-
1
2
3
4
2021
2022
2023
2024
Tech Insights #319
Semiconductor industry
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Mergers & acquisitionsCorporate finance advisoryCapital raising
26 February 2024
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Overview
Since the start of 2021, NVIDIA’s market capitalisation has increased from USD $330b to $1,900b. This is the largest dollar increase of any company in the world over this period. This comes during a period where the aggregate value of the wider semiconductor industry has broadly stayed flat. NVIDIA’s outperformance of the industry relates to a material increase in its revenue and earnings margins, driven by an increase in data center revenue. “Nvidia’s chips underpin all of the most advanced AI systems, giving the company a market share estimated at more than 80%” (WSJ, Feb-2024). For the purpose of this report, we include companies that create materials used in the production of semiconductors.
-
100
200
300
400
500
600
2021
2022
2023
2024
US semiconductor industry by Enterprise Value USD $t
Share price index – largest semiconductor companies
Broadcom
Taiwan Semiconductor
ASML
Applied Materials
AMD
Non-US semiconductor industry by Enterprise Value USD $t
Taiwan Semiconductor
Rest of Taiwan
ASML (Netherlands)
China
Rest of world
Broadcom
Rest of USA
Intel
QUALCONN
Texas I.
Micron T.
As at 23 Feb
Tech Insights #319
Semiconductor industry
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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.
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Semiconductor industry comparators USD $b (companies from page one)
Company
Country
EV
LTM revenue
LTM revenue growth
EBITDA
margin
EV/LTM
revenue
EV/NTM
revenue
EV/EBITDA
NVIDIA
USA
1,925
61
126%
57%
32x
18x
56x
Broadcom
USA
632
36
8%
56%
18x
13x
31x
Taiwan Semiconductor
Taiwan
548
69
(9%)
67%
8x
6x
12x
ASML
Netherlands
366
30
34%
35%
12x
12x
35x
AMD
USA
283
23
(4%)
17%
12x
11x
73x
Intel
USA
210
54
(14%)
18%
4x
4x
22x
QUALCOMM
USA
176
36
(16%)
30%
5x
5x
16x
Applied Materials
USA
162
26
1%
31%
6x
6x
20x
Texas Instruments
USA
152
18
(13%)
48%
9x
10x
18x
Micron Technology
USA
99
16
(40%)
8%
6x
4x
78x
Median
246
33
(6%)
33%
8x
8x
27x
-
10%
20%
30%
40%
50%
60%
70%
80%
'14
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
Gross margin
EBITDA margin
-
10
20
30
40
50
60
'20
'21
'22
'23
'24
-
10
20
30
40
50
60
'20
'21
'22
'23
'24
Data center
Gaming
Other
NVIDIA has a January year end
NVIDIA: Revenue USD $b
NVIDIA: EBITDA USD $b
NVIDIA: Margins
Microsoft (78%)
NVIDIA (48%)
Apple (93%)
Alphabet (58%)
Salesforce (16%)
Visa (41%)
-
1,000
2,000
3,000
4,000
Systems software
Semiconductors
Technologyhardware, storageand peripherals
Interactive mediaand services
Applicationsoftware
Transaction andpayment processingservices
Pre-Covid
Start 2023
Now
360 Security Technology (16%)
HygonIT (7%)
Xiaomi (31%)
Tencent (80%)
Beijing Kingsoft (10%)
Lakala(37%)
-
10%
20%
30%
40%
Pre-Covid
Start 2023
Now
USA
China
Tech Insights #318
Listed tech industries – USA vs China
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Mergers & acquisitionsCorporate finance advisoryCapital raising
19 February 2024
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Overview
This Tech Insights report compares the share price return and market capitalisation of major US and Chinese tech industries. It shows the difference in scale between industries in the two countries and how US tech industries have outperformed their Chinese counterparts since Covid. This data is based on current listed companies in each of the two countries. All analysis is in USD, which has appreciated ~1% against the Chinese Yuan since November 2019.
China: Aggregate market capitalisation of selected tech industries (USD $b)
Tech industries % of total market cap
-
1,000
2,000
3,000
4,000
Systems software
Semiconductors
Technologyhardware, storageand peripherals
Interactive mediaand services
Applicationsoftware
Transaction andpayment processingservices
Pre-Covid
Start 2023
Now
USA: Aggregate market capitalisation of selected tech industries (USD $b)
These are the four largest industries in the US by market capitalisation.
Industry
Largest company
(% of total)
Industry
Largest company
(% of total)
This analysis is based on S&P’s definition of Primary Industry. Listed companies in the USA and China fall into one of 163 industries.
The six tech industries to the left now make up a third of the market capitalisation of all US publicly listed companies. They make up less than 9% in China.
Although none of the six tech industries shown here are the largest single industry in China, both Semiconductors and Interactive media and services are in the top six largest industries in China.
It is worth noting that this data is for market capitalisation, which does not include net debt.
Tencent
Baidu
Xiaomi
360 Security
BTC Digital
Will Semiconductor
LONGi
Shenzhen
iFLYTEK
Yonyou
Autohome
Montage
Sanan
Hundsun
Lenovo
Giga Device Semiconducto
Hello Group
Sangfor
Tongwei
Apple
Microsoft
Alphabet
Meta
Visa
Mastercard
Intel
Oracle
Salesforce
Adobe
NVIDIA
PayPal
Broadcom
Texas Instruments
QUALCOMM
Fidelity
Fiserv
Intuit
Micron
Global Payments
SCI 300
S&P 500
(100%)
(80%)
(60%)
(40%)
(20%)
20%
40%
60%
80%
100%
(60%)
(40%)
(20%)
20%
40%
60%
80%
100%
4-yr share price return (pre-Covid, Nov 2019)
1-yr share price return
Chinese companies
US companies
Market indices
Tech Insights #318
Listed tech industries – USA vs China
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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.
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Legend
Share price return of 20 largest pre-Covid US and Chinese tech companies (from six tech industries on page one)
+
+
If you purchased shares in companies in this quadrant either pre-Covid (Nov 2019) or at the start of 2023 they would be worth more today.
If you purchased shares in companies in this quadrant either pre-Covid (Nov 2019) or at the start of 2023 they would be worth less today.
-
2.5x
5.0x
7.5x
10.0x
12.5x
15.0x
17.5x
20.0x
22.5x
25.0x
Dec 18
Jun 19
Dec 19
Jun 20
Dec 20
Jun 21
Dec 21
Jun 22
Dec 22
Jun 23
Dec 23
Tech Insights #317
Cloud Index as at 31 December 2023
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Overview
This report looks at valuation multiples for cloud companies publicly listed in the United States, Australia and New Zealand. Indices are calculated using a simple average (equal weighting), with the ANZ index comprising companies that have a minimum NZD $250m market capitalisation versus a NZD $500m for US constituents.
As at 31 December 2023, the US Cloud Index is up 14% from the previous quarter to 6.8x EV / NTM revenue but still well below the five-year average of 11.5x. The ANZ Cloud Index has also increased but to a lesser extent, up 3% to 6.0x EV / NTM revenue and below the five-year average of 8.0x.
NTM revenue multiple for cloud companies listed in the US and ANZ (EV / NTM revenue)
8.0x
ANZ Cloud Index
Average
12MMA
Dec 23
6.0x
5.6x
Sep 23
5.8x
5.6x
Change
3%
1%
Dec 22
5.4x
6.2x
Change
12%
(9%)
US Cloud Index
Average
12MMA
Dec 23
6.8x
6.0x
Sep 23
5.9x
5.9x
Change
14%
2%
Dec 22
5.3x
8.1x
Change
28%
(25%)
Note: Avg = Average, NTM = Next 12 months, 12MMA = 12 month moving average
11.5x
6.0x
6.8x
Index size
US: 87 companies
ANZ: 20 companies
Key:
US
ANZ
Average
12MMA
5yr avg
-
5.0x
10.0x
15.0x
20.0x
Dec 18
Dec 19
Dec 20
Dec 21
Dec 22
Dec 23
-
10.0x
20.0x
30.0x
40.0x
Dec 18
Dec 19
Dec 20
Dec 21
Dec 22
Dec 23
75th percentile
Median
25th percentile
Tech Insights #317
Cloud Index as at 31 December 2023
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Mergers & acquisitionsCorporate finance advisoryCapital raising
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US cloud companies NTM revenue multiple
ANZ cloud companies NTM revenue multiple
9.0x
6.0x
3.9x
9.0x
3.6x
2.9x
US cloud companies
25th
75th
31 Dec 2023
Average
percentile
Median
percentile
EV (NZD $m )
32,397
3,844
9,476
24,440
EV / NTM rev
6.8x
3.9x
6.0x
9.0x
Revenue growth (NTM)
16%
10%
17%
22%
EV / LTM rev
8.0x
4.1x
6.6x
11.0x
Revenue growth (LTM)
20%
11%
19%
28%
Gross margin
72%
69%
75%
80%
Operating margin
(11%)
(22%)
(7%)
3%
FCF margin
18%
9%
18%
26%
ANZ cloud companies
25th
75th
31 Dec 2023
Average
percentile
Median
percentile
EV (NZD $m )
3,519
424
894
1,955
EV / NTM Rev
6.0x
2.9x
3.6x
9.0x
Revenue growth (NTM)
16%
5%
12%
27%
EV / LTM rev
7.1x
3.1x
3.9x
10.1x
Revenue growth (LTM)
28%
6%
21%
34%
Gross margin
55%
28%
60%
81%
Operating margin
4%
(10%)
12%
22%
FCF margin
5%
(5%)
6%
15%
Note: The percentiles for each metric are calculated individually. Companies added or removed from each index take effect from the 1st 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.
Manual add of companies featured: Spark,Modica Group,VXT,Straker Translations,Cin7,EROAD,TradeWindow,PredictHQ,Serko,Myhr,PaySauce,Xero,runn,joyous,FIND Recruitment,Talent Army,Humankind,Catalyst Cloud,RedShield,Raygun,NZGIF,Halter,Partly,Shoof,Dawn Aerospace,Serato,NZ Post,Hnry,Cannasouth,Icebreaker,Trade Me,HazardCo,tandem,InvestNow,Meridian,Business Desk,Cookie TIme,Al Brown,ScottTechnology,Garage Project,solarZero,DOT Loves Data
Tech Insights #316
Unwrapping Software Santa as a Service
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Mergers & acquisitionsCorporate finance advisoryCapital raising
18 December 2023
Santa’s North Pole operation
Ever wondered how Santa manages to sleigh every Christmas? From overseeing communication channels and employee management, to finances, security and gift distribution, Santa orchestrates a complex operation. In this year’s Christmas Tech Insights report, we take a glimpse into Santa’s secret operations at the North Pole and showcase the contributions of Kiwi companies.
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Santa as a Service
Logistics
Back-office
Elf recruitment/ HR
External
Internal
Message management
Santa hotline
0800 222 222
Message translations
Message
solutions
Inventory management
Travel management
Fleet
management
Import/export trade processes
Delivery optimisation
Accounts
Resource management
Employee management
Employee data analytics
Payroll
Security
Crash reporting
Data insights
Customer
Cloud-hosting
Tech Insights #316
Unwrapping Software Santa as a Service
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Disclaimer: This report has been informed by correspondence with the North Pole. Clare Capital assumes no responsibility over the imaginative nature of the content, as well as allocations on the ‘naughty or nice’ list. Clare Capital is not an Authorised Financial Advisor, and this report is not an invitation for investment into Santa as a Service.
Mergers & acquisitionsCorporate finance advisoryCapital raising
18 December 2023
Live from the North Pole…
Reindeer management
Resale of gifts
Elf KiwiSaver
Contractor elves
Entertainment
Manufacturing robots
Santa’s workshop
Reindeer nutrition
Safety
systems
North Pole clothing
Arthritis management
Sleigh parts
Reindeer supplies
-
1,000
2,000
3,000
4,000
Jan 18
Jul 18
Jan 19
Jul 19
Jan 20
Jul 20
Jan 21
Jul 21
Jan 22
Jul 22
Jan 23
Jul 23
'23
'22
'21
'20
'19
'18
Tech Insights #315
Initial public offerings (IPOs)
Page 1 of 2
Mergers & acquisitionsCorporate finance advisoryCapital raising
11 December 2023
Subscribe and see previous reports at clarecapital.co.nz/tech-insights
Overview
In this Tech Insights report, we look at initial public offerings (IPOs) spanning the NZX, ASX, NASDAQ and NYSE since 2018. For the purposes of this report, an IPO excludes compliance listings and mutual conversions. The first page outlines the cumulative market capitalisation and number of IPOs across these exchanges and highlights the largest IPO by offering size for each year. On the second page, the share prices of two NZX-listed IPOs – Rua Bioscience and My Food Bag – are indexed, tracking their performance against a comparator and the NZX50 from their IPO dates in October 2020 and March 2021, respectively.
Market capitalisation of NZX, ASX, NASDAQ and NYSE IPOs over time (USD $bn)
Number of IPOs across exchanges
56
41
68
191
67
18
-
1
2
2
-
-
-
50
100
150
200
'18
'19
'20
'21
'22
'23
ASX
NZX
106
117
177
421
110
60
44
38
38
134
4
14
-
150
300
450
600
'18
'19
'20
'21
'22
'23
NASDAQ
NYSE
Year
Avg. IPO offering (USD $m)
Largest
IPO by offering size
Market cap. (USD $bn)
IPO
date
30 Nov 23
’18
179
11
4
’19
277
70
116
’20
361
70
62
’21
220
84
16
’22
53
13
13
‘23
228
65
63
Tech Insights #315
Initial public offerings (IPOs)
Page 2 of 2
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Disclaimer The information provided in this report has been sourced and calculated from S&P Global Market Intelligence and the NZX. 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
11 December 2023
My Food Bag’s indexed share price from IPO date (vs. Hello Fresh)
Rua Bioscience’s indexed share price from IPO date (vs. Cannasouth)
Metrics from all NZX IPOs and the top IPOs by offering size between 2018 and 2023
NZX50
NZX50
Enterprise value (USD $m)
ΔShare price
Enterprise value/revenue
Company
Exchange
Industry
First pricing date
First pricing date
30 Nov 23
IPO offer price to IPO date close
IPO date close to
30 Nov 23 close
IPO date
30 Nov 23
Winton Land
NZX
Real Estate
Dec 21
839
399
(0.4%)
(38.0%)
7.0x
3.1x
My Food Bag
NZX
Cons. Staples.
Mar 21
321
34
(5.9%)
(92.6%)
2.5x
0.3x
New Zealand Rural Land
NZX
Real Estate
Dec 20
0.4
161
-
(33.6%)
NA
19.3x
RuaBioscience
NZX
Health Care
Oct 20
61
11
36.0%
(78.8%)
154.9x
27.4x
Napier Port Holdings
NZX
Industrials
Aug 19
430
377
13.5%
(16.9%)
7.3x
5.2x
Arm Holdings
NASDAQ
Technology
Sep 23
63,369
61,060
24.7%
(3.3%)
23.8x
21.5x
CorebridgeFinancial
NYSE
Financials
Sep 22
29,739
25,558
(1.3%)
1.4%
1.1x
1.1x
Rivian Automotive
NASDAQ
Cons. Discret.
Nov 21
88,066
10,164
29.1%
(83.4%)
NA
2.7x
Snowflake
NYSE
Technology
Sep 20
71,287
57,679
111.6%
(26.1%)
177.0x
22.0x
Uber Technologies
NYSE
Rideshare
May 19
85,189
120,326
(7.6%)
35.6%
7.6x
3.3x
iQIYI
NASDAQ
Communication
Mar 18
14,338
5,697
(13.7%)
(67.2%)
5.4x
1.3x
-
50%
100%
150%
Oct 20
Apr 21
Oct 21
Apr 22
Oct 22
Apr 23
Oct 23
-
50%
100%
150%
Mar 21
Sep 21
Mar 22
Sep 22
Mar 23
Sep 23
-
100
200
300
400
500
600
FY18
FY19
FY20
FY21
FY22
AWS
Other
Physical stores
Subscription services
Advertising services
Third-party sellerservices
Online stores
Non-AWS
Tech Insights #314
Amazon
Mergers & acquisitionsCorporate finance advisoryCapital raising
4 December 2023
Overview
This Tech Insights report examines the online retail giant Amazon. Amazon is one of only eight companies to ever reach a market capitalisation of over USD $1 trillion, growing from what was originally a website that exclusively sold books to one that provides e-commerce, cloud computing, digital streaming and AI services. In this report, we take a look at Amazon’s financials to date and compare key metrics to its peers.
Page 1 of 2
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Revenue streams
Revenue split (USD $bn)
Share price (USD $)
Operating profit (USD $bn) by Non-AWS & AWS segment
In FY22, AWS only made up 16% of Amazon’s total revenue.
(15%)
(10%)
(5%)
-
5%
10%
15%
20%
25%
30%
(15)
(10)
(5)
-
5
10
15
20
25
30
FY18
FY19
FY20
FY21
FY22
Operating margin (RHS)
Operating profit (LHS)
-
40
80
120
160
200
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
19.68
146.74
Revenue
Description
Online stores
Online product sales and digital media content.
Third-party seller services
Commissions, fulfilment and shipping fees.
Advertising services
Sale of advertising services.
Subscription services
Amazon Prime and other non-AWS membership.
Physical stores
Product sales physically selected in a store.
Other
Other offerings such as video content licensing.
AWS
Amazon’s own cloud computing platform.
December financial year-end
Tech Insights #314
Amazon
Disclaimer The information provided in this report has been sourced from S&P Global Market Intelligence and various 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
4 December 2023
Page 2 of 2
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Time for companies to reach USD $1T market capitalisation
Indexed share price of selected peer comparables since 2018
Retail and e-commerce peer comparables
Company
Date founded
$1T date
Time to $1T since founded (years)
Meta
4 Feb 2004
28 Jun 2021
Tesla
1 Jul 2003
25 Oct 2021
Alphabet
4 Sep 1998
16 Jan 2020
Amazon
5 Jul 1994
4 Sep 2018
Nvidia
5 Apr 1993
30 May 2023
Apple
1 Apr 1976
2 Aug 2018
Microsoft
4 Apr 1975
26 Apr 2019
Saudi Aramco
29 May 1933
11 Dec 2019
Note: Meta and Tesla are currently no longer valued above $1 trillion.
EV/EBITDA multiple
3-year EBITDA CAGR
18.3
21.4
24.2
30.2
42.3
44.1
86.5
17.4
(100%)
(50%)
-
50%
100%
150%
200%
250%
300%
2018
2019
2020
2021
2022
2023
Costco
Target
Home Depot
Amazon
Walmart
eBay
Carrefour
Rakuten
(10%)
(5%)
-
5%
10%
15%
20%
25%
30%
-
5x
10x
15x
20x
25x
30x
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