capital markets day november 14, 2018 nucom group · parship elite group: #1 online matchmaker in...
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NUCOM GROUPCLAAS VAN DELDEN & DR. FLORIAN TAPPEINER
CAPITAL MARKETS DAY – NOVEMBER 14, 2018
BECOME NO. 1EUROPE-CENTERED
GROWTH PLATFORM INCONSUMER INTERNET
NUCOM GROUP VISION
NUCOM GROUP
75
PROVEN TRACK RECORD OF BUILDING STRONG CONSUMER-DRIVEN BRANDS
1) Q3 2018 LTM excl. eharmony, incl. travel, adj. entity EBITDA; 2) Enterprise value as of February 2018; 3) With number 1 and number 2 positions in respective markets, see the rest of the presentation for more details
TODAY2018
LAUNCH2013
Valuation2)
EUR 1.8BN
Large growing marketsSustainable
consumer needsDefensible business
models with clear USPAsset-light and
marketing responsive
10 market leaders3)
Highly synergetic setup with P7S1
Established growth platform with GA
Revenues1)
EUR ~800M
EBITDA1)
EUR ~110M
NUCOM GROUP
76
WE FOCUS ON OUR CORE BRANDS REPRESENTING ~75% OF NUCOM’S VALUE1)
CONSUMER ADVICE MATCHMAKINGEXPERIENCE &
GIFT VOUCHERSBEAUTY & LIFESTYLE
Lead companies
Strategic options
Consumer need SAVINGS LOVE EXPERIENCE
NUCOM GROUP
2)
3)
WELL-BEING
1) Based on portfolio valuation as of February 22, 2018; 2) Signed in October 2018, eharmony part of PEG; 3) Abbreviation for Jochen Schweizer mydays Group (JSMDG) used going forward in this presentation 77
VERIVOX: A LEADING ONLINE PRICE COMPARISON PLAYER IN ATTRACTIVE GERMAN MARKET WITH CATCH-UP POTENTIAL
1) Verivox Geldverschwendungsreport 2018; 2) CAGR = Compound annual growth rate; 3) Adjusted entity EBITDA; 4) Based on consumer survey conducted by the company; 5) Online price comparison; 6) Based on international competitionSource: Company information; Solon market model
>800Suppliers available for price comparison on
Verivox across 4 categories
26% 20% 83%
RevenueCAGR2)
2014-2018E
EBITDA3)
CAGR 2014-2018E
Aided brand awareness4)
# of multi-product OPC Players2 4
OPC5) revenues per HH,2017 in EUR
EUR
>48BNMoney wasted by German households on
too expensive contracts every year1)
>35%
16
34
>2X
24%
Benchmark6)
Today
NUCOM GROUP
EBITDA margin3)
78
PARSHIP ELITE GROUP: #1 ONLINE MATCHMAKER IN GSA1)
IN ATTRACTIVE MARKET WITH STRONG GROWTH AMBITIONS
1) In Germany, Switzerland and Austria based on revenues within matchmaking segment; 2) Germany, Switzerland and Austria; 3) Adjusted entity EBITDA; 4) Based on consumer survey conducted by the company; 5) Market = Singles aged 25-55 (~80% of PEG users) looking for a serious relationship, based on PEG registrations 2018; 6) Based on international competitionSource: Company estimates; P7S1 market model; Destatis, Bundesamt für Statistik CH, Statistik Austria
10%
RevenueCAGR
2014-2018E
37%
EBITDA3)
CAGR 2014-2018E
>500
Customer lifetime value
EUR
Substantial international potential based on superior monetization model
PEG clear
#1with largest database of singles in GSA2)
looking for a serious relationship
Online matchmaking market penetration5)
>25MSingles in GSA2)
CHATGER
>35%
30%
Benchmark6)
Today16%
22%
33%
EBITDA margin3)
81%
Aidedbrand
awareness4)
NUCOM GROUP
79
INVESTMENT HIGHLIGHT: EHARMONY DEAL WILL TRANSFORM OUR MATCHMAKING BUSINESS
1) Enterprise value at time of transaction (February 2018); 2) Based on consumer survey conducted by the company; 3) Based on consumer survey (n=692)Source: Company information
Highly attractive deal …
27%
… of an iconic brand … … with significant potential
USD
85MEnterprise value1)
(<1x 2018E revenues)
100%Shares acquired Customer lifetime
value in EUR
PEG eharmony
Number of registrations in million, 2018
PEG eharmony
>500
<200
2.12.8
87%Aided brand awareness2)
78%Highest customer satisfaction
within U.S. peer group3)
PEG management team with proven integration track record!
NUCOM GROUP
80
JOCHEN SCHWEIZER MYDAYS GROUP: #1 AND #2 MARKET LEADER IN EXPERIENCE & GIFT VOUCHER MARKET
1) Adjusted entity EBITDA; 2) Q3 2018; based on consumer survey conducted by the company; 3) Based on international competitionNote: Market positions based on experience specialist market; Jochen Schweizer the #1 and mydays the #2 in GermanySource: Company information; Company market model
>29BNSpend on gifts in Germany p.a.
12% 33%
RevenueCAGR
2014-2018E
EBITDA1)
CAGR2014-2018E
IN A POST-MATERIAL WORLD, EXPERIENCE GIFTS CREATE MEMORIES – AND MATTER MOST
Experience specialist market
<2%
>6KSelected and quality-tested
experience providers
>21KDifferent experiences
offered
85%
Aided brand awareness2)
77%
Total gift market spend (>EUR 29BN), Germany
~25-30%
12%
Benchmark3)
Today
EBITDA margin1)
EUR
NUCOM GROUP
81
NUCOM GROUP
FLACONI: A LEADING ECOMMERCE ONLINE BEAUTY PLAYER WITH STRONG MARKET GROWTH POTENTIAL
1) Net Promoter Score (NPS), October 2018; 2) After 24 months the cumulated net order intake (NOI) of the Q2 2015 cohort has reached >2x its original level; 3) Q3 2018 LTM; 4) China; 5) Gross media volume; media invest within last 4 years; 6) Based on competitive analysis; 7) Adjusted entity EBITDASource: Company information; Euromonitor International / FGRT
EUR
17BNin 2017
Beauty & Care market, Germany
Beauty & Care market online penetration estimate 2017, in %
UKGER CN4)
~5%~10%
25%+~10-15%
profitable
Benchmark6)
Today
EUR
>100MGMV5)
>40KProducts
1.3MActive
customersQ3 2018
LTM
+42NPS1)
>2XRevenues2)
after 24months
EUR
120MExt.
revenues3)
>10XRevenues
since2014
>600Brands
EBITDA margin7)
82
BECOME NO. 1EUROPE-CENTERED
GROWTH PLATFORM INCONSUMER INTERNET
NUCOM GROUP VISION
NUCOM GROUP
83
NUCOM GROUP BUILDING BLOCKS: BOOST TOTAL VALUE
1) Chart dimensions are illustrative and do not represent exact amounts; 2) Excl. eharmony, incl. travel Source: P7S1 company data; NuCom Group
Q3 2018 LTM2) 2023+
CONSUMER ADVICE
MATCH-MAKING
EXPERIENCE &GIFT VOUCHERS
BEAUTY & LIFESTYLE
2013
~0.8BN
~2BN
LAUNCH
ADJUSTED
EBITDA:
~110M
ADJUSTED
EBITDA:
~400M
ACTIVE M&A PIPELINE
EXTERNAL REVENUES [IN EUR]1)
ORGANIC REVENUE CAGR: +10-15%
(INCL. M&A ~20% CAGR)
NUCOM GROUP
84
STRONG STRATEGIC PARTNERSHIP AND GROWTH ACCELERATION WITH GENERAL ATLANTIC (GA)
2019
2018Q1
Q2
Q3
2017
Q4
Announced divestment of travel assets etraveli / weg.de / tropo
Prepared portfolio for NuCom transaction▪ 10 focus companies▪ Carve-out from P7S1‘s
organization▪ Foundation of NuCom Holding
ESTABLISHEDNUCOM
Minority investment of General Atlantic (GA) in NuCom
Buyout of minorities in core assets (Verivox, PEG, Billiger-Mietwagen) to simplify NuCom structure
▪ Governance▪ Media, data▪ Holding services
▪ Tech/IT audits▪ Pricing reviews▪ Investment management
Restructured portfolio
Signed deal with GA
Kicked off majoroperational improvements
▪ Top-notch network and talents: Hired 3 new CEOs and three further C-level candidates for portfolio
Management/ organizational upgrades
Delivered eharmony deal
Introduced new processes
NUCOM GROUP
85
UNIQUE VALUE CREATION MODEL FOR GROWTH COMPANIES IN PLACE
Media analytics power
Ad sales and promotion power
Operational excellence
Investment and PMI excellence
Reach and brand building power
Framework agreements
Experts & accessto talents
M&A firepower
NUCOM GROUP
86
STRONG P7S1 ECOSYSTEM AS AMPLIFIER
NUCOM GROUP
~0.5M 7PASS
REGISTRATIONS2)
>15 JOINT TEST
& DEVELOPMENT CAMPAIGNS IN 2018
EUR
>300M GMV ANNUALLY1)
1) Gross media volume; 2) As of November 2018
87
ORGANIC GROWTH COMPLEMENTED WITH ADDITIONAL BOLT-ON ACQUISITIONS BASED ON M&A PLAYBOOK
CONSUMER ADVICE
MATCHMAKING EXPERIENCE & GIFT VOUCHERS
BEAUTY & LIFESTYLE
BOLT-ON OPPORTUNITIES
Strong synergies
Industry rationale
Strong operational teams
Good risk-return balance
NUCOM GROUP
88
VALUE CREATION ECOSYSTEM WITH
10 MARKET LEADERS1)
IN GSA2) TODAY
FOCUS ON ORGANICGROWTH BASED ON
4 LEAD COMPANIES –SELECTIVE BOLT-ON
M&A ON TOP
AMBITION FOR 2023+:
~ EUR 2BN REVENUES ~ EUR 400M EBITDA
THREE THINGS TO REMEMBER
1) With number 1 and number 2 positions in respective markets, see the rest of the presentation for more details; 2) Germany, Switzerland and Austria
NUCOM GROUP
89
DISCLAIMER
This presentation contains "forward-looking statements" regardingProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group,including opinions, estimates and projections regardingProSiebenSat.1's or ProSiebenSat.1 Group's financial position, businessstrategy, plans and objectives of management and future operations.Such forward-looking statements involve known and unknown risks,uncertainties and other important factors that could cause the actualresults, performance or achievements of ProSiebenSat.1 orProSiebenSat.1 Group to be materially different from future results,performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements speak only as ofthe date of this presentation and are based on numerous assumptionswhich may or may not prove to be correct.
No representation or warranty, expressed or implied, is made byProSiebenSat.1 with respect to the fairness, completeness, correctness,reasonableness or accuracy of any information and opinions containedherein. The information in this presentation is subject to changewithout notice, it may be incomplete or condensed, and it may notcontain all material information concerning ProSiebenSat.1 orProSiebenSat.1 Group. ProSiebenSat.1 undertakes no obligation topublicly update or revise any forward-looking statements or otherinformation stated herein, whether as a result of new information,future events or otherwise.
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