Analysis of recent transactions in Advertising Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.
2. 1pageA L P S V E N T U RE P A R T N E R S
Merger & Acquisition Summary - Advertising
Valuation Summary
Total Deal Value ($mm) 28,480
Average Deal Value ($mm) 96
Average TEV/Revenue 2.2x
Average TEV/EBITDA 12.6x
Average Day Prior Premium (%) 62%
Average Week Prior Premium (%) 67%
Average Month Prior Premium (%) 71%
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2010 – August 15, 2015
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Transaction Ranges
Greater than $1 billion 4
$500 - $999.9 mm 10
$100 - $499.9 mm 24
Less than $100 mm 259
4. 2pageA L P S V E N T U RE P A R T N E R S
Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis;
2.0x 2.2x
1.3x
3.1x 2.7x
2.0x
17.9x
8.6x
7.2x
12.1x
17.6x
8.3x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2010 2011 2012 2013 2014 2015
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2010 2011 2012 2013 2014 2015 5 Year
Average TEV/Revenue 2.0x 2.2x 1.3x 3.1x 2.7x 2.0x 2.3x
Average TEV/EBITDA 17.9x 8.6x 7.2x 12.1x 17.6x 8.3x 12.7x
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5. 3pageA L P S V E N T U RE P A R T N E R S
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis;
- - -
3
- 1
1
3
1 -
5
-
4
8
1
4
7
-
47
53 52
38
42
27
-
10
20
30
40
50
60
2010 2011 2012 2013 2014 2015
NumberofTransactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2010 2011 2012 2013 2014 2015 5 Year
Average Deal Value 51 72 25 269 115 54 107
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6. 4pageA L P S V E N T U RE P A R T N E R S
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 38%Americas – 27% Europe/MENA/Africa – 37%
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Region / Transactions Number Total Value Average Size
Asia Pacific 112 7,667 68
Europe/MENA/Africa 111 11,055 100
Americas 74 9,758 132
7. 5pageA L P S V E N T U RE P A R T N E R S
Biggest Transactions
Target Deal Value ($mm)
Dentsu Aegis Network Ltd. 5,484
Focus Media Holding Ltd. 3,856
Arbitron Inc. 1,331
Infront Sports & Media AG 1,189
Advanstar Communications Inc. 972
Digital Generation, Inc. 885
Aegis Group plc, Synovate Business 858
Infront Sports & Media AG 782
Outfront Media VW Communications LLC 690
Infogroup Inc. 645
*Source – CapitalIQ, AlpsVP Analysis
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6pageA L P S V E N T U RE P A R T N E R S
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We provide clients with high quality
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7pageA L P S V E N T U RE P A R T N E R S
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