2. 2
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3. Executive summary
Public company and M&A comparables
Operational metrics analysis
Mobile internet sector reviews
(revenue forecasts, public company comparable valuation multiples, public company indices, M&A transactions, M&A valuation
multiples, investment transactions - Q1 2011 to Q2 2014, operational metrics analysis)*
• Advertising/marketing
• App store/distribution
• Books
• Business
• Education
• Enterprise mobility/B2B
• Entertainment
• Finance
• Food & drink
• Games
• Health & fitness
• Lifestyle
• mCommerce
• Medical
About Digi-Capital
3
• Messaging
• Music
• Navigation
• News
• Photo & video
• Productivity
• Social networking
• Sports
• Mobile Tech
• Travel/transport
• Utilities
• Wearables
• Weather
19
41
47
49
94
102
107
114
122
151
171
183
195
239
247
257
292
496
300
319
333
340
345
364
372
392
399
443
460
488
493
* Where available - see detailed table of contents for individual sector contents
Note: investments <$250K included in total figures, but not listed separately
Contents (of full Review) BUY FULL REVIEW
Detailed table of contents
at end of this free summary
5. 5
Mobile internet revenue to grow >3x to $700B* by 2017
• Mobile internet revenue to grow >3x to $700B* by 2017F driven by mCommerce, IAPx and App as a Service
• mCommerce growth to >$500B sales by 2017F driven by Asia, America and Europe (almost half in Asia)
• Consumer apps to >$70B by 2017F with non-games apps to double revenue share from 26% to 51%
• Mobile internet investment record >$14B in last 12 months
• Mobile internet M&A record >$47B in the last 12 months (>$28B excluding Facebook/WhatsApp)
• Opportunities across mobile internet Investment Quadrant with >20 “billion dollar” companies already
• Mobile internet public and private company relative valuations vary significantly across sectors
• Deep metrics understanding enables data driven approach to mobile internet investment and growth
* Note: Approximate mobile value added ecosystem revenue forecast 2017F
X IAP = in-app- purchase
17. 17
iOS generates the most revenue, Android the most downloads
Sources: Digi-Capital, Distimo (US data), Apple, Google, Flurry, IDC,
Business Intelligence, One Platform Foundation, Companies
Apple App Store vs Google Play relative monetization
Selected Android App Stores
Available apps (K) and app downloads (B)
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10
20
30
40
50
60
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100
200
300
400
500
600
700
800
900
1,000
01/08
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04/13
07/13
10/13
iOS Apps (K) Google Play Apps (K) iOS Downloads (B) Google Play Downloads (B)
Apps(K)
Downloads(B)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Total revenue Advertising Paid apps & in-
app purchase
In-app
purchase
Revenue per
download
Apple App Store Google Play
Google Play apps and downloads
passed iOS in 2013
App Store Downloads Apps Average downloads per app Country
Amazon 25M per month 76K 329 per month Worldwide
Anzhi 180M per month 80K 2,250 per month China
AppChina 30M per month 120K 250 per month China
D.cn 30M per month n/a n/a China
gFan 2.5B total n/a n/a China
Google Play 60B total 1M 3,125 per month Worldwide
HiAPK 290M per month 511K 568 per month China
Lenovo 300M total 400K 750 total China
Mobango 1B total 100K 10,000 total Worldwide
Opera Mobile 30M per month 70K 429 per month Worldwide
SlideME 15M per month 40K 375 per month Worldwide
SK T-Store 28M per month 72K 389 per month Korea
Tencent 300M per month 100K 3,000 per month China
26. 26
1. Executive summary (page 19)
a) Mobile internet market economic overview
i. Major mobile internet market economic trends
ii. Mobile internet usage vs other media (2009 - 2013)
iii. Mobile internet revenue share (2013 vs 2017F) - mCommerce sales, consumer apps revenue, enterprise mobility
revenue, mobile web adspend, wearables revenue
iv. mCommerce regional sales forecast (2013 – 2017F) – Asia, North America, Europe (West & East), LatAm, ME/Africa
v. Mobile consumer apps revenue forecast by app sector (2011 - 2017F)
b) Global mobile internet investment and M&A overview
i. Global mobile internet investment transaction value by sector (Q1 2011 – Q2 2014)
ii. Global mobile apps M&A transaction value by sector (Q1 2011 – Q2 2014)
iii. Digi-Capital mobile internet Investment Quadrants
iv. Mobile internet public market indices by sector (Q1 2011 – Q2 2014)
v. Mobile internet public market valuation ranges by sector (as at Q2 2014)
vi. Mobile internet M&A valuation ranges by sector
c) Mobile internet industry trends, highlights and detailed operational metrics
i. iOS vs Android apps and downloads
ii. iOS vs Android relative monetization
iii. Global Android app store downloads, apps and average downloads per app
iv. Global app revenue share (iOS/Android)
v. App category downloads vs revenue by app category
vi. App as a Service overview
vii. App business model segmentation by app category
viii. Operational metrics analysis overview (top 1% grossing apps vs top 5% grossing apps)
ix. Billion dollar mobile internet company valuations vs value created per year since founding
x. Mobile internet consolidators overview
xi. Mobile internet sector consolidation curve
Table of contents (of full Review) BUY FULL REVIEW
27. 27
2. Public company and M&A comparables (page 41)
a) Public company comparables by sector (59 public companies included - see companies by sector below)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Sectors are mobile advertising/marketing, app store/distribution, enterprise/B2B, entertainment, food & drink,
games, lifestyle, mCommerce, messaging, music, navigation, social networking, tech, utilities and all sectors
combined
b) M&A comparables by sector
i. EV / revenue (low, high, mean, median) and EV / EBITDA (low, high, mean, median)*
ii. Sectors are mobile advertising/marketing (no EBITDA multiples), enterprise/B2B, entertainment, finance, games,
mCommerce, messaging (no EBITDA multiples), photo & video (no EBITDA multiples), social networking, tech,
utilities and all sectors combined
3. Operational metrics analysis (page 47)
a) Selected key performance metrics for games, entertainment, finance, messaging and music sectors
b) Operational metrics in each sector for top 1% grossing apps, top 5% grossing apps, top 25% grossing apps, top 50%
grossing apps, relative performance of top 1% grossing vs top 5% grossing multiples, top 1% grossing vs top 25% grossing
multiples, top 1% grossing vs top 50% grossing multiples
c) Selected metrics include sessions per day, lifetime value, % paid conversion in first 7 days, ARPDAU, sessions first 7
days/following 7 days, sessions per week, second session conversion rate, % of paid conversion in first 90 days, 3 day
retention, average session length, 7 day retention rate, % of paid conversion in first 30 days, ARPDPU, % of organic to paid
users, 90 day retention rate, 7 day registration rate, 30 day retention rate, 2 day completed registration rate, and 14 day
registration rate. Selected metrics differ by app category
* Where available
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28. 28
4. Mobile advertising/marketing review (page 49)
a) Mobile advertising spend forecast (2013 – 2017F)x
i. In-app advertising spend
ii. Mobile web advertising spend
b) Public company comparables (Adways, Hipcricket, Kitara Media, Mobile Embrace, Rocket Fuel)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
5. App store/distribution review (page 94)
a) App store revenue share forecast (2013 – 2017F)**
b) Public company comparables (Sungy Mobile)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q4 2013 – Q2 2014)
c) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
d) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
Sources: Digi-Capital, Zenith Optimedia, PWC, AppAnnie, Companies, Gartner
x In-app advertising and mobile web advertising spend, excluding mobile advertising/marketing services revenue
** App store revenue share component only
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29. 29
6. Books apps sector review (page 102)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
7. Business apps sector review (page 107)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
8. Education apps sector review (page 114)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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30. 30
9. Enterprise mobility/B2B sector review (page 122)
a) Revenue forecast (enterprise apps) (2012 and 2017F)
b) Public company comparables (Citrix Systems, Clicksoftware Technologies, Fleetmatics, Globo International, Mobile Iron,
Vocera Communications)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
ii. EV / EBITDA (low, high, mean, median)
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
10. Entertainment apps sector review (page 151)
a) Revenue forecast (2013 – 2017F)
b) Public company comparables (Dwango, Mandalay Digital, Moko Social Media, MTI, Ubiquity Broadcasting, Youku Tudou)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
ii. EV / EBITDA (low, high, mean, median)
d) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
e) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
f) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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31. 31
11. Finance apps sector review (page 171)
a) Revenue forecast (2013 – 2017F)
b) M&A comparables
i. EV / revenue (low, high, mean, median)
ii. EV / EBITDA (low, high, mean, median)
c) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
12. Food & Drink apps sector review (page 183)
a) Public company comparables (Grub Hub, Just Eat)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q2 2014)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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13. Games apps sector review (page 195)
a) Revenue forecast (2013 – 2017F)
b) Public company comparables (Ateam, Colopl, Com2us, Crooz, Cyberagent, DeNA, Drecom, Forgame, G5 Entertainment,
Gameloft, Gamevil, Glu Mobile, Gree, Gung Ho, IGG, King, Klab, NHN, Taomee, Voltage)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
ii. EV / EBITDA (low, high, mean, median)
d) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
e) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple, net profit multiple*
f) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
14. Health & Fitness apps sector review (page 239)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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33. 33
15. Lifestyle apps sector review (page 247)
a) Revenue forecast (2013 – 2017F)
b) Public company comparables (Move, Yelp, Zillow, Zoopla)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
d) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
16. mCommerce apps sector review (page 257)
a) mCommerce sales forecast (2013 – 2017F)
i. By smartphone
ii. By tablet
b) Public company comparables (Bango, Mint Wireless, Net Element)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
ii. EV / EBITDA (low, high, mean, median)
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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34. 34
17. Medical apps sector review (page 292)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
18. Messaging apps sector review (page 300)
a) Revenue forecast (2013 and 2017F)
b) Public company comparables (Naver, Tencent)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
d) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
e) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple*
f) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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19. Music apps sector review (page 319)
a) Revenue forecast (2013 – 2017F)
b) Public company comparables (Pandora)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
20. Navigation apps sector review (page 333)
a) Revenue forecast (2013 – 2017F)
b) Public company comparables (AutoNavi, Telenav, Tom Tom)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
d) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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21. News apps sector review (page 340)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
22. Photo & Video apps sector review (page 345)
a) Revenue forecast (2013 – 2017F)
b) M&A comparables
i. EV / revenue (low, high, mean, median)
c) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple*
d) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
23. Productivity apps sector review (page 364)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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24. Social networking apps sector review (page 372)
a) Revenue forecast (2013 – 2017F)
b) Public company comparables (Facebook, MeetMe, Twitter, Weibo)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
ii. EV / EBITDA (low, high, mean, median)
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
25. Sports apps sector review (page 392)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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26. Mobile Tech sector review (page 399)
a) Global mobile subscriber forecast by device type
i. Smartphone
ii. Tablet
b) Public company comparables (Apple, Arm Holdings, Audience, Blackberry, Broadsoft, Gemalto, Google, Mavenir Systems,
Microsoft, Nvidia, Samsung Electronics, Synaptics)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
ii. EV / EBITDA (low, high, mean, median)
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
27. Travel/Transport apps sector review (page 443)
a) Revenue forecast (2013 – 2017F) (Travel)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
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28. Utilities apps sector review (page 460)
a) Revenue forecast (2013 – 2017F)
b) Public company comparables (Cheetah Mobile, NQ Mobile)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
ii. EV / EBITDA (low, high, mean, median)
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
29. Wearables sector review (page 488)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
c) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
BUY FULL REVIEWTable of contents (of full Review)
40. 40
30. Weather apps sector review (page 493)
a) Revenue forecast (2013 – 2017F)
b) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
* Where available
BUY FULL REVIEWTable of contents (of full Review)
42. 42
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