"Valuing and Structuring Hosting Company Acquisitions" - Hostingcon 2008

Valuing and Structuring Hosting Company Acquisitions (Session #201) ,[object Object],Joe Bardenheier Hillary Stiff C HEVAL C APITAL , I NC .

Background – Cheval Capital ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Background – Endurance International Group ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Background - Endurance International Group

Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation Categories & Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Financial Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Technical/Engineering Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Sales/Marketing Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Product/Service Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Customer Support Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Legal Drivers ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Qualitative Drivers ,[object Object],[object Object],[object Object],[object Object]

Valuation Categories & Drivers ,[object Object],[object Object],[object Object]

“Let’s Make A Deal” – Game Show ,[object Object],[object Object],[object Object]

Buyer Types ,[object Object],[object Object],[object Object],[object Object]

Game Show Question # 1 ,[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation Issues – Deferred Revenue I ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation Issues – Deferred Revenue II Cash Flow Comparison – Annual vs. Monthly Customers $180 $180 $180 $180 $180 $180 CF with Monthly Pay 12 12 12 12 12 12 Number of Subs Renewing All Monthly Cust $180 $180 $180 $180 $180 $180 CF with Annual Pay 1 1 1 1 1 1 Number of Subs Renewing Jun May Apr Mar Feb Jan All Annual Cust 12 Total Customers $15 Cash/Sub/Month

Valuation Issues – High Growth ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How The Numbers Work – Seller ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

How The Numbers Work - Seller ,[object Object],[object Object],$ in millions; OCF = Owner Cash Flow; Does not include taxes $14.00 $14.00 Purch Price $2.50 $0.95 OCF 5.6x 14.7x Price/OCF 5.0% 0.5% Capex % 15.0% 45.0% Sales % 30.0% 25.0% G&A % 25.0% 20.0% COGS % $10.00 $10.00 Revenues B A

How The Numbers Work - Consolidator ,[object Object],[object Object],$2.50 $0.95 OCF 5.0% 0.5% Capex % 15.0% 45.0% Sales % 30.0% 25.0% G&A % 25.0% 20.0% COGS % $10.00 $10.00 Revenues B A

How The Numbers Work - Strategic ,[object Object],$2.50 $0.95 OCF 5.0% 0.5% Capex % 15.0% 45.0% Sales % 30.0% 25.0% G&A % 25.0% 20.0% COGS % $10.00 $10.00 Revenues B A

Valuations – Comparables ,[object Object],[object Object],[object Object],[object Object],[object Object]

Valuations – Public Companies ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuations - Hostopia ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuations – Historic ,[object Object],[object Object],[object Object],[object Object],[object Object]

Valuations - Current ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuation Deal Price vs. Terms ,[object Object],[object Object],[object Object],[object Object],[object Object]

Valuations - Future ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Valuing and Structuring Hosting Company Acquisitions (Session #201) ,[object Object],Joe Bardenheier Hillary Stiff C HEVAL C APITAL , I NC . Thanks for coming!

Valuation Issues - Leases ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

"Valuing and Structuring Hosting Company Acquisitions" - Hostingcon 2008

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"Valuing and Structuring Hosting Company Acquisitions" - Hostingcon 2008