NUCOM GROUP CLAAS VAN DELDEN & DR. FLORIAN TAPPEINER

Transcription

1 CAPITAL MARKETS DAY NOVEMBER 14, 2018 NUCOM GROUP CLAAS VAN DELDEN & DR. FLORIAN TAPPEINER

2 NUCOM GROUP VISION BECOME NO. 1 EUROPE-CENTERED GROWTH PLATFORM IN CONSUMER INTERNET 75

3 PROVEN TRACK RECORD OF BUILDING STRONG CONSUMER-DRIVEN BRANDS Revenues 1) EUR ~800M EBITDA 1) EUR ~110M Valuation 2) LAUNCH 2013 EUR 1.8BN TODAY market leaders 3) Highly synergetic setup with P7S1 Established growth platform with GA Large growing markets Sustainable consumer needs Defensible business models with clear USP Asset-light and marketing responsive 1) Q 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 76

4 WE FOCUS ON OUR CORE BRANDS REPRESENTING ~75% OF NUCOM S VALUE 1) CONSUMER ADVICE MATCHMAKING EXPERIENCE & GIFT VOUCHERS BEAUTY & LIFESTYLE Lead companies 3) 2) Strategic options Consumer need SAVINGS LOVE EXPERIENCE 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

5 VERIVOX: A LEADING ONLINE PRICE COMPARISON PLAYER IN ATTRACTIVE GERMAN MARKET WITH CATCH-UP POTENTIAL EUR >48BN Money wasted by German households on too expensive contracts every year 1) >800 Suppliers available for price comparison on Verivox across 4 categories 26% 20% 83% Revenue CAGR 2) E EBITDA 3) CAGR E Aided brand awareness 4) OPC 5) revenues per HH, 2017 in EUR >2X # of multi-product OPC Players >35% Benchmark 6) 24% Today EBITDA margin 3) 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 competition Source: Company information; Solon market model 78

6 PARSHIP ELITE GROUP: #1 ONLINE MATCHMAKER IN GSA 1) IN ATTRACTIVE MARKET WITH STRONG GROWTH AMBITIONS PEG clear >25M Singles in GSA 2) #1 with largest database of singles in GSA 2) looking for a serious relationship 10% Revenue CAGR E 37% EBITDA 3) CAGR E EUR >500 Customer lifetime value 81% Aided brand awareness 4) Online matchmaking market penetration 5) 16% GER 22% AT 33% CH >35% 30% Benchmark 6) Today EBITDA margin 3) Substantial international potential based on superior monetization model 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 (~80% of PEG users) looking for a serious relationship, based on PEG registrations 2018; 6) Based on international competition Source: Company estimates; P7S1 market model; Destatis, Bundesamt für Statistik CH, Statistik Austria 79

7 INVESTMENT HIGHLIGHT: EHARMONY DEAL WILL TRANSFORM OUR MATCHMAKING BUSINESS Highly attractive deal of an iconic brand with significant potential USD M Enterprise value 1) (<1x 2018E revenues) 87% Aided brand awareness 2) PEG eharmony Number of registrations in million, % Shares acquired 78% Highest customer satisfaction within U.S. peer group 3) >500 <200 PEG eharmony Customer lifetime 27% value in EUR PEG management team with proven integration track record! 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 80

8 JOCHEN SCHWEIZER MYDAYS GROUP: #1 AND #2 MARKET LEADER IN EXPERIENCE & GIFT VOUCHER MARKET EUR >29BN Spend on gifts in Germany p.a. IN A POST-MATERIAL WORLD, EXPERIENCE GIFTS CREATE MEMORIES AND MATTER MOST >6K Selected and quality-tested experience providers >21K Different experiences offered 12% 33% Revenue CAGR E EBITDA 1) CAGR E 85% 77% Aided brand awareness 2) Total gift market spend (>EUR 29BN), Germany <2% Experience specialist market ~25-30% Benchmark 3) 12% Today EBITDA margin 1) 1) Adjusted entity EBITDA; 2) Q3 2018; based on consumer survey conducted by the company; 3) Based on international competition Note: Market positions based on experience specialist market; Jochen Schweizer the #1 and mydays the #2 in Germany Source: Company information; Company market model 81

9 FLACONI: A LEADING ECOMMERCE ONLINE BEAUTY PLAYER WITH STRONG MARKET GROWTH POTENTIAL Beauty & Care market, Germany EUR 17BN in 2017 >600 Brands >40K Products EUR >100M GMV 5) 1.3M Active customers Q LTM +42 NPS 1) >2X Revenues 2) after 24 months EUR 120M >10X Ext. Revenues revenues 3) since 2014 Beauty & Care market online penetration estimate 2017, in % ~5% ~10% 25%+ GER UK CN 4) ~10-15% Benchmark 6) profitable Today EBITDA margin 7) 1) Net Promoter Score (NPS), October 2018; 2) After 24 months the cumulated net order intake (NOI) of the Q cohort has reached >2x its original level; 3) Q LTM; 4) China; 5) Gross media volume; media invest within last 4 years; 6) Based on competitive analysis; 7) Adjusted entity EBITDA Source: Company information; Euromonitor International / FGRT 82

10 NUCOM GROUP VISION BECOME NO. 1 EUROPE-CENTERED GROWTH PLATFORM IN CONSUMER INTERNET 83

11 NUCOM GROUP BUILDING BLOCKS: BOOST TOTAL VALUE EXTERNAL REVENUES [IN EUR] 1) ORGANIC REVENUE CAGR: % (INCL. M&A ~20% CAGR) EXPERIENCE & GIFT VOUCHERS BEAUTY & LIFESTYLE ACTIVE M&A PIPELINE ~2BN ~0.8BN CONSUMER ADVICE MATCH- MAKING ADJUSTED EBITDA: ~400M LAUNCH 2013 ADJUSTED EBITDA: ~110M Q LTM 2) ) Chart dimensions are illustrative and do not represent exact amounts; 2) Excl. eharmony, incl. travel Source: P7S1 company data; NuCom Group 84

12 STRONG STRATEGIC PARTNERSHIP AND GROWTH ACCELERATION WITH GENERAL ATLANTIC (GA) Restructured portfolio Announced divestment of travel assets etraveli / weg.de / tropo ESTABLISHED NUCOM Prepared portfolio for NuCom transaction 10 focus companies Carve-out from P7S1 s organization Foundation of NuCom Holding Signed deal with GA Minority investment of General Atlantic (GA) in NuCom Buyout of minorities in core assets (Verivox, PEG, Billiger-Mietwagen) to simplify NuCom structure Introduced new processes Governance Media, data Holding services Kicked off major operational improvements Tech/IT audits Pricing reviews Investment management Q3 Delivered eharmony deal Q Management/ organizational upgrades Top-notch network and talents: Hired 3 new CEOs and three further C-level candidates for portfolio Q1 Q2 85

13 UNIQUE VALUE CREATION MODEL FOR GROWTH COMPANIES IN PLACE Media analytics power Reach and brand building power Framework agreements Ad sales and promotion power Operational excellence Investment and PMI excellence Experts & access to talents M&A firepower 86

14 STRONG P7S1 ECOSYSTEM AS AMPLIFIER EUR >300M GMV ANNUALLY 1) >15 JOINT TEST & DEVELOPMENT CAMPAIGNS IN ) Gross media volume; 2) As of November 2018 ~0.5M 7PASS REGISTRATIONS 2) 87

15 ORGANIC GROWTH COMPLEMENTED WITH ADDITIONAL BOLT-ON ACQUISITIONS BASED ON M&A PLAYBOOK CONSUMER ADVICE MATCHMAKING EXPERIENCE & GIFT VOUCHERS BEAUTY & LIFESTYLE Strong synergies BOLT-ON OPPORTUNITIES Industry rationale Strong operational teams Good risk-return balance 88

16 THREE THINGS TO REMEMBER VALUE CREATION ECOSYSTEM WITH 10 MARKET LEADERS 1) IN GSA 2) TODAY FOCUS ON ORGANIC GROWTH BASED ON 4 LEAD COMPANIES SELECTIVE BOLT-ON M&A ON TOP AMBITION FOR 2023+: ~ EUR 2BN REVENUES ~ EUR 400M EBITDA 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 89

17 DISCLAIMER This presentation contains "forward-looking statements" regarding ProSiebenSat.1 Media SE ("ProSiebenSat.1") or ProSiebenSat.1 Group, including opinions, estimates and projections regarding ProSiebenSat.1's or ProSiebenSat.1 Group's financial position, business strategy, 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 actual results, performance or achievements of ProSiebenSat.1 or ProSiebenSat.1 Group to be materially different from future results, performance or achievements expressed or implied by such forwardlooking statements. These forward-looking statements speak only as of the date of this presentation and are based on numerous assumptions which may or may not prove to be correct. No representation or warranty, expressed or implied, is made by ProSiebenSat.1 with respect to the fairness, completeness, correctness, reasonableness or accuracy of any information and opinions contained herein. The information in this presentation is subject to change without notice, it may be incomplete or condensed, and it may not contain all material information concerning ProSiebenSat.1 or ProSiebenSat.1 Group. ProSiebenSat.1 undertakes no obligation to publicly update or revise any forward-looking statements or other information stated herein, whether as a result of new information, future events or otherwise.