5.7x 8.0x 8.7x

2.8x

9.3x ~10.0x

4.0x

23.8x

55.9x

23.5x

12.5x

50.6x ~50.0x

40.0x

Kayak Trivago Skyscanner Momondo Group Skyscanner 12% Skyscanner Trivago

Priceline Expedia Sequoia stake Great Hill Yahoo! Japan CTrip IPO

€1,276M €692M €589M €166M €1,478M €1,652M (indicative)

Nov '12 Dec '12 Oct '13 Oct '14 Jan '16 Nov '16 Dec '16

LTM Revenue LTM EBITDA

1

Skyscanner exit: Trivago multiples Skyscanner valuation multiples are close to Trivago’s back in

December 2012. Trivago grew at the time at 100% per year.

Skyscanner grew only 28% from 2014 to 2015. However,

Skyscanner’s gross bookings were still growing 49% and

possibly, Skyscanner’s revenues accelerated since then

Trivago is currently growing about 30% and expected to

achieve roughly a 4x revenue multiple in its upcoming IPO

(LTM EBITDA multiple is roughly 40x on a normalized basis)

Meta-search continues to be a strong segment. Flight meta-

search specifically is benefiting from regional fragmentation

of flight OTAs. Skyscanner is testing a direct distribution

model with airlines, thus becoming a quasi-OTA. An OTA’s

take-rate adds up to 5-10%, whereas for Skyscanner the CPA

is as low as 2%

Additionally CTrip undoubtedly sees opportunities for

revenue synergies (e.g. tapping into Asia growth), thus

justifying the seemingly high acquisition multiple

Trivago 100% LTM revenue growth

Skyscanner 28% revenue growth(but 49% gross

booking growth)

Kayak 30%+ LTM revenue growth

Trivago 31% LTM revenue growth

(normalised EBITDA)

€9,273M

€7,727M

€5,364M

€4,000M

€2,182M

€1,952M

€1,680M

€1,182M

€1,091M

€692M

€130M

€24M

€39M

€1M

€85M

€15M

€157M

€182M

€165M

€41M

Supercell

Skype

King.com

Playtika

FleetMatics

Cambridge Silicon Radio

Skyscanner

AVG

AVITO.ru

Trivago

Exit value Capital invested

2

Seventh largest VC backed Euro exit

71x

371x

137x

2933x

26x

133x

11x

7x

7x

17x

Very likely, much of the €157M+ raised by Skyscanner was not funding for the company but instead partial exit for some early investors.

Multiple of capital invested

3

European tech acquisitions > €1 billion42.8

28.8

9.3

8.6

7.7

5.4

4.8

4.5

4.5

4.0

3.9

3.2

3.1

3.0

2.8

2.5

2.4

2.3

2.2

2.1

2.0

2.0

1.9

1.7

1.7

1.5

1.5

1.4

1.3

1.3

1.2

1.2

1.2

1.1

1.1

1.1

– 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0

NXP Semiconductors

ARM Group

Supercell

E-Plus Gruppe

Skype

King.com

Informatica

Kuka

PokerStars

Playtika

Travelport

TelecityGroup

Net-a-Porter

Allegro

HERE

Wood Mackenzie / Woodmac

Skype

Mojang

FleetMatics

VKontakte / vk.ru

Trader Media Group

Cambridge Silicon Radio (CSR)

Pace

Skype

Skyscanner

Misys

Scout24 Holding

Supercell

Wood Mackenzie / Woodmac

Kuoni

TeamSystem

Hotelbeds Group

AVG

Argus Media

Skrill

AVITO.ru

Skyscanner ranks 25th in a list of 36 tech acquisitions in Europe above €1 billion

€ in billions

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8

2% 2% 2% 3% 3% 4%

5% 7%

10%

13% 15%

18%

16%

Before 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Distribution of Investable Tech Companies by Year

Data by Aggregation MethodType of Entities

281,400

29,152 10,650 2,532 6,376

Seed startup Early startup Late stage scaleup Corporates Agencies

Investable companies Other

486,657

27,552 5,721

AI Verified Claimed

Data composition

9

European focus, global scope

USA170,500 companies

1,950 investors

7,000 rounds

LATIN AMERICA4,250 companies

80 investors

350 rounds

EUROPE & ISRAEL286,000 companies

4,500 investors

15,600 rounds

ASIA9,500 companies

500 investors

2,150 rounds

MENA800 companies

70 investors

110 rounds

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