GP Bullhound：2018Q3全球软件市场前景报告（英文版）.pdf

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1、Important disclosures appear at the back of this report GP Bullhound LLP is authorized and regulated by the Financial Conduct Authority GP Bullhound Inc is a member of FINRA Global Software Market Perspectives Q3 2018 2 Key Sector Takeaways Recent Software Transaction Trends Public Market SaaS Analy

2、ses SaaS CEO Commentary Appendix A: GP Bullhound SaaS Index Appendix B: Software Public Comps by Category 1 2 3 4 6 7 8 Appendix C: GP Bullhound Software Report Overview, Software Credentials Workday, another SaaS behemoth, operates in the slightly smaller HCM industry 12 Analysis of GP Bullhound Sa

3、aS Index Valuations Revenue Multiple Trends Last Five Years Source(s): Capital IQ as of 9/28/2018 Note: GP Bullhound SaaS Index constituents can be found in Appendix A Mean: 8.6x Mean: 6.9x As of Sep 28 : 11.0 x As of Sep 28: 9.2x Current SaaS valuations are now higher than the 5 year mean; showing

4、the robustness of the current market environment 0.0 x 2.0 x 4.0 x 6.0 x 8.0 x 10.0 x 12.0 x 14.0 x Sep-13Mar-14Sep-14Mar-15Sep-15Mar-16Sep-16Mar-17Sep-17Mar-18Sep-18 GPB SaaS Index - TEV/LTM RevenueGPB SaaS Index - TEV/Forward Revenue 13 Rule of 40% Public SaaS 2018E Growth and Profitability of Pub

5、lic SaaS Companies in GPB Index Source(s): Capital IQ as of 9/28/2018 Note: Data based on GP Bullhound SaaS Index, constituents can be found in Appendix A, excludes outliers and companies with “N/A” The Rule of 40% Line VEEV SHOP BL TEAM PAYC NOW WDAY WIX QTWO APPF PFPT SQ SPLK TWOU COUP ZEN TWLO HU

6、BS ULTI MDSO MB CRM PCTY NEWR TLND MIME QLYS EVBG FIVN CSOD EGHT RP RNG INST BOX SPSC ATHN BNFT MDB WK AMBR CSLT CARB APTI ECOM MOBLBCOV SCWX FSCT CLX AYX CLDR YEXT ZS OKTA APPN (20%) (15%) (10%) (5%) 0% 5% 10% 15% 20% 25% 30% (5%)0%5%10%15%20%25%30%35%40%45%50%55%60%65% 2018E Unlevered FCF Margin 2