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1、Q3 2024Marketing ServicesMarket Update2023 M&A Advisory RankingsAll Global TransactionsDealsAdvisor352Houlihan Lokey1349Rothschild&Co2300Goldman Sachs&Co3300JP Morgan3253Morgan Stanley5Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.2023 Global Distressed Debt&Bankruptcy Restru
2、cturing RankingsDealsAdvisor73Houlihan Lokey164PJT Partners Inc251Rothschild&Co337Lazard427Evercore Partners5Source:LSEG(formerly Refinitiv).19992023 Global M&A Fairness Advisory RankingsDealsAdvisor1,247Houlihan Lokey11,035JP Morgan2977Duff&Phelps,A Kroll Business3884UBS4716Morgan Stanley5Source:LS
3、EG(formerly Refinitiv).Announced or completed transactions.Houlihan Lokey,Inc.(NYSE:HLI)is a leading global investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Our firm is the trusted advisor to more top decision-mak
4、ers than any other independent global investment bank.Leading Capital Markets AdvisorCORPORATE FINANCENo.1Global Restructuring AdvisorFINANCIAL RESTRUCTURINGNo.1Global M&A Fairness Opinion Advisor Over the Past 25 YearsFINANCIAL AND VALUATION ADVISORY1,700+Transactions Completed Valued at More Than$
5、3.5 Trillion Collectively2,000+Annual Valuation EngagementsNo.1Global M&A AdvisorAbout Our Firm2Learn more about how our advisors can serve your needs:Corporate FinanceFinancial andValuation AdvisoryFinancial RestructuringOur Industry CoverageOur clients benefit from our local presence and global re
6、ach.AMERICASAtlantaLos AngelesBaltimoreMiamiBostonMinneapolisCharlotteNew YorkChicagoSan FranciscoDallasSo PauloHoustonWashington,D.C.EUROPE AND MIDDLE EASTAmsterdamMilanAntwerpMunichDubaiParisFrankfurtStockholm LondonTel AvivMadridZurichManchesterASIA-PACIFICBeijingShanghaiFukuokaSingaporeGurugramS
7、ydneyHong Kong SARTokyoMumbai29 Senior officers dedicated to the sponsor community in the Americas and Europe.1,300+Sponsors covered,providing market insights and knowledge of buyer behavior.800+Companies sold to financial sponsors over the past five years.Fully Integrated Financial Sponsor Coverage
8、3(1)As of September 30,2024.(2)As of November 29,2024.(3)LTM ended September 30,2024.36 Locations Worldwide2,000 Total Financial Professionals$13B Market Cap(2)2,000+Clients Served Annually323 Managing Directors(1)$2.1B Annual Revenue(3)About Our Business Services GroupSelected Business Services Ind
9、ustry TransactionsHoulihan Lokeys Business Services Group combines extensive industry relationships with substantial experience to offer a broad array of M&A,corporate finance,restructuring,and financial and valuation advisory services to the business services industry.Business Services Industry Cov
10、erageBased on number of transactions and according to data provided by LSEG(formerly Refinitiv),Houlihan Lokey was ranked the No.1investment bank for all global business services M&A transactions in 2023.a portfolio company ofhas acquiredBuyside Advisora portfolio company ofhas been acquired bySells
11、ide Advisorhas received a strategic investment fromSellside Advisorhas been acquired bySellside Advisor&Fairness Opinionhas acquireda portfolio company ofBuyside Advisorhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio com
12、pany ofhas received secondaryinvestment fromSellside Advisorhas been acquired bySellside Advisorhas received an investment from Sellside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisor170+Dedicated Busi
13、ness Services financial professionals.63 Completed Business Services M&A/private placement transactions in CY23.We cover a broad array of sectors,with financial professionals dedicated to each of our primary coverage areas.Marketing ServicesTraining and EducationEngineering and InfrastructureFacilit
14、y and Residential ServicesIT ServicesBPO ServicesEquipment-as-a-ServiceSpecialty Consulting and Risk ServicesTransportation and LogisticsEnvironmental ServicesHCM ServicesTesting,Inspection,Certification,and CompliancePharma CommercializationKey Facts and FiguresIndustry Sector Coverage2023 M&A Advi
15、sory Rankings All Global Business Services TransactionsDealsAdvisor63Houlihan Lokey146Rothschild&Co232Lincoln International331Clearwater International427Goldman Sachs&Co5Source:LSEG(formerly Refinitiv).Excludes accounting firms and brokers.4About Our Marketing Services Team5Clayton YoungDirectorClay
16、ton.YoungHL.com+1 404.926.1630Jack FayDirectorJFayHL.com+1 404.495.7027Kristoffer KlleskogManaging DirectorKristoffer.KaelleskogHL.com+46 70 742 1666Oliver VaughanManaging DirectorOliver.VaughanHL.com+44(0)20 7484 4050Kevin RogstadSenior Vice PresidentKRogstadHL.com+44(0)74 3633 8112 Please reach ou
17、t to us to discuss this quarters market update or to explore how we can serve your business needs.Subsector CoverageU.S.LeadershipContact UsTombstones included herein represent transactions closed from 2021 forward.Featured TransactionsThe marketing services sector operates within Houlihan Lokeys Bu
18、siness Services Group,which has earned a reputation for providing superior service and achieving outstanding results in M&A advisory,capital raising,restructuring,and financialand valuation advisory.Our clients run the gamut from early-stage businesses and midsized companies to large,publicly traded
19、 corporations.We understand that an industry driven by innovation and change requires the sophistication of an advisor who can think ahead of the market and utilize solid industry relationships to help advance your vision.We optimize client outcomes by running executed,competitive processes,focusing
20、 on deep domain knowledge to position for synergy and scarcity value,and leveraging our world-class strategic and private equity access to bring the right senior decision-makers to the negotiation table.Request a MeetingLearn More About UsDigital and Performance MarketingMarket Research and Insights
21、B2B Information ServicesVertically Focused Marketing ServicesDigital Experience and CommerceStrategic CommunicationsEvents and Experiential Marketinghas acquiredBuyside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySe
22、llside Advisorhas received a strategic investment fromSellside Advisora portfolio company ofhas been acquired bySellside Advisorhas been acquired bya portfolio company ofSellside Advisora subsidiary of has been acquired bya portfolio company of Sellside Advisorhas formed a strategic partnership with
23、a portfolio company ofSellside Advisorhas combined with a portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisora subsidiary of has strategically combined witha portfolio company ofSellside Advisora portfolio company ofhas soldtoa portfolio company ofSellside
24、Advisorhas acquired a majority stake inBuyside Advisorhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas been acquired bya portfolio company ofSellside AdvisorEuropean LeadershipIntroduction Marketing Services Market Update6Demand for vertically focused
25、 assets in both specialized and economically resilient end markets has surged.Shamrock Capital reinforced its thesis in vertically focused assets earlier this year through its acquisition of Carnegie Dartlet,a leader in marketing and enrollment advisory services targeting higher education institutio
26、ns.Similarly,KKR-owned Internet Brands expanded its focus on the legal sector via its agreement to acquire Thomson Reuters FindLaw business unit,a premier global marketing solutions provider for law firms.Other notable transactions and sectors include sports and entertainment(Two Circles acquisition
27、 of Bolt)and automotive(Calera Capitals acquisition of C4-Analytics).Additionally,fully integrated marketing solutions have emerged as a key sector theme amid an evolving channel mix,the desire for companies to capture a larger share of client budgets,and client preferences for fully integrated capa
28、bilities as opposed to point solutions.Mod Op,backed by Alterna Equity Partners,acquired Evans Hunt,a Canadian-based full-service agency that strategically augmented Mod Ops digital experience,performance marketing,and creative capabilities.The merger between Barkley and OKRP,supported by Keystone C
29、apital,further illustrates investors enthusiasm for comprehensive,integrated marketing solutions designed to maximize client wallet share.Finally,the events and experiential marketing subsector,both owned and operated events and associated services,has experienced accelerating activity as offline en
30、gagement endures as a key community,audience,and employee touchpoint.New State Capital Partners advanced its strategy within the B2B trade show and live event services sector by acquiring The Expo Group.Additional Q3 investments in the events space include Shamrock Capitals acquisition of Nth Degree
31、,Truelink Capitals purchase of GES Insights,and Informa Groups acquisition of Ascential.The continued momentum within marketing services underscores investors confidence in these rapidly evolving ecosystems.Strategic acquisitions across integrated marketing and experiential platforms highlight the d
32、rive to create diversified offerings that align with evolving client demand.This trend reflects not only the sectors durability in uncertain times but also its potential to deliver sustained growth and enhanced value for investors.In the interim between publishing our quarterly updates,Omnicom has a
33、nnounced its acquisition of The Interpublic Group(IPG).We are producing a dedicated industry update on this topic and what it means for the broader landscape.Q3 2024 saw a significant increase in M&A activity as economic conditions continued to show clear signs of recovery from a relatively slow 1H
34、2024.This momentum was characterized by 191 deals closed in Q3a 48%increase over Q2 2024 and a 40%increase over Q4 2023.The increased activity was driven by strong buyer appetite for vertically specialized assets,fully integrated marketing solutions,and events and experiential marketing services.Hig
35、h levels of sponsor engagement highlight private equity firms ongoing eagerness to deploy dry powder and expand their investment theses within the sector.Marketing ServicesM&A Transaction Volume191Transactions Q3 2024Source:S&P Capital IQ.Data as of September 30,2024.7985120101122136173176151 152117
36、129191Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32021202220232024Featured Sector News7DateCompanySubsectorsDescriptionArticle Link9/19/2024Marketing AgenciesPublicis Groupe has acquired Mars United Commerce,the leading independent commerce marketing company with more than 1,000 employees globally.This un
37、ion aims to offer an unmatched end-to-end commerce solution to improve client sales online and offline.Read More9/10/2024Marketing AgenciesWPP has acquired New Commercial Arts in order to integrate it into Ogilvys global network,enhancing its U.K.presence.Co-founders James Murphy and David Golding,k
38、nown for their success with Adam&Eve,will lead Ogilvy U.K.Read More8/28/2024Marketing AgenciesOmnicom has unveiled Omnicom Advertising Group(OAG),a new global entity that unites top creative networks like BBDO,DDB,and TBWA,along with agencies from the Advertising Collective such as Goodby Silverstei
39、n&Partners.OAG will be helmed by Troy Ruhanen,Deepthi Prakash,and Denis Streiff in key leadership positions.Read More8/23/2024Marketing ResearchIpsos has announced its plan to acquire Infas Holding AG(Infas)for 61.2 million.This acquisition aims to expand Ipsos presence in the consumer data market i
40、n Germany by becoming one of its largest players.Ipsos plans to leverage Infas expertise to enhance social and political research.Read More8/16/2024Marketing AgenciesUnilever has consolidated the creative and strategic duties for its beauty brands globally with WPP,which already handles Dove and Vas
41、eline via Ogilvy.WPP now leads Tresemme,Sunsilk,Simple,Nexxus,Shea Moisture,Clear,and Ponds(spanning$36M in 2023 U.S.media spend).Read More8/9/2024Events/Experiential MarketingEndeavor announced plans to sell IMG Arena and OpenBet and classified them as discontinued operations in Q2 financials,while
42、 operations continue as usual.This sale follows Silver Lakes acquisition of Endeavor for$13 billion,enhancing the companys sports data and tech offerings.Read More8/7/2024Marketing AgenciesWPP announced plans to sell its 50.5%stake in FGS Global to KKR for$800 million,valuing FGS Global at$1.6 billi
43、on.KKRs stake will rise to 80%.FGS Global,formed by the merger of Finsbury,Hering Schuppener,and Glover Park Group,generates$450 million in annual revenue.Read More7/25/2024Marketing AgenciesPublicis Groupe has announced its acquisition of Influential,marking a major move into creator marketing.Infl
44、uentials AI platform accesses 3.5 million creators,enhancing Publicis Groupes data reach and supporting its aim to lead in influencer marketing and the creator economy.Read MoreQ3 2024 activity was defined by particularly strong inorganic activity and strategic initiatives occurring in the retail me
45、dia/commerce,events,and vertically focused marketing categories.The large agency holding companies continue to be highly acquisitive,pursuing acquisitions to consolidate market share and gain transformational capabilities.Sources:Company websites,press releases.Featured Sector News(cont.)8DateCompan
46、ySubsectorsDescriptionArticle Link7/25/2024Marketing Services(Non-Agency)The Cannes Lions festival has changed hands with B2B giant Informas acquisition of its owner,Ascential,for 1.2 billion.Following the announcement,Ascentials shares jumped 26%.The deal is expected to boost Informas earnings per
47、share by at least 5%in the first year.Read More7/24/2024Marketing AgenciesStagwell has acquired LEADERS,a top digital agency in influencer marketing based in Tel Aviv.LEADERS integrates with Stagwells AI suite,enhancing global influencer capabilities with its platform,InfluencerMarketing.AI,and conn
48、ecting brands with more than 300 million creators.Read More7/12/2024Marketing AgenciesThe Harris Poll has acquired BERA,integrating its AI-powered brand insights platform into Harris Quest,part of Stagwell Marketing Cloud.This boosts predictive market research and brand tracking capabilities,offerin
49、g clients enhanced data-driven decisions with BERAs sophisticated analytics.Read More7/3/2024Marketing ResearchIpsos recently unveiled the AI-powered PersonaBot,an innovative tool allowing organizations to interact with personas from their target segments.Developed with Ipsos Facto,it enhances segme
50、ntation studies by enabling stakeholders to engage with personas on attitudes,behaviors,and preferences for deeper insights.Read MoreQ3 2024 activity was defined by particularly strong inorganic activity and strategic initiatives occurring in the retail media/commerce,events,and vertically focused m
51、arketing categories.The large agency holding companies continue to be highly acquisitive,pursuing acquisitions to consolidate market share and gain transformational capabilities.Sources:Company websites,press releases.Featured Transactions Executed by Houlihan Lokeys Marketing Services TeamHuge,a le
52、ading experience design and technology business,has been acquired by AEA and,in connection with the transaction,will join forces with AEAs existing portfolio company Hero Digital,forming one of the largest independent experience transformation businesses in the world.Huge has built an impressive leg
53、acy of creating compelling digital products and experiences for clients such as Google,McDonalds,NBCU,Nike,ExxonMobil,and more.Through this strategic combination,Huge will unite with Hero Digital,a similarly customer-centric organization that is committed to delivering innovative,information-driven
54、experience design solutions.Houlihan Lokey served as the financial advisor to IPG and Huge.The Expo Group is renowned for its comprehensive event services,providing design,planning,asset procurement,booth rentals,logistics,and execution services as the architect for more than 500 trade shows,live ev
55、ents,and exhibitor projects annually.The company serves a diverse set of end markets on behalf of leading event organizers,independent trade associations,corporations,and higher education institutions.The partnership will allow The Expo Group to drive continued organic growth as well as accelerate t
56、he companys growth trajectory through M&A.Houlihan Lokey served as the exclusive financial advisor to New State Capital Partners.UDG is a best-in-class customer experience leader and tech powerhouse,bringing together customer-centric design and creativity with deep technical expertise in software en
57、gineering and delivery for long-standing global brands,including Porsche,Fendt,Bosch,and Vaillant.Its expertise includes consulting,strategy,branding,creativity,CX,media,technology,CRM,data,and analytics.MSQ is a next-generation creative,technology,and media company creating brand momentum for clien
58、ts.It is one of the worlds fastest-growing marketing groups,offering flexibility,choice,and transparency to clients who can work with an MSQ agency on an individual basis or with a joined-up team designed specifically around their needs.MSQ employs more than 1,500 people across 15 global offices.Hou
59、lihan Lokey served as the financial advisor to PIA Group.Red Nucleus is an industry-leading integrated provider of learning and development,medical communications,market access,and R&D and clinical solutions to the life sciences industry globally.The companys comprehensive commercial,medical,and cli
60、nical service and software solutions span all stages of the product cycle to help provide lasting value for key stakeholders,including pharmaceutical organizations,HCPs,and patients.THL is a premier private equity firm investing in middle-market growth companies exclusively within three sectors:heal
61、thcare,financial technology and services,and technology and business solutions.The firms strategic partnership with Red Nucleus will help broaden the companys suite of commercialization services for its global customer base.Houlihan Lokey served as the exclusive financial advisor to Red Nucleus and
62、The Riverside Company.Houlihan Lokey Advises PIA GroupHoulihan Lokey Advises Red NucleusHoulihan Lokey Advises New State Capital PartnersHoulihan Lokey Advises Huge9a subsidiary of has strategically combined witha portfolio company ofSellside Advisora portfolio company ofhas soldtoa portfolio compan
63、y ofSellside Advisorhas acquired a majority stake inBuyside Advisora portfolio company ofhas been acquired bySellside AdvisorDateAcquirerTarget(s)Target Subsector9/26/2024Vertically Focused Marketing(Sports)9/26/2024Events/Experiential Marketing9/19/2024Retail Media/Commerce9/18/2024Vertically Focus
64、ed Marketing(Legal)9/13/2024Market Research and Information Services9/11/2024Events/Experiential Marketing9/9/2024Digital Marketing9/3/2024Events/Experiential Marketing9/3/2024Retail Media/Commerce8/26/2024Market Research and Consumer Insights7/24/2024Events and Experiential Marketing7/16/2024Integr
65、ated Marketing ServicesAdditional Marketing Services M&A Highlights10($in Millions)Deal Count by Transaction SizeKey TakeawaysMarketing services M&A activity surged in the last six months of 2024,reaching its highest level since the first half of 2023a period that recorded the most substantial deal
66、volume in the sector over the past three years.This trend reflects strong momentum as the industry heads into 2025.Deal activity in the last six months of 2024 was primarily driven by a mix of smaller deals and strategic add-on activity,with 87%of disclosed deal values below$100 million.Target acqui
67、sitions in Q3 2024 emphasized vertically integrated marketing as well as events and experiential services,with activity driven by a combination of large strategic buyers and private equity investors.Notable Transactions124170199249205178226333952889060806103975712431351642212583493032463182H 2021 1H
68、 2022 2H 2022 1H 2023 2H 2023 1H 2024 T6M 2024Not Disclosed$100$100$500$500+Source:S&P Capital IQ.Data as of September 30,2024.Note:(1)Represents trailing 6-month period of 2024(Apr-Sep)(1)Equity Market Index Performance1111LTM September 2024 PerformanceSource:S&P Capital IQ.Data as of September 30,
69、2024.All share prices rebased to 100.(1)Houlihan Lokey Marketing Index consists of a diversified set of companies across the marketing services sector.See pages 15 onwards for a complete list.Continued Equities ReboundIncreased optimism from investors fueled by cooling inflation,resilient corporate
70、earnings,and investor confidence in a soft landing for the economy were key drivers in public indices strong gains over the past 12 months.Communication services was one of the clear sector winners of the year,with the S&P Communication Services Index posting a 39.5%annual return.The broader S&P 500
71、,at 34.4%,and Houlihan Lokeys Marketing Services Index,at 17.2%,trailed the S&P Communication Services Index but still performed quite positively.On a quarterly basis,the S&P 500s 9.9%slightly outperformed both the S&P Communication Services Index at 9.1%and the Houlihan Lokey Marketing Services Ind
72、ex at(0.9%).April 2024 September 2024 Performance8090100110120Apr-24May-24Jun-24Jul-24Aug-24Sep-248090100110120130140150Sep-23Nov-23Dec-23Feb-24Mar-24May-24Jun-24Aug-24Sep-24S&P Communication Services Index 39.5%S&P 50034.4%Houlihan Lokey Marketing Services Index(1)17.2%S&P 5009.9%S&P Communication
73、Services Index 9.1%Houlihan Lokey Marketing Services Index(1)(0.9%)Equity Market Index Performance Marketing Services Subsectors1212Events/Experiential Marketing32.5%Marketing Agencies30.8%MarketResearch26.9%CX Digital Transformation11.0%Marketing Services(Non-Agency)(0.1%)YTD 2024 PerformanceLTM Se
74、ptember 2024 Performance by SubsectorThree-Year Performance(October 2021 September 2024)Source:S&P Capital IQ.Data as of September 30,2024.All share prices rebased to 100.Outperformance by Events/Experiential MarketingThe events/experiential marketing subsector posted the best performance over the p
75、ast 12 months and outperformed the broader market,driven by exceptional Q3 performance.Market research,the marketing agencies,and CX digital transformation subsectors each posted positive returns for the year,while non-agency marketing services lagged behind peers.8090100110120130140Sep-23Dec-23Feb-
76、24Apr-24Jul-24Sep-2412.3%-5.8%6.1%4.9%-4.0%9.1%-38.4%16.1%-15.5%-23.4%EV/LTM RevenueEV/LTM EBITDAForward P/EMarketing AgenciesMarketing Services(Non-Agency)Market ResearchEvents/Experiential MarketingCX Digital TransformationPublic Company Valuations(LTM September 2024)13Source:S&P Capital IQ.Data a
77、s of September 30,2024.1.1x1.5x1.5x1.6x3.1x7.8x10.3x12.9x10.5x17.8x11.1x11.3x13.8x12.5x27.6xEV/2024E RevenueEV/2024E EBITDAForward P/EMarketing AgenciesMarketing Services(Non-Agency)Market ResearchEvents/Experiential MarketingCX Digital TransformationPublic Company Valuations(2024E)14Source:Trading
78、multiples are based on share price,other market data,and broker consensus future revenue and earnings estimates from S&P Capital IQ as of September 30,2024.1.1x1.6x1.2x1.6x3.1x6.9x7.6x8.5x9.0 x17.6x11.1x11.3x13.9x12.5x27.6xPublic Comparables(LTM September 2024)Marketing Services15Source:S&P Capital
79、IQ.Data as of September 30,2024.($in Millions,Except Per-Share Prices)As of 9/30/24Market CapUSDMEVUSDMNet DebtUSDMNet Debt/LTM EBITDALTMForward P/ETEV/RevenueUSDMEBITDAUSDMEBITDA MarginEPSLTM EBITDALTM RevenueMarketing AgenciesDentsu Group Inc.$8,019.0$10,336.9$1,610.5 1.2x$8,592.0$1,319.3 15.4%($0
80、.5)14.0 x 7.8x 1.2x Hakuhodo DY Holdings Inc.2,995.5 2,942.8(193.8)N/M 5,878.6 381.1 6.5%0.4 23.2x 7.7x 0.5x Next 15 Group plc605.2 745.2 132.6 0.9x 942.3 151.3 16.1%0.7 6.1x 4.9x 0.8x Omnicom Group Inc.20,228.1 25,598.2 3,543.0 1.3x 15,123.3 2,775.4 18.4%7.2 12.6x 9.2x 1.7x Publicis Groupe S.A.27,4
81、89.8 30,188.9 2,636.9 0.9x 16,443.8 3,067.6 18.7%6.2 13.1x 9.8x 1.8x S4 Capital plc318.0 617.3 282.1 1.9x 1,158.8 145.7 12.6%0.0 7.6x 4.2x 0.5x Stagwell Inc.784.4 2,846.6 1,286.1 3.5x 2,613.7 363.5 13.9%(0.0)8.4x 7.8x 1.1x The Interpublic Group of Companies,Inc.11,879.9 14,768.2 1,393.9 0.7x 9,405.2
82、 1,982.4 21.1%2.7 11.1x 7.4x 1.6x WPP plc10,973.4 18,847.7 6,842.2 4.7x 18,768.3 1,451.1 7.7%0.2 8.5x 13.0 x 1.0 x Median$1,393.9 1.2x$8,592.0$1,319.3 15.4%$0.4 11.1x 7.8x 1.1x Mean$1,948.2 1.9x$8,769.6$1,293.0 14.5%$1.9 11.6x 8.0 x 1.1x Marketing Services(Non-Agency)Advantage Solutions Inc.$1,099.4
83、$2,712.1$1,612.7 4.2x$4,071.1$383.9 9.4%($0.6)8.2x 7.1x 0.7x Amdocs Ltd.9,989.4 10,328.6 144.0 0.1x 4,983.7 972.4 19.5%4.3 12.6x 10.6x 2.1x CSG Systems International,Inc.1,374.7 1,856.3 439.0 2.4x 1,169.6 180.0 15.4%2.2 11.3x 10.3x 1.6x Deluxe Corp.861.7 2,462.6 1,534.9 3.7x 2,148.0 413.9 19.3%0.9 6
84、.2x 5.9x 1.1x Harte Hanks,Inc.54.2 69.7(10.5)0.5x 187.1(21.0)N/M(4.1)N/M N/M0.4x IAC Inc.4,635.2 6,123.3 320.9 1.0 x 4,048.6 334.0 8.2%(1.9)N/M 18.3x 1.5x TechTarget,Inc.698.6 789.3 72.2 4.6x 225.0 15.6 6.9%(0.3)15.3x N/M3.5x Median$320.9 2.4x$2,148.0$334.0 12.4%($0.3)11.3x 10.3x 1.5x Mean$587.6 2.4
85、x$2,404.7$325.6 13.1%$0.1 10.8x 10.5x 1.6x Public Comparables(LTM September 2024)(cont.)Marketing Services16Source:S&P Capital IQ.Data as of September 30,2024.($in Millions,Except Per-Share Prices)As of 9/30/24Market CapUSDMEVUSDMNet DebtUSDMNet Debt/LTM EBITDALTMForward P/ETEV/RevenueUSDMEBITDAUSDM
86、EBITDA MarginEPSLTM EBITDALTM RevenueMarket ResearchBilendi S.A.$77.6$78.8$1.1 0.1x$69.3$12.0 17.3%$0.6 13.8x 6.6x 1.1x comScore,Inc.33.2 242.7(4.7)N/M 358.7 28.0 7.8%(9.3)N/M 8.7x 0.7x Forrester Research,Inc.343.3 312.4(75.8)N/M 453.4 40.4 8.9%0.1 11.7x 7.7x 0.7x Gartner,Inc.39,050.7 40,830.1 1,215
87、.3 0.9x 6,062.9 1,375.7 22.7%10.5 42.1x 29.7x 6.7x ICF International,Inc.3,128.5 3,757.2 441.3 1.8x 1,986.3 240.2 12.1%5.2 23.2x 15.6x 1.9x Informa plc14,523.0 17,429.6 2,165.5 1.6x 4,251.9 1,328.6 31.2%0.3 15.0 x 13.1x 4.1x Information Services Group,Inc.161.3 228.0 62.4 4.7x 266.5 13.3 5.0%(0.0)9.
88、6x 17.2x 0.9x INTAGE HOLDINGS Inc.422.4 343.4(71.8)N/M 393.4 28.9 7.3%0.4 16.4x 11.9x 0.9x Ipsos S.A.2,710.9 2,978.3 237.0 0.6x 2,615.7 398.0 15.2%4.4 10.4x 7.5x 1.1x IQVIA Holdings Inc.43,199.6 55,114.6 11,723.0 4.0 x 15,155.0 2,933.5 19.4%7.7 20.2x 18.8x 3.6x Macromill,Inc.210.0 403.7 141.0 3.0 x
89、272.7 47.6 17.5%0.4 10.6x 8.5x 1.5x National Research Corp.545.7 588.1 41.7 0.9x 146.3 45.7 31.3%1.2 N/A 12.9x 4.0 x YouGov plc683.9 922.8 227.0 3.7x 343.3 62.0 18.1%0.3 13.6x 14.9x 2.7x Median$141.0 1.7x$393.4$47.6 17.3%$0.4 13.8x 12.9x 1.5x Mean$1,238.7 2.1x$2,490.4$504.2 16.4%$1.7 17.0 x 13.3x 2.
90、3x Events/Experiential MarketingEmerald Holding,Inc.$1,017.6$1,238.4$209.6 2.2x$393.4$93.7 23.8%($0.4)39.9x 13.2x 3.1x Endeavor Group Holdings,Inc.8,762.1 20,001.7 4,375.0 10.8x 6,669.4 405.9 6.1%0.2 12.5x 49.3x 3.0 x Fiera Milano S.p.A.278.5 619.6 327.2 4.0 x 317.2 81.6 25.7%0.6 9.6x 7.6x 2.0 x GL
91、Events S.A.628.0 1,989.1 1,154.7 4.0 x 1,663.8 289.2 17.4%2.4 8.4x 6.9x 1.2x MCH Group AG142.5 234.6 81.1 12.5x 443.6 6.5 1.5%(0.5)32.5x 36.1x 0.5x Viad Corp.758.3 1,519.6 422.9 2.2x 1,309.6 193.9 14.8%0.9 N/M 7.8x 1.2x Median$375.1 4.0 x$876.6$143.8 16.1%$0.4 12.5x 10.5x 1.6x Mean$1,095.1 5.9x$1,79
92、9.5$178.5 14.9%$0.5 20.6x 20.2x 1.8x Public Comparables(LTM September 2024)(cont.)Marketing Services17Source:S&P Capital IQ.Data as of September 30,2024.($in Millions,Except Per-Share Prices)As of 9/30/24Market CapUSDMEVUSDMNet DebtUSDMNet Debt/LTM EBITDALTMForward P/ETEV/RevenueUSDMEBITDAUSDMEBITDA
93、 MarginEPSLTM EBITDALTM RevenueCX Digital TransformationAccenture plc$221,414.4$221,404.6($3,985.0)N/M$64,896.5$12,896.4 19.9%$11.4 27.6x 17.2x 3.4x Capgemini SE37,052.5 41,589.7 4,335.2 1.2x 23,823.0 3,478.0 14.6%10.2 15.7x 12.0 x 1.7x Cognizant Technology Solutions Corp.38,254.9 37,286.9(1,582.0)N
94、/M 19,265.0 3,799.0 19.7%4.4 16.3x 9.8x 1.9x Endava plc1,507.3 1,684.8 177.4 1.9x 936.2 91.7 9.8%0.4 16.8x 18.4x 1.8x EPAM Systems,Inc.11,331.8 9,649.7(1,823.2)N/M 4,621.5 687.4 14.9%7.0 18.8x 14.0 x 2.1x Globant S.A.8,548.3 8,671.3 63.0 0.2x 2,284.5 383.0 16.8%3.8 28.9x 22.6x 3.8x Grid Dynamics Hol
95、dings,Inc.1,073.3 826.6(256.0)N/M 318.3 14.2 4.5%(0.0)43.4x N/M2.6x HCL Technologies Ltd.58,013.1 55,538.7(2,488.0)N/M 13,434.0 2,888.0 21.5%0.7 28.4x 19.2x 4.1x Infosys Ltd.92,722.8 90,759.8(2,020.0)N/M 18,659.0 4,427.0 23.7%0.8 28.8x 20.5x 4.9x International Business Machines Corp.203,647.4 249,87
96、2.4 42,840.0 2.7x 62,363.0 15,939.5 25.6%9.0 21.9x 15.7x 4.0 x Persistent Systems Ltd.9,556.5 9,488.7(68.1)N/M 1,232.0 211.3 17.2%0.9 N/M 44.9x 7.7x Tata Consultancy Services Ltd.184,332.1 180,301.5(4,146.7)N/M 29,285.7 7,912.7 27.0%1.5 28.9x 22.8x 6.2x Thoughtworks Holding,Inc.1,428.8 1,709.4 242.1
97、 9.7x 1,032.8 24.9 2.4%(0.4)34.8x N/M1.7x Wipro Ltd.33,762.5 30,428.2(3,371.2)N/M 10,663.8 2,036.5 19.1%0.3 23.1x 14.9x 2.9x Median($919.0)1.9x$12,048.9$2,462.3 18.1%$1.2 27.6x 17.8x 3.1x Mean$1,994.1 3.2x$18,058.2$3,913.6 16.9%$3.6 25.6x 19.3x 3.5x Overall Median$209.6 2.1x$2,284.5$363.5 16.4%$0.6
98、15.0 x 12.0 x 1.7x Overall Mean$1,474.2 2.9x$7,994.8$1,557.8 15.6%$1.9 18.2x 14.4x 2.3x Public Comparables(2024E)Marketing Services18($in Millions,Except Per-Share Prices)As of 9/30/24Net Debt/2023 EBITDAEV/RevenueEV/EBITDAP/E20222024E CAGREBITDA MarginForward P/E20232024E20232024E20232024ERevenueEB
99、ITDA20232024E20232024EMarketing AgenciesDentsu Group Inc.1.1x 1.1x 1.1x 7.1x 7.8x N/M N/A 1.6%(14.8%)15.7%13.7%16.2x 14.5x Hakuhodo DY Holdings Inc.N/M 0.4x 0.4x 6.9x 6.7x N/M N/A(4.4%)(16.7%)6.1%6.5%20.7x 24.2x Next 15 Group plc0.8x 0.8x 1.0 x 4.7x 4.5x 9.5x 6.1x(6.4%)11.1%16.8%21.4%5.5x 6.2x Omnic
100、om Group Inc.1.7x 1.7x 1.6x 10.0 x 10.0 x 15.0 x 12.9x 4.4%(1.9%)17.5%16.4%13.6x 12.6x Publicis Groupe S.A.0.9x 1.8x 1.9x 9.8x 8.9x 19.2x 13.5x 1.1%4.7%18.9%21.8%14.0 x 13.3x S4 Capital plc1.8x 0.5x 0.5x 4.0 x 5.2x N/M 7.6x(6.2%)(16.0%)11.9%10.5%5.5x 7.9x Stagwell Inc.4.7x 1.1x 1.0 x 8.2x 6.9x N/M 9
101、.3x 1.9%(6.9%)13.7%14.9%8.5x 8.4x The Interpublic Group of Companies,Inc.1.4x 1.6x 1.6x 7.4x 8.5x 11.1x 11.1x(0.2%)(7.5%)21.2%18.5%11.2x 11.1x WPP plc5.1x 1.0 x 1.2x 14.2x 6.8x N/M 8.6x(5.8%)11.5%7.0%18.1%8.5x 8.8x Median1.5x 1.1x 1.1x 7.4x 6.9x 13.0 x 9.3x(0.2%)(6.9%)15.7%16.4%11.2x 11.1x Mean2.2x
102、1.1x 1.2x 8.0 x 7.2x 13.7x 9.9x(1.5%)(4.0%)14.3%15.8%11.5x 11.9x Marketing Services(Non-Agency)Advantage Solutions Inc.4.0 x 0.6x 0.8x 6.8x 7.6x N/M 8.9x(7.9%)(8.9%)9.5%10.4%7.2x 8.2x Amdocs Ltd.0.3x 2.1x 2.0 x 10.7x 9.3x 18.7x 13.3x 4.1%4.0%19.6%22.0%13.4x 12.7x CSG Systems International,Inc.2.5x 1
103、.6x 1.7x 9.7x 7.4x 22.1x 11.6x 0.6%15.1%16.4%22.7%12.8x 11.3x Deluxe Corp.3.9x 1.1x 1.2x 6.0 x 6.0 x 33.0 x 6.1x(2.3%)0.2%18.7%19.1%6.4x 6.2x Harte Hanks,Inc.0.9x 0.4x 0.4x 4.2x 4.3x N/M N/A(4.6%)(15.9%)8.7%8.5%8.8x N/M IAC Inc.2.6x 1.4x 1.6x 20.4x 16.3x 18.1x N/M(15.2%)N/A 6.9%10.0%N/M N/M TechTarg
104、et,Inc.4.5x 3.4x 3.4x 38.8x 11.7x N/M 15.0 x(11.9%)(8.6%)8.8%29.3%16.1x 15.3x Median2.6x 1.4x 1.6x 9.7x 7.6x 20.4x 11.6x(4.6%)(4.2%)9.5%19.1%10.8x 11.3x Mean2.7x 1.5x 1.6x 13.8x 9.0 x 23.0 x 11.0 x(5.3%)(2.4%)12.6%17.4%10.8x 10.8x Source:Trading multiples are based on share price,other market data,a
105、nd broker consensus future revenue and earnings estimates from S&P Capital IQ as of September 30,2024.Public Comparables(2024E)(cont.)Marketing Services19($in Millions,Except Per-Share Prices)As of 9/30/24Net Debt/2023 EBITDAEV/RevenueEV/EBITDAP/E20222024E CAGREBITDA MarginForward P/E20232024E202320
106、24E20232024ERevenueEBITDA20232024E20232024EMarket ResearchBilendi S.A.0.1x 1.1x 1.1x 6.6x 5.6x 26.4x 13.8x 5.5%4.2%17.3%19.3%17.1x 13.7x comScore,Inc.0.7x 0.7x 0.7x 8.1x 6.5x N/M 2.5x(3.0%)32.2%8.1%10.5%N/M N/M Forrester Research,Inc.N/M 0.6x 0.7x 5.9x 6.6x N/M 12.4x(10.5%)(22.7%)11.1%11.0%11.8x 11.
107、7x Gartner,Inc.1.3x 6.9x 6.6x 30.1x 27.0 x 45.7x 43.5x 6.7%3.9%23.0%24.3%44.5x 42.0 x ICF International,Inc.2.8x 1.9x 1.8x 16.6x 16.5x 38.3x 23.5x 7.6%5.4%11.5%11.1%26.0 x 23.2x Informa plc1.7x 4.3x 3.7x 13.8x 11.9x 28.9x 16.1x 31.6%50.4%31.0%30.9%18.0 x 15.4x Information Services Group,Inc.2.8x 0.8
108、x 0.9x 9.6x 8.6x 27.5x 15.0 x(4.8%)(15.9%)8.1%10.2%8.1x 11.4x INTAGE HOLDINGS Inc.N/M 0.8x 0.8x 10.9x N/A 20.7x N/A(1.2%)(100.0%)7.2%0.0%21.7x 17.0 x Ipsos S.A.0.6x 1.1x 1.1x 7.3x 6.6x 15.9x 10.9x 3.8%8.2%15.4%16.3%11.0 x 10.6x IQVIA Holdings Inc.4.1x 3.7x 3.6x 19.1x 14.8x 32.5x 21.2x 3.6%16.5%19.2%
109、24.0%22.0 x 20.2x Macromill,Inc.2.8x 1.6x 1.3x 7.9x 7.4x 21.1x N/A(11.6%)(4.3%)20.9%17.2%9.9x 10.5x National Research Corp.0.9x 4.0 x N/A 12.7x N/A 18.3x N/A(100.0%)(100.0%)31.3%N/A N/A N/A YouGov plc3.7x 2.7x 1.9x 14.9x 8.5x 23.3x 13.6x 24.8%22.4%18.1%22.4%9.8x 13.9x Median1.7x 1.6x 1.2x 10.9x 8.5x
110、 26.4x 14.4x 3.6%4.2%17.3%16.8%17.1x 13.9x Mean2.0 x 2.3x 2.0 x 12.6x 10.9x 27.1x 17.2x(3.6%)(7.7%)17.1%16.4%18.2x 17.2x Events/Experiential MarketingEmerald Holding,Inc.2.4x 3.2x 2.9x 13.5x 10.9x N/M 19.2x 13.9%40.7%23.9%27.0%N/M 39.9x Endeavor Group Holdings,Inc.4.9x 3.4x 2.8x 20.3x 12.1x 25.0 x 1
111、1.3x 17.4%28.1%16.5%22.7%20.0 x 12.5x Fiera Milano S.p.A.3.3x 2.0 x 2.2x 6.3x 7.5x 8.7x 24.0 x 10.6%18.1%31.4%28.8%18.2x 9.8x GL Events S.A.4.1x 1.3x 1.1x 7.1x 6.6x 9.6x 8.5x 11.4%15.6%17.8%17.3%8.0 x 8.6x MCH Group AG6.5x 0.5x 0.5x 18.8x 8.7x N/M N/A 11.8%140.1%2.8%5.4%8.5x 33.1x Viad Corp.3.1x 1.2
112、x 1.1x 8.6x 9.3x N/M 37.5x 9.7%9.0%14.2%12.0%N/M N/M Median3.7x 1.6x 1.6x 11.1x 9.0 x 9.6x 19.2x 11.6%23.1%17.2%20.0%13.3x 12.5x Mean4.1x 1.9x 1.8x 12.4x 9.2x 14.4x 20.1x 12.5%41.9%17.8%18.9%13.7x 20.8x Source:Trading multiples are based on share price,other market data,and broker consensus future r
113、evenue and earnings estimates from S&P Capital IQ as of September 30,2024.Public Comparables(2024E)(cont.)Marketing Services20($in Millions,Except Per-Share Prices)As of 9/30/24Net Debt/2023 EBITDAEV/RevenueEV/EBITDAP/E20222024E CAGREBITDA MarginForward P/E20232024E20232024E20232024ERevenueEBITDA202
114、32024E20232024ECX Digital TransformationAccenture plcN/M 3.4x 3.4x 17.9x 17.8x 32.8x 29.2x 2.8%0.9%19.1%18.9%28.4x 27.6x Capgemini SE1.2x 1.7x 1.7x 11.5x 11.2x 20.9x 16.2x 2.9%3.3%14.6%15.0%16.2x 16.0 x Cognizant Technology Solutions Corp.N/M 1.9x 1.9x 10.0 x 10.7x 18.3x 16.7x 0.5%(4.7%)19.3%17.8%17
115、.4x 16.3x Endava plc1.2x 1.7x 1.6x 11.2x 13.4x 17.3x 21.2x 6.3%(14.4%)15.5%12.3%11.0 x 17.2x EPAM Systems,Inc.N/M 2.1x 2.1x 13.0 x 12.0 x 28.2x 19.3x(2.2%)(4.1%)15.8%17.4%19.5x 18.8x Globant S.A.0.2x 4.1x 3.6x 24.6x 17.4x N/M 30.9x 16.5%23.2%16.8%20.6%30.7x 29.0 x Grid Dynamics Holdings,Inc.N/M 2.6x
116、 2.5x N/M 17.8x N/M 44.0 x 3.6%560.9%3.9%14.0%42.2x 43.4x HCL Technologies Ltd.N/M 4.2x 4.1x 19.9x 18.8x 30.6x 29.1x 5.3%6.5%21.3%21.6%28.8x 28.3x Infosys Ltd.N/M 4.9x 4.8x 20.5x 20.1x 31.5x 28.1x 2.8%2.5%23.9%23.8%29.4x 28.7x International Business Machines Corp.3.0 x 4.0 x 4.0 x 16.0 x 16.2x 27.1x
117、 21.8x 2.2%41.2%25.2%24.4%22.4x 21.9x Persistent Systems Ltd.N/M 8.3x 7.1x 48.8x 42.3x N/M N/M 19.4%16.2%17.1%16.8%N/M N/M Tata Consultancy Services Ltd.N/M 6.3x 6.0 x 23.9x 21.9x 34.6x 30.6x 7.4%9.5%26.3%27.3%32.0 x 29.1x Thoughtworks Holding,Inc.4.7x 1.5x 1.7x 28.6x 23.5x N/M N/M(11.7%)255.1%5.3%7
118、.2%23.2x 34.8x Wipro Ltd.N/M 2.8x 2.9x 14.8x 14.6x 25.6x 23.9x(0.2%)2.5%18.9%19.6%25.0 x 23.2x Median1.2x 3.1x 3.1x 17.9x 17.6x 27.7x 26.0 x 2.8%4.9%18.0%18.3%25.0 x 27.6x Mean2.0 x 3.5x 3.4x 20.0 x 18.4x 26.7x 25.9x 4.0%64.2%17.4%18.3%25.1x 25.7x Overall Median2.5x 1.7x 1.7x 11.0 x 9.3x 22.7x 15.0
119、x 2.2%4.1%16.8%17.6%16.2x 15.3x Overall Mean2.5x 2.3x 2.2x 13.9x 11.9x 23.6x 18.1x 0.6%20.8%16.1%17.3%17.4x 18.3x Source:Trading multiples are based on share price,other market data,and broker consensus future revenue and earnings estimates from S&P Capital IQ as of September 30,2024.21 2024 Houliha
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