Analysis of recent transactions in Advertising Industry detailing on Transaction Multiples (Revenue & EBITDA), Multiples Chart, Active Buyers & Transaction Data. A goldmine of resource for Entrepreneurs.

1. ADVERTISING
M&A Tearsheet
August 2015
Alps Venture Partners
TRANSACTION MULTIPLES | HISTORICAL TRENDS | GEOGRAPHIC HEAT MAP

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Merger & Acquisition Summary - Advertising
Valuation Summary
Total Deal Value ($mm) 28,480
Average Deal Value ($mm) 96
Average TEV/Revenue 2.2x
Average TEV/EBITDA 12.6x
Average Day Prior Premium (%) 62%
Average Week Prior Premium (%) 67%
Average Month Prior Premium (%) 71%
*Source – CapitalIQ, AlpsVP Analysis
Date Range: Jain 1, 2010 – August 15, 2015
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Transaction Ranges
Greater than $1 billion 4
$500 - $999.9 mm 10
$100 - $499.9 mm 24
Less than $100 mm 259

3. ADVERTISING – HISTORICAL TREND ANALYSIS

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Transaction Multiples - Trends
*Source – CapitalIQ, AlpsVP Analysis;
2.0x 2.2x
1.3x
3.1x 2.7x
2.0x
17.9x
8.6x
7.2x
12.1x
17.6x
8.3x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
12.0x
14.0x
16.0x
18.0x
20.0x
2010 2011 2012 2013 2014 2015
Multiples
Average TEV/Revenue
Average TEV/EBITDA
Historical Multiples 2010 2011 2012 2013 2014 2015 5 Year
Average TEV/Revenue 2.0x 2.2x 1.3x 3.1x 2.7x 2.0x 2.3x
Average TEV/EBITDA 17.9x 8.6x 7.2x 12.1x 17.6x 8.3x 12.7x
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5. 3pageA L P S V E N T U RE P A R T N E R S
Transaction Numbers - Trends
*Source – CapitalIQ, AlpsVP Analysis;
- - -
3
- 1
1
3
1 -
5
-
4
8
1
4
7
-
47
53 52
38
42
27
-
10
20
30
40
50
60
2010 2011 2012 2013 2014 2015
NumberofTransactions
> $1 billion
$500 - $999.9mm
$100 - $499.9mm
Less than $100mm
(in $ Million) 2010 2011 2012 2013 2014 2015 5 Year
Average Deal Value 51 72 25 269 115 54 107
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6. 4pageA L P S V E N T U RE P A R T N E R S
Geographic Heat Map
*Source – CapitalIQ, AlpsVP Analysis; Number of transactions in Major Regions;
Asia Pacific – 38%Americas – 27% Europe/MENA/Africa – 37%
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Region / Transactions Number Total Value Average Size
Asia Pacific 112 7,667 68
Europe/MENA/Africa 111 11,055 100
Americas 74 9,758 132

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Biggest Transactions
Target Deal Value ($mm)
Dentsu Aegis Network Ltd. 5,484
Focus Media Holding Ltd. 3,856
Arbitron Inc. 1,331
Infront Sports & Media AG 1,189
Advanstar Communications Inc. 972
Digital Generation, Inc. 885
Aegis Group plc, Synovate Business 858
Infront Sports & Media AG 782
Outfront Media VW Communications LLC 690
Infogroup Inc. 645
*Source – CapitalIQ, AlpsVP Analysis
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8. Alps Venture Partners has established a team of experts that have experience in valuing businesses
across diverse industry sectors and all developmental stages; ranging from clients with seed funding to
pre-IPO stage. With the team having experience of both valuations and audits, our detailed and
insightful valuation appraisal reports, along with our responsive support, help our clients easily pass
through any stringent audit review process in a smooth, efficient and time-bound manner.
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We have experience of handling
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having experience of both valuations
and audits, our detailed and
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reports, along with our responsive
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Impairment testing.
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10. Corporate Finance Services
We provide clients with high quality
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opportunity assessment, market
analysis, financial modeling,
commercial and financial due
diligence, valuation, capital structure
planning, and deal structuring.
 Investment Opportunity
Assessment
 Target Identification
 Preparation of Pitch Books
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 Financial Modeling
 Business and Financial Due
Diligence etc.
Transaction advisory
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The financial due diligence process
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 Competitor benchmark analysis
 Intellectual Property
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