Rocket Fuel Inc: Valuation versus competitor set transaction multiples

All $m Notes
Rocket Fuel Inc - listed valuation
Date 11/05/2014
Enterprise value 648.7 Listed equity
EV/Sales 1.52 Sales & gross margin FY2014 estimate
EV/Gross margin 2.95
Turn Inc - private funding round
Date 13/01/2014 Source: Bloomberg. Private funding round
Enterprise value 700.0
EV/Sales 1.40
EV/Gross margin 5.60 Gross margin disclosure: AdExchanger
Adap.tv - acquired by AOL
Date 07/08/2013
Enterprise value 405.0 SEC filings
EV/Sales 1.72 SEC filings & WSJ
EV/Gross margin 6.89
MoPub (exchange) - acquired by Twitter
09/09/2013
Enterprise value 350.0 SEC filings
EV/Sales 2.33
EV/Gross margin 21.21 SEC filings
Including MoPub transaction:
Rocket Fuel average discount EV/Sales 17%
Rocket Fuel average discount EV/Gross margin 74%
Excluding MoPub transaction:
Rocket Fuel average discount EV/Sales 3%
Rocket Fuel average discount EV/Gross margin 53%