InsideSherpa - transaction comps

25.2x

14.1x
13.2x
12.1x
11.4x 11.1x
10.2x

Date: Dec-18 Dec-18 Oct-18 Oct-18 Aug-18 Jun-18

EV (A$bn) 3.4 2.6 1.1 1.9 9.3 7

LTM EV / EBITDA 14.1x 11.4x 13.2x 10.2x 25.2x 11.1x

Sydney Office Newspaper & Australian European

Target Toll Road Electricity Co.
REIT Radio Co. Media Co. Hospitals Co.

Private Equity European Media Australian Sovereign

Acquiror TV Co. Toll Road Co.
Co. Co. Hospitals Co. Wealth Fund

InsideSherpa - trading comps

20.4x
18.3x
14.6x
11.0x 9.3x
9.2x
7.1x

EV (A$bn) 59.7 0.3 1.9 2.5 0.5 18.4

 NTM EV / EBITDA 7.1x 11.0x 18.3x 9.2x 20.4x 9.3x

Mobile Games Real Estate Chinese Supermarkets

Company Telecom Co. Healthcare Co.
Ltd. Advertising Co. Gaming Co. Ltd.

InsideSherpa - selected transaction comps

20.4

12.2
10.6 10.9x 11.1 11
9.5

Transaction comps
Date: Jul-16 Jun-16 Nov-15 Nov-14
EV (A$bn) 6.4 12.4 8.5 1.3 0.3

Online Casino Mobile Gaming Queen Mobile Online Games Mobile Games
Target
Co. Co. Gaming Co. Co. Ltd.

Chinese
China Gaming
Acquiror Conglomerate Video Game Co. US Casino Co.
Co.
Co.

LTM EV / EBITDA 12.2 10.6 9.5 11.1 11

Median 10.9x 10.9x 10.9x 10.9x 11.0x

Median = 10.9x
Median = 11.0x
 15.8x

12.1x 12.2x 11.7x

11.1x 11.0x 10.6x
10.3x

5.9x 6.5x

May-18 Dec-17 Nov-17 Nov-17 Sep-17 Jul-16 Nov-16 Sep-16

1.2 7.6 0.1 0.8 3.5 6.4 3.5 0.9

12.1x 15.8x 5.9x 10.3x 6.5x 12.2x 11.0x 11.7x

Australia Hotel US Artificial Australian Australian Coal Online Casino Building

Gambling Co. Whitegoods Co.
Manager Co. Intelligence Co. Services Co. Co. Co. Products Co.

Australian
European Hotel Japanese China Gaming Household
Betting Co. Artificial China Coal Co. Concrete Co.
Manager Co. Services Co. Co. Goods Co.
Intelligence Co.

68.8x

53.8x

19.0x 17.4x
14.6x
9.3x
7.0x 6.0x 6.0x
4.8x

1.9 2.6 0.7 7.4 0.9 8.8 6.3 6.2

 14.6x 4.8x 19.0x 53.8x 7.0x 68.8x 6.0x 17.4x

South Korean
Mobile Gaming Copper Mining Japanese Online Chinese Game
Online Gaming Software Ltd. Services Co.
Co. Co. Gaming Co. Accounting Co. Developer Co.
Co.

20.4
19
17.4
14.6

11 11.0x

7
6 5.6 5.5

Trading comps

0.5 1.9 0.7 0.9 6.2 2.9 0.9 2.1

Japanese
South Korean Chinese
Chinese Mobile Gaming Japanese Chinese Game Online Social Smartphone
Online Gaming Computer
Gaming Co. Co. Gaming Co. Developer Co. Media and Apps Co.
Co. Games Co.
Gaming Co.

20.4 14.6 19 7 17.4 6 5.6 5.5

11.0x 11.0x 11.0x 11.0x 11.0x 11.0x 11.0x 11.0x

11.7x 11.1x
10.6x 10.5x
9.5x 9.0x

Jun-16 Nov-15 Oct-15 Jun-15 Nov-14

12.4 8.5 2 0.2 1.3

10.6x 9.5x 9.0x 10.5x 11.1x

Mobile Gaming Queen Mobile Sustainable Data Analytics Online Games

Co. Gaming Co. Energy Co. Co. Co.

Chinese
Energy Utility Private Equity
Conglomerate Video Game Co. US Casino Co.
Co. Co.
Co.

27.6x

17.4x

7.8x
6.0x 5.6x 5.5x

2.9 2.3 10.5 0.9 2.1

 6.0x 7.8x 27.6x 5.6x 5.5x

Japanese online Cement Chinese

Smartphone
Social Media Manufacturer Gyms Co. Computer
Apps Co.
and Gaming Co. Ltd. Games Co.

5.5