Sectorwatch: Digital Agency€¦ · conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of

Sectorwatch:Digital AgencyApril 2018

2

Digital AgencyApril 2018

Sector Dashboard [4]

Public Basket Performance [5]

Operational Metrics [7]

Valuation Comparison [10]

Recent Deals [13]

Appendix [14]

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. Alldata cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7MSecurities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated asconfidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

3

Overview

7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus.

Dashboard• Summary metrics on the sector

• Commentary on market momentum by

comparing the most recent 12-month

performance against the last 3-year

averages.

Public Basket Performance• Summary valuation and operating metrics for

a basket of comparable public companies

Valuation Comparison• Graphical, detailed comparison of valuation

multiples for the public basket

Recent Deals• The most recently announced deals in the

sector

4

Dashboard

Operating Metrics

Valuation

Revenue Growth Momentum

-0.01 1 - year revenue growth compared to revenue growth

average for last 3 years

Pricing / Gross Margin Momentum

-2.6% 1 - year gross profit % compared to gross profit %

average for last 3 years

Profitability Momentum

-1.4% 1 - year EBITDA % compared to EBITDA % average for

last 3 years

Current revenue growth rate is less than the average of the last 3 years,

indicating that the market may be flattening or declining

Current gross profit margin is less than the average of the last 3 years gross

profit margins, indicating customer pricing power

Current EBITDA margin is less than the average of the last 3 years EBITDA

margins, which may signal further consolidation

6.0%

15.5%

32.7%

0% 7% 14% 21% 28% 35%

Median LTM Rev. Growth %

Median LTM EBITDA Margin %

Median LTM GP Margin %

1.5x

8.9x

10.7x

16.9x

0x 3x 6x 9x 12x 15x 18x

Median TEV / LTM Revenue

Median TEV / LTM EBITDA

Median TEV / LTM EBIT

Median Price / LTM Earnings

5

Public Basket

Company TEV $mLTM Rev

$m

Rev Growth

YoY GP %EBITDA

%TEV / Rev X

TEV / EBITDA

X # FTEsRev / FTE $k

Hakuhodo DY Holdings Inc 4,202 11,686 6% 20% 5% 0.3 8.0 15,738 743

Ströer SE & Co. KGaA 4,767 1,598 18% 33% 19% 2.9 15.2 7,536 212

CyberAgent, Inc. 6,029 3,398 18% 33% 11% 1.7 16.8 4,416 769

JCDecaux SA 8,186 3,650 2% 33% 17% 2.2 10.9 11,772 310

The Interpublic Group of Companies, Inc. 10,191 7,882 0% 36% 14% 1.3 9.0 50,200 157

Dentsu Inc. 15,320 8,246 11% 94% 20% 1.8 9.0 60,064 137

Publicis Groupe S.A. 17,147 11,635 0% 40% 18% 1.4 7.9 80,000 145

Omnicom Group Inc. 19,813 15,316 -1% 18% 15% 1.3 8.4 77,300 198

WPP plc 26,662 20,633 6% 21% 15% 1.3 7.7 134,413 154

Average 12,480 9,338 7% 36% 15% 1.6 10.3 49,049 314

Median 10,191 8,246 6% 33% 15% 1.4 9.0 50,200 198

share price as of 24Apr18

6

Public Basket Valuation Trends

Public EBITDA Multiples over Time

Public Revenue Multiples over Time

9.7x

1.6x

0x

2x

4x

6x

8x

10x

12x

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

TEV/EBITDA - Median TEV/Revenue - Median

TEV/EBITDA - Average TEV/Revenue - Average

0x

1x

1x

2x

2x

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

TEV/Revenue - Median TEV/Revenue - Average

0x2x4x6x8x

10x12x

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

Jul-

15

Oct

-15

Jan

-16

Ap

r-1

6

Jul-

16

Oct

-16

Jan

-17

Ap

r-1

7

Jul-

17

Oct

-17

Jan

-18

Ap

r-1

8

TEV/EBITDA - Median TEV/EBITDA - Average

7

Operational Metrics

LTM Gross Profit Margin % LTM EBITDA %

- 5% 10% 15% 20% 25%

Median

Hakuhodo DY HoldingsInc

CyberAgent, Inc.

The Interpublic Group ofCompanies, Inc.

Omnicom Group Inc.

WPP plc

JCDecaux SA

Publicis Groupe S.A.

Ströer SE & Co. KGaA

Dentsu Inc.

- 20% 40% 60% 80% 100%

Median

Omnicom Group Inc.

Hakuhodo DY Holdings Inc

WPP plc

JCDecaux SA

CyberAgent, Inc.




Dentsu Inc.

8

Operational Metrics

LTM Revenue Growth %LTM Revenue per

Full Time Employee x 000’s

(10%) - 10% 20% 30%

Median

Omnicom Group Inc.



JCDecaux SA


WPP plc

Dentsu Inc.

CyberAgent, Inc.


$- $300 $600 $900

Median

Dentsu Inc.


WPP plc


Omnicom Group Inc.


JCDecaux SA


CyberAgent, Inc.

9

Operational Metrics

Accounts Receivable TurnoverAverage Days

Sales Outstanding

0 2 4 6 8 10

Median

Dentsu Inc.



WPP plc

Omnicom Group Inc.

JCDecaux SA


CyberAgent, Inc.


- 200 400 600

Median


CyberAgent, Inc.


JCDecaux SA

Omnicom Group Inc.

WPP plc



Dentsu Inc.

10

Valuation

TEV / LTM Revenue TEV / LTM EBITDA

0x 1x 2x 3x 4x

Median


WPP plc


Omnicom Group Inc.


CyberAgent, Inc.

Dentsu Inc.

JCDecaux SA


0x 5x 10x 15x 20x

Median

WPP plc



Omnicom Group Inc.


Dentsu Inc.

JCDecaux SA


CyberAgent, Inc.

11

Valuation

TEV / LTM EBIT Price / LTM Earnings

0x 10x 20x 30x 40x

Median



WPP plc

Omnicom Group Inc.


Dentsu Inc.

JCDecaux SA

CyberAgent, Inc.


0x 60x 120x 180x

Median

WPP plc

Dentsu Inc.

Omnicom Group Inc.




JCDecaux SA


CyberAgent, Inc.

12

Valuation

Historical Valuation Multiples versus Gross Profit

Historical Valuation Multiples versus Revenue Growth Rate

8x 8x 8x 8x 9x 9x 11x 15x 17x

20.8%

39.6%

20.3% 18.2%

35.7%

94.5%

32.6% 32.9% 32.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

LTM

GP

%

EBIT

DA

(x)

EBITDA(x) LTM GP%

8x 8x 8x 8x 9x 9x 11x 15x 17x

6.1%

(0.4%)

6.0%

(1.2%)0.5%

10.8%

2.2%

18.5% 18.4%

-5%

0%

5%

10%

15%

20%

0x

2x

4x

6x

8x

10x

12x

14x

16x

18x

LTM

RG

R%

EBIT

DA

(x)

EBITDA(x) LTM RGR%

13

Recent TransactionsDate Target Buyer / Investor

Total Transaction

Value Target

Revenue TEV /

Revenue TEV /

EBITDA

29Mar18 Meredith Xcelerated Marketing Accenture plc - - - -

15Mar18 Continuum LLC EPAM Systems, Inc. - - - -

5Mar18 Fluid Inc. Astound Commerce Corporation - - - -

24Jan18 Harte Hanks, Inc. Wipro LLC 9.93 383.91 - -

3Jan18 HelloWorld, Inc. (nka:HelloWorld, A Merkle Company)

Merkle Inc. - 53.00 - -

18Dec17 ARBA Holdings Ltd. Ogilvy & Mather Inc. - 2.21 - -

14Dec17 Rothco Limited Accenture plc - - - -

11Dec17 Diamond Marketing Solutions Group, Inc. Output Services Group, Inc. - - - -

22Nov17 Oxyma Group B.V. Merkle Inc. - 35.25 - -

26Oct17 Zone Ltd Cognizant Technology Solutions Corporation - - - -

24Oct17 Netcentric AG Cognizant Technology Solutions Corporation - - - -

4Oct17 Vivant Digital Pty Ltd IBM Interactive Experience - - - -

29Sep17 Telepathy ServiceNow, Inc. - - - -

20Sep17 Pierry, Inc. Wunderman Limited - 14.50 - -

6Sep17 Cogint, Inc. (nka:Fluent, Inc.) BlueFocus International Marketing Portfolio - 210.16 - -

7Sep17 TandemSeven, Inc. Genpact Limited - - - -

7Sep17 Delphic, a Hero Digital Company, LLC HERO Digital LLC - - - -

29Aug17 DIS/PLAY A/S AKQA Inc. - 16.98 - -

22Aug17 Summa Technologies, Inc. CGI Group Inc. - - - -

9Aug17 Wire Stone, LLC Accenture plc - - - -

3Aug17 Brilliant Basics Ltd. Infosys Limited 9.74 - - -

31Jul17 Search Technologies Corp. Accenture plc - - - -

27Jul17 Sokrati Technologies Pvt Ltd (nka:Merkle Sokrati)

Dentsu Aegis Network Ltd. - 3.51 - -

20Jul17 TigerSpike Pty. Ltd. Concentrix Corporation - - - -

12Jul17 Clearhead Group LLC Accenture plc - - - -

6Jul17 TNG, Inc. Point B, Inc. - - - -

28Jun17 Intrepid Pursuits, LLC Accenture plc - - - -

1Jun17 PointSource, LLC Globant S.A. 28.00 - - -

15May17 ICiDigital, Inc. Beringer Capital - - - -

15May17 Media Hive Accenture plc - - - -

7May17 The Monkeys Pty Limited Accenture plc - - - -

27Apr17 Zeta Interactive Corp. GSO Capital Partners LP; FS Investments; GPI Capital Limited 140.00 300.00 - -

10Apr17 Campbell, Harrington & Brear, Inc. JPL Integrated Communications, Inc. - - - -

3Apr17 Blue Acorn, LLC Beringer Capital; Beringer Capital Fund III L.P. - - - -

23Mar17 ITELIOS SAS Cap Gemini S.A. (nka:Capgemini SE) - - - -

1Mar17 Brilliantservice Co.,Ltd. Cognizant Technology Solutions Corporation - - - -

28Feb17 Ratio Globant S.A. 10.80 - - -

14

Digital AgencyApril 2018

APPENDIX:

Public Basket

Constituents

7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only inconjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. Alldata cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7MSecurities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated asconfidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error.

15

Public Basket


Hakuhodo DY Holdings Inc., through its subsidiaries, engages in

the provision of marketing and communications services to

advertisers, media companies, and content holders in Japan and

internationally. It offers planning, production, marketing, public

relations, and other services related to the presentation of

advertising in various media, such as newspapers, magazines,

radio, television, and digital media. The company also provides

brand development, brand building, sales promotion, and

customer management services, as well as plans animation

programs and live events. In addition, it is involved in planning,

production, buying, and media traffic in media and contents

businesses, as well as acts as liaison for the advertising

companies. Hakuhodo DY Holdings Inc. was founded in 2003

and is headquartered in Tokyo, Japan.

Date Key Development Headline4/4/18 Hakuhodo DY Holdings Inc (TSE:2433) acquired IdeasXMachina

Advertising, Inc.

0x

3x

6x

9x

12x

15x

EBITDA Multiples - Hakuhodo DY Holdings

Inc

TEV/EBITDA Average

0x

5x

10x

15x

20x

25x

30x

P/E Multiples - Hakuhodo DY Holdings Inc

P/E Average

16

Public Basket


Ströer SE & Co. KGaA provides out-of-home and online

advertising services to private and corporate customers in

Germany, Turkey, and internationally. The company operates

through three segments: Ströer Digital, Out-of-Home Germany,

and Out-of-Home International. Its out-of-home advertising

solutions covers various forms of outdoor advertising media,

such as traditional posters; advertisements at bus and tram stop

shelters, and on public transport; and digital and interactive

solutions. The company markets approximately 300,000 outdoor

advertising spaces. It also offers digital advertising on the

Internet and on mobile devices, as well as in public spaces as a

public video network. The company operates approximately

1,000 Websites. The company was formerly known as Ströer SE.

Ströer SE & Co. KGaA is headquartered in Cologne, Germany.

Date Key Development Headline1/28/18 Ströer SE & Co. KGaA (DB:SAX) entered into purchase

agreement to acquire D+S communication center management

GmbH from CMP German Opportunity Fund II (SCA) SICAR,

managed by CMP Capital Management-Partners GmbH.

12/28/17 Zur Rose Group AG (SWX:ROSE) completed the acquisition of

Vitalsana B.V. from Ströer SE & Co. KGaA (DB:SAX).

12/11/17 Ströer SE & Co. KGaA (DB:SAX) completed the acquisition of a

majority stake in UAM Media Group GmbH.

0x

1x

2x

3x

4x

5x

6x

Revenue Multiples - Ströer SE & Co. KGaA

TEV/Revenue Average

0x

6x

12x

18x

24x

30xEBITDA Multiples - Ströer SE & Co. KGaA

TEV/EBITDA Average

0x

70x

140x

210x

280x

350xP/E Multiples - Ströer SE & Co. KGaA

P/E Average

17

Public Basket

CyberAgent, Inc.

CyberAgent, Inc. engages in the media, Internet advertising,

game, and investment training businesses primarily in Japan.

The company offers a range of services, such as Internet TV

station, blog, love life, and music distribution; Internet advertising

agency and ad tech services; and smartphone games. It also

operates a programming school for kids; and provides

application and reward points exchange platform services. In

addition, the company offers services in the areas related to

Internet. CyberAgent, Inc. was founded in 1998 and is

headquartered in Tokyo, Japan.

Date Key Development Headline3/29/18 CyberAgent, Inc. (TSE:4751) signed a contract to acquire

AVATTA, Inc.

9/21/17 CyberAgent, Inc. (TSE:4751) acquired DDT Pro Wrestling Co.,

Ltd.

0.0x

0.5x

1.0x

1.5x

2.0x

2.5xRevenue Multiples - CyberAgent, Inc.

TEV/Revenue Average

0x

4x

8x

12x

16x

20xEBITDA Multiples - CyberAgent, Inc.

TEV/EBITDA Average

0x

30x

60x

90x

120x

150x

180xP/E Multiples - CyberAgent, Inc.

P/E Average

18

Public Basket

JCDecaux SA

JCDecaux SA, together with its subsidiaries, engages in outdoor

advertising activities worldwide. The company operates in three

segments: Street Furniture, Transport, and Billboard. The Street

Furniture segment is involved in advertising in shopping malls;

renting street furniture; selling and renting equipment; and the

provision of cleaning, maintenance, and other services. This

segment provides bus shelters, freestanding information panels,

automated public toilets, advertising panels, multi-service

columns, self-service bicycle schemes, kiosks for flowers or

newspapers, public rubbish bins, benches, public information or

city light panels, streetlights, static/dynamic street signage,

recycling bins for glass/batteries/paper, electronic message

boards, and interactive terminals. The Transport segment

provides advertising services in public transport systems, such

as airports, subways, buses, tramways, and trains. JCDecaux

SA is a subsidiary of JCDecaux Holding SA.

Date Key Development Headline3/8/18 JCDecaux SA (ENXTPA:DEC) Mulls Acquisitions

6/27/17 América Móvil, S.A.B. de C.V. Enters into Joint Venture with

JCDecaux SA

6/26/17 JCD Out Of Home Mexico, S.A. de C.V. agreed to acquire

Eumex, S.A. de C.V. from JCDecaux SA (ENXTPA:DEC) and

others.

0x

1x

2x

3x

4x

5xRevenue Multiples - JCDecaux SA

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - JCDecaux SA

TEV/EBITDA Average

0x

30x

60x

90x

120x P/E Multiples - JCDecaux SA

P/E Average

19

Public Basket

The Interpublic Group of Companies, Inc.

The Interpublic Group of Companies, Inc. provides advertising

and marketing services worldwide. The company operates

through two segments, Integrated Agency Networks and

Constituency Management Group. It offers consumer

advertising, digital marketing, communications planning and

media buying, public relations, and specialized communications

disciplines. The company also provides various diversified

services, including public relations, meeting and event

production, sports and entertainment marketing, corporate and

brand identity, and strategic marketing consulting. It offers its

services under various brands comprising McCann, MullenLowe,

IPG Mediabrands, Carmichael Lynch, Deutsch, Hill Holliday, and

The Martin Agency, as well as Foote, Cone & Belding. The

company was formerly known as McCann-Erickson Incorporated

and changed its name to The Interpublic Group of Companies,

Inc. in January 1961. The Interpublic Group of Companies, Inc.

was founded in 1902 and is headquartered in New York, New

York.

Date Key Development Headline5/3/17 Management team led by Chief Executive Officer Becca

Weigman acquired TM Advertising LP from The Interpublic Group

of Companies, Inc. (NYSE:IPG).

0.0x

0.4x

0.8x

1.2x

1.6x

2.0x

Revenue Multiples - The Interpublic Group

of Companies, Inc.

TEV/Revenue Average

0x

5x

10x

15x

20x

25xEBITDA Multiples - The Interpublic Group

of Companies, Inc.

TEV/EBITDA Average

0

8

16

24

32

40

P/E Multiples - The Interpublic Group of

Companies, Inc.

P/E Average

20

Public Basket

Dentsu Inc.

Dentsu Inc. provides advertising services in Japan and

internationally. The company offers advertising through media,

including newspapers, magazines, radio, television, Internet,

sales promotion, movies, outdoor events, public transportation,

and others; and event marketing, sports marketing, public

relations, contents, creative, and other services to its clients. It

also provides information services and information-related

products, including information systems building and software

sales and support; and other services, such as office rental,

building maintenance, and computation fiduciary services.

Dentsu Inc. was founded in 1901 and is headquartered in Tokyo,

Japan.

Date Key Development Headline3/12/18 Dentsu Inc. (TSE:4324) agreed to acquire 7% stake in W

TOKYO, Inc. for approximately ¥280 million.

2/8/18 Dentsu Inc. (TSE:4324) made an agreement to acquire an

unknown majority stake in Data Artist Inc. from major

shareholders.

12/12/17 PCI Holdings, Inc. (TSE:3918) completed the acquisition of

Leafnet Co., Ltd. from Dentsu Inc. (TSE:4324), Takeshi Oka,

Yumi Oka, Yuuki Oka , Nankyo Kagaya , and other sellers.

12/5/17 Dentsu Inc. (TSE:4324) entered into an agreement to acquire

Swirl, Inc.

11/14/17 PCI Holdings, Inc. (TSE:3918) entered into contract to acquire

Leafnet Co., Ltd. from Dentsu Inc. (TSE:4324), Takeshi Oka,

Yumi Oka, Yuuki Oka , Nankyo Kagaya , and other sellers for

¥1.4 billion.

0x

1x

2x

3x

4x

5x

6xRevenue Multiples - Dentsu Inc.

TEV/Revenue Average

0x

5x

10x

15x

20x

25x

EBITDA Multiples - Dentsu Inc.

TEV/EBITDA Average

0x

15x

30x

45x

60x

P/E Multiples - Dentsu Inc.

P/E Average

21

Public Basket


Publicis Groupe S.A. provides marketing, communication, and

digital transformation services worldwide. It offers creative

solutions, such as direct marketing, customer relationship

management, sales promotion and point-of-sale marketing,

public relations, corporate and financial communication, events

communication, and multicultural or ethnic communication

services, as well as engages in the video production and

broadcast business. The company also provides media

consulting/media planning and media buying services. In

addition, it is involved in the creation of corporate or commercial

Websites and intranets, online direct marketing consulting, social

network expertise, search engine optimization, Internet ads, and

all forms of Internet and mobile communication; and provision of

communications in the areas of healthcare and well-being under

the Digitas Health and Publicis Health Media brands. The

company serves clients in consumer goods, finance, automobile,

TMT, healthcare, food and beverage, leisure/energy/luxury,

retail, and other sectors. Publicis Groupe S.A. was founded in

1926 and is headquartered in Paris, France.

Date Key Development Headline4/9/18 Publicis Groupe S.A. (ENXTPA:PUB) acquired Ecosys OOH.

3/20/18 Publicis Groupe Seeks Acquisitions

2/7/18 An undisclosed buyer agreed to acquire Genedigi Group from

Publicis Groupe S.A. (ENXTPA:PUB).

7/20/17 Publicis Groupe Seeks Acquisitions

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0xRevenue Multiples - Publicis Groupe S.A.

TEV/Revenue Average

0x

3x

6x

9x

12x

15xEBITDA Multiples - Publicis Groupe S.A.

TEV/EBITDA Average

0x

5x

10x

15x

20x

25x

30xP/E Multiples - Publicis Groupe S.A.

P/E Average

22

Public Basket

Omnicom Group Inc.

Omnicom Group Inc., together with its subsidiaries, provides

advertising, marketing, and corporate communications services.

The company offers a range of services in the areas of

advertising, customer relationship management, public relations,

and healthcare. Its services comprises advertising, branding,

content marketing, corporate social responsibility consulting,

crisis communication, custom publishing, data analytics,

database management, digital/direct marketing, digital

transformation, financial/corporate business-to-business

advertising, graphic arts/digital imaging, healthcare marketing

and communications, and instore design services. The

company’s services also include direct, entertainment,

experiential, field, interactive, mobile, multi-cultural, non-profit,

shopper, promotional, retail, search engine, social media, and

sports and event marketing services; and investor relations,

marketing research, media planning and buying, organizational

communications, package design, product placement, public

affairs, public relations, and merchandising and point of sale

services. Omnicom Group Inc. was founded in 1944 and is

based in New York, New York.

Date Key Development Headline2/15/18 Omnicom Seeks Acquisitions

10/17/17 Omnicom Seeks Acquisitions

7/20/17 Omnicom Looking For Acquisitions

0.0x

0.5x

1.0x

1.5x

2.0x

2.5xRevenue Multiples - Omnicom Group Inc.

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - Omnicom Group Inc.

TEV/EBITDA Average

0x

6x

12x

18x

24x

30xP/E Multiples - Omnicom Group Inc.

P/E Average

23

Public Basket

WPP plc

WPP plc provides various communications services worldwide.

The company operates through four segments: Advertising and

Media Investment Management; Data Investment Management;

Public Relations & Public Affairs; and Branding & Identity,

Healthcare and Specialist Communications. The Advertising and

Media Investment Management segment provides advertising

services; and media planning and buying, and specialist

sponsorship, and branded entertainment services. The Data

Investment Management segment offers brand, consumer,

media, and marketplace insight services. The Public Relations &

Public Affairs segment provides corporate, consumer, financial,

and brand-building services. WPP plc was founded in 1985 and

is based in London, the United Kingdom.

Date Key Development Headline3/1/18 WPP Mulls Acquisitions

1/23/18 Otter Media Holdings, LLC acquired the remaining stake in

Fullscreen, Inc. from WPP plc (LSE:WPP), George Stromopolos

(founder and Chief Executive Officer of Fullscreen) and others.

11/8/17 PlayAd Media Group AB acquired FlowNetwork from Brita

Sohlberg, Harald Mix, Michael Werner, Staffan Samuelsson and

others.

8/22/17 WPP plc (LSE:WPP) acquired Design Bridge Ltd.

7/30/17 WPP plc (LSE:WPP) completed the acquisition of Thjnk AG.

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

Revenue Multiples - WPP plc

TEV/Revenue Average

0x

5x

10x

15x

20xEBITDA Multiples - WPP plc

TEV/EBITDA Average

0x

10x

20x

30x

40xP/E Multiples - WPP plc

P/E Average

24

Contact Information7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally.

We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close-

knit team with a long history together and a laser focus on our target markets, we help our clients sell their

companies, raise capital, grow through acquisitions, and evaluate new markets. Securities offered through 7M

Securities LLC.

Leroy Davis, Partner 704.899.5962 [email protected]

Tripp Davis, Partner 704.899.5762 [email protected]

Andy Johnston, Partner 704.899.5961 [email protected]

Tom Dinnegan, Managing Director 310. 426.2410 [email protected]

Ben Lunka, Managing Director 704.496.2995 [email protected]

Jeff Stoecklein, Managing Director 312.373.3737 [email protected]

Kristina Sergueeva, Director 704.899.5149 [email protected]

Neil Churman, Director 704.899.5960 x 121 [email protected]

John Cooper, Director 704.973.3996 [email protected]

Tim Frye, Director 704.973.3994 [email protected]

Casey Augustine, Business Development - Manager 704.973.3999 [email protected]

Nicholas Prendergast, Financial Analyst 704.899.5960 [email protected]

Ariail Siggins, Marketing Director 704.899.5960 x 123 [email protected]

Sydney Larese, Associate 704.899.5960 [email protected]

Marty Johnson, Associate 704.899.5960 [email protected]

Rory Julyan, Associate 704.899.5960 [email protected]

Chevonese Dacres, Analyst 360.499.1502 [email protected]

Documents

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