GP.Bullhound-2019上半年消费者互联网市场报告（英文）-2019.8-36页_3mb

报告摘要

GP.Bullhound Consumer Internet Market Perspectives - H1 2019 Summary

Core Content

GP Bullhound is a leading technology advisory and investment firm that focuses on providing transaction advice and capital to category leaders in the consumer internet sector globally. This report offers both quantitative insights into public and private market valuations and qualitative insights into business models, technology, and customer trends in the consumer internet space.

Main Trends

1. Digital Classifieds

The digital classifieds sector is undergoing significant consolidation, driven by private equity and strategic transactions.
High barriers to entry, predictable revenues, and a profitable model make it attractive for acquirers.
Examples include Zoopla's take-private by SilverLake, and the acquisition of Baltic Classifieds Group by Apax.
Major players are reorganizing their classified portfolios, such as Schibsted's Adevinta listing and Naspers' similar plans.
New models like Auto1 Group are disrupting the market by offering value-added services.

2. Online Fashion

The sector is moving beyond convenience to build businesses aligned with new consumption patterns.
Online players leverage large datasets and AI for better decision-making and hyperpersonalization.
Resale marketplaces and rental models are gaining popularity due to increased consumer trust.
Influencers are driving the growth of new fashion platforms.
Notable companies include TheRealReal (IPO), REVOLVE, and Depop.

3. Residential Real Estate & Hospitality Management

A new ecosystem is emerging, blending residential real estate and hospitality services.
Platforms like Hostmaker provide hotel-like services to non-professional homeowners.
Full-stack platforms such as Selina, Lyric, Sonder, and OYO are redefining the market with tech-first approaches.
Key innovations include analytics, virtual viewings, and smart locks.

4. Mobility

A transformational year for large mobility companies with Uber and Lyft going public.
Strategic investors are making large bets, such as Didi/Toyota and Bolt/Daimler.
New entrants like ViaVan and electric scooter companies are competing.
Consolidation is expected as scale and data become more critical.

Key Transactions and Investments

Notable M&A Deals

Zoopla acquired by SilverLake (EV: $2.9bn, EV/Rev: 7.9x, 11/07/2018)
Baltic Classifieds Group acquired by Apax (EV: N/A, 09/05/2019)
Naspers acquired a 29.1% stake in Adevinta (EV: $3.9bn, 25/01/2019)
Delivery Hero acquired Zomato (EV: $172m, 25/03/2019)
Uber went public (Market Cap: ~$75.7bn, 10/10/2019)

Notable Private Financings

Grab raised $300m from Invesco (EV: $14bn, 06/03/2019)
StockX raised $110m from DST (EV: N/A, 06/03/2019)
Revolve raised $212m (EV: $2.5bn, 07/06/2019)
TheRealReal raised $300m (EV: $2.2bn, 28/06/2019)
OYO acquired by Airbnb (EV: $1,100m, 08/08/2018)

Consumer Internet IPOs

Lyft (NYS:LYFT): $2.3bn offering, 11.1x LTM EV/Revenue, 103.5% Rev % growth
Adevinta (OB:ADEB): $7bn offering, 10.6x LTM EV/Revenue, 21% % Change/IPO Price
Jumia (NYS:JMIA): $196m offering, 7.2x LTM EV/Revenue, 45% Rev % growth
Pinterest (NYS:PINs): $1.5bn offering, 13.3x LTM EV/Revenue, 250m active users
Uber (NYS:UBER): $8.1bn offering, 6.72x LTM EV/Revenue, 42% Rev % growth
Revolve (NYS:RVLV): $212m offering, 2.47x LTM EV/Revenue, 25% Rev % growth
TheRealReal (NAS:REAL): $300m offering, 7.2x LTM EV/Revenue, 9.4 million sold items

Key Metrics and Comparables

Key Financial KPIs

GMV / Take rate %: GMV is the total transaction value, take rate is the percentage of GMV retained by the platform.
Net Revenue / Growth %: Net revenue is total revenue minus taxes, returns, and cancellations.
EV/Rev: Enterprise Value to Revenue ratio, indicating valuation multiples.

Comparables by Category

Large Cap E-commerce: Alibaba.com, Amazon.com, eBay, Zalando
E-commerce: Stitch Fix, HelloFresh, OSOS
Marketplaces: Delivery Hero, Just Eat, Takeaway.com
Classifieds: Autohome, Scout24, Zillow
Online Travel: Booking.com, Expedia, Lastminute.com

CEO Commentary

Depop

Maria Raga: Focuses on empowering the next generation with authenticity and individuality in fashion.
Depop serves 15 million users in 147 countries and emphasizes on-demand buying and selling.

Outfittery

Julia Bösch: Highlights personalization and the need for technology-driven shopping experiences in menswear.

Baltic Classifieds Group

Justinas Simkus: Notes the importance of vertical integration and expanding product offerings to counter horizontal competitors.

Hostmaker

Nakul Sharma: Emphasizes the potential of the homestay market and the need for professional services to meet evolving guest expectations.

Report Overview

The report is authored by GP Bullhound, a firm with a strong presence in the consumer internet sector. It features insights from over 20 transactions and highlights the growing importance of digital transformation, user experience, and innovation in the consumer internet landscape. The firm is based in London, and the report provides a comprehensive view of market trends, M&A activity, and investment opportunities across various sectors.

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