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TMT Valuations 
Alessandro Masi 
Boston, 08/02/2011
TMT returns
M&A Activity
TMT M&A Valuation Multiples 
Dot-com bubble (1999-2000) 
Today (2009-2010)
TMT Drivers
Social Network Ad Spending
LNDK 2 Jul-10 Private 0.243 0.486 65 8x 4x 31 $20mln 
round led by 
Tiger Global 
2.9 Jan-11 Public- 
SharesPo 
st 
0.243 ...
Name Mkt 
Cap 
EV P/E 
FY1 
P/E 
FY2 
PEG 
Ratio 
FY1 
PEG 
Ratio 
FY2 
EV/TT 
M 
Reven 
ue 
EV/Re 
venue 
FY1 
EV/Re 
ven...
Internet Media valuation: P/E(x)
Internet Media valuation: P/FCF(x)
Traditional Media valuation: P/FCF(x)
TMT hot picks
Thank you! 
Q&A
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TMT Valuations - Presentation

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Tech, Media, Telecom Industry analysis.

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TMT Valuations - Presentation

  1. 1. TMT Valuations Alessandro Masi Boston, 08/02/2011
  2. 2. TMT returns
  3. 3. M&A Activity
  4. 4. TMT M&A Valuation Multiples Dot-com bubble (1999-2000) Today (2009-2010)
  5. 5. TMT Drivers
  6. 6. Social Network Ad Spending
  7. 7. LNDK 2 Jul-10 Private 0.243 0.486 65 8x 4x 31 $20mln round led by Tiger Global 2.9 Jan-11 Public- SharesPo st 0.243 0.486 65 12x 6x 45 3 May-11 Public 0.243 0.486 65 12x 6x 46 $315mln IPO filed 4.25 May-11 Public 0.243 0.486 65 17x 9x 65 $352.8mln raised from IPO Name Valuation ($,billion) Valuation Date Market Revenue 2010 ($, billion) Revenue 2011E ($, billion) Global Unique Visitors (million) EV/Revenue 2010x EV/Revenu e 2011x EV/Us er ($) Comments FBK 24 Jun-10 Private 2 3 551 12x 8x 44 $120mln funding Elevator Partners 50 Jan-11 Private 4.05 647 25x 12x 77 $500mln Goldman Sachs/Digital Sky Technologies investment 79 Feb-11 Public- SharesPo st 4.05 693 40x 20x 114
  8. 8. Name Mkt Cap EV P/E FY1 P/E FY2 PEG Ratio FY1 PEG Ratio FY2 EV/TT M Reven ue EV/Re venue FY1 EV/Re venue FY2 EV/TT M EBITD A EV/EBI TDA FY1 EV/EBI TDA FY2 P/FCF Google Inc 194.6 6B 159.7 4B 17.01 14.33 0.91 0.77 4.79 5.56 4.6 13 10.16 8.39 20.32 Baidu Inc/China 54.79 B 342.5 2B 54.21 36.08 1.29 0.86 32.45 24.73 16.14 N.A. 42.64 28.16 N.A.
  9. 9. Internet Media valuation: P/E(x)
  10. 10. Internet Media valuation: P/FCF(x)
  11. 11. Traditional Media valuation: P/FCF(x)
  12. 12. TMT hot picks
  13. 13. Thank you! Q&A

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