Listed european technology companies


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The Newsletter presents both an overview of European listed company valuations for the 9 months from July 2010 to March 2011 and analyses a few specific companies and deals in the European high tech space.

In this third release, the Clipperton Technology Index (CTI) is composed of the 684 technology companies listed in the UK (Main Market and AIM), France (Eurolist A, B, C and Alternext), and Germany (Regulated). We find the CTI evolution in line with the overall 20% gains of the major European indices, while NASDAQ strongly outperforms European market.

In terms of company focus, we profile Vivendi, Ubisoft Entertainment, and Delticom. We eventually zoom on the Software segment – introducing Sage and Dassault Systèmes and giving an overview of Misys acquisition of Sophis.

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Listed european technology companies

  1. 1. CTI - Hardware/Equipment 61% CTI - IT Services 30% CTI - Media/Web 23% CTI - Telecom Operators 21% Listed European Technology Companies CTI - Software CTI - Cleantech 17% 14% CTI - Hardware/Equipment 61% Newsletter #3 - Jul.10-Mar.11 CTI - Life Sciences 5% 0 10 20 CTI - IT Services 30 40 CTI - Media/Web 50 60 70 23% 30% 80 CTI - Telecom Operators 21% CTI - Software 17% MARKET DATA HIGHLIGHT - JUL.10-MAR.11 CTI - Cleantech 14% CTI - Life Sciences 5% The CTI CTI - Mid Cap (Clipperton Technology Index) is composed of the 684 technology companies listed in the UK (Main 29% 0 10 20 30 40 50 60 70 80 Market and- Small Cap France (Eurolist A, B, C and Alternext), and Germany (Regulated). Full details on CTI are shown AIM), CTI 22% at the end of this document CTI - Large Cap 19% Evolution of main indices and CTI - Jul.10-Mar11%-13% CTI - Hardware/Equipment NASDAQ 100 35% CTI - Mid Cap 29% 61% Footsie 100 23% CTI - Small Cap 22% CTI - IT Services 30% CTI 20% CTI - Large Cap CTI - Media/Web 23% 19% CTI DAX -9% -7% 20% CTI - Telecom Operators 21% Dax NASDAQ 100 CAC 40 0% 19% CTI - Software 17% Footsie 100 1% -13% CTI - Cleantech 14% NASDAQ 100 35% CTI - Life Sciences 5% CAC40 Footsie 100 23% 0 5 10 15 20 25 30 35 0 10 20 30 40 50 60 70 80 CTI 20% • European Tech stocks (CTI) in line with the overall 20% gains of the -7% 20% DAX major European indices 19% CAC 40 • NASDAQ strongly outperforms CTI: high valuations of US tech 29% CTI - Mid Cap 0 5 10 15 20 25 30 35 companies not fully tranposed in Europe 22% CTI - Small Cap 19% CTI - Large Cap • Small Cap & Mid Cap Tech companies keep on outperforming Large -9% CTI Dax Caps 0% NASDAQ 100 1% -13% Footsie 100 NASDAQ 100 • Hardware/Equipment posts by far the best sectorial performance, 23% 35% CAC40 Footsie 100 supported by strong positive evolution of Large Caps such as Alcatel 20% CTI -7% 20% DAX Lucent (+100%), Nexans (+42%) and STMicroelectronics (+37%) 19% CAC 40 0 5 10 15 20 25 30 35 companies and deals covered Vivendi ! p. 3 Sage ! p. 5 Ubisoft ! p. 3 Dassault Systèmes ! p. 5 Delticom ! p. 4 Misys acquires Sophis ! p. 6 1 Listed European Technology Companies – Clipperton Finance Newsletter #3 - Jul.10-Mar.11
  2. 2. 1. market data Evolution of main indices and CTI CTI NASDAQ 100 FOOTSIE 100 CAC 40 DAX After a stable H1-2010 period (see Newsletter # 2), all140 Base 100 (Jul 1, 2010) indices showed a strong and steady performance to the130 end of March 2011. In Europe, the major indices (FTSE, CAC 40 and DAX) followed the same trends over the120 period, gaining up to 20pts in late March 2011 compared to early July 2010. The CTI, which was less affected by the110 worries about Greek sovereign debt (see Newsletter # 2), was on track with the “recovery” growth of the main100 European indices. In the US, the NASDAQ outperformed all European indices, especially since September 2010, and 90 posted a 35pts increase from July 2010. The NASDAQ has seen the comeback of large IPOs while tech listings in 0 10 0 0 10 0 11 1 1 -1 -1 -1 v-1 -1 1 l- ct- - ar- c g p Jan b Ju De No Au Europe remain scarce. Fe Se O M CTI evolution by size of companies CTI-LARGE CAP CTI-MID CAP CTI-SMALL CAP140 Base 100 (Jul 1, 2010) Large-caps (>€1bn market capitalisation) were130 outperformed by both small-caps (market capitalisation <€100m) and mid-caps (€100m-€1,000m). Mid-caps120 were the standout and strongest performers and increased 29 pts in the 9 month period, whilst small-caps increased110 21 pts and large-caps 19pts. Mid-caps, as well as small- caps were more affected by the Sub-prime crisis during the100 September 2008-March 2009 period (see newsletter # 1); catch-up was overall done by the end of H1-2011. 90 0 10 0 0 10 0 1 1 11 -1 -1 -1 v-1 -1 -1 l- ct- ar- c g p Jan b Ju De No Au Fe Se O M Sectors’ Evolution and Valuation Share Price EBITDA Multiple Evolution EV as of March 31, 2011 Ranked by performance, Hardware/Equipment, IT Services, Media/Web and Telecom Operators Jul.10-Mar.11 EV/EBITDA10 EV/EBITDA11 segments all went up by more than 20pts in the Hardware/Equipment 61% 8.1x 6.7x period. Except Telecom Operators, all these segments were already part of the best performers Telecom Operators 21% 5.3x 5.2x during the H1-2010 period. Hardware/Equipment IT Services 30% 7.9x 6.9x stands out in particular, gaining 61pts supported by strong positive evolution of a few Large-caps such as Software 17% 10.8x 9.4x Alcatel Lucent (+100%), Nexans (+42%) and Media/Web 23% 6.6x 6.3x STMicroelectronics (+37%). Software, which posted the best performance in H1-2010, relatively slowed Cleantech 14% 8.9x 7.9x down while Cleantech and Life Sciences are still Life Sciences 5% 7.0x 5.1x lagging behind. EV/EBITDA average is at 6x for European Tech companies, showing that European Other 32% 9.5x 7.6x valuations are not impacted by the "Tech Bubble" in Total CTI 20% 6.9x 5.9x the US and China. 2 Listed European Technology Companies – Clipperton Finance Newsletter #3 - Jul.10-Mar.11
  3. 3. 2. companies and deals top performers – share price evolution (Jul.10-Mar.11) Large Cap Mid Cap Small Cap 100% Alcatel Lucent 188 % Blinkx 188 % Blinkx 503% Tonna Electronique 503% Tonna El 84% Spectrics 146% 146% CEVA 216% 216% XP Power XP Powe CEVA 58% ITV 133% E2V Tech 133% E2V Tech 200% Cast 200% Cast 49% Schneider Electric 130% Spir Communication Spir Communication 193% 193% Lectra Lectra 130% 45% BT Group 121% Euro ns Scienti c 161% 161% Egide Egide 121% Euro ns Scienti c companies to watch Vivendi Share Price (€)22 Market Cap (€bn) 25.2 unlock shareholder’s value from these21 independent assets? 10 years after the Share price evolution20 (Jul.10-Mar.11) 24% 2001 bubble burst, Messier’s vision of the integration of digital content &19 11/10 Revenue (€bn) 29.0/28.9 telecom is somehow materializing now18 11/10 EBITDA* (€bn) 6.9/6.7 through the smartphones penetration,17 the iPhone & Android eco-systems and EV/EBITDA11* 5.8x16 100% Alcatel Lucent 100% the convergence of Internet & TV. Alcatel Lucent Market figures as of March 31, 2011 However, Vivendi seems to have been in 0 10 0 0 10 0 1 1 11 -1 -1 -1 v-1 -1 -1 l- ct- ar- * Proportionate EBITDA : EBITDA of divisions weighted c g p Jan b Ju 84% Spectrics De No Au Fe Se O M by % of ownership 84% Spectrics idle mode for a while in terms of Strong corporate activity at Vivendi holding company and more as a 58% ITV 58% synergies between the different units. ITV since the start of the year: after receiving diversified telecomSchneider Electric 49% & media group 49% This is why the Group has announced Schneider Electric a significant cash inflow from the sale of made of 6 profitable entities with an 45% that Sandrine Dufour, deputy CFO, 45% BT Group BT Group its remaining stake in NBC Universal overall moderate growth prospect This was appointed to the role of “VP ($5.8bn) and from the positive should not be enough to push the stock Innovation”, reporting to the CEO, and outcome of the legal dispute regarding out of the €15/30 share price funnel “responsible for strengthening the drive Elektrim in Poland (€1.25bn from DT), where it has been stuck since the end of for innovation in the group and for the Vivendi spent €7.95bn to acquire the the Messier’s era – today’s valuation is at emergence of new growth projects”, and 44% stake held by Vodafone in SFR – a 6x proportionate EBITDA, not a real why Vivendi is “putting more emphasis transaction at 6.5x 2011 EBITDA bargain as the growth from the on organic growth and co-operation multiple seen as “fully priced” by most emerging business in Morocco & Brazil between Vivendi’s business units”. analysts. After this long awaited is not enough to compensate the Positive results on this front would be transaction, on the one hand the stock sluggish growth potential from the best argument in response to the becomes increasingly exposed to the European assets. Hence, the looming threat posed by the appetite of French telecom market, and on the fundamental question remains activist investors for a full breakup of other Vivendi should appear less as a unchanged: what is the strategy to the Group. Ubisoft Entertainment Share Price (€)11 Market Cap (€m) 679 breakeven in sight, helped by the solid10 performance from company franchise Share price evolution 9 (Jul.10-Mar.11) 12% titles Assassin’s Creed (III) and casual 8 game Just. However, the company still 11/10 Revenue (€m) 1,085/1,028 trades at about 15x 2011 EBIT while 7 11/10 EBIT (€m) 48/(54) the share price maintains its downward 6 trend. The game-plan for recovery is EV/EBIT11 15x 5 built on three pillars, games for HD Market figures as of March 31, 2011 consoles focused on existing franchises, 0 10 0 0 0 0 1 1 11 -1 -1 -1 t-1 v-1 -1 -1 l- ar- c g p Jan b Ju Oc De No Au Fe casual games (Wii & Kinect) and online Se M Ubisoft stock market performance has management’s latest estimates, 2010 games. On the casual games’ front, been dismal since 2009, severely results (year ending in March 2011) Ubisoft suffered from the overall setback underperforming all indexes and US show clear signs of improvements, with ofthe Wii market but has a head start peers (EA, Activision). As per a 15/20% rebound in sales and on the MSFT Kinect platform thanks 3 Listed European Technology Companies – Clipperton Finance Newsletter #3 - Jul.10-Mar.11
  4. 4. to early R&D investment in this field. acquisition of multiplayer game engine indeed very different from the The company should post about provider Quazal, while the French traditional video and online games: the €300m revenues in casual games for FY company remains quiet in the new games most appeal to a female audience 2010. The picture is much less engaging growth segment of social gaming. In less over the age of 30 and the game play is in the online games universe, with only than 3 years social gaming has become a based on self-expression and social €16m revenues in H1. Ubisoft is being new billion dollar industry based on interactions. It will be interesting to see dwarfed in the online arena by global virtual goods monetization on social in the coming months if Ubisoft leaders Activision-Blizzard (World of networks such as Facebook. Reacting to manages to break out in this critical Warcraft) and EA whose digital revenue the stellar growth of social gaming space with its own talent and games target in 2011 is $750m, and even pure leader Zynga, EA and Disney have franchises. Today their most successful play companies like Ankama in France. replied with the acquisitions of Zynga’s social game, CSI, counts about 0.3m Ubisoft’s current focus is on multiplayer challengers PlayFish and Playdom. The daily active users when Zynga’s hits are online games as evidenced by the recent recipe of success in social games seems above 20m. Delticom Share Price (€)80 Market Cap (€m) 757 Secondly, outside Europe, where70 Delticom is currently doing less than Share price evolution (Jul.10-Mar.11) 74% 25% of its revenue: the company60 already operates in North America and50 11/10 Revenue (€m) 458/419 the recent (Dec-2010) acquisition of a 11/10 EBITDA (€m) 49/48 majority stake in the leading Asian40 player (Tyrepac) gives, as stated by EV/EBITDA11 14x Delticom’s CEO, “an important30 Market figures as of March 31, 2011 building block in our long-term Asian 0 10 0 0 10 0 1 1 11 -1 -1 -1 v-1 -1 -1 l- t- ar- strategy”. Other acquisitions could c g p Jan b Ju Oc De No Au Fe Se M help the company take leading Founded in 1999 by two former Germany enforcing the use of winter positions in specific regions and would managers from Continental, Delticom tyres. be very much supported by a sound has reached a dominant position in Actually Delticom has a strong growth financial position with a net cash Europe with an estimated 50% market opportunity, at a global scale. First in position of €57m, no debt and an share in online tyre sales, notably Europe: the dominant position of the operating cash flow of €30m+ in thanks to its client base (4m), its company (5 times bigger than its main 2011. network of fitting partners as well as competitors) will enable it to fully This overall solid company’s position its price advantage. benefit from the online market has been well validated by the market The next challenge is now to sustain growth, mainly driven by the growth as the stock price rose by 74% in the this profitable growth. Looking at of the online penetration. Indeed, this Jul.10-Mar.11 period and the 2011 forecasted revenue (€458m) one penetration , currently at 7%, is Enterprise Value was at 14x might think the business is slowing expected to grow, as tyres are well- EBITDA2011 in late March 2011. down as the company expects a 6.4% suited to online purchase: clearly Delticom has now the opportunity to growth in 2011 revenue vs. 35% in defined, standardized, easily be the first e-commerce company 2010, but 2010 was an extraordinary comparable, objective purchase and starting from a European country and year mainly thanks to harsher than price attractiveness as wholesaler is cut to become a dominant player at a usual winter weather across Europe out. 30% online penetration, as in the global scale. Somehow, the European- leading to high demand and strong books market, can be seen as the long based Amazon of Tyres. prices, as well as new legislation in term target. 4 Listed European Technology Companies – Clipperton Finance Newsletter #3 - Jul.10-Mar.11
  5. 5. 3. focus software companies to watch Sage Share Price (£)310300 Market Cap (£bn) 3.6 battleground with players including290 Liquid, Xero, Netsuite, SAP and Share price evolution280 (Jul.10-Mar.11) 23% Microsoft.270260 During the next 12-24 months Sage 11/10 Revenue (£bn) 1.5/1.4 will begin to apply its SaaS model250240 11/10 EBITDA (£m) 408/395 beyond SMBs and to applications230 aimed at the middle market, an220 EV/EBITDA11 9.3x210 Market figures as of March 31, 2011 important strategy, as addressing the middle market would give Sage’s 0 0 0 10 10 0 1 1 11 c-1 l-1 -1 v-1 -1 -1 p- ct- ar- g Jan b Ju De No Au Fe Se O M online tools more of a shelf life. The Newcastle-based, accountancy 2011, and significantly all regions Sage has targeted its US healthcare and business management software reported positive revenue growth for segment as a prosperous vertical, and and services giant, which serves more the first time since 2007. its products are likely to capitalise on than six million businesses Sage’s annual figures were well the opportunities presented by the worldwide, grew earnings in 2010, received by the market and its share Healthcare Stimulus. It is predicted recording £388m in EBITDA, a 4% price jumped over 5% on the day of that the Electronic Healthcare Record increase from £373m in 2009 (up release (1st December 2010). (EHR) market will grow from 14% when exceptional restructuring With a strong operating cash flow of $2,250m in 2011 to nearly charges in 2009 are taken into £429m and a significant reduction in $13,000m by 2016. Notably 60% of account). This was largely a result of net debt (from £439m in September practices in the EHR market are in tight cost control, particularly in 2009 to £220m in 2010), Sage is in a specialities aligned with Sage’s North America. strong financial position moving offerings. During the period revenues were flat forward. Sage continued to convert Sage’s healthcare performance in H1 (slightly contracting by 0.3% from profit to cash, with a profit to cash 2011 was however contrasted. The £1,439m, 2009, to £1,435m, 2010). conversion of 123% during H1 2011, Integry product, accounting for 53% This masks an improvement in the further helping to reduce debt. of revenues grew healthily at 8% but quality of revenue, with a shift away In January 2011 Sage launched a new Medial Manager and other products from lower margin activities such as web based accounting product – Sage contracted. Overall revenue for Sage professional services (down 4%), One. Currently a UK-only product Healthcare contracted 5% in H1 towards the more higher margin and targeting smaller companies and 2011. Although proceeding with recurring ‘subscription based’ revenue individuals, it signals Sage’s response caution, it is expected that the streams (up 2%) to form 66% of to the growing threat from cloud stimulus will begin to positively total revenue. Revenue growth based SMB software start-ups, and in impact revenues during H2 2011. momentum continued during H1 doing so joins the cloud accounting Dassault Systèmes Share Price (€) 60 Market Cap (€bn) 6.6 solutions for automotive, aerospace, 58 capital goods and shipbuilding. Main 56 Share price evolution 11% products continue to be CATIA 54 (Jul.10-Mar.11) (flagship product, product lifecycle 52 50 11/10 Revenue (€bn) 1.7/1.6 management, 42% of DS revenue) 48 11/10 EBITDA (€m) 531/427 and ENOVIA (collaborative PLM, 46 13% of revenue); other PLM EV/EBITDA11 11x 44 solutions account for 15% of revenue Market figures as of March 31, 2011 and other CAD solutions for 15%. 0 10 0 0 10 0 1 1 11 c-1 g-1 1 v-1 -1 -1 l- p- ct- ar- Jan b Ju De No Au Fe Se O M Services only generate 10% of the Dassault Systèmes remains a global confirmed this; in all of its core company’s revenue. Last but not least, leader in Product Lifecycle segments and industries, DS has a the firm’s exposure to Japan seems Management (PLM) software, a high and increasing market share: it limited as the vast majority of its market that is estimated to be worth holds an overall 25% share of business in Japan is recurring. $12-15bn, with a solid growth. The Computer Aided Design (CAD) Compared to other European company’s 2010 results have software, and 30-35% of PLM Software vendors, DS has a very 5 Listed European Technology Companies – Clipperton Finance Newsletter #3 - Jul.10-Mar.11
  6. 6. stable customer basis, with only 29% as the two companies had signed in could either come from the of its software revenue originating June 2008 an MOU to provide the continued deployment of its PLM from new licences – versus 70% in aerospace and defense industry with offering in growth segments like High the case of Autonomy and 50% for Intercims web-based manufacturing Tech, consumer goods, energy and Software AG. Compared to its direct operations management solution. life sciences, or from a move into a competition, the company continues So what next, from here? The market new vertical or family of software. In to show a far better performance, does not price the company as that respect, a significant acquisition with a 25% operating margin, versus generously as some of its less could be a logical option, particularly 17% for Autodesk and 11% for PTC. performing peers. At the same time, if the company’s valuation continues In March, DS announced the DS is a dominant player on its to improve. In the world of global acquisition of Intercim for an market, with strong profitability software vendors, DS is now a enterprise value base of $36.5m. metrics and a proven technological medium sized player, clearly not at With this deal, it looks at leadership. The group has partly critical size yet when compared with strengthening its PLM offering by a managed to diversify over the past peers like SAP and the US players. continuum of products and solutions years into new segments, such as The high ownership of the Dassault from engineering to the factory industrial equipment, technologies, Group in the company could provide operations. This acquisition will not and more importantly consumer to be an impediment on that route, as reduce the company’s exposure to the goods and health. The important it may not want to accompany the aerospace and automotive sectors, question will now be its ability to company in an aggressive acquisition which account for half of its revenue, expand out of its natural market. This strategy. selected deal Misys acquisition of Sophis - November 12th, 2010 Mysis Share Price (rebased to November 12th 2010 value)130 Misys Figures 2010 2011 est The market has continued to validate120 Misys’ strategy over the past year – and110 Revenue (£m) 371 448 since its turnaround plan established in100 EBITDA (£m) 87 112 2007, Misys’ share price has increased by 62% since January 2009, 90 EV/Rev 5.0x 4.2x meanwhile the FTSE 100 only 80 increased 7%. Since the Sophis deal EV/EBITDA 21x 17x 70 was announced (November 25th 2010), the share price grew by 25% (vs. 4% Market figures as of March 31, 2011 0 10 0 0 10 0 1 1 11 -1 -1 -1 v-1 -1 -1 l- ct- ar- c g p Jan b Ju De No Au Fe Se O M for FTSE 100). If this acquisition is The acquisition of Sophis, announced justified this apparently high price with successfully managed, Misys will be in a on November 12th, was approved by anticipated synergies of £40m to £50m very favorable position to secure its Misys’ shareholders on February 11th, over three years. These synergies should competitive advantage in an otherwise and was officially closed on March 1st. come both from up-sales to existing generally unstable environment for The company headquartered in Misys and Sophis customers and from financial services – affected in Dublin but with its roots in France, new customers, thanks to Misys’ global particular by regulatory changes and was owned by Advent International and distribution network. Though the mergers. The main risks one can its management. Misys employed company’s medium-term revenue identify are related to the integration 3,500 people worldwide and its growth target range remains at 5-8%, of the new structure, in particular for operating margin in 2009 (year end operating margin targets were moved R&D and sales, and the related May 2010) was of 23%, while Sophis up to over 20%. diversion of the management’s time employed 360 people, with a client It should also be mentioned that to and attention. But all in all, this base of 130 financial institutions, finance this acquisition, Misys transaction appears as a very smart including 80 buy-side customers and repurchased 169 million of its own move to an otherwise aging company total revenue of €74m. The acquired shares for a total of £525m and such as Misys, and should help the company had an outstanding returned £145m to its shareholders management team build a leading reputation and financial performance, following the disposal of its Allscript player in financial services, with with an operating margin of 40%. The holdings. The Current market sustainable size and recognized price paid by Misys corresponds to a capitalization of the company was thus technological leadership. 2009 EV/EBITDA multiple of 15x for significantly reduced, now down to a 6x sales multiple. The management £1.1 bn as of end of March. 6 Listed European Technology Companies – Clipperton Finance Newsletter #3 - Jul.10-Mar.11
  7. 7. 100 companies 80 France 32% 256 60 Large Cap 91% 77 Germany 27% 207 40 disclaimer Total 100% 684 20 This document has been produced by Clipperton Finance (“Clipperton”) and is communicatedCap you solely for your Mid to 7% 188 419 0 Small Cap 2% information and should not be construed as a solicitation or offer to buy or sell any securities or Total related financial instruments. 100% 684 This newsletter expresses only Clipperton’s views on the European high tech and media landscape and does not express in any case any judgment of the future trends on the capital market evolutions. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, the fairness, accuracy or completeness of the information contained herein and, accordingly, none of Clipperton’s officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document. composition of clipperton technology index (cti) cti composition - by country cti composition - by size of company cti composition - by sector Market Cap Weight # of Market Cap Weight # of Market Cap Weight # of companies 100 companies 100 companies 33% 99 41% 221 80 80 UK Life Sciences 60 60 Telecom Operators 24% 20 Large Cap 91% 77 France 32% 256 40 40 Media/Web 12% 166 8% 115 Software 20 20 Germany 27% 207 23% 284 Mid Cap 7% 188 419 0 Other 0 Small Cap 2% Total 100% 684 Total 100% 684 Total 100% 684 clipperton finance Based in Paris and London, Clipperton Finance is a European corporate finance boutique dedicated to the High Tech and Media industries. Clipperton is focused on start-up and high-growth companies in the Internet, Software, Telecom, Components, CleanTech, MedTech and Media spaces, advising them in their financial transactions: fundraising/capital increases and Mergers & Acquisitions. Over the past years the company and its team have successfully structured numerous high level international transactions in the European High Tech sector. For more information, visit Contacts Nicolas von Bülow, Partner 100Thibaut Revel, Partner Market Cap Weight # of companies Alexis Barba, Associate 80 33% 99 Market Cap Weight # of100 companies Life Sciences 60 Telecom Operators80 Mike Callow, Senior Associate 24% 20 40 Media/Web 12% 16660 Software 8% 115 Large Cap 91% 77 20 23% 28440 0 Other Total 100% 68420 Mid Cap 7% 188 Small Cap 2% 419 0 Total 100% 684 France | 10, rue du Mont Thabor - 75001 Paris UK | 58 Grosvenor Street - London W1K 3JB Market Cap Weight # of100 companies 33% 99 80 Life Sciences 7 Listed European Technology Companies – Clipperton Finance Newsletter #3 - Jul.10-Mar.11 60 Telecom Operators 24% 20 40 Media/Web 12% 166 8% 115 Software 20