GCA Altium Digital, Media & Internet Monitor Q2 2020

GCA Altium is pleased to provide you with the Q2 2020 edition of our Digital, Media & Internet Monitor, which offers a quarterly update on global market data, sector valuations and M&A activity.
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The GCA Altium Digital, Media & Internet Monitor is tailored to the needs of busy executives and investors seeking a comprehensive overview of the M&A and valuation landscape, trend analyses and insights into the current transaction environment.

Key developments in Q2 were:

  • Share price performance was highly positive across all subsectors, as our last update was issued in the midst of the global lockdown. Inventory-based E-commerce has been the clear winner of the global lockdown (+74.6%), followed by Consumer/B2C Services (+54.8%) and Marketplaces (+52.8%). Positive returns were driven by the rebound from the negative impact of the pandemic. Since Jan-20, however, returns are still negative across several subsectors, with Travel (-39.8%), Other Online Marketing (-26.4%) and Gambling (-19.4%) experiencing the most negative performances.
  • EV/EBITDA valuations (2020) indicated positive performances for all subsectors, with Inventory-based E-commerce companies (+73.6%), Travel (+56.9%) and Gaming (+52.5%) experiencing the highest gains from the rebound. While E-commerce and Gaming were driven by higher valuations, Travel was driven by reduced Sales and EBITDA forecasts which increased multiples.
  • EV/Sales valuations (2020) also pointed towards significant upwards trends for all sectors. Once more, Inventory-based Ecommerce shows the largest increases (+85.7%), followed by Gaming (+53.3%) and Travel (+51.3%).

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