Real Estate Technology Sector Summary Q3 2017 Review · CoStar Suite, $223 MM Information Services...

1

Real Estate Technology Sector SummaryQ3 2017 Review

22

$284 $351

$582 $478

$413

$645

$497 $422

Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

Date CompanySelected

Investor(s)Amt.

InvestedFunding to Date

Latest Reported Valuation

9/14 $28 $60 NA

9/14 $31 $64 NA

8/30 $26 $39 NA

8/24 $100 $167 $349

8/15 $40 $56 $180

8/11 $22 $33 $64

8/08 $40 $40 NA

Buyer Target Date Value

10/02 NA

9/12 $385

9/08 NA

8/31 NA

8/02 $250

7/03 $1,434

DEAL DASHBOARD

Quarterly Financing Activity(2)(3) Select Q3 2017 Financing Transactions

Quarterly M&A Activity(2)(3)

(1)

Select Q3 2017 M&A Transactions

($MM)

($MM)

($MM)

59

24

75

69

60

Number of Deals Deal Value

Avg. Deal Value:

$4.7 $7.8$8.4$13.7$17.2$8.1$7.8$5.1

47

59

Notes:Source: Pitchbook and Press Releases.(1) Includes LendingHome $250MM bridge financing.(2) Represents data across CRE / Investment, Residential Real Estate and Mortgage Technology.

(3) Excludes Airbnb financing rounds.(4) Excludes Houzz financing rounds.

Real Estate Technology Sector Summary

54

(4)

10

12 11

9 8

12

9

14

Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17

33

GCA OVERVIEWReal Estate Technology Team

Chris GoughManaging Director

Head of Real Estate TechnologyPhone: (415) 318-3658Mobile: (415) [email protected]

Sean MinnihanManaging Director

Head of Financial TechnologyPhone: (212) 999-7077Mobile: (917) 364-6230

[email protected]

Steve FletcherManaging DirectorCo-Head of Software

Phone: (415) 318-3661Mobile: (415) 518-6725

[email protected]

Acquired by

We advised the seller

~$166,000,000

August 2014

Acquired by


Undisclosed

August 2016

Investment from


UndisclosedJune 2016

Acquired by


~$108,000,000

August 2015

Acquired by


~$355,000,000

August 2013

Undisclosed

Acquired by


December 2016

MBO backed by

We advised the sellerPending

Undisclosed

Majority Interest Acquired by

We Advised the Seller

October 2017

Sale of


Undisclosed

September 2016

to

Acquired by


Undisclosed

July 2016

Financial Advisor

Undisclosed

June 2016

Convertible Note Offering

Sale of


Undisclosed

May 2016

to

Acquisition of

We advised the buyer

~$2,400,000,000April 2016

Undisclosed

Acquired by


Pending

Investor Group led by Casin Group

Acquired by


Undisclosed

September 2016

Advisor to the Special

Committee

Financial AdvisorNovember 2016

Series B & C Financings

Financial Advisor

October 2016June 2017

Acquired a majority stake in


May 2017

Sele

cte

dR

eal

Est

ate

Te

chn

olo

gySe

lect

ed

Fi

nan

cial

Te

chn

olo

gy

We Advised the Buyer

~$580,000,000

Acquisition of

October 2015

Sale of 54% stake in

We Advised GP Net

Undisclosed

to

April 2014

We Advised the Seller

Acquired by

~$117,000,000

February 2016

Acquisition of 50% stake in


Undisclosed

December 2013


Undisclosed

Acquired by

November 2013

Sale of

Financial Advisor

to

July 2017

Paul DiNardoManaging DirectorCo-Head of Software

Phone: (212) 999-7097Mobile: (650) 483-7246

[email protected]

44

REAL ESTATE TECHNOLOGY SECTOR SUMMARY – PUBLIC COMPANY LANDSCAPE

Traditional Brokerage

Traditional Mortgage / Title

Real Estate Media / PortalsMortgage / Data Technology Property Management SoftwareCredit / Mortgage Marketing Real Estate Sharing Economy / TravelTraditional Mortgage / Title Traditional Brokerage

Public Real Estate Technology Ecosystem

LTM Share Price Performance

LTM Share Price Performance

18% 73% 18% 27%18%(1%) 60%

Property Management

Software

AppFolio: 147%RealPage: 55.3%Agilysys: 7.5%

Notes:Source: Capital IQ.(1) Acquired by Red Ventures on 7/03/17.

Credit / Mortgage Marketing

Real Estate Sharing Economy

/ Travel

Real Estate Media / Portals

Mortgage / Data Technology

(1)

(30%)

(10%)

10%

30%

50%

70%

90%

Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17

73%

(1%)

27%

18%

60%

18% 18%

Q3 Addition

55Notes:Source: Capital IQ.(1) Acquired by Red Ventures on 7/03/17.

REAL ESTATE TECHNOLOGY SECTOR SUMMARY – PUBLIC COMPANY VALUATION

Enterprise Value / NTM RevenueEnterprise Value / NTM Revenue



Real Estate Media / PortalsMortgage / Data Technology Property Management SoftwareCredit / Mortgage Marketing Real Estate Sharing Economy / TravelTraditional Mortgage / Title Traditional Brokerage

Public Real Estate Technology Ecosystem

NTM Revenue Multiple

1.7x 6.0x 1.1x 4.7x8.1x3.2x 3.3x

Property Management

Software


Real Estate Sharing Economy

/ Travel



(1)

11.2x

9.3x

8.7x

7.6x8.1x

3.3x

3.9x 3.8x

4.5x

6.0x5.3x

4.5x4.9x

4.3x

4.7x

3.0x 2.8x

3.6x

2.6x

3.3x3.0x

2.5x

3.1x 3.1x 3.2x

1.5x 1.7x 1.6x 1.6x 1.7x1.4x 1.5x 1.3x 1.1x 1.1x

0.0x

3.0x

6.0x

9.0x

12.0x

2013 2014 2015 2016 2017 (YTD)

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17

8.1x

6.0x

3.2x

4.7x

3.3x

1.1x1.7x

Q3 Addition

66

REAL ESTATE TECHNOLOGY SECTOR SUMMARY

Annual Real Estate Transactions

Status: Public (NasdaqGS: RDFN)

IPO Date: July 28, 2017

Expected Pricing: $12 - $14 per share

Offering Detail: 10,615,650 shares at $15.00 per share, $159MM raised

Share Price: $25.09 (9/29/2017)

Pre-IPO Funding / Select Investors: $167MM

Next Reporting Date: November 9, 2017

Business Overview

0 10,000 20,000 30,000

1H 2017

FY 2015

FY 2013

FY 2011

FY 2009

FY 2007

Notes:Source: As of 9/29/2017. Capital IQ, SEC Filings, Press Releases, News Articles and Company Website.(1) 9,231,00 shares offered with underwriters exercising option to purchase an additional 1,384,650 shares.

~45,000

Transactions

1H 2017

Key Business MetricsYear Ended December 31, Three Months Ended June 31,

2014 2015 2016 2016 2017Monthly average visitors (in thousands) 8,720 11,705 16,215 17,021 24,400

Real estate transactions:

Brokerage 12,688 18,586 25,868 7,497 10,221Partner 6,144 8,906 9,482 2,602 2,874

Total Transactions 18,832 27,492 35,350 10,099 13,095

% Growth 46% 29% 30%

Real estate revenue per real estate transaction:Brokerage $9,119 $9,215 $9,436 $9,524 $9,301

Partner 993 1,142 1,719 1,633 1,945Aggregate 6,468 6,600 7,366 7,491 7,687

Aggregate home value of real estate transactions (in MM): 8,412 12,296 16,199 4,684 6,119

U.S. market share by value 0.33% 0.44% 0.54% 0.53% 0.64%

Revenue from top-10 Redfin markets as a % of real estate revenue 80% 76% 72% 74% 69%

Average number of lead agents 422 591 763 756 1,010% Growth 40% 29% 34%

Redfin Profile

(1)

77

Stock Data (9/29/17) Valuation Multiples / Rev Growth

Closing Price $25.09 CY 17E EV / Revenue 5.0x

52 Week High $33.49 CY 18E EV / Revenue 3.8x

CY17 Revenue Growth 36.7%

CY18 Revenue Growth 30.1%

Basic Shares Outstanding 81 CY17E EV / EBITDA NM

Equity Value $2,040 CY18E EV / EBITDA NM

Plus: Debt & MI 1

Less: Cash & Equivalents 213 CY17E P / E NM

Enterprise Value $1,828 CY18E P / E NM

Stock Price Performance

REAL ESTATE TECHNOLOGY SECTOR SUMMARYRedfin Profile

Notes:Source: As of 9/29/2017. Capital IQ, SEC Filings, Press Releases, News Articles and Wall Street Research.(1) Revenue and Expense Estimates from Wall Street Research.(2) Includes IPO proceeds of $159MM.(3) Since Redfin IPO day close on 7/28/2017 of $21.70.

Redfin (NasdaqGS: RDFN) NASDAQ Realogy (NYSE: RLGY) Zillow Group (NasdaqGS: ZG)

(3)

16%

(20%)

(10%)

0%

10%

20%

30%

40%

50%

Jul-2017 Aug-2017 Sep-2017

2%

0%

(11%)

Financial Snapshot (1)

Performance benchmarking based

on trading since day 1 post-IPO close

price of $21.70. Company up ~67%

over its offer price of $15 / share

CY14A CY15A CY16A CY17E CY18E

Revenues $125 $187 $267 $365 $475

% Growth NA 49% 43% 37% 30%

COGS $93 $138 $184 $252 $326

Gross Profits $32 $49 $83 $113 $149

% Margin 26% 26% 31% 31% 31%

OpEx $57 $79 $106 $127 $151

EBIT ($25) ($30) ($23) ($14) ($2)

% Margin (20%) (16%) (9%) (4%) (0%)

EBITDA ($22) ($26) ($16) ($7) $6

% Margin (18%) (14%) (6%) (10%) (1%)

EPS NA ($2.33) ($0.33) ($0.18) ($0.02)

(2)

88

Date TargetEnterprise

Value ($MM)EV / LTM Revenue

EV / LTM EBITDA

Synergies at Announcement

($MM)

Listings at Announcement

9/12/17 $385 3.9x 25.7x $25 17,000

4/29/15 $170 2.4x 7.0x $20 13,400

3/02/14 $585 6.8x 23.9 $20 18,200

COSTAR ACQUIRES FORRENT – ACQUISITION PROFILE

Acquisition Profile

ForRent Profile

CoStar’s Apartments.com Network Growth

Notes:Source: Capital IQ and Company Filings as of 9/13/2017.

» On September 12TH, 2017 CoStar Group announced the acquisition of ForRent from Dominion Enterprises for a total of $385MM consisting of $350MM in cash and $35MM in stock

» ForRent is one of the independent leaders of digital advertising for multifamily properties and multifamily listings and will be added to CoStar’s family of sites in the Apartments.com network

» The acquisition is expected to close in Q4 2017

» ForRent estimated to generate 2017E revenue and EBITDA of $100MM and $15MM, respectively

» Implies pre-synergies acquisition multiple of 3.9x AV / Revenue and 25.7x AV / EBITDA

» However, CoStar expects to realize ~$25MM in annual synergies within 24 months of closing, which moves the implied synergized acquisition EBITDA multiple to ~10.0x AV / EBITDA

ForRent User / Advertiser Stats:

» Unique monthly visitors (1H 2017): 3.5MM

» 17,000 advertised properties on ForRent network of multifamily sites

» 435 employees in 38 offices in the US

» CoStar continues to expand aggressively in the apartments category and ForRentrepresents its third major apartments acquisition since 2014

» Combined Apartments.com network will have some 43,000 advertised properties

» ForRent adds 135 experienced sales professionals to Apartments.com’s existing 230 person sales team

» ForRent broadens Apartments.com’s exposure to slightly the slightly smaller unit community

» Pro forma synergized ForRent EBITDA margins of 45-55% on ~$75MM - $85MM revenue contribution from ForRent

CoStar Suite, $223 MM

Information Services, $36 MM

Multifamily, $132 MM

Commericial Property & Land,

$71 MM

CoStar 1H 2017 Revenue by Segment

» CoStar’s multifamily revenue, including ForRent, expected to approach $400MM run rate by end of 2017

99

CRE / Facilities Technology Residential Real Estate Technology

Company FoundedAmt. Raised/

Invested

1995 $257

2015 $214

2002 $179

2014 $133

2010 $130

2011 $110

1999 $100

2012 $99

2013 $97

2004 $65

/

Notes:Source: Capital IQ and Pitchbook.(1) Reflects combined funding after VTS/Hightower merger. VTS and Hightower individually raised

$88mm and $22mm, respectively.(2) Does not include $250MM bridge financing.(3) Excludes Airbnb and Houzz financing rounds.

PRIVATE COMPANY FUNDING LEADERS

(2)

(1)

(3)

Deal completed in Q3 2017

Residential Real Estate Technology Mortgage / Investment Technology


Invested

2014 $320

2012 $213

2007 $142

2008 $104

2008 $85

2009 $75

2014 $64

2012 $56

2011 $53

2012 $39

Mortgage / Investment Technology


Invested

2012 $167

2013 $109

2013 $69

1998 $55

2014 $55

2005 $42

2010 $35

2009 $32

2013 $27

2015 $23

(3)

1010

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value LTM NTM LTM NTM Target Description

10/2/2017 NA NA NA NA NADevelops a SaaS-based real estate transaction management software created to help real estate agents manage

their transactions online.

9/12/2017 $385 3.9x NA 25.7x NAOperates an online rental search destination that connects apartment shoppers to rental properties throughout

the United States and Canada.

9/8/2017 NA NA NA NA NA Provider of real estate listing management technology to developers and builders.

9/7/2017 NA NA NA NA NAProvides an AI-based technology that conducts converstaions with consumers . Data and personalization allows

consumers to engage in a purchase process prior to engaging with a salesperson.

8/31/2017 NA NA NA NA NAProvides cloud-based intelligent sales software that enables mortgage companies to close more loans by

helping loan officers respond quickly to prospective borrowers.

8/1/2017 NA NA NA NA NA Provides mortgage loan application software, loan origination software, and data security solutions.

7/10/2017 NA NA NA NA NA Provides an online marketplace that connects borrowers and lenders.

7/3/2017 1,434 3.0x 2.8x 14.2x 11.1x Provider of financial publishing services in the United States.

6/19/2017 70 2.3x NA NA NA Provider of utility management and energy services.

6/13/2017 78 NA NA NA NAProvider of an online real estate agent platform, offering agents maximum property exposure and a host of

services.

6/6/2017 NA NA NA NA NAProvider of an appraisal management platform that uses desktop and cloud-based valuation supply chain

technology that connects all of the parties involved in the appraisal process.

6/1/2017 NA NA NA NA NA Developer of web-based CRM software intended for the real estate industry.

5/23/2017 NA NA NA NA NAProvider of a real estate software platform coupled with an open and connected ecosystem for real estate

businesses.

4/27/2017 NA NA NA NA NAProvider of a web-based land and rural property marketplace, facilitating buying, renting and selling of

properties.

3/13/2017 4,648 2.8x 2.7x 14.6x 9.7xDeveloper of lending and payments software products created to deliver financial technology to banks

worldwide.

2/27/2017 300 8.4x NA 30.0x NA Advanced forecasting mobile app and optimization software used to price real estate units in North America.

2/15/2017 300 NA NA NA NAOperator of an online rental marketplace intended to rent high-end properties. The company's rental platform

provides a marketplace for luxury and high-end villas to rent.

1/24/2017 75 NA NA NA NA Provider of data intelligence services designed to offer apartment market data.

11/29/2016 300 NA NA NA NAProvider of real-time analytics that enable mortgage lenders to monitor and manage operations across their

enterprise.

9/21/2016 NA NA NA NA NA RedVision Systems, Inc. provides title reporting and property research solutions.

REAL ESTATE TECHNOLOGY SECTOR SUMMARY – SELECTED M&A ACTIVITY

20

16

Notes:Source: Capital IQ and Pitchbook.(1) Represents a merger of equals between VTS and Hightower.

($MM)

20

17

(1)

1111

Date Enterprise EV / Revenue EV / EBITDA

Announced Acquirer Target Value LTM NTM LTM NTM Target Description

7/26/2016 NA NA NA NA NADeveloper and provider of an an end-to-end software as a service customer relationship management, lead

generation and lead management software platform

6/22/2016 36 NA NA NA NAProvider of real-time analytics that enable mortgage lenders to monitor and manage operations across their

enterprise.

6/16/2016 NA NA NA NA NAProvides mortgage pricing and eligibility, mortgage sales, mortgage rate quoting and marketing automation

software for banks, mortgage lenders and loan officers.

6/7/2016 NA NA NA NA NA Provides cloud-based document and data management platforms.

6/3/2016 NA NA NA NA NAProvides SaaS based real estate investment management and reporting software and services for the

affordable housing, private equity, and government markets.

5/18/2016 NA NA NA NA NAProvides real estate and facilities management software solutions to Fortune 500 companies that automates

location lifecycle to improve the performance of locations.

5/16/2016 115 4.8x NA 23.0x NA Provides secure EDI document distribution and collaboration SaaS for the financial services industry.

2/25/2016 NA NA NA NA NAProvider of a search engine for rental properties. The company offers a map-based online platform with real-

time filtering that enables users to search for apartments to rent in a selected area.

2/23/2016 70 1.2x NA 11.7x NAProvides utility management, energy management, electronic payment, sub metering and back office

solutions.

2/2/2016 NA NA NA NA NA Provides commercial property management software for real estate companies in Germany.

1/28/2016 NA NA NA NA NA Provides Web-based property management solutions to support multiple properties, units, and users.

12/17/2015 475 NA NA NA 13.5x Provides property appraisal and real estate collateral management software.

11/4/2015 3,900 8.0x 7.2x 63.5x 28.4xProvider of an online vacation rental property marketplace that enables property owners / managers to market

properties for rental to travelers.

11/4/2015 18 NA NA NA NA Provider of hospitality management software systems for hotels, resorts, and spas worldwide.

10/14/2015 16 NA NA NA NAProvides a Web-based relationship management solution for mortgage professionals to improve customer

retention.

7/22/2015 108 NA NA NA NA Provider of an online collaborative transaction environment for the real estate industry.

6/3/2015 NA NA NA NA NAProvider of real estate enterprise software applications and hosted solutions for the property management

industry.

6/2/2015 49 NA NA NA NA Provides a suite of cloud-based, smart answer automation and routing.

4/29/2015 170 2.2x NA 7.0x NA Provider of an online apartment listing service.

4/8/2015 NA NA NA NA NA Provider of an online apartment advertising service for property managers and owners.

Mean 4.1x 2.7x 21.1x 10.4x

Median 3.0x 2.7x 20.2x 10.4x

REAL ESTATE TECHNOLOGY SECTOR SUMMARY – SELECTED M&A ACTIVITY (CONT’D)

Notes:Source: Capital IQ and Pitchbook.

20

15

($MM)

20

16

12

APPENDIX

1313Notes:Source: Capital IQ.

PUBLIC REAL ESTATE TECHNOLOGY ECOSYSTEM

($MM, except per share data)

Stock Trading Metrics Operating Metrics

Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA CY Rev. Growth EBITDA Margin

Company 09/29/17 Value Debt Value CY16A CY17E CY16A CY17E CY16A CY17E 16A/15E 17E/16A CY16A CY17E


CoStar Group, Inc. $268.25 $9,580 ($260) $9,320 $837 $962 11.1x 9.7x 36.4x 34.6x 17.6% 14.9% 30.6% 28.0%

Zillow Group, Inc. $40.15 7,380 (223) 7,157 843 1,064 8.5x 6.7x NM 31.2x 30.8% 26.2% 16.6% 21.5%

REA Group Limited $52.56 6,923 103 7,026 521 578 13.5x 12.2x 25.9x 21.2x 29.8% 10.9% 52.0% 57.2%

Rightmove plc $54.23 4,951 (23) 4,928 231 256 21.3x 19.3x 27.9x 25.3x 11.0% 10.5% 76.4% 76.2%

ZPG Plc $4.85 2,110 262 2,372 231 302 10.3x 7.8x 23.6x 18.0x 16.1% 31.1% 43.6% 43.6%

Redfin $25.09 2,040 (212) 1,827 267 365 6.8x 5.0x NM NM 42.8% 36.7% (6.0%) (1.9%)

Lifull Co., Ltd. $8.69 1,031 (32) 999 227 185 4.4x 5.4x 22.8x 23.6x 43.4% (18.7%) 19.3% 22.9%


Mean 10.8x 9.4x 27.3x 25.7x 27% 16% 33% 35%

Median 10.3x 7.8x 25.9x 24.5x 30% 15% 31% 28%


Black Knight Financial Services, Inc. $43.05 $6,608 $1,462 $8,070 1,035 1,076 7.8x 7.5x 17.4x 15.7x 11.2% 4.0% 44.9% 47.9%

CoreLogic, Inc. $46.22 3,897 1,552 5,449 $1,934 $1,857 2.8x 2.9x 10.9x 11.7x 26.6% (4.0%) 25.8% 25.1%

Ellie Mae, Inc. $82.13 2,824 (334) 2,490 354 404 7.0x 6.2x 22.1x 21.1x 39.5% 14.2% 31.9% 29.2%

Real Matters Inc. $8.50 743 (70) 673 191 230 3.5x 2.9x NM NM 45.8% 19.9% 5.2% 2.1%

Altisource Portfolio Solutions S.A. $25.87 467 280 747 976 860 0.8x 0.9x 5.1x 7.7x (7.2%) (11.8%) 15.0% 11.3%

Reis, Inc. $18.00 207 (19) 188 47 48 4.0x 3.9x 13.4x 15.9x 8.6% 1.4% 29.6% 24.6%


Mean 4.3x 4.1x 13.8x 14.4x 21% 4% 25% 23%

Median 3.7x 3.4x 13.4x 15.7x 19% 3% 28% 25%

Property Management Software

RealPage, Inc. $39.90 $3,298 $71 $3,369 $568 $672 5.9x 5.0x 26.9x NM 21.3% 18.2% 22.0% 0.0%

AppFolio, Inc. $47.95 1,626 (32) 1,594 105 140 15.2x 11.4x NM NM 39.8% 33.1% 2.8% 17.0%

Agilysys, Inc. $11.95 280 (43) 236 131 133 1.8x 1.8x NM NM 11.4% 2.1% 3.4% 4.4%

Property Management Software

Mean 7.6x 6.1x 26.9x NM 24% 18% 9% 7%

Median 5.9x 5.0x 26.9x NM 21% 18% 3% 4%


Jones Lang LaSalle Incorporated $123.50 $5,599 $1,937 $7,536 $6,647 $7,535 1.1x 1.0x 11.8x 10.9x 11.4% 13.4% 9.6% 9.2%

Realogy Holdings Corp. $32.95 4,492 3,487 7,979 5,778 6,188 1.4x 1.3x 10.5x 10.4x 4.6% 7.1% 13.2% 12.4%

Colliers International Group Inc. $49.52 1,780 304 2,084 1,930 2,137 1.1x 1.0x 10.8x 9.0x 12.1% 10.7% 10.0% 10.8%

RE/MAX Holdings, Inc. $63.55 1,125 160 1,284 174 196 7.4x 6.5x 13.8x 12.2x (1.4%) 12.5% 53.2% 53.8%

Marcus & Mill ichap, Inc. $26.99 1,029 (227) 801 715 705 1.1x 1.1x 6.7x 8.0x 13.0% (1.4%) 16.7% 14.2%


Mean 2.4x 2.2x 10.7x 10.1x 8% 8% 21% 20%

Median 1.1x 1.1x 10.8x 10.4x 11% 11% 13% 12%

1414Notes:Source: Capital IQ.

PUBLIC REAL ESTATE TECHNOLOGY ECOSYSTEM (CONT.)

($MM, except per share data)

Stock Trading Metrics Operating Metrics

Price Equity Net Enterprise Revenue EV / Revenue EV / EBITDA CY Rev. Growth EBITDA Margin

Company 09/29/17 Value Debt Value CY16A CY17E CY16A CY17E CY16A CY17E 16A/15E 17E/16A CY16A CY17E


Fidelity National Financial, Inc. $47.46 $12,949 $1,021 $13,970 $8,115 $8,589 1.7x 1.6x 9.9x 9.1x 39.4% 5.8% 17.5% 17.9%

First American Financial Corporation $49.97 5,533 (432) 5,100 5,475 5,738 0.9x 0.9x 7.7x 6.7x 5.8% 4.8% 12.1% 13.3%

Radian Group Inc. $18.69 4,023 (315) 3,708 1,268 1,248 2.9x 3.0x NM NM 9.8% (1.5%) NM NM

Nationstar Mortgage Holdings Inc. $18.57 1,815 15,253 17,068 1,924 2,001 8.9x 8.5x NM 31.7x (3.3%) 4.0% 20.9% 26.9%

Stewart Information Services Corporation $37.76 896 (31) 866 1,972 1,931 0.4x 0.4x 6.7x 6.1x (3.1%) (2.1%) 6.6% 7.4%

Ocwen Financial Corporation $3.44 450 6,438 6,888 1,387 1,019 5.0x 6.8x 27.6x 32.2x (20.3%) (26.5%) 18.0% 21.0%


Mean 3.3x 3.5x 13.0x 17.1x 5% (3%) 15% 17%

Median 2.3x 2.3x 8.8x 9.1x 1% 1% 17% 18%


Moneysupermarket.com Group PLC $4.26 $2,284 ($23) $2,261 $389 $455 5.8x 5.0x 15.1x 13.0x (6.3%) 16.8% 38.5% 38.3%

LendingTree, Inc. $244.45 2,933 (124) 2,809 381 590 7.4x 4.8x NM 26.6x 49.9% 54.7% 17.7% 17.9%

Bankrate, Inc. $13.95 1,240 108 1,349 440 504 3.1x 2.7x 11.8x 10.6x 18.3% 14.5% 25.9% 25.3%

QuinStreet, Inc. $7.35 336 (50) 287 302 312 0.9x 0.9x 29.0x 14.0x 6.5% 3.4% 3.3% 6.5%


Mean 4.3x 3.3x 18.6x 16.1x 17% 22% 21% 22%

Median 4.4x 3.7x 15.1x 13.5x 12% 16% 22% 22%

Real Estate Sharing Economy / Travel

The Priceline Group Inc. $1,830.82 $89,818 $2,129 $91,947 $10,722 $12,515 8.6x 7.3x 22.5x 19.3x 16.2% 16.7% 38.1% 38.0%

Expedia, Inc. $143.94 21,827 (560) 21,266 8,753 10,176 2.4x 2.1x 13.1x 11.7x 31.2% 16.3% 18.5% 17.9%

TripAdvisor, Inc. $40.53 5,624 (637) 4,987 1,491 1,588 3.3x 3.1x 13.5x 15.3x (0.1%) 6.5% 24.8% 20.5%

Real Estate Sharing Economy / Travel

Mean 4.8x 4.2x 16.4x 15.4x 16% 13% 27% 25%

Median 3.3x 3.1x 13.5x 15.3x 16% 16% 25% 20%

Real Estate Technology Sector Summary Q3 2017 Review · CoStar Suite, $223 MM Information Services...

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Transcript of Real Estate Technology Sector Summary Q3 2017 Review · CoStar Suite, $223 MM Information Services...