FCF IPO Market Monitor - European Initial Public Offerings - H2 2018 - FCF Fox Corporate Finance

 
FCF IPO Market Monitor - European Initial Public Offerings - H2 2018 - FCF Fox Corporate Finance
FCF IPO Market Monitor

European Initial Public Offerings – H2 2018
FCF IPO Market Monitor - European Initial Public Offerings - H2 2018 - FCF Fox Corporate Finance
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs

                               2
Executive Summary

The FCF IPO Market
Monitor is a                                           FCF IPO Market Monitor                                                                           Recipients
standardized report              is a comprehensive analysis of the European IPO markets and is                          The FCF IPO Market Monitor targets the following recipients:
on the European                  published by FCF on a semi-annual basis. The analysis provides
public offerings                 relevant pricing, performance and valuation metrics (e.g. ratios and                          ▪ Institutional investors         ▪ Family Offices / High
markets and serves a             multiples) of European IPOs for the last six months                                           ▪ Private equity investors          Net-Worth Individuals
quick reference for                                                                                                            ▪ Venture capital investors       ▪ Corporates
investors, corporates                                                                                                                                            ▪ Advisors
                                                       Selection of Companies
and professionals
                                 The selection of IPOs is based on the following criteria:                                                                  Data
More advanced,                   ▪   IPO date within the last 6 months
                                                                                                                         All input data is provided by S&P Capital IQ and is not independently
detailed and / or                ▪   Primary listing at an European exchange*                                            verified by FCF. Ratio and multiple calculations are driven based on
customized reports               ▪   Transaction size at least EUR 20m                                                   the input data available. For additional information and disclaimer,
are available upon                                                                                                       please refer to the last page
                                 ▪   IPOs of companies operating in the financial services or real
request                              estate sector have been excluded
                                 ▪ Based on transaction size, the IPOs are categorized as follows:                                                      Availability
                                     Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m,
                                     Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m                                The FCF IPO Market Monitor is available on FCF’s website at
                                                                                                                         “www.fcf.de“
                                                     Calculation of Price Indices

                                 The price indices are calculated based on the following criteria:                        To recommend colleagues or fellow investors to be added to the
                                                                                                                            mailing list, kindly send an email with the respective contact
                                 ▪ The relevant IPO has been issued within the last 2.5 years                                                         information
                                 ▪ The holding period for each IPO in the respective index is 2 years
                                 ▪ The constituents of each index are based on the transaction size
                                     at the time of IPO and are not re-allocated to other categories                      If you have questions, comments or ideas, please do not hesitate
                                                                                                                                                    to contact us
                                 ▪ The index is an arithmetic weighted series where the weights are
                                     the market capitalization of each company, adjustments are
                                     based on the “Paasche formula”

 * Countries of exchanges: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,                                     3
   Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs

                               4
FCF Overview

FCF seeks to provide      Who We Are                                                           Capital Markets Capabilities and Services
its clients with
                          ▪ Specialized investment bank and financing specialist                          Private /
financing solutions                                                                                                   ▪ Venture capital              ▪ Private equity
                          ▪ Advising public and private small / midcap companies                          Pre-IPO     ▪ Growth capital

                                                                                                Equity
(i) at the lowest
    cost,                 ▪ Advisor for structuring and placement of financing transactions:                          ▪ Initial Public Offering (IPO)   pursued in tandem)
                            – All instruments: Unbiased approach to all available corporate                             / Capital increase            ▪ Private Investment in Public
(ii) with the highest                                                                                      Public     ▪ Dual-track (IPO and             Equity (PIPE)
     flexibility,             financing instruments (no product selling approach), allowing                             alternative transaction       ▪ Block trade
                              for customized financing structures
(iii) in the shortest                                                                                                 ▪ Receivables / Factoring /    ▪ Working capital / Revolving
                            – All investors: Close and trusted relationships with senior                 Short-term     ABS                            credit facility
      period of time,
                              executives of virtually all relevant equity and debt investors               Debt       ▪ Borrowing base /             ▪ Guarantees /
(iv) with the highest       – Fast process: Process management skills and direct / personal                             Inventory                      Letter of Credit
     closing proba-           access to institutional debt and equity investors enable fast                           ▪ Bank loan facility /         ▪ Promissory note

                                                                                                Debt
                                                                                                                        Syndicated loans               (Schuldscheindarlehen)
     bility, and with         transactions                                                               Long-term    ▪ Sale-and-lease back /        ▪ High-yield / PIK bond
(v) financing partners    ▪ More than 100 transactions with a total placement volume in                    Debt         Leasing                      ▪ Second lien / Subordinated
                                                                                                                      ▪ Corporate bonds (public /      loans
    that integrate well     excess of EUR 4.0 billion since foundation in 2005                                          private placement)           ▪ Unitranches
    into their strategy
                          ▪ Approx. 10 professionals headquartered in Munich                             Mezzanine    ▪ Mezzanine capital            ▪ Convertible bonds

                          Selected Transactions
                                                 Acquisition Financing
                                                  Senior Loan & WCF

                                                 GSE Group Acquisition
                                                      by Finexx

                                                      [confidential]

                                                    December 2018

                                                                                                                                                                                       5
FCF Facts & Figures

    More than                                                            More than
      100                  2000                     #1                      10               Network
   Completed           Contacts to Family    Financing Advisor in    Investment Banking   Access to more than
  Transactions          Offices and Ultra      Germany, purely          Professionals      4000 international
                        High Net Worth      focusing on corporate                         financial institutions
                           Individuals      financing transactions
                            worldwide

    More than                                     Close to               More than             More than
     4 bn                Leading                    100                    120                     25
  Total volume of         Advisor for       Years of aggregated,        Articles and          International
 advised & closed         Financing         investment banking /      research papers         conferences
transactions since     Transactions with    financing experience         published              organized
       2005            EIB in the DACH
                            region

                                                                                                                   6
FCF’s Equity Expertise

FCF has successfully    Selected Public Clients         IPO / Public Equity Markets Coverage
closed numerous
equity-related
transactions over the
past years

FCF regularly
publishes specialized
research, covering
industry trends,
equity valuations,
debt transactions,
                                                         Click picture to
IPO and M&A activity                                     view the report

FCF has hosted /
hosts the FCF IPO
                        FCF IPO Conference Presenters   FCF Family-2-Family Conference Presenters
Conference,
addressing going
public topics with
great relevance to
decision makers

FCF bi-annually
hosts its Family-2-
Family Conference,
an opportunity for
public companies to
present themselves
to family offices

                                                                                                    7
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs

                               8
European H2 2018 IPOs – Overview

Fast Facts                                                                     European IPOs - Performance                                      Performance and Issuance by Exchange
                                                                               0      1.0%
▪    23 IPOs in H2 2018 (vs. 59 H1 2018 IPOs /                                                                                 Spanish Stock Exchange                                       1#           20.5%
     -36 IPOs)                                                                 0                       -1.4%                              Norway OTC                                        1#          19.6%
▪    EUR 8,542m Volume raised (-32.1% vs H1
                                                                               0                                                            Borsa Italia                                    2#       2.6%
     2018)                                                                                                      -12.2%

▪    8 withdrawn or postponed deals                                                                                        AIM - London Stock Exchange                                      2#       1.5%
                                                                               0
▪    100% of H2 2018 IPOs priced within range**                                      IPO +1D         IPO +1M   IPO - YTD       Bulgaria Stock Exchange                              -5.3%        1#

                                                                                                                                 Swiss Stock Exchange                              -6.4%         1#

IPOs by Sector                                                                                                                          Deutsche Börse                              -16.1%       2#

                                                                                                                             Stockholm Stock Exchange          Stockholm            -17.1%       5#

                  Energy                                                                                                             EURONEXT Paris    Paris
                                                                                                                                                                                 -21.9%          3#
                                         Communication Services                                                                 London Stock Exchange                      -26.9%                5#
           Materials
Consumer Staples                                                 Industrials                                                                                           0     0        0          0       0       0     0
                              4%4%
       Utilities            4%                      26%
                           4%
                           9%
                                      23
     Information           9%
     Technology                                     22%
                                                                                                                                                Primary / Secondary Split & Price Range
                                17%                           Healthcare
         Consumer
       Discretionary                                                                                                                              Secondary Shares

                                                                                                                                                                             31%
IPOs per Month
                                                                                                                                                                                      69%
                                                                                                                                                                                                     Primary Shares
    7000                                   7                               8
    6000                                                                   7
    5000      5                                                    5       6
    4000                                                                   5
                                                          3                4
    3000
                                                                                                                                2*
                                           6,086m

                                 2                                         3
    2000               1                                                   2
    1000   351m                      m
                                1,348m                446m       244m      1
       0             67m
                                                                           0           number of IPOs
                                                                                   in each country (HQ)**                                                                          100%
            Jul      Aug        Sep      Oct          Nov        Dec
                                                                                                                                                                                                        Within Range

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, All European IPOs, * 2 IPOs with HQ outside Europe, ** where data available                                                                              9
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
European IPOs – Performance
                          Last 2 years
With a 22% gain over
the last two years,
the FCF Micro and          160
Small IPO indices                                                                                                                                                 H2 2018
outperformed their
European IPO peers
                           150
and benchmark index
(MSCI Europe Index)

                           140
The FCF Medium
and Large IPO
indices are trading
below the MSCI             130

Europe Index at the
end of December
2018                       120                                                                                                                                              122%

                                                                                                                                                                            122%

                                                                                                                                                                            117%
                           110
                                                                                                                                                                            113%

                                                                                                                                                                            101%
                           100

                            90
                             Feb-17           May-17             Aug-17               Nov-17              Feb-18        May-18              Aug-18           Nov-18

                                        MSCI Europe Index       FCF Micro IPO Index            FCF Small IPO Index   FCF Medium IPO Index        FCF Large IPO Index

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                                 10
 Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs

                               11
European H2 2018 Micro IPOs – Overview (I)

Fast Facts                                                                       European Micro IPOs - Performance                                                   Performance and Issuance by Exchange
                                                                                  0
▪     9 IPOs in H2 2018 (vs. 23 H1 2018 IPOs /                                    0        -2.3%            -9.8%                                     Norway OTC                                                   1#            19.6%
      -14 IPOs)
                                                                                  0
                                                                                                                                        Bulgaria Stock Exchange                                             -5.3%
▪     EUR 281m Volume raised (3.3% of                                             0
                                                                                                                            -24.1%                                                                                      1#
      European Volume)                                                                                                                Stockholm Stock Exchange                                        -18.8%
                                                                                  0                                                                                                  Stockholm                          4#
▪     3 withdrawn or postponed deals
                                                                                  0                                                             EURONEXT Paris                                            -40.2%
▪     100% of H2 2018 Micro IPOs priced within                                           IPO +1D          IPO +1M         IPO - YTD
                                                                                                                                                                             Paris                                      2#
      range**                                                                                                                            London Stock Exchange                               -76.0%                     1#

IPOs by Sector                                                                                                                                                                 -1       -1       -1   0      0          0    0      0

                    Consumer
                      Staples

                                14%                 Industrials
      Consumer
    Discretionary
                         14%                  43%
                                      9
                                                                                                                                                                     Primary / Secondary Split & Price Range
           Information          29%
           Technology
                                                                                                                                                                        Secondary Shares

                                                                                                                                                                                                      20%
IPOs per Month
                                                                                                                                                                                                           80%
     120     3                                         3      4                                                                                                                                                     Primary Shares
     100                                                      3
      80                                                      3
                                                              2
             107m

      60
                                1         1                   2
                                                       87m

                                               1
      40
                       0m
                                                              1                                                                                    0*
      20                    38m                               1
                                      24m     24m
       0                                                      0                            number of IPOs
             Jul      Aug   Sep       Oct     Nov    Dec                               in each country (HQ)**                                                                                             100%
                                                                                                                                                                                                                             Within Range

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Micro         Large IPOs:  250 –20m
                                                                                   IPOs: EUR    1500 – 50m,
                                                                                                        EURm* 0 IPOs with HQ outside Europe, ** where data available                                                                        12
European
EuropeanCountries
             Countriesinclude: Austria,
                          include:      Belgium,
                                   Austria,      Croatia,Croatia,
                                              Belgium,    Cyprus, Cyprus,
                                                                  Czech Republic,
                                                                          Czech Denmark,
                                                                                  Republic,Estonia,
                                                                                            Denmark,Finland, France,
                                                                                                         Estonia,    Germany,
                                                                                                                   Finland,   Greece,
                                                                                                                            France,   Hungary, Iceland,
                                                                                                                                    Germany,    Greece,Ireland,
                                                                                                                                                          Hungary, Iceland, Ireland,
Italy,
Italy,Latvia,
       Latvia,Lithuania, Luxembourg,
                Lithuania,   Luxembourg,Malta,Malta,
                                               Netherlands, Norway, Norway,
                                                     Netherlands,   Poland, Portugal,
                                                                             Poland,Romania,  Slovakia,
                                                                                      Portugal, Romania,Slovenia, Spain,Slovenia,
                                                                                                             Slovakia,   Sweden, Switzerland, United Switzerland,
                                                                                                                                  Spain, Sweden,     Kingdom      United Kingdom
European H2 2018 Micro IPOs – Overview (II)
                                                                                              General Information                                                                                                                                 Pricing & Volume Analysis
in EURm, except per share information                                                                                                             Greenshoe                                                                                Final   Initial            Final-to-  Final-to- Issuing Price Final-to-
                                                                                                               Days                             (in % of total                           Current   Current                                Price    Price   Final-to-    Initial Initial high  to Final     Initial
                                                       Exchange    Listing                                   Filing-to- Issuing Issuing    Size     Issuing                               Share    Market                                Range - Range -     Initial low Price     Price      Pricing      Filing
                     Company Name             HQ        Country   Standard       Industry        IPO Date    Issuance Price Volume        Range    Volume)     Primary - Secondary Split  Price     Cap            Final Price Range     Midpoint Midpoint Midpoint    Range      Range      Midpoint    Volume
                                                                   Standard
                                                                                Consumer
                     Gradus AD              Bulgaria   Bulgaria    Equities                     17/07/2018      62       0.9       41.6   Micro     No GS      50% - 50%                   0.9       212.3   0.9                   1.2     1.1       1.1     -0.1%      -0.1%      -0.2%       -13.2%     -37.7%
                                                                                 Staples
                                                                   Segment

                                                                  Compartme Consumer
                     Navya SA               France      France                                  23/07/2018      12       7.0       37.6   Micro     No GS     100% -   0%                  2.0        53.0   7.0                   9.0     8.0      10.5     -23.8%    -22.2%     -25.0%       -12.5%     -34.5%
                                                                     nt B   Discretionary

                                             United     United       Main       Information
                     Argo Blockchain PLC                                                        30/07/2018      49       0.2       28.1   Micro     No GS     100% -   0%                  0.0        12.7   n/a                   n/a     n/a       n/a       n/a       n/a        n/a          n/a       25.0%
                                            Kingdom    Kingdom      Market      Technology

                     Klaveness
                                                                    Nordic
                     Combination Carriers   Norway      Norway                  Industrials     24/09/2018      14       4.6       38.2   Micro     No GS     100% -   0%                  5.5       224.5   n/a                   n/a     n/a       n/a       n/a       n/a        n/a          n/a      -35.7%
                                                                     ABM
                     AS

                                                                  Compartme
                     MedinCell S.A.         France      France                  Health Care     03/10/2018      19       7.3       24.0   Micro       6%      100% -   0%                  6.7       133.5   7.3                   9.3     8.3       8.3      0.0%      0.0%       0.0%        -12.1%     -45.5%
                                                                    nt C

                     AlzeCure Pharma AB
                                            Sweden      Sweden    First North   Health Care     27/11/2018      21       1.4       24.3   Micro     No GS     100% -   0%                  0.8        30.7   n/a                   n/a     n/a       n/a       n/a       n/a        n/a          n/a       0.0%
                     (publ)

                     Jetpak Top Holding
                                            Sweden      Sweden    First North   Industrials     04/12/2018      8        4.4       31.8   Micro       0%       72% - 28%                   4.4        52.5   4.4                   5.2     4.8       4.8      0.0%      0.0%       0.0%        -8.2%      -30.5%
                     AB (publ)

                     Lime Technologies AB                            Main       Information
                                            Sweden      Sweden                                  05/12/2018      9        7.1       31.3   Micro      15%       0%   - 100%                 7.8        97.1   n/a                   n/a     n/a       n/a       n/a       n/a        n/a          n/a       0.0%
                     (publ)                                         Market      Technology

                     Azelio AB              Sweden      Sweden    First North   Industrials     06/12/2018      24       2.1       23.6   Micro     No GS     100% -   0%                  1.2        54.1   n/a                   n/a     n/a       n/a       n/a       n/a        n/a          n/a      -19.3%

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Micro IPOs: EUR 20m – 50m                                                                                                                                                                                   ■     Primary Shares               13
 Note: Issuing Volume excl. GS (Greenshoe)                                                                                                                                                                                                                                 ■     Secondary Shares
European H2 2018 Micro IPOs – Overview (III)
                                                   Share Price / Trading Analysis                                        Valuation Analysis                             Growth Analysis                                                    Advisory Information
                                                                                                               EV/SALES                     EV/EBITDA            Sales CAGR       EBITDA CAGR
                                                                                          1 Month
                                    IPO      IPO       IPO    IPO -    CY -   Freefloat   Volume /    IPO        IPO        IPO     IPO       IPO        IPO     IPO      IPO      IPO      IPO                                 Underwriting Legal Advisors to       Legal Counsel to      Auditor to
            Company Name            +1D      +1M       +3M     YTD     YTD     (in %)     Freefloat   Year       +1Yr      +2Yrs    Year      +1Yr      +2Yrs   -2Yrs    +2Yrs    -2Yrs    +2Yrs         Underwriters           Compensation Issuer                  Underwriters          Issuer

                                                                                                                                                                                                   First Financial Brokerage                                                               Baker Tilly
            Gradus AD              1.6%     -1.7%     -7.2%   -5.3%    1.0%     9.3%       0.25%       2.5x      2.2x       2.0x    11.0x     8.5x      7.6x     n/a      n/a      n/a      n/a                                      n/a       n/a                   -
                                                                                                                                                                                                             House                                                                         Klitou

            Navya SA               2.1%     -3.0%    -22.0%   -72.1%   0.0%    26.6%       0.18%       6.1x      2.1x       0.9x    n/m        n/m      13.4x   154.6% 232.1%     42.6%     n/a           CS; Natixis                n/a       Baker & McKenzie      Latham & Watkins      n/a

                                                                                                                                                                                                                                                                     Field Fisher
            Argo Blockchain PLC    -21.9%   -29.9%   -62.7%   -76.0%   1.3%    68.5%       0.31%       n/a       n/a        n/a      n/a       n/a       n/a     n/a      n/a      n/a      n/a         MIR Securities            1,402,783    Fladgate                                    Littlejohn LLP
                                                                                                                                                                                                                                                                     Waterhouse

            Klaveness
            Combination Carriers   49.3%    22.3%     21.4%   19.6%    0.5%      n/a         n/a       n/a       n/a        n/a      n/a       n/a       n/a     n/a      n/a      n/a      n/a        Clarksons Platou              n/a       n/a                   -                     n/a
            AS

                                                                                                                                                                                                     Bryan Garnier; Crédit
            MedinCell S.A.         1.4%     -0.7%     -7.6%   -8.3%    0.0%    29.9%       0.07%      120.2x     56.1x     25.5x    n/m        n/m      n/m      n/a     -31.7%    n/a     50.0%                                     n/a       Dechert               -                     n/a
                                                                                                                                                                                                           Agricole

                                                                                                                                                                                                                                                                                           Grant
            AlzeCure Pharma AB
                                   -21.3%   -40.8%   -39.1%   -40.3%   0.5%    71.8%       0.88%       n/a       n/a        n/a      n/a       n/a       n/a     n/a      n/a      n/a      n/a         Vator Securities             n/a       Hamilton Advokatbyrå -                      Thornton
            (publ)
                                                                                                                                                                                                                                                                                           Sweden

            Jetpak Top Holding                                                                                                                                                                     ABG Sundal Collier; Pareto                  Baker & McKenzie
                                   -5.7%    -0.7%     -0.7%   -0.7%    0.5%    73.4%       1.26%       n/a       n/a        n/a      n/a       n/a       n/a     n/a      n/a      n/a      n/a                                      n/a                             Hammarskiöld & Co.    Deloitte
            AB (publ)                                                                                                                                                                                    Securities                            Advokatbyrå

                                                                                                                                                                                                                                               Gernandt &
            Lime Technologies AB                                                                                                                                                                    Carnegie; Skandinaviska
                                   3.6%     9.9%      9.9%    9.9%     0.5%    10.0%       3.25%       n/a       n/a        n/a      n/a       n/a       n/a     n/a      n/a      n/a      n/a                                      n/a       Danielsson            Roschier Advokatbyrå PwC
            (publ)                                                                                                                                                                                     Enskilda Banken
                                                                                                                                                                                                                                               Advokatbyrå

            Azelio AB              -30.1%   -44.0%   -44.0%   -44.0%   0.5%    69.5%       1.17%       7.3x      6.2x       4.9x    n/m        n/m      n/m     -2.4%    21.7%    -17.9%   15.0%       Pareto Securities             n/a       Advokatfirman Vinge   Advokatfirman Vinge   n/a

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                                                                                                                                                          14
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year
European Micro IPOs – Performance
                            Last 2 years
Over the last two
years, the FCF Micro
IPO Index                    140
outperformed its                                                                                                                                        H2 2018
benchmark index by
                             135
23 percentage points

                             130

                             125

                             120                                                                                                                                  122%

                             115

                             110

                             105
FCF Micro IPO Index
consists of all IPO
transactions within          100
20 – 50 EURm over the
last 2 years                                                                                                                                                      99%
                               95
MSCI Europe Micro Cap
Index captures 1,415
Micro Cap companies            90
across 15 developed             Feb-17            May-17              Aug-17               Nov-17            Feb-18            May-18       Aug-18   Nov-18
markets countries in
                                                                               MSCI Europe Micro Cap Index            FCF Micro IPO Index
Europe

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Micro IPOs: EUR 20m – 50m                                                                            15
Micro IPOs and Market Volatility (VSTOXX) –
                                  Performance Overview
Volatility                                                                                                                                                 VSTOXX – LTM
 60
                                                                                                                                                                                                VSTOXX –
                                                                                                                                                                                                Last 6M

 55                                                                                                           Final-to-Filing Volume         0.0%
             Final-to-Filing Volume       25.0%
                                                                                                              Adjustment:
             Adjustment:
                                                                                                              +1d Performance:             +3.6%
             +1d Performance:             -21.9%
                                                                                                              Performance since IPO:       +9.9%
 50          Performance since IPO:       -76.0%

                                                                          Final-to-Filing Volume    -45.5%
                                                                          Adjustment:
 45                                                                       +1d Performance:          +1.4%
                                                                          Performance since IPO:     -8.3%                                                 Final-to-Filing Volume      -19.3%
                                                                                                                Final-to-Filing Volume     -30.5%
             Final-to-Filing Volume       -34.5%                                                                                                           Adjustment:
                                                                                                                Adjustment:
             Adjustment:                                                                                                                                   +1d Performance:            -30.1%
 40                                                                                                             +1d Performance:            -5.7%
             +1d Performance:             +2.1%                                                                                                            Performance since IPO:      -44.0%
                                                                                                                Performance since           -0.7%
             Performance since IPO:       -72.1%                                                                IPO:

 35

 30     Final-to-Filing Volume        -37.7%                    Final-to-Filing Volume     -35.7%                                Final-to-Filing Volume    0.0%
        Adjustment:                                             Adjustment:                                                      Adjustment:
        +1d Performance:              +1.6%                     +1d Performance:           +49.3%                                +1d Performance:         -21.3%
 25     Performance since IPO:         -5.3%                    Performance since IPO:     +19.6%                                Performance since        -40.3%
                                                                                                                                 IPO:

 20

 15

 10
   Jul-18                                Aug-18                    Sep-18                            Oct-18                                Nov-18                             Dec-18

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                                                              16
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOS
      c)   Medium IPOs
      d)   Large IPOs

                               17
European H2 2018 Small IPOs – Overview (I)

Fast Facts                                                            European Small IPOs - Performance                                         Performance and Issuance by Exchange

▪   4 IPOs in H2 2018 (vs. 12 H1 2018 IPOs / -8
    IPOs)                                                              0       6.5%             5.5%                                     Borsa Italia                                    1#                 9.6%

▪   EUR 261m Volume raised (3.0% of European
                                                                       0                                               AIM - London Stock Exchange                                -9.9%       1#
    Volume)                                                                                                 -6.6%
▪   1 withdrawn or postponed deals                                                                                        Stockholm Stock Exchange                               -10.4%       1#
                                                                       0                                                                                     Stockholm

▪   100% of H2 2018 Small IPOs priced within                                  IPO +1D         IPO +1M      IPO - YTD
    range**                                                                                                                  London Stock Exchange                           -15.6%           1#

IPOs by Sector                                                                                                                                                   0       0   0      0         0    0    0      0

   Consumer
 Discretionary
                      25%

                             4

                                  75%                                                                                                           Primary / Secondary Split & Price Range
                                        Healthcare

                                                                                                                                                        Secondary Shares
                                                                                                                                                                             14%

IPOs per Month
                                                                                                                                                                                   86%
    80     1                                         1                                                                                                                                    Primary Shares
                  1                      1     1
    70                                               1
    60                                               1
    50                                               1
          73m

    40
                 67m

                                        67m

                                                     1
                                               54m

    30
    20                      0m
                             0
                                 0m
                                  0                  0                                                                          0*
    10                                               0
     0                                               0                          number of IPOs
          Jul    Aug    Sep      Oct    Nov   Dec                           in each country (HQ)**                                                                               100%
                                                                                                                                                                                                   Within Range

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Small IPOs: EUR 50m – 100m, * 0 IPOs with HQ outside Europe, ** where data available                                                                 18
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
European H2 2018 Small IPOs – Overview (II)
                                                                                            General Information                                                                                                                                  Pricing & Volume Analysis
in EURm, except per share information                                                                                                            Greenshoe                                                                                Final   Initial            Final-to-  Final-to- Issuing Price Final-to-
                                                                                                               Days                            (in % of total                           Current   Current                                Price    Price   Final-to-    Initial Initial high  to Final     Initial
                                                      Exchange    Listing                                   Filing-to- Issuing Issuing    Size     Issuing                               Share    Market                                Range - Range -     Initial low Price     Price      Pricing      Filing
                     Company Name             HQ       Country   Standard        Industry      IPO Date     Issuance Price Volume        Range    Volume)     Primary - Secondary Split  Price     Cap            Final Price Range     Midpoint Midpoint Midpoint    Range      Range      Midpoint    Volume

                                             United    United      Main         Consumer
                     TheWorks.co.uk plc                                                        18/07/2018      5        1.8       73.1   Small     No GS      44% - 56%                   1.5        94.6   n/a                   n/a     n/a       n/a       n/a       n/a        n/a          n/a       0.0%
                                            Kingdom   Kingdom     Market       Discretionary

                                                                 Alternative
                                             United    United
                     Sensyne Health plc                          Investment    Health Care     13/08/2018      0        2.0       67.1   Small     No GS     100% -   0%                  1.8       226.8   n/a                   n/a     n/a       n/a       n/a       n/a        n/a          n/a       0.0%
                                            Kingdom   Kingdom
                                                                   Market

                     Garofalo Health Care
                                             Italy      Italy       MTA        Health Care     07/11/2018      7        3.3       66.8   Small      10%      100% -   0%                  3.7       300.1   3.3                   3.7     3.5       3.5      0.0%      0.0%       0.0%        -4.7%       -9.0%
                     S.p.A.

                                                                   Main
                     Q-linea AB (publ)      Sweden     Sweden                  Health Care     06/12/2018      25       6.6       53.7   Small     No GS     100% -   0%                  5.9       136.2   5.9                   6.8     6.3       6.3      0.0%      0.0%       0.0%         4.6%      -13.0%
                                                                  Market

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Small IPOs: EUR 50m – 100m                                                                                                                                                                                 ■     Primary Shares               19
 Note: Issuing Volume excl. GS (Greenshoe)                                                                                                                                                                                                                                ■     Secondary Shares
European H2 2018 Small IPOs – Overview (III)
                                                  Share Price / Trading Analysis                                        Valuation Analysis                             Growth Analysis                                         Advisory Information
                                                                                                              EV/SALES                     EV/EBITDA            Sales CAGR       EBITDA CAGR
                                                                                         1 Month
                                   IPO      IPO       IPO    IPO -    CY -   Freefloat   Volume /    IPO        IPO        IPO     IPO       IPO        IPO     IPO      IPO      IPO     IPO                       Underwriting Legal Advisors to        Legal Counsel to    Auditor to
            Company Name           +1D      +1M       +3M     YTD     YTD     (in %)     Freefloat   Year       +1Yr      +2Yrs    Year      +1Yr      +2Yrs   -2Yrs    +2Yrs    -2Yrs   +2Yrs    Underwriters      Compensation Issuer                   Underwriters        Issuer

                                                                                                                                                                                                                                                          Mayer Brown
            TheWorks.co.uk plc     11.1%   5.7%     -12.8%   -15.6%   1.3%    61.7%       0.25%       0.6x      0.6x       0.5x    9.7x      8.3x      6.9x     n/a     12.4%     n/a    13.3%    Investec Bank       1,462,594    Walker Morris                              KPMG
                                                                                                                                                                                                                                                          International

                                                                                                                                                                                                                                   Allen & Overy;
            Sensyne Health plc     6.9%    19.8%     7.8%    -9.9%    1.3%    51.3%       0.06%      388.5x    103.4x     18.8x    n/m        n/m      n/m      n/a     432.9%    n/a    48.5%      Peel Hunt            n/a       Covington & Burling;   Simmons & Simmons   PwC
                                                                                                                                                                                                                                   Osborne Clarke
                                                                                                                                                                                                                                   Gianni, Origoni,
            Garofalo Health Care                                                                                                                                                                                                   Grippo, Cappelli &
                                   9.3%    6.9%      14.9%   9.6%     0.0%    10.9%       1.64%       2.1x      1.9x       1.7x    10.8x     9.8x      8.9x    12.3%     9.8%    34.1%   10.4%    CS; Equita SIM         n/a                            Linklaters            EY
            S.p.A.                                                                                                                                                                                                                 Partners; Shearman &
                                                                                                                                                                                                                                   Sterling

                                                                                                                                                                                                                                   Advokatfirman          Baker & McKenzie
            Q-linea AB (publ)      -1.3%   -10.4%   -10.4%   -10.4%   0.5%    51.2%       1.69%       n/a       n/a        n/a      n/a       n/a       n/a     n/a      n/a      n/a     n/a    Carnegie; Redeye        n/a                                                  PwC
                                                                                                                                                                                                                                   Cederquist             Advokatbyrå

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                                                                                                                                          20
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year
European Small IPOs – Performance
                             Last 2 years
The FCF Small IPO
Index outperformed
its benchmark index           160
by 23 percentage                                                                                                                                      H2 2018
points over the last
two years
                              150

                              140

                              130

                              120                                                                                                                               122%

                              110

FCF Small IPO Index
consists of all IPO
transactions within
50 – 100 EURm over the        100
                                                                                                                                                                99%
last 2 years

MSCI Europe Small Cap
Index captures 951 Small        90
Cap companies across 15          Feb-17            May-17              Aug-17                Nov-17           Feb-18              May-18     Aug-18   Nov-18
developed markets
                                                                                MSCI Europe Small Cap Index            FCF Small IPO Index
countries in Europe

  Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Small IPOs: EUR 50m – 100m                                                                        21
Small IPOs and Market Volatility (VSTOXX) –
                                Performance Overview
Volatility                                                                                                                               VSTOXX – LTM
 60
                                                                                                                                                                  VSTOXX –
                                                                                                                                                                  Last 6M

 55

 50
                                                   Final-to-Filing Volume     0.0%
                                                   Adjustment:
 45                                                +1d Performance:          +6.9%
                                                   Performance since IPO:    -9.9%                                              Final-to-Filing Volume   -13.0%
                                                                                                                                Adjustment:
                                                                                                                                +1d Performance:          -1.3%
 40
                                                                                                                                Performance since IPO:   -10.4%

             Final-to-Filing Volume       0.0%
             Adjustment:
 35
             +1d Performance:           +11.1%                                                Final-to-Filing Volume     -9.0%
             Performance since IPO:     -15.6%                                                Adjustment:
                                                                                              +1d Performance:           +9.3%
 30                                                                                           Performance since IPO:     +9.6%

 25

 20

 15

 10
   Jul-18                             Aug-18                        Sep-18           Oct-18                            Nov-18                            Dec-18

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                                22
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOS
      c)   Medium IPOs
      d)   Large IPOs

                               23
European H2 2018 Medium IPOs – Overview (I)

Fast Facts                                                            European Medium IPOs - Performance                                        Performance and Issuance by Exchange
                                                                       0
▪    4 IPOs in H1 2018 (vs. 12 H1 2018 IPOs /
     -8 IPOs)                                                                                                               Spanish Stock Exchange                                  1#        20.5%
                                                                                                8.1%
▪    EUR 544m Volume raised (6.4% of                                   0
                                                                                                                                                                                    1#
                                                                                                                       AIM - London Stock Exchange                                           12.8%
     European Volume)                                                          2.2%
▪    2 withdrawn or postponed deals                                                                         -0.4%                        Borsa Italia                          -4.3%         1#
                                                                       0
▪    100% of H2 2018 Medium IPOs priced                                       IPO +1D         IPO +1M     IPO - YTD
     within range**                                                                                                                  Deutsche Börse                      -30.5%              1#

IPOs by Sector                                                                                                                                                  0    0   0      0        0        0    0     0

     Utilities

                      25%

                                 4          50%
                                                   Industrials
   Consumer           25%                                                                                                                       Primary / Secondary Split*
 Discretionary
                                                                                                                                                  Secondary Shares

                                                                                                                                                                         25%

IPOs per Month                                                                                                                                                                 75%
                                                                                                                                                                                         Primary Shares

    300                               2                     3
    250                                                     2
    200      1
                                                     1      2
                                     270m

    150
                                                            1
    100                                                                                                                         1*
             171m

                                               0
                                                     104m

                     0       0
     50             0m      0m                0m            1
      0                                                     0                   number of IPOs
            Jul     Aug   Sep        Oct     Nov   Dec                      in each country (HQ)**                                                                           100%
                                                                                                                                                                                                  Within Range

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Medium IPOs: EUR 100m – 250m, * 1 IPO with HQ outside Europe, ** where data available                                                              24
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
European H2 2018 Medium IPOs – Overview (II)
                                                                                           General Information                                                                                                                                  Pricing & Volume Analysis
in EURm, except per share information                                                                                                          Greenshoe                                                                                 Final   Initial            Final-to-  Final-to- Issuing Price Final-to-
                                                                                                             Days                            (in % of total                           Current   Current                                 Price    Price   Final-to-    Initial Initial high  to Final     Initial
                                                   Exchange    Listing                                    Filing-to- Issuing Issuing    Size     Issuing                               Share    Market                                 Range - Range -     Initial low Price     Price      Pricing      Filing
                     Company Name          HQ       Country   Standard        Industry        IPO Date    Issuance Price Volume        Range    Volume)     Primary - Secondary Split  Price     Cap            Final Price Range      Midpoint Midpoint Midpoint    Range      Range      Midpoint    Volume
                                                              Alternative
                                                    United
                     Yellow Cake plc     Jersey               Investment     Industrials     05/07/2018      30       2.3      170.6 Medium      No GS     100% -   0%                  2.5       194.2   n/a                   n/a      n/a       n/a       n/a       n/a        n/a          n/a       11.3%
                                                   Kingdom
                                                                Market

                                                               Prime         Consumer
                     Westwing Group AG   Germany   Germany                                   08/10/2018      11      26.0      114.4 Medium        7%      100% -   0%                 18.1       374.3 26.0                    29.0     27.5     26.0      5.8%     13.0%       0.0%        -5.5%      -10.3%
                                                              Standard      Discretionary

                     Piovan S.p.A.        Italy      Italy      STAR         Industrials     18/10/2018      13       8.3      155.7 Medium      No GS      0%   - 100%                 7.9       404.6   8.3                   8.5      8.4       8.4      0.0%      0.0%       0.0%        -1.2%        n/a

                     Solarpack
                                                              Continuous
                     Corporacion          Spain     Spain                      Utilities     03/12/2018      13       8.3      103.8 Medium       10%      100% -   0%                 10.0       320.5   8.0                   10.3     9.2       9.2      0.0%      0.0%       0.0%        -9.3%       3.8%
                                                                Market
                     Tecnologica, S.A.

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Medium IPOs: EUR 100m– 250m                                                                                                                                                                               ■     Primary Shares               25
 Note: Issuing Volume excl. GS (Greenshoe)                                                                                                                                                                                                                               ■     Secondary Shares
European H2 2018 Medium IPOs – Overview (III)
                                               Share Price / Trading Analysis                                     Valuation Analysis                             Growth Analysis                                                     Advisory Information
                                                                                                         EV/SALES                    EV/EBITDA            Sales CAGR      EBITDA CAGR
                                                                                      1 Month
                                IPO     IPO        IPO    IPO -    CY -   Freefloat   Volume /    IPO      IPO       IPO     IPO       IPO        IPO     IPO      IPO     IPO      IPO                                   Underwriting Legal Advisors to      Legal Counsel to     Auditor to
            Company Name        +1D     +1M        +3M     YTD     YTD     (in %)     Freefloat   Year     +1Yr     +2Yrs    Year      +1Yr      +2Yrs   -2Yrs    +2Yrs   -2Yrs    +2Yrs          Underwriters            Compensation Issuer                 Underwriters         Issuer
                                                                                                                                                                                                                                         Milbank, Tweed,                            RSM
            Yellow Cake plc     1.2%    8.3%      17.6%   12.8%    1.3%    77.5%       0.36%      n/a      n/a       n/a     n/m        n/m      n/m      n/a      n/a     n/a      n/a     Berenberg; Numis Securities        n/a       Hadley & McCloy;     Norton Rose Fulbright Corporate
                                                                                                                                                                                                                                         Mourant Ozannes                            Finance

                                                                                                                                                                                                                                                              Latham & Watkins
            Westwing Group AG   -3.1%   -3.8%    -45.0%   -30.5%   0.0%    43.8%       0.01%      1.9x     1.6x      1.4x   132.3x     55.8x     31.1x   1.1%     19.9%    n/a     106.4%         Citi; Berenberg           1,716,000    n/a                                       EY
                                                                                                                                                                                                                                                              Gmbh

            Piovan S.p.A.       0.6%    7.6%      -3.6%   -4.3%    0.0%    28.5%       0.70%      1.7x     1.6x      1.5x    10.7x     10.0x     9.0x    14.7%     6.2%   23.5%    9.0%              GS; UC                    n/a       n/a                  -                    n/a

            Solarpack
                                                                                                                                                                                            Banco Cooperativo Español;                   GBP Legal; Latham &                       Auren;
            Corporacion         10.1%   20.5%     20.5%   20.5%    0.0%    32.8%       0.63%      n/a      n/a       n/a      n/a       n/a       n/a     n/a      n/a     n/a      n/a                                     3,000,000                        Linklaters
                                                                                                                                                                                             CaixaBank; JB Capital; SG                   Watkins                                   Deloitte
            Tecnologica, S.A.

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                                                                                                                                                  26
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year
European Medium IPOs – Performance
                            Last 2 years
Over the last two
years, the FCF
Medium IPO Index              135
outperformed its                                                                                                                              H2 2018
benchmark index by
3 percentage points           130

                              125

                              120

                              115

                              110

                              105

                                                                                                                                                          101%
FCF Medium IPO Index          100
consists of all IPO
transactions within 100 –                                                                                                                                 98%
250 EURm over the last 2
                               95
years

MSCI Europe Mid Cap
Index captures 243 Mid         90
Cap companies across 15         Mar-17              Jun-17              Sep-17                 Dec-17     Mar-18            Jun-18   Sep-18      Dec-18
developed markets
                                                                              MSCI Europe Mid Cap Index     FCF Medium IPO Index
countries in Europe

  Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Medium IPOs: EUR 100m – 250m                                                                27
Medium IPOs and Market Volatility (VSTOXX) –
                               Performance Overview
Volatility                                                                                                                             VSTOXX – LTM
 60                                                                                                                                                            VSTOXX –
                                                                                                                                                               Last 6M

 55

 50

 45                                                                                   Final-to-Filing Volume     n/a
                                                                                      Adjustment:
                                                                                      +1d Performance:         +0.6%
                                                                                      Performance since IPO:   -4.3%
 40           Final-to-Filing Volume     +11.3%
              Adjustment:
              +1d Performance:            +1.2%
              Performance since IPO:     +12.8%
 35

                                                                                                                          Final-to-Filing Volume   +3.8%
                                                                                                                          Adjustment:
 30                                                                      Final-to-Filing Volume     -10.3%                +1d Performance:         +10.1%
                                                                         Adjustment:                                      Performance since IPO:   +20.5%
                                                                         +1d Performance:             -3.1%

 25                                                                      Performance since IPO:     -30.5%

 20

 15

 10
   Jul-18                              Aug-18                   Sep-18                            Oct-18               Nov-18                         Dec-18

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                             28
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOS
      c)   Medium IPOs
      d)   Large IPOs

                               29
European H2 2018 Large IPOs – Overview (I)

Fast Facts                                                                 European Large IPOs - Performance                                    Performance and Issuance by Exchange

▪    6 IPOs in H2 2018 (vs. 12 H1 2018 IPOs /                              0      1.6%             0.2%
     -6 IPOs)                                                              0                                                         EURONEXT Paris   Paris
                                                                                                                                                                                     1#            14.8%

▪    EUR 7,457m Volume raised (87.3% of                                    0
                                                                                                            -6.1%
     European Volume)
                                                                           0                                                           Deutsche Börse                           -1.7%         1#
▪    2 withdrawn or postponed deals
                                                                           0
▪    100% of H2 2018 Large IPOs priced within                                    IPO +1D         IPO +1M   IPO - YTD
     range**                                                                                                                     Swiss Stock Exchange                    -6.4%                1#

IPOs by Sector
                                                                                                                               London Stock Exchange                      -14.3%              3#

                                                                                                                                                                0   0     0      0        0        0   0    0     0
                                                     Communication
            Utilities                                Services

                             17%       17%                 Consumer
                                                           Discretionary

                   17%             6             17%
      Energy
                                                                                                                                                Primary / Secondary Split & Price Range
                             17%       17%

           Materials                              Industrials                                                                                                                                 Primary Shares

                                                                                                                                                                               37%

IPOs per Month                                                                                                                                                          63%
                                                                                                                                                 Secondary Shares

    6000                                 4
                                                                     4
    5000                                                             4
    4000                                                             3
                                        5,792m

                                                                     3
    3000                         1                                   2
    2000
             0m
               0
                        0m
                         0
                              1,309m
                                                       1
                                                    355m         0
                                                                     2                                                          1*
                                                                0m   1
    1000                                                             1
       0                                                             0             number of IPOs
                                                                               in each country (HQ)**                                                                         100%
             Jul    Aug        Sep      Oct         Nov     Dec
                                                                                                                                                                                                   Within Range

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Large IPOs: > EUR 250m, * 1 IPO with HQ outside Europe, ** where data available                                                                     30
European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland,
Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom
European H2 2018 Large IPOs – Overview (II)
                                                                                               General Information                                                                                                                                   Pricing & Volume Analysis
in EURm, except per share information                                                                                                              Greenshoe                                                                                  Final   Initial            Final-to-  Final-to- Issuing Price Final-to-
                                                                                                                 Days                            (in % of total                           Current   Current                                  Price    Price   Final-to-    Initial Initial high  to Final     Initial
                                                         Exchange    Listing                                  Filing-to- Issuing Issuing    Size     Issuing                               Share    Market                                  Range - Range -     Initial low Price     Price      Pricing      Filing
                     Company Name              HQ         Country   Standard      Industry        IPO Date    Issuance Price Volume        Range    Volume)     Primary - Secondary Split  Price     Cap             Final Price Range      Midpoint Midpoint Midpoint    Range      Range      Midpoint    Volume

                     SIG Combibloc Group                             Swiss
                                         Switzerland Switzerland                  Materials      28/09/2018      14       9.9    1,309.4   Large      15%       80% - 20%                   9.3      3,044.7   9.7                   10.6     10.1     10.6     -4.2%      4.8%      -11.1%       -2.2%      -21.4%
                     AG                                              Shares

                     Funding Circle           United      United      Main      Communicatio
                                                                                             02/10/2018          29       4.9      494.4   Large     No GS      68% - 32%                   3.8      1,328.9   4.7                   5.9      5.3       5.3      0.0%      0.0%       0.0%        -7.4%       16.4%
                     Holdings Limited        Kingdom     Kingdom     Market      n Services

                     Aston Martin Lagonda     United      United      Main       Consumer
                                                                                                 03/10/2018      23      21.4    1,221.4   Large     No GS      0%   - 100%                13.6      3,105.6 20.9                    22.6     21.7     22.6     -3.7%      5.7%      -11.1%       -1.3%      -16.1%
                     Global Holdings plc     Kingdom     Kingdom     Market     Discretionary

                     Knorr-Bremse                                    Prime
                                             Germany     Germany                 Industrials     10/10/2018      12      80.0    3,448.3   Large      12%       0%   - 100%                78.6     12,673.5 78.0                    80.0     79.0     79.5     -0.6%      8.3%       -8.0%        1.3%       -8.0%
                     Aktiengesellschaft                             Standard

                                                                    Compartme
                     Neoen S.A.              France       France                   Utilities     16/10/2018      13      16.5      628.2   Large      11%       72% - 28%                  18.9      1,609.0 16.0                    19.0     17.5     17.5      0.0%      0.0%       0.0%        -5.7%        n/a
                                                                       nt A

                     Kazatomprom JSC                      United      Main
                                            Kazakhstan                             Energy        13/11/2018      29      10.3      355.2   Large      12%       0%   - 100%                11.9      3,083.4 10.3                    13.6     12.0     12.0      0.0%      0.0%       0.0%        -14.1%      -3.8%
                     NAC                                 Kingdom     Market

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Large IPOs: > 250 EURm                                                                                                                                                                                         ■     Primary Shares               31
 Note: Issuing Volume excl. GS (Greenshoe)                                                                                                                                                                                                                                    ■     Secondary Shares
European H2 2018 Large IPOs – Overview (III)
                                                  Share Price / Trading Analysis                                       Valuation Analysis                             Growth Analysis                                                     Advisory Information
                                                                                                             EV/SALES                     EV/EBITDA            Sales CAGR      EBITDA CAGR
                                                                                         1 Month
                                   IPO      IPO       IPO    IPO -    CY -   Freefloat   Volume /    IPO       IPO        IPO     IPO       IPO        IPO     IPO      IPO     IPO      IPO                                   Underwriting Legal Advisors to         Legal Counsel to   Auditor to
            Company Name           +1D      +1M       +3M     YTD     YTD     (in %)     Freefloat   Year      +1Yr      +2Yrs    Year      +1Yr      +2Yrs   -2Yrs    +2Yrs   -2Yrs    +2Yrs         Underwriters             Compensation Issuer                    Underwriters       Issuer

            SIG Combibloc Group                                                                                                                                                                 Barclays; Citi; CS; GS; ML;                   Bär & Karrer; Scotto &
                                   7.1%    -1.3%     -6.4%   -6.4%    0.6%    42.7%       0.26%      n/m       n/m        n/m     n/m        n/m      n/m      n/a      4.4%    n/a     5.7%                                        n/a                              -                   n/a
            AG                                                                                                                                                                                   MS; UBS; UC; Vontobel                        Associés

            Funding Circle                                                                                                                                                                          GS; ML; MS; Numis                         Freshfields Bruckhaus
                                   0.1%    -20.0%   -34.0%   -22.2%   1.3%    51.9%       0.38%      10.1x     7.1x       5.0x    n/m        n/m      n/m     65.0%    41.7%   -12.4% -37.9%                                        n/a                             Linklaters           PwC
            Holdings Limited                                                                                                                                                                            Securities                            Deringer

                                                                                                                                                                                                CI Capital; CS; DB; GS; HL;                   Simpson Thacher &
            Aston Martin Lagonda                                                                                                                                                                                                                                      Freshfields Bruckhaus
                                   -5.0%   -17.6%   -38.7%   -36.4%   1.3%    30.4%       1.64%      4.2x      3.5x       2.7x    19.4x     15.6x     10.5x   35.6%    26.6%   294.3%   38.0%   HSBC; J.P.M; Mediobanca;            n/a       Bartlett; Slaughter and                       KPMG
            Global Holdings plc                                                                                                                                                                                                                                       Deringer
                                                                                                                                                                                                 ML; Numis Securities; UC                     May

                                                                                                                                                                                                                                              Hengeler Mueller
            Knorr-Bremse                                                                                                                                                                            CoBa; DB; J.P.M;
                                   2.1%    5.2%      5.1%    -1.7%    0.0%    29.8%       0.55%      2.0x      1.9x       1.9x    11.1x     10.2x     9.7x    10.0%     3.9%   9.2%     6.9%                                    34,482,783    Partnerschaft von       -                  KPMG
            Aktiengesellschaft                                                                                                                                                                   Berenberg; MS; UBS; UC
                                                                                                                                                                                                                                              Rechtsanwälten

                                                                                                                                                                                                Barclays; Carnegie; J.P.M;                    Cleary Gottlieb Steen
            Neoen S.A.             3.6%    14.9%     19.2%   14.8%    0.0%    69.1%       0.16%      13.6x     10.2x      7.1x    17.6x     13.0x     8.9x    77.3%    40.3%   76.7%    41.6%                                       n/a                               Linklaters         n/a
                                                                                                                                                                                                 Natixis; Société Générale                    & Hamilton

                                                                                                                                                                                                China International Capital;
            Kazatomprom JSC
                                   1.4%    20.2%     14.8%   15.7%    0.8%    15.0%       0.58%      2.9x      2.3x       2.0x    7.9x      5.2x      4.3x    6.4%     22.8%   32.4%    49.6%    CS; J.P.M; JSC Halyk;              n/a       n/a                     -                  n/a
            NAC
                                                                                                                                                                                                          Mizuho

Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                                                                                                                                                       32
Note: Share Prices based on the IPO price relate to the issuing price, IPO – YTD and CY – YTD might equal in case the IPO priced this year
European Large IPOs – Performance
                             Last 2 years
Over the last two
years, the FCF Large
IPO Index                      125
outperformed its                                                                                                                                 H2 2018
benchmark index by
18 percentage points
                               120

                               115

                                                                                                                                                             113%

                               110

                               105

                               100

FCF Large IPO Index
consists of all IPO
transactions above 250
EURm over the last 2            95                                                                                                                           95%
years

MSCI Europe Large Cap
Index captures 205 Large        90
Cap companies across 15          Mar-17              Jun-17               Sep-17            Dec-17           Mar-18            Jun-18   Sep-18      Dec-18
developed markets
                                                                               MSCI Europe Large Cap Index      FCF Large IPO Index
countries in Europe

  Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research, Large IPOs: > EUR 250m                                                                         33
Large IPOs and Market Volatility (VSTOXX) –
                            Performance Overview
Volatility                                                                                                                                         VSTOXX – LTM
 60
                                                                                                                                                                                       VSTOXX –
                                                                                Final-to-Filing Volume          -8.0%                                                                  Last 6M
                                                                                Adjustment:
 55                                                                             +1d Performance:                +2.1%
                                                                                Performance since IPO:          -1.7%

 50

                                                                         Final-to-Filing Volume        -16.1%
 45                                                                      Adjustment:
                                                                         +1d Performance:               -5.0%
                                                                         Performance since IPO:        -36.4%           Final-to-Filing Volume      n/a
                                                                                                                        Adjustment:
 40
                                                                                                                        +1d Performance:         +3.6%
                                                                                                                        Performance since IPO:   +14.8%

 35                                                                   Final-to-Filing Volume       +16.4%                                                     Final-to-Filing Volume      -3.8%
                                                                      Adjustment:                                                                             Adjustment:
                                                                      +1d Performance:             +0.1%                                                      +1d Performance:           +1.4%
                                                                      Performance since IPO:       -22.2%                                                     Performance since IPO:    +15.7%
 30

 25
                                                                Final-to-Filing Volume       -21.4%
                                                                Adjustment:
                                                                +1d Performance:               +7.1%
 20                                                             Performance since IPO:         -6.4%

 15

 10
   Jul-18                         Aug-18                        Sep-18                                 Oct-18                       Nov-18                    Dec-18

 Source: S&P Capital IQ as of 28.12.2018, FCF Equity Research                                                                                                                                     34
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs

                               35
Gradus AD
Company Description                                                                               IPO Facts                                                                                                                   .
Sector: Packaged Foods and Meats                                                                  Ticker                               BUL:GR6                        Financial Advisors
Gradus AD produces and sells poultry products worldwide. It provides fresh and frozen chicken     Exchange              Bulgaria Stock Exchange                       First Financial Brokerage House Ltd.
                                                                                                  Initial Filing Date                 16-May-18
products; chicken specialties; and sausages and delicacies. The company was founded in 1992 and
                                                                                                  Announced Date                      16-May-18
is based in Sofia, Bulgaria.
                                                                                                  # Days Announced to Offer                    62
                                                                                                  Offer Date                            17-Jul-18

                                                                                                  IPO Price (EUR)                               0.92
                                                                                                  Filing Price Range (EUR)               0.92 - 1.21
                                                                                                  Final Price Range (EUR)                        n/a

                                                                                                                                                                      Legal Counsel
                                                                                                  Shares Offered (incl. Greenshoe)               45.2m
                                                                                                  Greenshoe                                       0.0%                n/a
                                                                                                  Filing Volume (EUR)                            66.8m
                                                                                                                       2
                                                                                                  Final Volume (EUR)                             41.6m
                                                                                                  Filing-to-Final Change                       (37.7%)
Public Shareholders 1                                                                                                                                                 Accounting Advisors
                                                                                                  Primary / Secondary Split 2
     Angelov, Ivan Angelov                                       45.3%                                                                                                Baker Tilly Klitou
     Angelov, Luka Angelov                                       45.3%                                           Primary                         50%
     DSK - Rodina AD, Asset Management Arm                        0.1%                                           Secondary                       50%
                                                                  0.0%
                                                                                                  Key Financials
     Free Float                                                   9.3%                            (EURm)                LTM          FY 2018        FY 2019          FY 2020       CAGR 18-20       # of Recommendations
Share Price Performance                                                                           Revenue                9.6            97.2             111.5        125.6            13.7%
                                                IPO +1D     IPO +3M       IPO +6M     since IPO     Growth                                               14.8%        12.6%                                  1 Buy
Gradus AD                                          1.6%       (7.2%)           n/a       (5.3%)   EBITDA                 1.6            17.9              23.3         33.2            36.1%                 0 Outperform
OMX Nordic                                        (0.2%)      (0.5%)           n/a      (10.7%)     Margin            16.8%           18.4%              20.9%        26.4%                                  0 Hold
                                                                                                  EBIT                   1.4            16.9              22.5         25.6            23.0%                 0 Underperform
                                                                                                    Margin            14.3%           17.4%              20.2%        20.4%                                  0 Sell
                          105
  Prices Rebased (in %)

                                                                                                  Net Income             1.7            11.9              15.7         22.2            36.5%
                                                                                                    Margin            18.0%           12.3%              14.0%        17.7%

                          95                                                                      (EURm)                                                 Valuation          FY 2018             FY 2019            FY 2020
                                                                                                  Enterprise Value                     222.9             EV/Sales               2.3x               2.0x                1.8x
                                                                                                  Net Debt                              22.7             EV/EBITDA             12.5x               9.6x                6.7x
                          85                                                                      Minority Interest                      0.8             EV/EBIT               13.2x               9.9x                8.7x
                           Aug-18                            Nov-18                                                                      0.0
                                                                                                  Preferred Equity                                       P/E                   17.8x              13.6x                9.6x
                                    Gradus AD              OMX Nordic 40 Index                    Market Cap                           212.4             P/B                     n/a                n/a                 n/a
                                                                                                                                                                                                                              .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                               36
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
Navya SA
Company Description                                                                                       IPO Facts
Sector: Automobile Manufacturers                                                                          Ticker                         ENXTPA:NAVYA                         Financial Advisors
Navya SA, through its subsidiaries, provides full self-driving technology and vehicles primarily in the   Exchange                       EURONEXT Paris                       Credit Suisse Group AG
                                                                                                          Initial Filing Date                  11-Jul-18
United States, and the EMEA and Asia-Pacific regions. It creates, develops, produces, and services                                                                            Natixis S.A.
                                                                                                          Announced Date                       11-Jul-18
autonomous, driverless, shared, and electric mobility solutions, such as autonomous shuttles and
                                                                                                          # Days Announced to Offer                   12
the autonomous cabs. The company offers its products primarily to municipalities, companies,
                                                                                                          Offer Date                           23-Jul-18
industrial sites, theme parks, universities, and airports. Navya SA was founded in 2014 and is
headquartered in Villeurbanne, France.
                                                                                                          IPO Price (EUR)                               7.00
                                                                                                          Filing Price Range (EUR)              9.00 - 12.00
                                                                                                          Final Price Range (EUR)                7.00 - 9.00

                                                                                                                                                                              Legal Counsel
                                                                                                          Shares Offered (incl. Greenshoe)                5.4m
                                                                                                          Greenshoe                                       0.0%                Latham & Watkins LLP
                                                                                                          Filing Volume (EUR)                            57.5m
                                                                                                                               2
                                                                                                          Final Volume (EUR)                             37.6m
                                                                                                          Filing-to-Final Change                       (34.5%)
Public Shareholders 1                                                                                                                                                         Accounting Advisors
                                                                                                          Primary / Secondary Split 2
     360° Capital Partners                                              40.1%                                                                                                 n/a
     Keolis S.A.                                                        12.1%                                            Primary                        100%
     Valeo SA                                                           12.1%                                            Secondary                        0%
     Sapet, Christophe                                                   9.2%
     Cap Décisif Management SAS                                          4.1%                             Key Financials
     Free Float                                                         22.5%                             (EURm)                LTM          FY 2018        FY 2019          FY 2020        CAGR 18-20        # of Recommendations
Share Price Performance                                                                                   Revenue               10.3            17.0              77.9        187.5             232.1%
                                                     IPO +1D     IPO +3M        IPO +6M       since IPO     Growth                                           358.2%          140.7%                                 0 Buy
Navya SA                                               2.1%       (22.0%)            n/a        (71.4%)   EBITDA               (10.6)          (15.3)             (6.1)        11.3               nm                2 Outperform
Paris CAC                                              1.0%        (6.0%)            n/a        (13.0%)     Margin              n/m             n/m               n/m          6.0%                                 0 Hold
                          120                                                                             EBIT                 (11.3)          (16.8)            (18.0)         2.0               nm                0 Underperform
                                                                                                            Margin              n/m             n/m               n/m          1.1%                                 0 Sell
                          100
  Prices Rebased (in %)

                                                                                                          Net Income           (11.5)          (17.5)            (12.0)         (3.0)           (58.5%)
                          80
                                                                                                            Margin              n/m             n/m               n/m           n/m

                          60                                                                              (EURm)                                                 Valuation          FY 2018               FY 2019          FY 2020

                          40                                                                              Enterprise Value                      50.9             EV/Sales                3.0x                0.7x              0.3x
                                                                                                          Net Debt                              (2.4)            EV/EBITDA                nm                  nm               4.5x
                          20                                                                              Minority Interest                      0.0             EV/EBIT                  nm                  nm              25.4x
                           Jul-18   Aug-18      Sep-18         Oct-18           Nov-18           Dec-18                                          0.0
                                                                                                          Preferred Equity                                       P/E                    -3.1x               -4.5x            -18.1x
                                     Navya SA                   Paris CAC 40 Index                        Market Cap                            54.3             P/B                     1.2x                2.7x               n/a
                                                                                                                                                                                                                                      .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                                      37
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
Argo Blockchain PLC
Company Description                                                                                               IPO Facts
Sector: Application Software                                                                                      Ticker                                  LSE:ARB                    Financial Advisors
Argo Blockchain PLC, through its subsidiary, Argo Blockchain Canada Holdings Inc., intends to                     Exchange               London Stock     Exchange                   MIR Securities Limited
                                                                                                                  Initial Filing Date                     11-Jun-18
operate a Mining as a Service business that primarily focuses on the cryptocurrency market in the
                                                                                                                  Announced Date                          11-Jun-18
United Kingdom. The company was formerly known as GoSun Blockchain Limited and changed its
                                                                                                                  # Days Announced to Offer                       49
name to Argo Blockchain PLC in December 2017. The company was founded in 2017 and is based in
                                                                                                                  Offer Date                               30-Jul-18
London, the United Kingdom.

                                                                                                                  IPO Price (EUR)                                0.18
                                                                                                                  Filing Price Range (EUR)                        n/a
                                                                                                                  Final Price Range (EUR)                         n/a

                                                                                                                                                                                     Legal Counsel
                                                                                                                  Shares Offered (incl. Greenshoe)             156.3m
                                                                                                                  Greenshoe                                      0.0%                Field Fisher Waterhouse LLP
                                                                                                                  Filing Volume (EUR)                           22.4m
                                                                                                                                       2
                                                                                                                  Final Volume (EUR)                            28.1m
                                                                                                                  Filing-to-Final Change                       25.2%
Public Shareholders 1                                                                                                                                                                Accounting Advisors
                                                                                                                  Primary / Secondary Split 2
     Durban Holdings Ltd.                                                       13.2%                                                                                                Littlejohn LLP
     Banque Heritage SA, Asset Management Arm                                    9.6%                                            Primary                        100%
     Miton Asset Management Limited                                              8.5%                                            Secondary                        0%
     Hadron Capital LLP                                                          5.0%
     Beeston, Adrian Richard-Thorpe                                              4.3%                             Key Financials
     Free Float                                                                 59.4%                             (EURm)                LTM          FY 2018        FY 2019         FY 2020      CAGR 18-20        # of Recommendations
Share Price Performance                                                                                           Revenue                n/a             n/a              n/a          n/a            n/a
                                                             IPO +1D      IPO +3M        IPO +6M      since IPO     Growth                                                n/a          n/a                               0 Buy
Argo Blockchain PLC                                           (21.9%)      (63.3%)            n/a       (75.8%)   EBITDA                 n/a             n/a              n/a          n/a            n/a                0 Outperform
FTSE All-Share                                                  0.4%        (6.2%)            n/a       (11.8%)     Margin               n/a            n/a               n/a          n/a                               0 Hold
                          110                                                                                     EBIT                   n/a             n/a              n/a          n/a            n/a                0 Underperform
                                                                                                                    Margin               n/a            n/a               n/a          n/a                               0 Sell
  Prices Rebased (in %)

                          85                                                                                      Net Income             n/a             n/a              n/a          n/a            n/a
                                                                                                                    Margin               n/a            n/a               n/a          n/a
                          60
                                                                                                                  (EURm)                                                Valuation        FY 2018              FY 2019           FY 2020
                          35                                                                                      Enterprise Value                      12.1            EV/Sales              n/a                  n/a              n/a
                                                                                                                  Net Debt                               0.0            EV/EBITDA             n/a                  n/a              n/a
                          10                                                                                      Minority Interest                      0.0            EV/EBIT               n/a                  n/a              n/a
                           Aug-18        Sep-18           Oct-18           Nov-18            Dec-18                                                      0.0
                                                                                                                  Preferred Equity                                      P/E                   n/a                  n/a              n/a
                                    Argo Blockchain PLC                 FTSE All-Share Index (GBP)                Market Cap                            12.6            P/B                   n/a                  n/a              n/a
                                                                                                                                                                                                                                          .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                                           38
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
Klaveness Combination Carriers AS
Company Description                                                                                                      IPO Facts
Sector: Marine                                                                                                           Ticker                               OTCNO:KCC                      Financial Advisors
Klaveness Combination Carriers AS owns and operates ship in Norway. The company operates                                 Exchange                             Norway OTC                     Clarksons Platou Securities AS
                                                                                                                         Initial Filing Date                    10-Sep-18
combination carriers and container vessels. The company was founded in 2018 and is headquartered
                                                                                                                         Announced Date                         10-Sep-18
in Oslo, Norway. Klaveness Combination Carriers AS operates as a subsidiary of Klaveness Ship
                                                                                                                         # Days Announced to Offer                     14
Holding AS.
                                                                                                                         Offer Date                             24-Sep-18

                                                                                                                         IPO Price (EUR)                                 4.76
                                                                                                                         Filing Price Range (EUR)                         n/a
                                                                                                                         Final Price Range (EUR)                          n/a

                                                                                                                                                                                             Legal Counsel
                                                                                                                         Shares Offered (incl. Greenshoe)                8.2m
                                                                                                                         Greenshoe                                       0.0%                n/a
                                                                                                                         Filing Volume (EUR)                            59.4m
                                                                                                                                              2
                                                                                                                         Final Volume (EUR)                             38.2m
                                                                                                                         Filing-to-Final Change                       (35.7%)
Public Shareholders 1                                                                                                                                                                        Accounting Advisors
                                                                                                                         Primary / Secondary Split 2
     n/a                                                                                 n/a                                                                                                 n/a
                                                                                                                                        Primary                        100%
                                                                                                                                        Secondary                        0%

                                                                                                                         Key Financials
     Free Float                                                                      100.0%                              (EURm)                LTM          FY 2018        FY 2019          FY 2020      CAGR 18-20       # of Recommendations
Share Price Performance                                                                                                  Revenue                n/a             n/a               n/a          n/a           n/a
                                                                  IPO +1D         IPO +3M      IPO +6M       since IPO     Growth                                                 n/a          n/a                              0 Buy
Klaveness Combination Carriers AS                                   41.8%              n/a          n/a         18.1%    EBITDA                 n/a             n/a               n/a          n/a           n/a                0 Outperform
OMX Nordic                                                           1.2%              n/a          n/a         (1.7%)     Margin               n/a             n/a               n/a          n/a                              0 Hold
                          150                                                                                            EBIT                   n/a             n/a               n/a          n/a           n/a                0 Underperform
                          140                                                                                              Margin               n/a             n/a               n/a          n/a                              0 Sell
  Prices Rebased (in %)

                                                                                                                         Net Income             n/a             n/a               n/a          n/a           n/a
                          130
                                                                                                                           Margin               n/a             n/a               n/a          n/a
                          120
                          110                                                                                            (EURm)                                                 Valuation          FY 2018            FY 2019          FY 2020
                          100
                                                                                                                         Enterprise Value                     227.8             EV/Sales               n/a                n/a              n/a
                          90                                                                                             Net Debt                               0.0             EV/EBITDA              n/a                n/a              n/a
                          80                                                                                             Minority Interest                      0.0             EV/EBIT                n/a                n/a              n/a
                            Oct-18                                       Nov-18                                                                                 0.0
                                                                                                                         Preferred Equity                                       P/E                    n/a                n/a              n/a
                                     Klaveness Combination Carriers AS                 OMX Nordic 40 Index               Market Cap                           227.8             P/B                    n/a                n/a              n/a
                                                                                                                                                                                                                                                 .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                                                  39
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
MedinCell S.A.
Company Description                                                                                       IPO Facts
Sector: Pharmaceuticals                                                                                   Ticker                         ENXTPA:MEDCL                         Financial Advisors
MedinCell S.A. develops various therapeutic solutions. It develops solutions based on BEPO, a             Exchange                       EURONEXT Paris                       Bryan Garnier & Co
                                                                                                          Initial Filing Date                 14-Sep-18
technology for long-acting injectable products based on proprietary copolymers and a biocompatible                                                                            Crédit Agricole Corporate and Investment Bank S.A.
                                                                                                          Announced Date                      14-Sep-18
solvent, which solubilizes or suspends the active pharmaceutical ingredients. The company’s
                                                                                                          # Days Announced to Offer                  19
products in development include mdc-IRM, a subcutaneous injection in Phase III trials for use in the
                                                                                                          Offer Date                          03-Oct-18
treatment of schizophrenia; mdc-CWM, an intra-articular injection to treat pain and inflammation; and
mdc-TJK, a subcutaneous injection in preclinical trials for use in the treatment of schizophrenia. Its
product candidates in formulation research comprise subcutaneous injections, such as mdc-WWM              IPO Price (EUR)                               7.25
for contraception; mdc-ANG for CNS related treatments; mdc-ELK for depression; and mdc-GRT for            Filing Price Range (EUR)               7.25 - 9.25
use in organ transplant, as well as perineural injections, including mdc-CMV for anesthesia and pain,     Final Price Range (EUR)                7.25 - 9.25
and mdc-NVA for pain. The company is based in Jacou, France.
                                                                                                                                                                              Legal Counsel
                                                                                                          Shares Offered (incl. Greenshoe)                3.5m
                                                                                                          Greenshoe                                       5.9%                n/a
                                                                                                          Filing Volume (EUR)                            44.0m
                                                                                                                               2
                                                                                                          Final Volume (EUR)                             24.0m
                                                                                                          Filing-to-Final Change                       (45.5%)
Public Shareholders 1                                                                                                                                                         Accounting Advisors
                                                                                                          Primary / Secondary Split 2
     MedinCell S.A., ESOP                                                11.8%                                                                                                n/a
     Nguyen, Sabine                                                      11.6%                                           Primary                        100%
     Nguyen, Anh                                                         10.0%                                           Secondary                        0%
     Seventure Partners                                                   6.2%
     Sturtz, Franck                                                       5.9%                            Key Financials
     Free Float                                                          54.5%                            (EURm)                LTM          FY 2018        FY 2019          FY 2020      CAGR 18-20       # of Recommendations
Share Price Performance                                                                                   Revenue                7.4             n/a               1.4          3.0           n/a
                                                          IPO +1D    IPO +3M       IPO +6M    since IPO     Growth                                                 n/a       114.3%                               1 Buy
MedinCell S.A.                                               1.4%         n/a           n/a      (8.3%)   EBITDA                 (8.9)           n/a             (14.4)        (14.2)         n/a                 0 Outperform
Paris CAC                                                   (1.1%)        n/a           n/a     (12.7%)     Margin              n/m              n/a              n/m           n/m                               0 Hold
                          110                                                                             EBIT                   (9.5)           n/a             (15.1)        (15.0)         n/a                 0 Underperform
                                                                                                            Margin              n/m              n/a              n/m           n/m                               0 Sell
  Prices Rebased (in %)

                                                                                                          Net Income           (14.5)            n/a             (17.4)        (17.0)         n/a
                          100                                                                               Margin              n/m              n/a              n/m           n/m

                                                                                                          (EURm)                                                 Valuation          FY 2018            FY 2019           FY 2020
                          90
                                                                                                          Enterprise Value                     166.1             EV/Sales               n/a             118.6x              55.4x
                                                                                                          Net Debt                              32.6             EV/EBITDA              n/a                nm                 nm
                          80                                                                              Minority Interest                      0.0             EV/EBIT                n/a                nm                 nm
                           Oct-18                    Nov-18                      Dec-18                                                          0.0
                                                                                                          Preferred Equity                                       P/E                    n/a              -7.7x              -7.9x
                                    MedinCell S.A.                   Paris CAC 40 Index                   Market Cap                           133.5             P/B                    n/a                n/a                n/a
                                                                                                                                                                                                                                    .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                                        40
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
AlzeCure Pharma AB (publ)
Company Description                                                                                                 IPO Facts
Sector: Pharmaceuticals                                                                                             Ticker                           OM:ALZCUR                         Financial Advisors
AlzeCure Pharma AB (publ) develops therapies for the treatment of Alzheimer ´s disease and related                  Exchange            Stockholm Stock Exchange                       Vator Securities
                                                                                                                    Initial Filing Date                 06-Nov-18
neurodegenerative disorders. It provides scientific research in the drug discovery and early
                                                                                                                    Announced Date                      06-Nov-18
development processes on neurological diseases; and develops medical technologies that detect and
                                                                                                                    # Days Announced to Offer                  21
monitor treatment effect in patients. The company was founded in 2012 and is based in Huddinge,
                                                                                                                    Offer Date                          27-Nov-18
Sweden.

                                                                                                                    IPO Price (EUR)                                1.37
                                                                                                                    Filing Price Range (EUR)                        n/a
                                                                                                                    Final Price Range (EUR)                         n/a

                                                                                                                                                                                       Legal Counsel
                                                                                                                    Shares Offered (incl. Greenshoe)              17.9m
                                                                                                                    Greenshoe                                      0.0%                n/a
                                                                                                                    Filing Volume (EUR)                           24.3m
                                                                                                                                         2
                                                                                                                    Final Volume (EUR)                            24.4m
                                                                                                                    Filing-to-Final Change                        0.3%
Public Shareholders 1                                                                                                                                                                  Accounting Advisors
                                                                                                                    Primary / Secondary Split 2
     BWG Invest S.a r.l.                                                            7.1%                                                                                               Grant Thornton Sweden AB
     Alzecure Discovery AB                                                          4.5%                                           Primary                        100%
     Danske Bank A/S, Asset Management Arm                                          3.7%                                           Secondary                        0%
     Thelin, Peter                                                                  3.0%
     Nordvall, Gunnar                                                               2.3%                            Key Financials
     Free Float                                                                    79.3%                            (EURm)                LTM          FY 2018        FY 2019         FY 2020      CAGR 18-20       # of Recommendations
Share Price Performance                                                                                             Revenue                n/a             n/a              n/a          n/a           n/a
                                                                    IPO +1D    IPO +3M       IPO +6M    since IPO     Growth                                                n/a          n/a                              0 Buy
AlzeCure Pharma AB (publ)                                            (21.4%)        n/a           n/a     (40.9%)   EBITDA                 n/a             n/a              n/a          n/a           n/a                0 Outperform
OMX Nordic                                                             0.1%         n/a           n/a      (4.3%)     Margin               n/a             n/a              n/a          n/a                              0 Hold
                          125                                                                                       EBIT                   (2.7)           n/a              n/a          n/a           n/a                0 Underperform
                                                                                                                      Margin              n/m              n/a              n/a          n/a                              0 Sell
  Prices Rebased (in %)

                                                                                                                    Net Income             (2.7)           n/a              n/a          n/a           n/a
                          100                                                                                         Margin              n/m              n/a              n/a          n/a

                                                                                                                    (EURm)                                                Valuation          FY 2018            FY 2019          FY 2020
                          75
                                                                                                                    Enterprise Value                      24.1            EV/Sales               n/a                n/a              n/a
                                                                                                                    Net Debt                              (6.4)           EV/EBITDA              n/a                n/a              n/a
                          50                                                                                        Minority Interest                      0.0            EV/EBIT                n/a                n/a              n/a
                               Nov-18                                                                      Dec-18                                          0.0
                                                                                                                    Preferred Equity                                      P/E                    n/a                n/a              n/a
                                        AlzeCure Pharma AB (publ)                 OMX Nordic 40 Index               Market Cap                            30.5            P/B                    n/a                n/a              n/a
                                                                                                                                                                                                                                           .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                                            41
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
Jetpak Top Holding AB (publ)
Company Description                                                                                                 IPO Facts
Sector: Air Freight and Logistics                                                                                   Ticker                           OM:JETPAK                          Financial Advisors
Jetpak Top Holding AB (publ) provides logistic solutions in Sweden, Norway, Finland, Denmark,                       Exchange            Stockholm Stock Exchange                        ABG Sundal Collier Holding ASA
                                                                                                                    Initial Filing Date                 26-Nov-18
Holland, and the United Kingdom. It operates through two segments, Express Ad-Hoc and Express                                                                                           Pareto Securities AS
                                                                                                                    Announced Date                      26-Nov-18
Systemized. The Express Ad-Hoc segment includes courier express, Jetpak direct, and Jetpak next
                                                                                                                    # Days Announced to Offer                   8
day services. The Express Systemized segment comprises courier logistics, customer specific, and
                                                                                                                    Offer Date                          04-Dec-18
line haul services. It serves healthcare, aerospace, manufacturing, and automotive industries. Jetpak
Top Holding AB (publ) is headquartered in Solna, Sweden.
                                                                                                                    IPO Price (EUR)                               4.39
                                                                                                                    Filing Price Range (EUR)               4.40 - 5.19
                                                                                                                    Final Price Range (EUR)                4.40 - 5.19

                                                                                                                                                                                        Legal Counsel
                                                                                                                    Shares Offered (incl. Greenshoe)                7.2m
                                                                                                                    Greenshoe                                       0.0%                Hammarskiöld & Co. AB
                                                                                                                    Filing Volume (EUR)                            45.8m
                                                                                                                                         2
                                                                                                                    Final Volume (EUR)                             31.7m
                                                                                                                    Filing-to-Final Change                       (30.7%)
Public Shareholders 1                                                                                                                                                                   Accounting Advisors
                                                                                                                    Primary / Secondary Split 2
     Polaris Management A/S                                                        25.6%                                                                                                Deloitte AB
     Paradigm Capital AG                                                            6.8%                                           Primary                         72%
     Marx, Kenneth                                                                  0.3%                                           Secondary                       28%
     Persson, Hans-Åke                                                              0.2%
     Høy, Christian                                                                 0.1%                            Key Financials
     Free Float                                                                    67.6%                            (EURm)                LTM          FY 2018        FY 2019          FY 2020        CAGR 18-20       # of Recommendations
Share Price Performance                                                                                             Revenue               79.4             n/a               n/a          n/a            n/a
                                                                    IPO +1D    IPO +3M      IPO +6M     since IPO     Growth                                                 n/a          n/a                                0 Buy
Jetpak Top Holding AB (publ)                                          (6.0%)        n/a          n/a       (1.1%)   EBITDA                10.3             n/a               n/a          n/a            n/a                 0 Outperform
OMX Nordic                                                            (1.2%)        n/a          n/a       (5.1%)     Margin            13.0%             n/a                n/a          n/a                                0 Hold
                          105                                                                                       EBIT                  10.0             n/a               n/a          n/a            n/a                 0 Underperform
                                                                                                                      Margin            12.6%             n/a                n/a          n/a                                0 Sell
                          100
  Prices Rebased (in %)

                                                                                                                    Net Income             5.6             n/a               n/a          n/a            n/a
                          95
                                                                                                                      Margin             7.0%             n/a                n/a          n/a

                          90                                                                                        (EURm)                                                 Valuation        FY 2018                FY 2019          FY 2020

                          85                                                                                        Enterprise Value                      85.7             EV/Sales              n/a                   n/a              n/a
                                                                                                                    Net Debt                              33.6             EV/EBITDA             n/a                   n/a              n/a
                          80                                                                                        Minority Interest                      0.0             EV/EBIT               n/a                   n/a              n/a
                                Dec-18                                                                                                                     0.0
                                                                                                                    Preferred Equity                                       P/E                   n/a                   n/a              n/a
                                         Jetpak Top Holding AB (publ)             OMX Nordic 40 Index               Market Cap                            52.1             P/B                   n/a                   n/a              n/a
                                                                                                                                                                                                                                              .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                                               42
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
Lime Technologies AB (publ)
Company Description                                                                                                    IPO Facts
Sector: Application Software                                                                                           Ticker                               OM:LIME                      Financial Advisors
Lime Technologies AB (publ) provides software as a service based customer relationship                                 Exchange            Stockholm Stock Exchange                      Carnegie Investment Bank AB (publ)
                                                                                                                       Initial Filing Date                 26-Nov-18
management (CRM) solutions on the Nordic markets. It develops, sells, and implements CRM                                                                                                 Skandinaviska Enskilda Banken AB (publ.)
                                                                                                                       Announced Date                      26-Nov-18
systems, as well as provides consultancy services. The company’s products include Lime GO, a tool
                                                                                                                       # Days Announced to Offer                   9
for sales representatives with contact details for various businesses and executive officers in Sweden;
                                                                                                                       Offer Date                          05-Dec-18
and Lime CRM, a CRM system that collects sales, projects, documents, e-mails, reminders, etc. in
one place. It offers its pre-packaged CRM solutions to customers in verticals, such as energy, real
estate, wholesale, and consultancy. The company was founded in 1990 and is headquartered in                            IPO Price (EUR)                               7.03
Lund, Sweden.                                                                                                          Filing Price Range (EUR)                       n/a
                                                                                                                       Final Price Range (EUR)                        n/a

                                                                                                                                                                                         Legal Counsel
                                                                                                                       Shares Offered (incl. Greenshoe)              4.4m
                                                                                                                       Greenshoe                                     0.0%                Roschier Advokatbyrå Ab
                                                                                                                       Filing Volume (EUR)                          31.3m
                                                                                                                                            2
                                                                                                                       Final Volume (EUR)                           31.3m
                                                                                                                       Filing-to-Final Change                       0.0%
Public Shareholders 1                                                                                                                                                                    Accounting Advisors
                                                                                                                       Primary / Secondary Split 2
     Monterro Holdings AB                                                             70.0%                                                                                              Öhrlings PricewaterhouseCoopers AB
     Syren, Erik                                                                      10.0%                                           Primary                         0%
     Swedbank Robur Fonder AB                                                          5.9%                                           Secondary                     100%
     Grenspecialisten AB                                                               4.1%
     Fransson, Anders                                                                  1.6%                            Key Financials
     Free Float                                                                        8.4%                            (EURm)                LTM          FY 2018       FY 2019         FY 2020     CAGR 18-20       # of Recommendations
Share Price Performance                                                                                                Revenue               22.8             n/a             n/a          n/a           n/a
                                                                       IPO +1D    IPO +3M      IPO +6M     since IPO     Growth                                               n/a          n/a                                0 Buy
Lime Technologies AB (publ)                                               4.2%         n/a          n/a        9.7%    EBITDA                 4.2             n/a             n/a          n/a           n/a                  0 Outperform
OMX Nordic                                                               (2.3%)        n/a          n/a       (4.0%)     Margin            18.6%              n/a             n/a          n/a                                0 Hold
                          115                                                                                          EBIT                   3.6             n/a             n/a          n/a           n/a                  0 Underperform
                          110                                                                                            Margin            15.9%              n/a             n/a          n/a                                0 Sell
  Prices Rebased (in %)

                                                                                                                       Net Income             2.5             n/a             n/a          n/a           n/a
                          105
                                                                                                                         Margin            10.9%              n/a             n/a          n/a
                          100
                          95                                                                                           (EURm)                                               Valuation        FY 2018             FY 2019            FY 2020
                          90
                                                                                                                       Enterprise Value                     105.9           EV/Sales              n/a                n/a                 n/a
                          85                                                                                           Net Debt                               9.5           EV/EBITDA             n/a                n/a                 n/a
                          80                                                                                           Minority Interest                      0.0           EV/EBIT               n/a                n/a                 n/a
                                Dec-18                                                                                                                        0.0
                                                                                                                       Preferred Equity                                     P/E                   n/a                n/a                 n/a
                                         Lime Technologies AB (publ)                 OMX Nordic 40 Index               Market Cap                            96.4           P/B                   n/a                n/a                 n/a
                                                                                                                                                                                                                                               .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                                                43
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
Azelio AB
Company Description                                                                                    IPO Facts
Sector: Heavy Electrical Equipment                                                                     Ticker                            OM:AZELIO                         Financial Advisors
Azelio AB engages in the research and development, production, and supply of Stirling engine-based     Exchange            Stockholm Stock Exchange                        Pareto Securities AS
                                                                                                       Initial Filing Date                 12-Nov-18
renewable energy systems worldwide. It is involved in the assembly and on site installation of the
                                                                                                       Announced Date                      12-Nov-18
Stirling engine with a concentrated solar power solution and modular multi-hour thermal energy
                                                                                                       # Days Announced to Offer                  24
storage. The company was founded in 2008 and is headquartered in Gothenburg, Sweden.
                                                                                                       Offer Date                          06-Dec-18

                                                                                                       IPO Price (EUR)                                 2.15
                                                                                                       Filing Price Range (EUR)                         n/a
                                                                                                       Final Price Range (EUR)                          n/a

                                                                                                                                                                           Legal Counsel
                                                                                                       Shares Offered (incl. Greenshoe)               11.0m
                                                                                                       Greenshoe                                       0.0%                Advokatfirman Vinge KB
                                                                                                       Filing Volume (EUR)                            29.3m
                                                                                                                            2
                                                                                                       Final Volume (EUR)                             23.6m
                                                                                                       Filing-to-Final Change                       (19.5%)
Public Shareholders 1                                                                                                                                                      Accounting Advisors
                                                                                                       Primary / Secondary Split 2
     Janér, Kent                                                      23.3%                                                                                                n/a
     Back In Black Capital                                             4.4%                                           Primary                        100%
     BFO Private Equity Holding AG                                     4.3%                                           Secondary                        0%
     Villard, Bertil                                                   0.8%
     Nuder, Pär                                                        0.7%                            Key Financials
     Free Float                                                       68.0%                            (EURm)                LTM          FY 2018        FY 2019          FY 2020      CAGR 18-20       # of Recommendations
Share Price Performance                                                                                Revenue                4.7             n/a               n/a          n/a           n/a
                                                     IPO +1D      IPO +3M       IPO +6M    since IPO     Growth                                                 n/a          n/a                              0 Buy
Azelio AB                                             (29.5%)          n/a           n/a     (44.4%)   EBITDA                 (7.9)           n/a               n/a          n/a           n/a                1 Outperform
OMX Nordic                                             (1.4%)          n/a           n/a      (2.6%)     Margin              n/m              n/a               n/a          n/a                              0 Hold
                          120                                                                          EBIT                   (9.5)           n/a               n/a          n/a           n/a                0 Underperform
                                                                                                         Margin              n/m              n/a               n/a          n/a                              0 Sell
  Prices Rebased (in %)

                          100                                                                          Net Income             (9.5)           n/a               n/a          n/a           n/a
                                                                                                         Margin              n/m              n/a               n/a          n/a
                          80
                                                                                                       (EURm)                                                 Valuation          FY 2018            FY 2019          FY 2020
                          60                                                                           Enterprise Value                      46.1             EV/Sales               n/a                n/a              n/a
                                                                                                       Net Debt                              (7.7)            EV/EBITDA              n/a                n/a              n/a
                          40                                                                           Minority Interest                      0.0             EV/EBIT                n/a                n/a              n/a
                                Dec-18                                                                                                        0.0
                                                                                                       Preferred Equity                                       P/E                    n/a                n/a              n/a
                                         Azelio AB              OMX Nordic 40 Index                    Market Cap                            53.7             P/B                    n/a                n/a              n/a
                                                                                                                                                                                                                               .

Source: S&P Capital IQ as of 28.12.2018, Implied Free Float                                                                                                                                                                44
1 Total Shares Outstanding can exceed 100%, reported holdings data may not be aligned with the financial reporting of shares outstanding
2 Calculations do not include Greenshoe
Executive Summary
I.    FCF Overview
II.   Market Overview
      a)   Micro IPOs
      b)   Small IPOS
      c)   Medium IPOs
      d)   Large IPOs
III. Recent IPO Case Studies
      a)   Micro IPOs
      b)   Small IPOs
      c)   Medium IPOs
      d)   Large IPOs

                               45
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