Mountain Alliance AG - Munich, May 2019
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
Mountain Alliance AG Munich, May 2019
Disclaimer
This document was produced and published by Mountain Alliance AG
These slides do not constitute a prospectus or listing particulars relating to Mountain Alliance AG (the result. Recipients of these slides who are considering making an investment in the Securities are reminded that
“Company”). The information in these slides and presentation do not constitute or form any part of, and should any such purchase must be made solely on the basis of their own assessment and investigations of the
not be construed as, an offer or invitation to sell, or issue, or any solicitation of any offer to purchase, subscribe Company and that no assurances or warranties or similar will be provided as to the contents of these slides.
for or otherwise acquire any debt or equity securities in the Company (“Securities”) in any jurisdiction, nor shall
These slides and presentation are confidential and are being distributed on the basis that the recipients keep
they or any part of them form the basis of, or be relied on in connection with, any contract therefore. No reliance
confidential any information contained herein. These slides may not be reproduced or further distributed by any
may be placed for any purpose whatsoever on the information or opinions contained in these slides and
person other than the Company to any person or published, in whole or in part, for any purpose. These slides
presentation or the completeness, fairness or accuracy thereof. No representation or warranty, expressed or
(or any copy of them) may not be sent or taken into the United States, Canada, Australia or Japan by any
implied, is given on behalf of the Company or any of the Company’s advisers or their respective directors,
person other than the Company, nor may they be distributed by any person other than the Company in the
partners, employees, agents or advisers as to the accuracy, completeness or fairness of the information or
United States or to any US person (within the meaning of regulation S under the US Securities Act of 1933, as
opinions contained in these slides or the presentation and, save in the case of fraud, no responsibility or liability
amended). The distribution of these slides in certain jurisdictions may be restricted by law and therefore persons
is accepted by the Company, any of the Company’s advisers and their respective directors, partners,
into whose possession these slides come should inform themselves about and observe any such restrictions.
employees, agents or advisers (and all such responsibility or liability is hereby excluded to the fullest extent
Any such distribution could result in a violation of the securities law of any such jurisdiction.
permitted by law) for any errors, omission or inaccuracies in such information or opinions or any direct, indirect,
consequential loss or damage suffered by any person as a result of relying on the content of these slides. By receiving these slides, the recipient acknowledges and agrees that it may be receiving material non-public
information about the Company and its affairs and agrees to comply with all applicable securities laws and stock
Recipients of these slides and the presentation are reminded that these slides and the presentation are subject
exchange regulations in connection with any trading in securities of the Company. The foregoing especially
to updating, correction, completion, revision and amendment. These slides include targets, financial estimates
applies to the prohibition of insider dealing making use of inside information according to the regulations of the
and projections that are forward-looking statements and which reflect assumptions and subjective judgments by
German Securities Trading Act.
the Company and its management regarding anticipated results. These assumptions and judgments may or
may not prove to be correct and there can be no assurance that any targets, estimates or projections are These slides and the presentation do not constitute a recommendation regarding the Securities. Recipients of
attainable or will be realized. Forward-looking statements involve risks and uncertainties which could cause these slides and this presentation should conduct their own investigation, evaluation and analysis of the
actual results to differ materially from the targets, estimates and projections. These forward-looking statements business, data and property described therein. An investment in the Securities carries significant risks. A total
are subject to significant market, business, economic, regulatory and competitive uncertainties and loss of the invested capital may occur. Therefore, before taking any investment decision, potential investors
contingencies, many of which are not within the control of the Company and its management. Such statements should receive personal advice with particular attention to their individual circumstances with regard to assets
should not be regarded as a representation or warranty with respect to their accuracy or the accuracy or and investments.
sufficiency of the underlying assumptions or that the Company will achieve or is likely to achieve a particular
Mountain Alliance AG 2
A German Venture Capital and Services company We provide access to digital value creation through a listed, evergreen vehicle.
Mountain Alliance leadership
Highly experienced leadership team drives Mountain Alliance’s success
Daniel Wild Justine Wonneberger Manfred Danner
Founder & CEO CFO COO
Serial entrepreneur and early More than 20 years of experience in Joined MA in 2010 and significantly
investor in more than 120 startups senior finance positions in various shaped the transformation of MA
over the past 20 years. industries. into a digital investment company.
Founded getmobile AG in 1999, Joined the digital sector in 2007 as a Previously in senior management
which he took public in 2005. Director of Finance at getmobile AG. positions at different industrial and
Amongst his best-known seed and Expert in all financial matters technology companies.
early-stage investments are XING, related to the digital business. Member of the executive board
Trivago, Shirtinator, mybestbrands. Member of the executive board since 2017.
since 2012.
Mountain Alliance AG 4Tech as European growth-driver…
Contribution of Tech to European economic value added
350 2,50%
301,4
300
296,0
Tech
266,1 2,25%
disproportionately
Tech as % of total Gross Value Added
244,4
250
231,5 contributes to
European Gross Value Added in EUR bn
219,8
2,00% economic growth
200 190,8
174,4
150
1,75%
100
Comparatively low
1,50%
base allows for
50 significant acceleration
in the future
0 1,25%
2009 2010 2011 2012 2013 2014 2015 2016
Source: Eurostat, ”Tech” refers to European NACE J62: “Computer programming, consultancy and related activities” and J63: “Information service activities”
Mountain Alliance AG 5… while public investors are locked out
Amount of private financing raised and average time to IPO
300
+ 3 years
250 Increase in median time to IPO Private investors took
over funding of
Funds raised pre-IPO in USD m
2018
promising tech-
200
companies
+ 2X
Increase in funds raised
150 from private investors Public Market
Investors only get to
100
invest after a lion-
2013 share of value creation
occurred
50
4 6 8 10 12
Time to IPO in years
Source: CB Insights: Includes IPOs of US-headquartered VC-backed tech companies on major US exchanges, Median time between first funding and IPO
Mountain Alliance AG 6Easy access to digital disruptors
Mountain Alliance facilitates public investors’ participation in European Tech value creation
ü ü ü ü
Reduced Risk Cost-efficient Flexible Convenient
Investment in existing, Reduced OPEX through
well-diversified, dividends / profit transfer Individual shareholding Listed share on Xetra,
comparatively mature from fully consolidated volume and timespan Frankfurt, Munich
opportunities companies
X X X X
Blind investment in At least 8+2(+x) years
Typical 2% Management fee Time consuming
“to-be pool” of until fund liquidation and
VC approach + 20% carried interest KYC / QIB process
(early stage) assets minimum ticket size
Mountain Alliance AG 7Timing is just perfect
External market factors match with internal developments
Market Target Consolidation Portfolio
dynamics availability momentum size
Private financing for high- Europe is producing $bn+ MA actively participates in the MA just recently reached
growth tech assets posts companies at levels 15x+ ongoing consolidation of appropriate scale to facilitate
record highs higher than a decade ago promising VC portfolios frequent exits in the future
1 2 3 4
Source: Mountain Alliance, Atomico
Mountain Alliance AG 8Momentum build-up through MP symbiosis
Mountain Alliance entered into a symbiotic relationship with Mountain Partners
Mountain Alliance is
embedded in Mountain
Partners ecosystem
Global Co-Investors
business
network Liquidity MA and MP provide
access to their
complementary
Service Entrepreneurial ecosystems
companies Expertise
Stakeholders from both
MA and MP benefit
Dealflow
from symbiosis
Mountain Alliance AG 9Compliance in MA & MP symbiosis
We actively manage potential conflicts of interest between Mountain Partners and Mountain Alliance
Sources of conflicts Solutions
Interest of free float shareholders and MP aligned due
1 MP holds significant financial interest in MA
to significant shareholding of MP in MA
This is on purpose to fully leverage synergies from
2 Daniel Wild is CEO in both organizations
both organizations
Those two BoD members refrain from voting in
3 MP nominates two BoD members of MA
decisions affecting MP and MA
Those two transactions were completed at fair value
4 MP and MA completed two portfolio transactions and
based on independent external opinions and were
might add further transactions in the future
negotiated case by case
Mountain Alliance AG 10Top-level overview of current portfolio
Mountain Alliance portfolio breakdown and valuation
Rising companies 8
6
36
in EUR
4
7,15
6,55
assets
2
0
NAV per share Share Price
as of as of
28.12.2018 03.05.2018
Portfolio as of 28.12.2018
Mountain Alliance AG 11Portfolio transactions
Mountain Alliance acquired two portfolios in the last 24 months, next acquisitions already in negotiation
Mountain Mountain Portfolio Portfolio Portfolio
Internet Technology A B C
Number of Assets 9 6 19 4 17
Number of Assets
1 0 0 1 1
MA held shares in
Number of
3 0 In screening In screening In screening
Convertible Notes
Average shareholding 12,6% 15,3% In analysis In analysis In analysis
Fair Value EUR 12,9 m EUR 13,1 m approx. EUR 25 m approx. EUR 15 m approx. EUR 20 m
Transaction date H2 2017 H2 2018 to be determined to be determined to be determined
Mountain Alliance AG 12Investment criteria
Investing in companies that shape the world of tomorrow
Disruption Price discipline
Digital, disruptive, scalable businesses Rising Pursue accretive acquisitions by buying
companies portfolios at discount to NAV
Growth Network
Growth companies with significant revenues EUR Leverage network via MA & MP that provides
access to a large number of interesting
portfolios
Profitability
10 m Portfolio
acqui-
sitions Diversification
Visible and credible path to profitability Invest in portfolios containing companies
Top 13 Investment target p.a. that we already hold shares in rather than
single assets
Maturity Synergy
Exit horizon of 3-5 years Actively seek targets that can be accelerated with
existing service companies
Mountain Alliance AG 13Digital business services accelerate growth
Accelerating growth with a complementary portfolio as part of strategic and operational development
Growth assets get
Growth
assets1) preferred access to a
broad variety of
service companies
Value creation from
Fulfillment
Growth
AdTech
services remains
TV
acceleration
within MA ecosystem
Digital
business
services1)
1) Selected examples
Mountain Alliance AG 14A self-funding system for future growth
Mountain Alliance is poised to become a dividend-paying evergreen structure
Asset Value
Exit
assets
Strategically develop
asset in business eco system
Dividend
to investors1)
Operationally develop
asset with entrepreneurial mindset
Invest / re-invest
exit proceeds in additional portfolios / winning assets
Time
1) Targeted earliest as of 2021
Mountain Alliance AG 15Key Financials
Consolidated Financials1) Asset Value
25 50
44,3
20,3 39,6
20 40
16,7
31,0
15 30 27,1
in EUR m
in EUR m
10 20
5 10
0,7
0 0
2017 2018
-1,7
-5
2017 2018
Full Consolidated Revenue Consolidated EBT Portfolio Value Net Asset Value
1) Full consolidated revenue from portfolio companies: getonTV, getlogics, Shirtinator, Promipool
Mountain Alliance AG 16Exit track record
Mountain Alliance’s exits in the last 24 months
Internet service provider via satelite1) Social network for expats Meta-platform for luxury fashion2)
sold to sold to sold to
Headquarter Munich, Germany Headquarter Munich, Germany Headquarter Munich, Germany
Invested in 2014 Invested in 2007 Invested in 2009
Exited in 2018 Exited in 2017 Exited in 2017
Exit multiple Ongoing Exit multiple 4.7x Exit multiple 1.4x
1) Sale of operative units Getinternet and Orbitcom 2) Partially exited
Mountain Alliance AG 17Extended exit track record
Extended group and team exit track record
Secusmart bab.la Trivago Miyowa
Exit multiple 35.6x Exit multiple 4.5x Exit multiple 133.0x Exit multiple 11.0x
Holding period 2007 - 2016 Holding period 2008 - 2015 Holding period 2005 - 2012 Holding period 2004 - 2011
GVO Personal Regiohelden Invoco XING
Exit multiple 16.0x Exit multiple 2.4x Exit multiple 20.0x Exit multiple 10.0x
Holding period 2007 - 2017 Holding period 2011 - 2016 Holding period 2007 - 2013 Holding period 2003 - 2006
Lieferando MeinProspekt posterjack
Exit multiple 4.5x Exit multiple 2.0x Exit multiple 18.8x
Holding period 2009 - 2014 Holding period 2010 - 2016 Holding period 2008 – 2013 …
Mountain Partners Daniel Wild (Tiburon)
Mountain Alliance AG 18Contact Details
ir@mountain-alliance.de
Mountain Alliance AG
Bavariaring 17
80336 Munich, Germany
Mountain Alliance AG 19You can also read
