gpbullhound-2022年第1季度数字商务洞察（英）-2022-24页_1mb
报告摘要
Q1 2022 Digital Commerce Sector Summary
Core Content
The Q1 2022 Digital Commerce sector update highlights key trends, growth opportunities, and challenges across micromobility, NFTs, e-commerce, and market performance. It also includes notable investment activity and transaction benchmarks.
Main Trends and Insights
Micromobility Moves into the Mainstream
- Structural Tailwinds: Shifts in commuter preferences and investments in green infrastructure, such as bike lanes, are creating a favorable environment for micromobility.
- Market Consolidation: Companies like Lime and TIER are acquiring smaller players, signaling a trend of consolidation and innovation.
- Monetisation Opportunities: The integration of AI in micromobility allows for real-time detection of road conditions, opening new avenues for data monetisation and partnerships with public transport providers.
Explosive Yet Volatile Growth in the NFT Market
- Demand Growth: NFTs are gaining traction as unique digital assets, with significant liquidity flows into the market.
- Volatility and Regulation: Despite popularity, NFTs face high volatility and potential regulatory scrutiny due to their similarity to digital investment vehicles.
- Future Potential: NFTs may eventually power e-commerce by enabling virtual ownership of goods, with companies like Nike and SoftBank investing in this space.
Full-Stack E-Commerce Accessibility
- Democratisation: E-commerce enablers are making full-stack platforms accessible to SMEs, reducing barriers to entry.
- Fundraising Activity: Notable investments include CommerceIQ raising $115m from SoftBank, showcasing the sector's growth and interest.
Key Transactions in Q1 2022
| Target | Deal Date | Deal Size | Buyer |
|---|---|---|---|
| FLOW | Jan-22 | $500M | Global |
| Brightpearl | Jan-22 | $360M | Sage |
| INVOIDED | Jan-22 | $84.85M | Vista Equity Partners |
| mantis | Jan-22 | $68.07M | FSN Capital |
| BeyondMenu | Jan-22 | $100M | BegalSagemount |
| brumbrum | Jan-22 | $102.04M | Cazoo |
| UTKONOS | Feb-22 | $261.09M | JREHTA |
| Wag! | Feb-22 | n.d. | CHW Acquisition Corp |
| PROTE | Feb-22 | $70M | Bumble |
| 99co | Feb-22 | n.d. | n.d. |
| Accu-Trade | Feb-22 | $65M | cars.com |
| revel | Feb-22 | $126M | BlackRock |
| beam | Feb-22 | $93M | Affirma Capital |
| careem | Mar-22 | $500M | AICCAU |
| getir | Mar-22 | $768M | TigerGlobal |
| FanCraze | Mar-22 | $100M | B Capital Group |
| glovo? | Mar-22 | $78M | IFC |
Additional Transactions
- CommerceIQ: $115M from SoftBank
- RTFKT: $300M from COATUE
- The Sandbox: $93M from SoftBank
- Deliverr: $420M from TigerGlobal
- Paack: $225M from SoftBank
Market Performance
Share Price Trends
- Digital Commerce Stocks: Continued decline in share prices, influenced by Russia-Ukraine tensions and inflationary pressures.
- Sector Performance: The S&P 500 Technology sector showed a 207.4% growth over the last 5 years, while e-commerce and marketplaces faced challenges with lower growth rates.
Valuation Benchmarks
| Verticals | Selected Companies | CY20-22 CAGR | LTM Gross Margin | EV / CY22E Revenue |
|---|---|---|---|---|
| Large Cap | Alibaba, Amazon, eBay | 25% | 48% | 4.3x |
| E-commerce | boohoo, Stitch Fix, Zalando | 20% | 42% | 1.3x |
| Marketplaces | Allegro, DoorDash, Uber | 54% | 41% | 2.5x |
| Classifieds | 汽车之家, Zillow | 39% | 61% | 7.9x |
| Online Travel | Airbnb, Expedia, lastminute.com | 71% | 55% | 3.8x |
Public Comparables
Large Cap
| Company | HQ | % of 52 Week High | Market Cap (USD) | EV (USD) | EV/Revenue (CY2020, CY2021, CY2022) | EV/EBITDA (CY2020, CY2021, CY2022) | Gross Margin (%) | EBITDA Margin (%) |
|---|---|---|---|---|---|---|---|---|
| Amazon | United States | 86% | 1,658,807 | 1,702,197 | 3.6x, 3.1x, 2.7x | 23.6x, 20.4x, 15.9x | 42%, 43%, 42% | 15%, 15%, 17% |
| Alibaba | China | 44% | 292,400 | 262,867 | 2.0x, 1.8x, 1.6x | 10.2x, 9.5x, 7.9x | 46%, 45%, 37% | 20%, 19%, 20% |
| Pinduoduo | China | 26% | 50,269 | 37,647 | 2.5x, 2.2x, 1.7x | 41.1x, 12.6x, 7.8x | 62%, 68%, 66% | 6%, 17%, 22% |
| Prosus | Netherlands | 48% | 137,529 | 134,801 | 19.7x, 15.0x, 12.0x | 16.3x, 14.4x, 11.8x | n.a., 39%, 32% | 121%, 104%, 102% |
| JD.com | China | 62% | 88,457 | 70,619 | 0.5x, 0.4x, 0.3x | 24.0x, 17.4x, 11.6x | 9%, 14%, 7% | 2%, 2%, 3% |
| United States | 28% | 16,197 | 13,968 | 5.5x, 4.5x, 3.5x | 17.2x, 19.5x, 13.8x | 79%, 80%, 79% | 32%, 23%, 26% | |
| eBay | United States | 71% | 33,642 | 35,751 | 3.4x, 3.4x, 3.3x | 9.0x, 9.7x, 9.0x | 75%, 74%, 75% | 38%, 35%, 37% |
| Rakuten | Japan | 66% | 12,604 | (3,106) | n.m., n.m., n.m. | n.m., n.m., n.m. | 92%, 73%, n.m. | 0%, 4%, 13% |
E-commerce (1/2)
| Company | HQ | % of 52 Week High | Market Cap (USD) | EV (USD) | EV/Revenue (CY2020, CY2021, CY2022) | EV/EBITDA (CY2020, CY2021, CY2022) | Gross Margin (%) | EBITDA Margin (%) |
|---|---|---|---|---|---|---|---|---|
| Zalando | Germany | 43% | 13,108 | 12,316 | 1.1x, 1.0x, 0.8x | 16.1x, 15.7x, 12.2x | 42%, 42%, 42% | 7%, 6%, 7% |
| VIP Shop | China | 26% | 6,111 | 3,392 | 0.2x, 0.2x, 0.2x | 3.1x, 3.0x, 2.8x | 20%, 20%, 20% | 6%, 6%, 6% |
| The Huf Group | United Kingdom | 13% | 1,477 | 1,418 | 0.5x, 0.4x, 0.3x | 6.6x, 5.2x, 4.0x | 45%, 45%, 45% | 8%, 8%, 8% |
| ASOS | United Kingdom | 27% | 2,111 | 2,281 | 0.4x, 0.4x, 0.3x | 5.4x, 6.6x, 4.9x | 49%, 48%, 45% | 8%, 6%, 7% |
| Stitch Fix | United States | 15% | 1,092 | 1,004 | 0.5x, 0.5x, 0.4x | n.m., n.m., n.m. | 44%, 45%, 46% | (0%), (8%), (4%) |
| About you | Germany | 46% | 2,366 | 1,792 | n.a., 0.7x, 0.5x | n.a., n.m., n.m. | 49%, 48%, 37% | n.a., (2%), 0% |
| boohoo.com | United Kingdom | 24% | 1,445 | 1,388 | 0.5x, 0.5x, 0.5x | n.a., n.a., n.a. | 49%, 48%, 45% | n.a., (2%), 0% |
Conclusion
Q1 2022 marked a pivotal time in the Digital Commerce sector, with continued growth in micromobility and NFTs, alongside significant fundraising activity. However, the market also faced volatility and regulatory concerns. The democratization of e-commerce through full-stack platforms and the ongoing challenges in market performance highlight the dynamic nature of the sector.
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