32 IBD presentation 2020 58.Com Inc. Houlihan Lokey 1

-ibd-presentation-2020-58-com-inc-houlihan-lokey-1 · 2020-01
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 5
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Slide inventory

73
every slide · same image gating as the playbook
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Slide 1
front_matter
Open slide detailBeat · Setup
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front_matter
Open slide detailBeat · Setup
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The slide highlights that most valuation inputs remained unchanged, with minor adjustments in implied value ranges due to book value write-downs and FX fluctuatanalyze_data
Open slide detailBeat · Setup
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The table shows valuation shifts for 14 entities/categories, detailing low/high ranges and the delta between two specific dates.analyze_data
Open slide detailBeat · Setup
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The slide presents two distinct tables: one for EV/EBITDA multiples and one for EV/Revenue multiples, comparing prior and current materials.compare_peers
Open slide detailBeat · Setup
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front_matter
Open slide detailBeat · Setup
07
The slide uses a hierarchical tree structure to map corporate entities to valuation methodologies (DCF vs. Transaction/Book Value).summarize
Open slide detailBeat · Situation & Context
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summarize
Open slide detailBeat · Situation & Context
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The slide is structured as two distinct tables (B and C) categorizing business entities.summarize
Open slide detailBeat · Situation & Context
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Includes detailed adjustments for cash, investments, and debt to arrive at enterprise value, alongside EBITDA and revenue multiples for various periods.analyze_data
Open slide detailBeat · Problem & Complication
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This slide serves as a technical appendix for financial disclosures.appendix
Open slide detailBeat · Problem & Complication
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front_matter
Open slide detailBeat · Problem & Complication
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The slide uses a football field chart to compare valuation ranges against a transaction consideration of $56.00.analyze_data
Open slide detailBeat · Problem & Complication
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The slide compares valuation outputs across four different methodologies/timeframes.analyze_data
Open slide detailBeat · Problem & Complication
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front_matter
Open slide detailBeat · Problem & Complication
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Includes detailed adjustments for cash, investments, receivables, and liabilities to derive equity value from enterprise value.analyze_data
Open slide detailBeat · Problem & Complication
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This slide serves as a technical appendix providing context for financial valuation figures presented elsewhere in the deck.summarize
Open slide detailBeat · Evidence & Proof
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Includes revenue breakdown, profitability metrics (EBITDA, EBIT), and cash flow items like CapEx and Working Capital.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes summary statistics (Low, High, Median, Mean) and specific data for 58.com Inc. at two different dates.compare_peers
Open slide detailBeat · Evidence & Proof
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Includes detailed footnotes explaining accounting adjustments and assumptions.analyze_data
Open slide detailBeat · Evidence & Proof
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front_matter
Open slide detailBeat · Evidence & Proof
22
The table details the bridge from enterprise value to equity value, including adjustments for cash, debt, and noncontrolling interests, converted to USD.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes CAGR calculation and detailed breakdown of operating expenses.analyze_data
Open slide detailBeat · Evidence & Proof
24
Includes peer group data for Mercari and US-listed Chinese internet companies, with summary statistics and 58.com Inc. reference points.compare_peers
Open slide detailBeat · Evidence & Proof
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Includes sensitivity tables for discount rates and terminal value multiples.analyze_data
Open slide detailBeat · Evidence & Proof
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front_matter
Open slide detailBeat · Evidence & Proof
27
front_matter
Open slide detailBeat · Evidence & Proof
28
The slide provides a breakdown of investment values in RMB millions, categorized by specific entities and 'Investee' groups, with detailed qualitative descriptianalyze_data
Open slide detailBeat · Evidence & Proof
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The table compares Uxin Limited and other automobile classifieds against market indices to provide context for the Guazi valuation.analyze_data
Open slide detailBeat · Evidence & Proof
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Includes a valuation table calculating the implied proportionate equity value based on ownership percentages.analyze_data
Open slide detailBeat · Evidence & Proof
31
Includes detailed valuation bridge from financing round to adjusted implied equity value.analyze_data
Open slide detailBeat · Impact & Next Steps
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The slide provides a detailed breakdown of the acquisition price, cash consideration, stock issuance, and the resulting pro forma equity value.analyze_data
Open slide detailBeat · Impact & Next Steps
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front_matter
Open slide detailBeat · Impact & Next Steps
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Includes specific highlighting for 58.com and Mercari, Inc. across two bar charts.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Benchmark Gap
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Includes specific highlights for 58.com and Mercari, Inc. across two financial metrics.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Benchmark Gap
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Includes median and mean benchmarks for the peer group.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Benchmark Gap
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Includes median and mean benchmarks for the peer group.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Benchmark Gap
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The chart highlights 58.com with a distinct color and border, and includes mean and median lines for the peer group.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · Benchmark Gap
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The slide compares a specific peer group (US-listed Chinese Internet) against two specific companies (Mercari, Inc. and 58.com Inc.) using mean and median benchcompare_peers
Open slide detailBeat · Impact & Next StepsLoop · Benchmark Gap
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Includes mean and median benchmarks for the peer group.compare_peers
Open slide detailBeat · Impact & Next Steps
41
front_matter
Open slide detailBeat · Impact & Next Steps
42
Combines stock price line chart with volume area chart and annotated timeline events.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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The chart shows 58.com underperforming compared to the three indices, with a final return of -5.6%.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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The chart shows a significant decline for all indices in March 2020, with 58.com underperforming the other indices by the end of the period.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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The chart highlights a specific period 'Since Initial Proposal' (4/2/2020 – 6/12/2020) with a vertical dashed line.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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The chart uses a dual-axis approach to overlay trading volume (area) with closing price (line) and annotates specific corporate events.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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The chart displays volume in thousands per price bucket, with a vertical dashed line indicating the transaction price of $56.00.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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The charts highlight the $56.00/ADS transaction price relative to historical trading volume and VWAP.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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Includes a breakdown of broker recommendations and an implied premium/discount analysis.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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The chart uses a dual-axis approach: left axis for recommendation distribution (Buy/Hold/Sell) and right axis for price in USD.analyze_data
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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Includes adjustments for ZLJ acquisition impact on management estimates.compare_peers
Open slide detailBeat · Impact & Next StepsLoop · So What Cascade
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The slide highlights the discrepancy between analyst estimates and management projections, specifically noting the impact of the ZLJ acquisition.analyze_data
Open slide detailBeat · Impact & Next Steps
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Shows consistent downward revisions in revenue estimates across all analysts due to COVID-19.analyze_data
Open slide detailBeat · Impact & Next Steps
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Shows significant downward revisions in analyst estimates due to the pandemic.analyze_data
Open slide detailBeat · Impact & Next Steps
55
The table includes dates, brokerages, recommendations, price targets, ADS prices, and qualitative commentary.cite_precedent
Open slide detailBeat · Impact & Next Steps
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The table provides specific analyst recommendations, price targets, and qualitative commentary on business segments like recruitment and real estate.cite_precedent
Open slide detailBeat · Impact & Next Steps
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The table provides specific analyst recommendations, price targets, and qualitative commentary on business segments like housing, jobs, and yellow pages.cite_precedent
Open slide detailBeat · Impact & Next Steps
58
cite_precedent
Open slide detailBeat · Impact & Next Steps
59
front_matter
Open slide detailBeat · Impact & Next Steps
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Includes specific valuation data for 58.com Inc. at two different dates.compare_peers
Open slide detailBeat · Impact & Next Steps
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Includes mean and median benchmarks for both metrics; 58.com is highlighted.compare_peers
Open slide detailBeat · Impact & Next Steps
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The slide uses color-coded bars to represent different industry segments (Multiple, Automobile, Jobs, Real Estate) and highlights 58.com with a specific border compare_peers
Open slide detailBeat · Impact & Next Steps
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Includes mean and median markers for the peer group.compare_peers
Open slide detailBeat · Impact & Next Steps
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Includes specific highlighting for 58.com entities; data sourced from Capital IQ, Bloomberg, and public filings.compare_peers
Open slide detailBeat · Impact & Next Steps
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The chart highlights 58.com with a dashed border and includes median and mean benchmarks.compare_peers
Open slide detailBeat · Impact & Next Steps
66
The slide uses color-coded categories (Multiple, Auto, Jobs, Real Estate) to group companies and includes mean/median benchmarks.compare_peers
Open slide detailBeat · Impact & Next Steps
67
The slide uses a color-coded bar chart approach to group companies by sector (Multiple, Auto, Jobs, Real Estate) and includes summary statistics (Mean, Median).compare_peers
Open slide detailBeat · Impact & Next Steps
68
front_matter
Open slide detailBeat · Impact & Next Steps
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appendix
Open slide detailBeat · Impact & Next Steps
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front_matter
Open slide detailBeat · Impact & Next Steps
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other
Open slide detailBeat · Impact & Next Steps
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other
Open slide detailBeat · Impact & Next Steps
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front_matter
Open slide detailBeat · Impact & Next Steps