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  "documentTitle": "Azerion | SPAC Presentation Deck | 83 slides",
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  "authorName": "Azerion",
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      "text": "High growth, increasingly profitable with strong cash conversion: 37%+ Revenue CAGR 2018-2022E / 14% adj. EBITDA margin in 2020 (2018: 6%) / 54% cash conversion rate in 2020",
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      "text": "The suggested valuation is compelling against comparable platform peers, implying incremental shareholder returns from a potential re-rating over time",
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      "text": "At the heart of two converging mega trends as advertisers follow audiences who are increasingly embracing digital games as the fastest growing form of entertainment – an expected $700bn+ combined revenue market",
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      "kind": "list",
      "text": "The upcoming listing will further accelerate the platform growth trajectory as proceeds will be invested predominantly into strategic M&A driving shareholder value (Azerion has a multi-year M&A track record)",
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      "text": "Led by team of visionary founders and highly experienced management",
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      "text": "Set for strong continued growth and EBITDA margin expansion with expected low-20s Revenue CAGR and low-to-mid twenties adj. EBITDA margin in the mid-term",
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      "text": "High barriers to entry based on scale platform with multiple revenue streams, highly diversified proprietary content strategy, own AdTech and localized execution and service capabilities",
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      "text": "Note: FY 2020 based on audited IFRS figures. 2018 based on Dutch GAAP, not fully comparable. (1) Digital Ad (source: eMarketer) and Digital Gaming (source: Newzoo) estimated for 2023. (2) Refer to slides 38 and 39, Financial targets and objectives. (3) Reported under Dutch GAAP. (4) Defined as (Adjusted EBITDA-Capex) / Adjusted EBITDA. M&A investment excluded.",
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