Shutterfly, Inc. to Apollo Global Management, LLC

Internet/Ecom/Jun 2019/Morgan Stanley

Deal Information

Target

Shutterfly, Inc.

Acquiror

Apollo Global Management, LLC

Sector

Target Type

Public

Acquiror Type

Financial

Advisors

Morgan Stanley

Enterprise Value

$2.7B

EV / LTM Sales

1.3x

EV / LTM EBITDA

8.0x

EV / Fwd EBITDA

7.7x

Comparable transactions cited by the advisor, excluding the subject transaction.

AV / LTM Adjusted EBITDA selected range: 6.0x - 10.0x

16 comps


Oct 2018	LSC Communications Inc.	Quad/Graphics, Inc.	$1.4B	-	5.5x	4.7x
Aug 2018	Web.com Group, Inc.	Siris Capital Group, LLC	$2.1B	-	11.0x	10.9x
Feb 2018	American Greetings Corporation	Clayton, Dubilier & Rice, Inc.	$1.1B	-	5.0x	-
Jan 2018	Lifetouch Inc.	Shutterfly, Inc.	$825M	-	5.9x	6.6x
Jul 2017	WebMD Health Corp.	Internet Brands	$2.9B	-	12.6x	11.8x
Jul 2017	BANKRATE, INC.	Red Ventures	$1.4B	-	11.4x	10.9x
May 2017	Angie’s List, Inc.	InterActiveCorp	$533M	-	19.3x	17.6x
Apr 2017	RetailMeNot, Inc.	Harland Clarke Holdings Corp.	$456M	-	7.4x	8.0x
Feb 2017	Yahoo! Inc., Operating Business	Verizon Communications Inc.	$4.5B	-	5.1x	4.5x
Oct 2016	Everyday Health, Inc.	Ziff Davis, LLC	$518M	-	12.1x	9.8x
Nov 2016	Blue Nile, Inc.	Bain Capital Private Equity	$449M	-	19.2x	17.1x
Nov 2015	Constant Contact, Inc.	Endurance International Group Holdings, Inc.	$937M	-	13.8x	11.5x
May 2015	AOL Inc.	Verizon Communications Inc.	$4.2B	-	8.4x	8.2x
Feb 2015	Orbitz Worldwide, Inc.	Expedia, Inc.	$1.6B	-	10.2x	9.5x
Apr 2013	American Greetings Corporation	Weiss Family	$819M	-	5.2x	-
Oct 2012	Ancestry.com LLC	Permira	$1.5B	-	9.9x	8.1x
	Mean			-	10.1x	9.9x
	Median			-	10.1x	9.7x

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Morgan Stanley	7.3% – 8.6%	Perpetuity growth	0.0% – 2.0%	-	2019 through 2024	Open