Starboard Value
the independent compensation consulting firm we engaged constructed a far more appropriate peer group for | Starboard Value
Company
Deck Type
Sector
Industry
Deck date
May 2012
Slide
66 of 96
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the independent peer group is comprised of companies that are similar in terms of scope and scale of the business | Starboard Value
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peer group multiple contraction flow through our valuations without adjustment we also increasingly focus on multiples of expected revenue over the next twelve months to the direct weight of importance placed on more longer term projections a focus on forecasts when reflecting changes in multiples of listed peers means that the valuations of some of our companies demonstrating high growth and low cash burn are more resilient than that of the average listed peer and more in line with the constituents of the respective peer group in the table to the right we show the average multiple contraction in valuations that are not underpinned by transactions that took place in the current valuation environment during or shortly after the second quarter of during the quarter the average revenue multiple contraction in our unlisted portfolio was percent around percent age points more moderate than the average peer for the first half of the multiple contraction in our unlisted portfolio was percent around percentage points more moderate than the average peer this moderation primarily stems from our investments here the peer group average multiple contraction has been weighed down by the reversal of trends in sectors like commerce this stands in stark contrast to our two investments and that are enjoying significant as pandemic restrictions have eased and corporate travel and expense volumes have begun to rebound materially this we believe warrants a multiple compression more in line with the peer group more resilient quartile rather than its average compression liquidation preferences unlisted companies adopt different financing and may at times issue shares with liquidation preference rights liquidation preferences determine how value is allocated between shareholders in a sale or listing of a business and typically means that holders of preference shares receive proceeds in priority over holders of common shares in the event of a sale or public offering in general these liquidation preferences have the result that recoups its investment capital if the valuation of the company exceeds the amount of capital it has raised in aggregate due to liquidation preferences the allocation of proceeds between shareholders in a liquidity event may value drivers in the unlisted portfolio approximations multiple contraction revenues and | Kinnevik
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