Tech Barometer: AIM. Enterprise values of technology companies on AIM accelerate in the year since the Brexit decision. July 2017
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1 Tech Barometer: AIM Enterprise values of technology companies on AIM accelerate in the year since the Brexit decision July PRECISE. PROVEN. PERFORMANCE.
2 Tech Barometer: AIM Enterprise values of technology companies on AIM accelerate in the year since the Brexit decision Introduction The average enterprise value of a technology company on the Alternative Investment Market (AIM) at 30 June 2017 was 88.9m a 21.3% increase from 31 December 2016, and a 51% increase since the Brexit decision in June The increase in value in the last six months has been driven by all sub-sectors with hardware companies increasing by 35% (83% in the last year), support services 21% (57% in the last year) and software by 20% (49% in the last year). This compares with the FTSE AIM All-Share Index increasing by 36% in the last year and the FTSE All-Share Index by 14%. Dougie Hunter, Associate Director at Moore Stephens, commented: The increase in the value of technology companies on AIM in the last year has far exceeded the performance of all UK share indices. This clearly shows that investors are expecting tech companies on AIM the majority of which are UK based to grow as a result of earning opportunities from the weaker pound rather than just benefiting from reporting international earnings. Although there has been a limited number of tech IPOs on AIM since the Brexit decision in June 2016, the increase in value of the tech companies that are listed, as well as the significant level of secondary fundraising that has been achieved, should encourage more tech IPOs in the second half of The infographic overleaf summarises our detailed research into the activities of technology companies trading on the AIM in the six months. Key findings include: there was only one tech IPO on AIM in the six month period (Ethernity Networks) compared with eight in 2016 and seven in 2015; over 275m was raised from secondary fundraisings in the six month period to 30 June 2017 this was more than the whole of 2016 ( 224m) and includes the three largest individual company fundraises since 2015; an increase in overall revenue valuation multiple to over 2x for the first time; an increase in the overall EV/EBITDA valuation multiple to 13.3 with a significant increase in hardware companies and support services, although still behind software companies; the number of technology companies on AIM has decreased from 169 to 166 following a number of delistings and acquisitions.
3 Technology companies on AIM six months IPOs 1 Secondary fundraisings m Raised in six months 58m 47m 15.0m Raised in six months 39m 21m
4 Technology companies on AIM six months Enterprise values (EV) 88.9m* EV/revenue multiples 2.06* 21.3% 2.81x Increase in six months 20% Software Software Hardware 2.49x 35% Hardware 21% Support services *Average Telecoms Support services 2.56x 1.14x *Median
5 Technology companies on AIM six months EV/EBITDA multiples 13.3* 22.0% Increase in six months 11.8 Software Hardware 9.7 Electronics 7.0 Support Services 12.4 Telecoms * Median based on latest available financials from 1 Jan 2017 to 30 June 2017 and companies with positive EBITDA. AIM tech companies 89 Software 14 Hardware 11 Telecoms 18 Electronics 22 Support services 12 Other
6 Our work with ICSA Software International Limited The Moore Stephens Corporate Finance team advised the Institute of Chartered Secretaries and Administrators (ICSA) on the sale of its subsidiary, ICSA Software International Limited, owner of Blueprint Oneworld, a market leader in statutory compliance technology to Diligent Corporation. Moore Stephens acted as the exclusive financial adviser to ICSA, providing potential sale options and leading subsequent negotiations. Following agreement of terms with Diligent, Moore Stephens worked alongside all parties and their advisors, managing the transaction through to completion. It was a pleasure to work with the Moore Stephens team. The service level and quality were consistently high. When the deal took unexpected turns the client reassurance was prompt, thoughtful and always calm. Simon Osborne FCIS, Chief Executive, ICSA
7 About Moore Stephens Moore We help Stephens you thrive in in a the changing UK world. Moore Stephens is the UK s 9th largest independent accounting and consulting We provide all the support and network, comprising over 1,300 partners and guidance you need to deal with staff in 34 locations. new risks and opportunities. We Our ensure objective easy is simple: access to to be the viewed right by clients people, as the so first decisions point-of-contact can be for made all their financial, quickly advisory and confidently. and compliance A needs. We achieve this by providing sensible advice and consistent team will partner with tailored solutions to help clients achieve their you to support your aspirations commercial and personal goals. and contribute to your success. Clients have access to a range of core and specialist You ll have services access including to audit a range and tax of compliance, core services, business including and personal audit, tax, trust and accounting, estate planning, tax, wealth risk and management, systems IT consultancy, assurance, governance corporate and finance, risk, business support and outsourcing, corporate finance, restructuring and insolvency, wealth corporate recovery and forensic accounting. management and disputes analysis. Our success stems from our industry focus, If your business and personal which enables us to provide an innovative and personal interactions service to need our clients to expand, in our niche we ll markets. help make Specialist it happen sectors include coordinating charities & not-for-profit, advice from education, a network energy of & offices mining, family throughout offices, financial the UK services, and healthcare, in more hotels & leisure, insurance, pensions, than 100 countries. professional practices, public sector, real estate, shipping, social housing, sports and technology & media. Contact information If you would like further information on any item contained within this report please contact us. Mark Ayres Partner, Head of Technology T +44 (0) M +44 (0) mark.ayres@moorestephens.com Damian Ryan Partner, Corporate Finance T +44 (0) M +44 (0) damian.ryan@moorestephens.com Dougie Hunter Associate Director, Corporate Finance T +44 (0) M +44 (0) dougie.hunter@moorestephens.com Moore Stephens LLP, 150 Aldersgate Street, London EC1A 4AB T +44 (0) We believe the information contained herein to be correct at the time of going to press, but we cannot accept any responsibility for any loss occasioned to any person as a result of action or refraining from action as a result of any item herein. Printed and published by Moore Stephens LLP, a member firm of Moore Stephens International Limited, a worldwide network of independent firms. Moore Stephens LLP is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the Financial Conduct Authority for investment business. DPS36658 July 2017
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