Digi capital mobile internet investment review q2 2014 summary

Mobile Internet Investment Review Q2 2014
Executive Summary
Contact: info@digi-capital.com
© Digi-Capital 2014www.digi-capital.com Authorised and regulated by the Financial Conduct Authority

2
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Executive summary
Public company and M&A comparables
Operational metrics analysis
Mobile internet sector reviews
(revenue forecasts, public company comparable valuation multiples, public company indices, M&A transactions, M&A valuation
multiples, investment transactions - Q1 2011 to Q2 2014, operational metrics analysis)*
• Advertising/marketing
• App store/distribution
• Books
• Business
• Education
• Enterprise mobility/B2B
• Entertainment
• Finance
• Food & drink
• Games
• Health & fitness
• Lifestyle
• mCommerce
• Medical
About Digi-Capital
3
• Messaging
• Music
• Navigation
• News
• Photo & video
• Productivity
• Social networking
• Sports
• Mobile Tech
• Travel/transport
• Utilities
• Wearables
• Weather
19
41
47
49
94
102
107
114
122
151
171
183
195
239
247
257
292
496
300
319
333
340
345
364
372
392
399
443
460
488
493
* Where available - see detailed table of contents for individual sector contents
Note: investments <$250K included in total figures, but not listed separately
Contents (of full Review) BUY FULL REVIEW
Detailed table of contents
at end of this free summary

5
Mobile internet revenue to grow >3x to $700B* by 2017
• Mobile internet revenue to grow >3x to $700B* by 2017F driven by mCommerce, IAPx and App as a Service
• mCommerce growth to >$500B sales by 2017F driven by Asia, America and Europe (almost half in Asia)
• Consumer apps to >$70B by 2017F with non-games apps to double revenue share from 26% to 51%
• Mobile internet investment record >$14B in last 12 months
• Mobile internet M&A record >$47B in the last 12 months (>$28B excluding Facebook/WhatsApp)
• Opportunities across mobile internet Investment Quadrant with >20 “billion dollar” companies already
• Mobile internet public and private company relative valuations vary significantly across sectors
• Deep metrics understanding enables data driven approach to mobile internet investment and growth
* Note: Approximate mobile value added ecosystem revenue forecast 2017F
X IAP = in-app- purchase

-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
-40% -20% 0% 20% 40% 60% 80%
Consumer media consumption marketshare/growth
(Size of bubble = marketshare 2013)
Sources Digi-Capital, eMarketer, Business Intelligence, US data, other smaller media not shown
Dramatic mobile usage growth is disrupting incumbents
Mobile
20%
Print
4%
Long term CAGR (09-13)
Short
term
growth
(12-13) Radio
12%
TV
38%Online
20%
6
© Digi-Capital 2014
Online Pain
Mobile cannibalizing
Online faster than TV Mobile Gain
Mobile has grown total
media usage by 13.6%

$516B
$74B
$53B
$42B
$11B
$133B
$21B
$26B
$12B
$3B
Mobile internet revenue to grow >3x to $700Bx by 2017
7
Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner,
Strategy Analytics, Zenith Optimedia, Business Insider, Goldman Sachs
* Note: In-app advertising revenue included in consumer apps revenue
† Note: Excludes smartphone/tablet sales and mobile subscription revenue
x Note: Approximate revenue for mobile value added ecosystem
mCommerce
dominates
with mCommerce,
in-app purchase,
App as a Service,
advertising models
driving revenue growth
2013
2017
mCommerce
Consumer apps
Enterprise mobility
Mobile web
adspend
Wearables

mCommerce to >$500B sales driven by Asia, America and Europe
8
mCommerce regional sales ($B)†
Sources: Digi-Capital, Goldman Sachs, eMarketer, Companies
-
100
200
300
400
500
600
2013 2014F 2015F 2016F 2017F
Asia North America Western Europe Eastern Europe Latin America ME/Africa
The Asian mCommerce century
Asia to account for almost half of
global mCommerce by 2017F
mCommerce sector forecasts by smartphone and tablet in full Review

0
10
20
30
40
50
60
70
80
2011 2012 2013 2014F 2015F 2016F 2017F
Games Social Networking Books Music Medical
Productivity Education Entertainment News Photo & Video
Navigation Travel Lifestyle Utilities Business
Sports Health & Fitness Finance Weather Other
9
Consumer apps to >$70B revenue driven by explosion of diversity
Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner
Note: does not include mobile web advertising (see separate mobile advertising revenue forecasts in
advertising/marketing chapter), mCommerce direct sales, enterprise/B2B revenue, or mobile tech revenue
51%
74%
49%
Global Mobile Apps Sector Revenue($B)
26%
Game changer
Non-games categories to
match games revenue by 2017
Individual sector forecasts in full Review

Travel/
Transport
3.4
Utilities
1.5
mCommerce
1.4
Games
1.0
Tech
0.9
Social
Networking
0.8
Enterprise/
B2B
0.8
Advertising/
marketing
0.7
Messaging
0.7
Photo &
Video
0.6
Music
0.4
Food & Drink
0.4
Finance
0.3
Lifestyle
0.2
Entertainment
0.2
App store/
distribution
0.2
Health &
Fitness
0.2
Medical
0.2
Other
0.7
10
Mobile internet investment record >$14B in last 12 months
Note: See transactions by category in full Review
Note: Transaction value includes only disclosed or estimated amounts
* LTM = last 12 months
Mobile internet investments ($B ex-IPOs)
QuarterlyTransactionValue($B)
Last12MonthTotalTransactionValue($B)
Mobile internet investments LTM* ($B ex-IPOs)
0
2
4
6
8
10
12
14
16
-
1
2
3
4
5
6
Total LTM Total
VCs love mobile internet
269% investment growth
from Q2 2013 to Q2 2014
Individual sector transactions in full Review

Messaging
(including Facebook/
WhatsApp)
23.1
Games
5.0
Music
3.0
Food & Drink
2.8
Finance
2.3
Advertising/
marketing
2.3
mCommerce
1.9
Enterprise/B2B
1.9
Photo& Video
1.3
Utilities
1.2
Navigation
1.0
Tech
0.8
Entertainment
0.4
11
Mobile internet M&A record >$47B in last 12 months
Mobile internet M&A ($B)
Including Facebook/WhatsApp
Note: Other categories in grey account for $0.5B of M&A in LTM
Note: Transaction value includes only disclosed or estimated
amounts, including announced earn outs where applicable
Mobile internet M&A LTM* ($B)
-
5
10
15
20
25
30
35
40
45
50
-
5
10
15
20
25
30
Total LTM Total
WhatsApp with that?
Facebook/WhatsApp
acquisition sent a clear message

Games
5.0
Messaging
(excluding
Facebook/
WhatsApp)
4.1
Music
3.0
Food & Drink
2.8
Finance
2.3
Advertising/
marketing
2.3
mCommerce
1.9
Enterprise/
B2B
1.9
Photo & Video
1.3
Utilities
1.2
Navigation
1.0
Tech
0.8
Entertainment
0.4
12
Continuing the M&A growth trend (even without FB/WhatsApp)
Note: Other categories in grey account for $0.5B of M&A in LTM
Note: Transaction value includes only disclosed or estimated
amounts, including announced earn outs where applicable
Mobile internet M&A ($B)
Mobile internet M&A LTM ($B)
Excluding Facebook/WhatsApp
-
5
10
15
20
25
30
-
2
4
6
8
10
12
14
Total LTM Total
Time to buy
Major mobile internet M&A for
both growth and defence

Opportunities across the mobile internet Investment Quadrantx
13
Sources: Digi-Capital, PWC, AppAnnie, Companies, Gartner, Strategy Analytics, Zenith Optimedia, Business Insider, Goldman Sachs
* LTM = Last Twelve Months
x On a relative basis compared to revenue forecasts for illustrative purposes only (see Methodology)
Note: chart excludes internal corporate investments, and Books, Medical, News, Sports and Weather sectors because of no M&A in last 12 months
Navigation
Utilities
Photo
& video
Entertainment
Health
& fitness
Games
Messaging
Enterprise/
B2B
Wearables
Business
Education
Lifestyle
Advertising/
marketing
App store/
distribution
mCommerce
Travel/
Transport
Social
networking
Finance
Consolidation potential
Investmentpotential
Hidden gems
Exit opportunities
Major opportunities
Selective opportunities
© Digi-Capital
Digi-Capital mobile internet Investment Quadrantx

0
50
100
150
200
250
300
350
31-Dec-10 30-Apr-11 31-Aug-11 31-Dec-11 30-Apr-12 31-Aug-12 31-Dec-12 30-Apr-13 31-Aug-13 31-Dec-13 30-Apr-14
Advertising/Marketing App Store/Distribution Enterprise/B2B Entertainment Food and Drink
Games Lifestyle MCommerce Messaging Music
Navigation Social Networking Tech Utilities All Mobile Internet
14
Mobile internet stocks up with different performance across sectors
Digi-Capital mobile internet public market indices
(base = 100)
Sources: Digi-Capital, Lazard, Factset, Bloomberg at 30 June 2014
Mixed message
Mobile internet market broadly up,
but some sectors more than others
Individual sector public company comparables and indices in full Review

10% 100% 1000%
15
Relative public company valuations vary widely across sectors
Mobile internet sector relative public market valuation ranges
(percentage relative to mean)
X Where available
* Note: valuation multiples based on 2013 actual sales on logarithmicscale
Tech
Social networking
Navigation
Enterprise/B2B
Utilities
Music
App store/distribution
Messaging
Lifestyle
Games
Entertainment
Enterprise/B2B
Advertising/marketing
Relative valuation range (low to high %) compared to mean valuation of relevant public companies* on logarithmic scale
(mean)50%
Not all apps are created equal
Up to 500% market cap
variance relative to revenue
500%
Food & drink
5%
Individual sector public company comparables in full Reviewx

16
Relative M&A valuations vary even more widely
Mobile internet sector relative M&A valuation ranges
(percentage relative to mean)
X Where available
*Note: valuation multiples based on recent M&A revenue multiples. Facebook/WhatsApp multiple excluded as an outlier
Relative valuation range (low to high %) compared to mean valuation of recent mobile internet M&As* on logarithmic scale
1% 10% 100% 1000%
Tech
Social networking
Utilities
Photo & Video
Finance
Messaging
mCommerce
Games
Entertainment
Enterprise/B2B
Advertising/marketing
(mean) 500%50%5%
No really – app inequality rules
Up to 1,000% M&A valuation
variance relative to revenue
Individual sector M&A comparables in full Reviewx

17
iOS generates the most revenue, Android the most downloads
Sources: Digi-Capital, Distimo (US data), Apple, Google, Flurry, IDC,
Business Intelligence, One Platform Foundation, Companies
Apple App Store vs Google Play relative monetization
Selected Android App Stores
Available apps (K) and app downloads (B)
-
10
20
30
40
50
60
-
100
200
300
400
500
600
700
800
900
1,000
01/08
04/08
07/08
10/08
01/09
04/09
07/09
10/09
01/10
04/10
07/10
10/10
01/11
04/11
07/11
10/11
01/12
04/12
07/12
10/12
01/13
04/13
07/13
10/13
iOS Apps (K) Google Play Apps (K) iOS Downloads (B) Google Play Downloads (B)
Apps(K)
Downloads(B)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Total revenue Advertising Paid apps & in-
app purchase
In-app
purchase
Revenue per
download
Apple App Store Google Play
Google Play apps and downloads
passed iOS in 2013
App Store Downloads Apps Average downloads per app Country
Amazon 25M per month 76K 329 per month Worldwide
Anzhi 180M per month 80K 2,250 per month China
AppChina 30M per month 120K 250 per month China
D.cn 30M per month n/a n/a China
gFan 2.5B total n/a n/a China
Google Play 60B total 1M 3,125 per month Worldwide
HiAPK 290M per month 511K 568 per month China
Lenovo 300M total 400K 750 total China
Mobango 1B total 100K 10,000 total Worldwide
Opera Mobile 30M per month 70K 429 per month Worldwide
SlideME 15M per month 40K 375 per month Worldwide
SK T-Store 28M per month 72K 389 per month Korea
Tencent 300M per month 100K 3,000 per month China

18
In-app purchases dominate consumer apps, not all categories
Global app revenue share (iOS/Android)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
News Games Social Books Entertainment Music Education Productivity Navigation
Free with in-app purchase Paid Paid with in-app purchase
Selected app category revenue share (iOS)
92% 98%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
iOS Android (Google Play)
Free with in-app purchase Paid Paid with in-app purchase
Sources: Distimo, AppAnnie, Digi-Capital
App category downloads vs revenue share (iOS)
40%
74%
60%
26%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Downloads Revenue
Games All other apps
Play the game
In-app purchases
4x more effective
for games than all
other app types

19
App as a Service emerging as a different model for mobile
Standalone App App as a Service
Value to user
Main value from app operating standalone on device
(e.g. Angry Birds)
Primary or partial value from app cloud functionality
(e.g. Dropbox)
Access Fat client download Thin client download and/or responsive website
Price Paid or free Free
Data/media
access
On device or mixed cloud/device Mixed cloud/device or pure cloud
Offline usage Yes Yes, partial, or none
Business model Paid, in-app purchase, advertising Subscription, in-app purchase, advertising
Distribution App store only App store and/or mobile web
App store
revenue share
Always (paid, in-app purchase) Not always
Content updates Infrequent client updates Frequent server side updates
Live Ops Team Rarely Almost always
• In-app purchases have monetized games effectively, where user value mainly standalone on mobile devices (i.e. limited cloud functionality)
• In-app purchases for all other app categories monetize 4x less effectively than games, including where user value mainly from cloud functionality
• Software as a Service models being adapted to App as a Service to monetize other consumer app categories more effectively
Source: Digi-Capital

20
So where standalone games dominated 2013 consumer revenue
Practical
Leisure
App as a
Service
Standalone
App
Finance
Sports
Lifestyle
News
Books
Business Medical
Productivity
Utilities
Education
Health & Fitness
Navigation
Entertainment
Social
Networking
Photo &
Video
Travel
Music
Mobile consumer app sector revenue 2013
(Size of bubble = revenue 2013)
Weather
Games
74%
Playtime!
Standalone games dominated app
store revenues in 2013

21
App as a Service could give a very different picture by 2017
Practical
Leisure
App as a
Service
Standalone
App
Mobile consumer app sector revenue 2017F
(Size of bubble = revenue 2017F)
Finance
Sports
Lifestyle
News
Books
Business
Medical
Productivity
Education
Health & Fitness
Navigation
Entertainment
Social
Networking
Photo &
Video
Travel
Music
Weather
Games
49%
Utilities
Now it’s my turn
Non-games app sectors to take
>50% of app revenues by 2017F

Top 1% grossing apps vs top 5% grossing apps
(selected app category)
* Source: Matt Tubergen, Digi-Capital, multiple data sources
Note: all data and analysis in Operational Metrics section
Top 1% grossing apps outperform against core operating metrics
22
1x
1x
1x
2x
2x
2x
2x
3x
4x
7x
8x
9x
20x
0x 5x 10x 15x 20x 25x 30x 35x
% of organic to paid users
ARPD - PU (Paid User)
% of paid conversion in first 30 days
7 day retention rate
Average session length
3 day retention rate
Second session conversion rate
Sessions per week
Sessions first 7 days/following 7 days
ARPD - AU (Average User)
Lifetime Value
Sessions per day 35x
It’s all about the metrics
Top 1% grossing apps outperform
top 5% grossing apps in core metrics

1
10
100 1,000
23
Billion dollar mobile companies emerging at an accelerating pace
Selected mobile internet companies with valuation ≥$1B
(recent estimates on logarithmic scales)
Value created per year since founding ($M/year) on logarithmic scale
Valuation($B)onlogarithmicscale
20
4,000
Sources: Bloomberg, WSJ, TechCrunch, Time, NYT, Companies, Digi-Capital
5
500 2,000
Bigger and faster
More value being created at a
faster rate than ever before

With a changing pyramid of potential consolidators
24 Note: Companies are for illustrative purposes only
Block and tackle
Major acquisitions aimed at
strategic growth and defence
Snakes and ladders
Today’s growth companies could
become tomorrow’s consolidators

25
Now is the time to invest for growth or be bought
* Note: outlier deals may occur
Mobile internet sector consolidation curve
Sector
Launch
Sector Growth
for Scale
Sector
Consolidation
Sector
Equilibrium
Sector
Consolidation
Low
High
Medium
Messaging
Tech
Expected
Deal
Activity*
- VC Investment
- Some small M&A
- Limited M&A/
investment
- Cost focus
- Alliances or spinoffs
- Growth equity investment
- High volume, mid-market
strategic M&A
- Leveraged buyouts
- Low volume, large scale
strategic M&A
Wearables
Utilities
Advertising/Marketing
Navigation
Photo & Video
mCommerce
Lifestyle
Food & Drink
Entertainment
Music
Social Networking
Enterprise/B2B
Smartphones/Tablets
Infrastructure
App Store/Distribution
Games
Travel/Transport
Books
Status quo is not an option
Massive growth and disruption
require investment or exit

26
1. Executive summary (page 19)
a) Mobile internet market economic overview
i. Major mobile internet market economic trends
ii. Mobile internet usage vs other media (2009 - 2013)
iii. Mobile internet revenue share (2013 vs 2017F) - mCommerce sales, consumer apps revenue, enterprise mobility
revenue, mobile web adspend, wearables revenue
iv. mCommerce regional sales forecast (2013 – 2017F) – Asia, North America, Europe (West & East), LatAm, ME/Africa
v. Mobile consumer apps revenue forecast by app sector (2011 - 2017F)
b) Global mobile internet investment and M&A overview
i. Global mobile internet investment transaction value by sector (Q1 2011 – Q2 2014)
ii. Global mobile apps M&A transaction value by sector (Q1 2011 – Q2 2014)
iii. Digi-Capital mobile internet Investment Quadrants
iv. Mobile internet public market indices by sector (Q1 2011 – Q2 2014)
v. Mobile internet public market valuation ranges by sector (as at Q2 2014)
vi. Mobile internet M&A valuation ranges by sector
c) Mobile internet industry trends, highlights and detailed operational metrics
i. iOS vs Android apps and downloads
ii. iOS vs Android relative monetization
iii. Global Android app store downloads, apps and average downloads per app
iv. Global app revenue share (iOS/Android)
v. App category downloads vs revenue by app category
vi. App as a Service overview
vii. App business model segmentation by app category
viii. Operational metrics analysis overview (top 1% grossing apps vs top 5% grossing apps)
ix. Billion dollar mobile internet company valuations vs value created per year since founding
x. Mobile internet consolidators overview
xi. Mobile internet sector consolidation curve
Table of contents (of full Review) BUY FULL REVIEW

27
2. Public company and M&A comparables (page 41)
a) Public company comparables by sector (59 public companies included - see companies by sector below)
i. Market value, net debt, enterprise value (EV), % of 52 week high, EV/ Sales (2013A – 2016E), Sales CAGR (13A –
16E), EV/ EBITDA (2013A – 2016E), EBITDA CAGR (13A – 16E), PE (2013A – 2016E), EPS CAGR (13A – 16E)*
ii. Sectors are mobile advertising/marketing, app store/distribution, enterprise/B2B, entertainment, food & drink,
games, lifestyle, mCommerce, messaging, music, navigation, social networking, tech, utilities and all sectors
combined
b) M&A comparables by sector
i. EV / revenue (low, high, mean, median) and EV / EBITDA (low, high, mean, median)*
ii. Sectors are mobile advertising/marketing (no EBITDA multiples), enterprise/B2B, entertainment, finance, games,
mCommerce, messaging (no EBITDA multiples), photo & video (no EBITDA multiples), social networking, tech,
utilities and all sectors combined
3. Operational metrics analysis (page 47)
a) Selected key performance metrics for games, entertainment, finance, messaging and music sectors
b) Operational metrics in each sector for top 1% grossing apps, top 5% grossing apps, top 25% grossing apps, top 50%
grossing apps, relative performance of top 1% grossing vs top 5% grossing multiples, top 1% grossing vs top 25% grossing
multiples, top 1% grossing vs top 50% grossing multiples
c) Selected metrics include sessions per day, lifetime value, % paid conversion in first 7 days, ARPDAU, sessions first 7
days/following 7 days, sessions per week, second session conversion rate, % of paid conversion in first 90 days, 3 day
retention, average session length, 7 day retention rate, % of paid conversion in first 30 days, ARPDPU, % of organic to paid
users, 90 day retention rate, 7 day registration rate, 30 day retention rate, 2 day completed registration rate, and 14 day
registration rate. Selected metrics differ by app category
* Where available
BUY FULL REVIEWTable of contents (of full Review)

28
4. Mobile advertising/marketing review (page 49)
a) Mobile advertising spend forecast (2013 – 2017F)x
i. In-app advertising spend
ii. Mobile web advertising spend
b) Public company comparables (Adways, Hipcricket, Kitara Media, Mobile Embrace, Rocket Fuel)
ii. Public company index chart (Q1 2011 – Q2 2014)
c) M&A comparables
i. EV / revenue (low, high, mean, median)
d) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple*
e) Investment transactions (Q1 2011 – Q2 2014)
i. Date, target, investors, deal value ($M)*
5. App store/distribution review (page 94)
a) App store revenue share forecast (2013 – 2017F)**
b) Public company comparables (Sungy Mobile)
c) M&A transactions (Q1 2011 – Q2 2014)
i. Date, target, acquirer, deal value ($M)*
d) Investment transactions (Q1 2011 – Q2 2014)
Sources: Digi-Capital, Zenith Optimedia, PWC, AppAnnie, Companies, Gartner
x In-app advertising and mobile web advertising spend, excluding mobile advertising/marketing services revenue
** App store revenue share component only

29
6. Books apps sector review (page 102)
a) Revenue forecast (2013 – 2017F)
b) M&A transactions (Q1 2011 – Q2 2014)
c) Investment transactions (Q1 2011 – Q2 2014)
7. Business apps sector review (page 107)
8. Education apps sector review (page 114)
* Where available

30
9. Enterprise mobility/B2B sector review (page 122)
a) Revenue forecast (enterprise apps) (2012 and 2017F)
b) Public company comparables (Citrix Systems, Clicksoftware Technologies, Fleetmatics, Globo International, Mobile Iron,
Vocera Communications)
c) M&A comparables
ii. EV / EBITDA (low, high, mean, median)
10. Entertainment apps sector review (page 151)
b) Public company comparables (Dwango, Mandalay Digital, Moko Social Media, MTI, Ubiquity Broadcasting, Youku Tudou)
c) M&A comparables
d) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
e) M&A transactions (Q1 2011 – Q2 2014)
f) Investment transactions (Q1 2011 – Q2 2014)
* Where available

31
11. Finance apps sector review (page 171)
b) M&A comparables
c) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
12. Food & Drink apps sector review (page 183)
a) Public company comparables (Grub Hub, Just Eat)
ii. Public company index chart (Q2 2014)
* Where available

32
13. Games apps sector review (page 195)
b) Public company comparables (Ateam, Colopl, Com2us, Crooz, Cyberagent, DeNA, Drecom, Forgame, G5 Entertainment,
Gameloft, Gamevil, Glu Mobile, Gree, Gung Ho, IGG, King, Klab, NHN, Taomee, Voltage)
c) M&A comparables
i. Date, target, acquirer, deal value ($M), revenue multiple, EBITDA multiple, net profit multiple*
14. Health & Fitness apps sector review (page 239)
* Where available

33
15. Lifestyle apps sector review (page 247)
b) Public company comparables (Move, Yelp, Zillow, Zoopla)
16. mCommerce apps sector review (page 257)
a) mCommerce sales forecast (2013 – 2017F)
i. By smartphone
ii. By tablet
b) Public company comparables (Bango, Mint Wireless, Net Element)
c) M&A comparables
* Where available

34
17. Medical apps sector review (page 292)
18. Messaging apps sector review (page 300)
a) Revenue forecast (2013 and 2017F)
b) Public company comparables (Naver, Tencent)
c) M&A comparables
i. Date, target, acquirer, deal value ($M), revenue multiple*
* Where available

35
19. Music apps sector review (page 319)
b) Public company comparables (Pandora)
c) Key operational metrics analysis of top 1%, 5%, 25% and 50% grossing apps
20. Navigation apps sector review (page 333)
b) Public company comparables (AutoNavi, Telenav, Tom Tom)
* Where available

36
21. News apps sector review (page 340)
22. Photo & Video apps sector review (page 345)
b) M&A comparables
i. Date, target, acquirer, deal value ($M), revenue multiple*
23. Productivity apps sector review (page 364)
* Where available

37
24. Social networking apps sector review (page 372)
b) Public company comparables (Facebook, MeetMe, Twitter, Weibo)
c) M&A comparables
25. Sports apps sector review (page 392)
* Where available

38
26. Mobile Tech sector review (page 399)
a) Global mobile subscriber forecast by device type
i. Smartphone
ii. Tablet
b) Public company comparables (Apple, Arm Holdings, Audience, Blackberry, Broadsoft, Gemalto, Google, Mavenir Systems,
Microsoft, Nvidia, Samsung Electronics, Synaptics)
c) M&A comparables
27. Travel/Transport apps sector review (page 443)
a) Revenue forecast (2013 – 2017F) (Travel)
* Where available

39
28. Utilities apps sector review (page 460)
b) Public company comparables (Cheetah Mobile, NQ Mobile)
c) M&A comparables
29. Wearables sector review (page 488)
* Where available

40
30. Weather apps sector review (page 493)
b) Investment transactions (Q1 2011 – Q2 2014)
* Where available

42
About Digi-Capital
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Digi capital mobile internet investment review q2 2014 summary

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