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DIGITAL MARKETING HUB v2.0 - AdExchanger

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Digital Marketing Hub <strong>v2.0</strong><br />

BMO Capital Markets<br />

Coverage List<br />

Exhibit 1. Coverage Summary<br />

6/6/12 Shares Market EV/Rev. EV/EBITDA P/E 2013 2013 FCF Yield Div.<br />

Valuation Ticker Price Target Rating Out (mm) Cap (mm) 2011 2012 2011 2012 2011 2012 PEG vs S&P 2011 2012 Yield<br />

Google GOOG-US $580.57 $755 OP 332 $192,538 5.2x 3.3x 9.5x 7.6x 16.1x 13.5x 0.6x 0.9x 5.9% 7.8% na<br />

Yahoo! YHOO-US $15.36 $17 Mkt 1,210 $18,589 1.0x 0.6x 2.9x 1.9x 18.4x 16.2x 1.0x 1.1x 4.8% 5.1% na<br />

WPP plc WPP-LN £7.50 £8 Mkt 1,342 £10,070 1.3x 1.2x 8.1x 7.7x 13.2x 12.6x 2.4x 0.9x 8.4% 9.4% 2.2%<br />

Omnicom Group OMC-US $47.24 $49 Mkt 278 $13,109 1.0x 0.9x 7.5x 6.4x 14.5x 12.8x 0.8x 0.9x 8.0% 9.1% 2.5%<br />

Publicis Groupe PUB-FR € 37.75 € 39 Mkt 221 € 8,345 1.2x 1.2x 6.9x 6.9x 14.3x 12.3x 0.7x 0.9x 6.6% 8.1% 1.9%<br />

LinkedIn LNKD-US $93.08 $115 Mkt 93 $10,710 19.9x 10.6x 105.1x 54.7x 267.4x 139.7x 0.9x 6.4x 0.1% 0.0% na<br />

Alliance Data Systems ADS-US $125.13 $125 Mkt 63 $7,936 3.2x 2.5x 10.2x 7.5x 16.4x 14.7x 1.2x 1.1x 6.7% 7.6% na<br />

Interpublic Group IPG-US $10.69 $13 OP 467 $4,994 0.6x 0.6x 5.3x 4.8x 14.7x 12.9x 0.8x 0.9x 8.5% 9.5% 2.2%<br />

Sapient SAPE-US $11.09 $15 OP 145 $1,612 1.3x 1.2x 9.1x 8.0x 19.4x 18.6x 3.0x 1.1x 6.8% 6.7% na<br />

ValueClick VCLK-US $17.40 $18 Mkt 82 $1,434 2.7x 1.9x 8.5x 6.2x 17.4x 15.5x 1.1x 1.1x 9.6% 11.0% na<br />

Acxiom ACXM-US $13.85 $17 OP 78 $1,076 1.0x 1.2x 4.5x 6.1x 21.3x 21.9x -6.4x 1.3x 6.9% 4.6% 1.7%<br />

Valassis VCI-US $20.69 $23 OP 43 $886 0.6x 0.6x 4.3x 4.2x 7.5x 6.7x 0.5x 0.5x 19.8% 19.2% na<br />

Constant Contact CTCT-US $20.99 $24 Mkt 32 $662 2.9x 2.1x 17.0x 12.0x 29.9x 24.3x 0.8x 1.5x 2.8% 3.5% na<br />

Harte-Hanks HHS-US $8.57 $9 Mkt 63 $542 0.7x 0.7x 6.2x 5.7x 12.2x 12.3x -14.9x 0.9x 10.9% 10.6% 4.0%<br />

MDC Partners MDCA-US $9.84 $19 OP 30 $294 0.7x 0.6x 7.4x 5.8x nm nm nm 5.4x 6.1% 14.6% 5.7%<br />

Marchex MCHX-US $3.55 $8 OP 43 $151 0.8x 0.9x 4.9x 6.6x 11.9x 13.5x -0.9x 0.8x 11.3% 10.2% 2.3%<br />

Mean 2.8x 1.9x 13.6x 9.5x 33.0x 23.2x -0.6x 1.6x 7.7% 8.6% 2.8%<br />

Median 1.1x 1.2x 7.4x 6.5x 16.1x 13.5x 0.8x 1.0x 6.8% 8.6% 2.2%<br />

Revenue Growth EBITDA EPS Growth<br />

Estimates Ticker 2012 Cons. 2013 Cons. 2012 2013 2012 Cons. 2013 Cons. 2012 Cons. 2013 Cons. 2012 2013<br />

Google GOOG-US $44,565 $35,338 $58,798 $42,580 53.2% 31.9% $19,538 $18,932 $22,742 $22,371 $43.00 $43.27 $50.00 $50.39 20.7% 15.9%<br />

Yahoo! YHOO-US $4,511 $4,502 $4,687 $4,596 3.0% 3.9% $1,461 $1,454 $1,636 $1,616 $0.95 $0.96 $1.12 $1.12 14.0% 17.9%<br />

WPP plc WPP-LN £10,549 £10,557 £10,951 £11,059 4.1% 3.9% £1,695 £1,709 £1,767 £1,839 £0.72 £0.74 £0.79 £0.81 6.9% 8.6%<br />

Omnicom Group OMC-US $14,443 $14,378 $15,161 $15,042 5.0% 4.0% $2,123 $2,094 $2,299 $2,220 $3.70 $3.68 $4.20 $4.07 13.8% 13.5%<br />

Publicis Groupe PUB-FR € 6,278 € 6,276 € 6,566 € 6,559 5.0% 4.0% € 1,133 € 1,156 € 1,207 € 1,228 € 3.15 € 3.21 € 3.45 € 3.45 19.1% 9.3%<br />

LinkedIn LNKD-US $904 $908 $1,300 $1,354 75.7% 42.7% $176 $182 $308 $313 $0.67 $0.68 $1.18 $1.24 91.4% 76.5%<br />

Alliance Data Systems ADS-US $3,514 $3,515 $3,780 $3,806 10.7% 7.6% $1,167 $1,137 $1,277 $1,252 $8.50 $8.56 $9.55 $9.63 11.3% 12.4%<br />

Interpublic Group IPG-US $7,234 $7,216 $7,595 $7,535 3.6% 4.0% $913 $918 $1,003 $1,017 $0.85 $0.81 $0.96 $0.98 16.1% 13.5%<br />

Sapient SAPE-US $1,158 $1,162 $1,367 $1,341 13.5% 18.0% $177 $142 $219 $173 $0.53 $0.75 $0.69 $0.94 4.6% 35.0%<br />

ValueClick VCLK-US $692 $699 $752 $781 23.5% 8.7% $216 $219 $237 $250 $1.12 $1.13 $1.26 $1.33 12.2% 12.0%<br />

Acxiom ACXM-US $1,121 $1,123 $1,165 $1,160 0.0% 0.0% $220 $212 $244 $256 $0.63 $0.61 $0.85 $0.75 -15.4% 33.8%<br />

Valassis VCI-US $2,142 $2,196 $2,101 $2,210 -4.2% -1.9% $323 $0 $312 $302 $3.08 $3.06 $3.35 $3.43 12.0% 8.9%<br />

Constant Contact CTCT-US $254 $253 $299 $292 18.4% 17.7% $45 $47 $54 $58 $0.86 $0.88 $1.14 $1.11 23.2% 31.7%<br />

Harte-Hanks HHS-US $833 $855 $836 $864 -2.1% 0.3% $104 $105 $109 $109 $0.70 $0.75 $0.75 $0.81 -0.8% 7.3%<br />

MDC Partners MDCA-US $1,088 $1,068 $1,193 $1,153 8.4% 8.5% $115 $104 $132 $128 -$0.69 -$0.80 $0.15 $0.17 52.4% 121.2%<br />

Marchex MCHX-US $143 $144 $159 $160 -2.4% 11.0% $144 $19 $160 $23 $0.26 $0.22 $0.34 $0.30 -12.0% 28.8%<br />

Source: BMO Capital Markets and company reports<br />

Mean 13.5% 10.3% Mean 16.8% 27.9%<br />

Median 5.0% 5.8% Median 13.0% 14.7%<br />

A member of BMO<br />

Financial Group<br />

5<br />

June 7, 2012

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