Flowsparks N.v. · EURONEXT:FLSP
Flowsparks — U&I Learning — IPO Roadshow (2006)
42 slides from Flowsparks's IPO roadshow presentation, 2006
Slide 1: U&I Learning: The company and its story
U&I Learning: The company and its story
Slide 2: Agenda
Agenda Ι U&I Learning: The company and its story Ι Valuation of the company Ι Key Investment Considerations Ι Modalities of the I.P.O. Ι Q&A
Slide 3: U&I Learning: profile of the company
U&I Learning: profile of the company l U&I Learning is a e-learning company – active in Belgium (Ghent) and in the Netherlands. l The company’s solutions are focused on the collecting, transforming and distributing Knowledge that organizations need to enhance job performances l U&I Learning’s credo
Slide 4: U&I Learning: history of the company
U&I Learning: history of the company 1997 – 2001: start of U&I Learning 2002 – 2003: entry of VC Partners@Venture 2004: the merger with Atek 2005: new learning solutions: edu-games 2006: free market – Euronext Brussels
Slide 5: The e-learning market: the birth of e-learning
The e-learning market: the birth of e-learning l Industrialized countries are becoming knowledge economies. l A paradigm shift in the way that education and learning are perceived and developed. l The ubiquity of the internet and I.C.T. applications and possibilities in the world of today: the e in
Slide 6: The e-learning market: why e-learning?
The e-learning market: why e-learning? l Job environment becomes more and more technically and intellectually demanding. l Companies are always looking for more efficiency & cost-reduction. l Globalisation means global companies. l Knowledge workers require more flexibility: working anytime and anyw
Slide 7: The e-learning market: e-learning trends
The e-learning market: e-learning trends l Organizations need integrated learning solutions l Technological constraints are disappearing: the e- aspect becomes a facilitator. l Gaming technologies creates interactive learning experiences. l Learning is becoming a central theme of every organization.
Slide 8: U&I Learning: the e-learning consultants
U&I Learning: the e-learning consultants Profile of the U&I Learning consultants – 60 people Ι Learning Architect Ι Technology Manager Ι e-learning Content Ι LMS Expert Developer Ι Linguistic Expert Ι Educational Graphics Ι Project Manager Designer Ι Educational Multimedia Expert Ι Educational Softw
Slide 9: U&I Learning: the e-learning consultants
U&I Learning: the e-learning consultants Management Team l Francis Declercq (51) - Chief Executive Officer l Harm Dijkstra (35) - Manager U&I Learning Nederland l Frans Quintelier (39) - Operations Manager l Danny De Witte (46) - Technology Manager l Jo Algoed (51) - Marketing Manager
Slide 10: U&I Learning: competitive advantages
U&I Learning: competitive advantages l Pure play e-learning provider, solution based on Technology: Learning Management System LS5 and the Edugame engine. Content: e-learning methodology based on didactical principles Contracts: • Methodology: Information Mapping® distribution in Belgium. • Outstart
Slide 11: U&I Learning: services and solutions
U&I Learning: services and solutions Our solutions are based on three pillars : l User-friendly technology l User-friendly learning content l Integrated services e.g. edu-games
Slide 12: U&I Learning: key financials (Consolidated)
U&I Learning: key financials (Consolidated) EUR 2002 2003 2004 2005 2006E Turnover 822.528 1.428.615 3.782.596 4.622.669 5.580.000 BITDA (167.990) 78.350 523.426 514.130 658.348 EBIT (223.273) 14.191 402.611 364.187 488.322 Profit after (220.597) 7.077 245.303 137.709 n/a Taxes Shareholders’ 243.601
Slide 13: U&I Learning customers
U&I Learning customers Government & Organizations
Slide 14: U&I Learning customers
U&I Learning customers Industry
Slide 15: U&I Learning customers
U&I Learning customers Banks & Insurance
Slide 16: U&I Learning: distribution & alliance partners
U&I Learning: distribution & alliance partners
Slide 17: U&I: demos
U&I: demos USI Learning
Slide 18: Valuation of the company
e-lea ia” : 4 edug aaa mentation Ua Learning
Slide 19: Two valuation methods: peer group (1)
Two valuation methods: peer group (1) Peer group analysis l value of an unquoted company can be estimated by multiplying financials parameters of this company, with a number of ratios of comparable (quoted / publicly listed) companies. l a peer group contains several companies with a comparable char
Slide 20: Two valuation methods: peer group (2)
Two valuation methods: peer group (2) Market Stock Reporting Annual Company FX Cap Exchange Standard Report Blackboard 766 NASDAQ USD U.S. G.A.A.P. 31/12/2005 e-College 497 NASDAQ USD U.S. G.A.A.P. 31/12/2005 Saba 167 NASDAQ USD U.S. G.A.A.P. 31/05/2005 SkillSoft 589 NASDAQ USD U.S. G.A.A.P. 31/01/2
Slide 21: Two valuation methods: peer group (3)
Two valuation methods: peer group (3) Multiples FY 2006! Company P/E EV/S EV/EBITDA Blackboard n/a 3,91 25,47 e-College 28,4 3,46 13,26 Intellexis 10,46 2,41 13,02 Saba n/a 2,45 86,04 SkillSoft 26,68 2,15 11,50 Sumtotal Systems 16,61 1,17 18,41 Average 20,540 2,597 27,955 16,33
Slide 22: Two valuation methods: peer group (4)
Two valuation methods: peer group (4) Peer group analysis : equity value of 8,694 million EUR million EUR equity value P/E multiple 5,343 EV/S multiple 11,957 EV/EBITDA multipe 8,782 average 8,694
Slide 23: Two valuation methods: DCF (1)
Two valuation methods: DCF (1) Discounted Cash Flow (DCF) analysis l The DCF-method is a more dynamic and prospective. l The value of a company is defined as the net present value (NPV) of the expected free cash flows. The DCF valuation calculates the value of a company as the sum of all future inco
Slide 24: Two valuation methods: DCF (2)
Two valuation methods: DCF (2) DCF: equity value of 7,266 million EUR l pre-money equity value l WACC = 12,57% l terminal value based on 1,5% growth rate
Slide 25: U&I Learning: I.P.O. share price
U&I Learning: I.P.O. share price Valuation method equity value (milion EUR) share price (EUR) Peer group analys 8,694 8,694 DCF-waardering 7,266 7,266 average 7,980 7,980 I.P.O. price 6,5 6,5 I.P.O. share price of 6,5 EUR: a discount of 18,55% compared to the average of the two valuation methods (pe
Slide 26: Key Investment Considerations
Key Investment Considerations
Slide 27: Key Investment Considerations: growing market
Key Investment Considerations l Growing Market (IDC) vs total Market vs traditional training lPart of European “Lisbon strategy” Classroom Classroom training training to to shrink shrink e-Learning e-Learning as as % % of of training training delivered delivered 35% 35% 80% 80% 30% 30% 70% 70% train
Slide 28: Key Investment Considerations
Key Investment Considerations U&I Learning l Unique track record Market share: top position in Belgian market, growth potential in Dutch market Profitable since 2003 l Very sound balance sheet structure l Excellent future earning perspectives l Fast growing market l Very good professional management
Slide 29: Modalities of the U&I Learning I.P.O.
Modalities of the U&I Learning I.P.O.
Slide 30: Modalities of the I.P.O.
Modalities of the I.P.O. Number of shares before the offer: 1.000.000 l 384.500 shares are proposed: 230.700 new shares and 153.800 existing shares l 6,5 EUR / share = 1,5 miljoen EUR for U&I l I.P.O. cost split = 30% / 70% l Number of shares after the offer: 1.230.700 31,24 % among the public 54,40
Slide 31: Questions & Answers
e-lea ia” : 4 edug aaa mentation Ua Learning
Slide 32: WEGHSTEEN & DRIEGE
WEGHSTEEN & DRIEGE Beursvennootschap 32
Slide 33: Beursvennootschap
Beursvennootschap z Bestaat sedert 1890 z Onafhankelijke beursvennootschap z Richt zich vooral tot particuliere cliënten z Sterkte: segregatie (scheiding tussen activa cliënten en deze van de beursvennootschap) 33
Slide 34: VRIJE MARKT
VRIJE MARKT z Weghsteen & Driege is de leidende tussenpersoon op de Vrije Markt: van de 11 aandelen genoteerd op deVrije Markt heeft Weghsteen & Driege deelgenomen aan 9 operaties. z Weghsteen & Driege is sponsor (doet de bookbuilding, de plaatsing enz.) z Weghsteen & Driege is nooit arrangeur (opst
Slide 35: U & I Learning
U & I Learning z Openbaar bod tegen de vaste prijs van EUR 6.50 per aandeel bestaande uit – Maximaal 230.700 nieuwe aandelen met VVPR- strips – Maximaal 153.800 bestaande aandelen z Nieuwe aandelen worden eerst geplaatst z Het Bod loopt van 5 juli tot 26 juli , maar kan vervroegd worden afgesloten.
Slide 36: PRIORITAIRE/NIET PRIORITAIRE TRANCHE
PRIORITAIRE/NIET PRIORITAIRE TRANCHE z Meestal is 80% van de aangeboden aandelen in de IPO gereserveerd voor de prioritaire tranche, die voorbehouden is aan de cliënten van Weghsteen & Driege. z 20% is de niet prioritaire tranche die gecentraliseerd wordt bij Euronext. z De gevraagde en niet bekomen
Slide 37: VERVROEGDE AFSLUITING
VERVROEGDE AFSLUITING z Prioritaire tranche (80 % van de aandelen maximaal 307.600) wordt afgesloten zo gauw ze volledig geplaatst is. Uit respect voor de beleggers die inschrijven via een andere financiële instelling blijft de plaatsing minstens één dag open. z Niet prioritaire tranche (20% maximaa
Slide 38: TOEWIJZING
TOEWIJZING z Bij de operaties waarbij Weghsteen & Driege betrokken is, gebeurt de verdeling bij overinschrijving pro rata z Inschrijvingen op de Vrije Markt worden gratis bewaard in effectendepot bij Weghsteen & Driege z Gelden op rekening bij Weghsteen & Driege krijgen een rentevergoeding gekoppeld
Slide 39: Fiscaal statuut aandelen
Fiscaal statuut aandelen z Aan de nieuwe aandelen is een VVPR-strip gehecht waardoor op de dividenden slechts 15% roerende voorheffing moet betaald worden. Op de bestaande aandelen bedraagt de voorheffing 25%. z Vermits U & I Learning niet voornemens is de eerste jaren dividend uit te keren heeft di
Slide 40: Hoe inschrijven (I)
Hoe inschrijven (I) z Bij de eigen bank of beursvennootschap – Deze geven het order door aan Weghsteen & Driege – Deze orders krijgen dezelfde toewijzing als de cliënten van Weghsteen & Driege z Bij Weghsteen & Driege voor bestaande cliënten – U faxt het ingevulde inschrijfformulier naar Weghsteen &
Slide 41: Hoe inschrijven (II)
Hoe inschrijven (II) – Bij Weghsteen & Driege (nieuwe cliënt) z U faxt het ingevulde en getekende inschrijfformulier naar Weghsteen & Driege (050/ 34 11 04) (vermeld ook Uw e- mailadres) z U faxt een copie (voorkant en achterkant) van Uw identiteitskaart z U stort het bedrag op de rekening 380-00004
Slide 42: Weghsteen & Driege
6 Weghsteen & Driege ~ 8003616 de bourse -Q&A