12/30/2024, 09:15 AM UTC
Zeta Global：因增长结构不利和并购价格昂贵而谨慎Zeta Global: Cautious Due To Unfavorable Growth Composition And Pricey M&A
1. Zeta Global的增长主要来自现有客户的ARPU挖掘，新账户增长放缓。2. 由于运营杠杆效应，有扩大利润空间的余地，如37%的年同比增长EBIT利润率所示。3. Zeta以5.8倍的EV/收入倍数收购LiveIntent，高于2024年SaaS中位数EV/收入交易倍数，并处于交易倍数最高的四分位数。4. 考虑到ZETA相对于同行的典型折扣13.9%，估值接近公允价值。5. RPO下降是需求风险，但随著提案请求的强劲环比增长，RPO可能增加。1. Zeta Global's growth is driven by ARPU-mining of existing clients, with new account growth decelerating. 2. There is room for margin expansion due to operating leverage effects, as seen in the 37% YoY incremental EBIT margins. 3. Zeta's acquisition of LiveIntent at a 5.8x EV/Revenues multiple is above the 2024 SaaS median and within the top quartile of transaction multiples. 4. Valuations are close to fair value, considering ZETA's typical discount of 13.9% vs peers. 5. Declining RPOs are a demand risk, but there is potential for an increase following a strong QoQ growth in requests for proposals.---
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