2024年三季度企业SaaS公共报表和估值指南（英）2024

Key Takeaways

Valuation Multiples

• Enterprise Value (EV) / Trailing 12-Month (TTM) Revenue Multiples:
  • Median Multiple at End of Q3 2024: 3.7x, down from 4x in Q2 2024.
  • Year-over-Year (YoY) Decline: Down 78.4% from the peak of 17.4x in 2021.
  • September 2024 Median Multiple: Lowest since 2016, below 2017 and 2018 year-end medians of 6.8x and 9x, respectively.
  • Average Multiple Across Enterprise SaaS Companies: 4.9x, down from 5.1x in Q2 2024.

IPO Activity and Revenue Growth

• SaaS IPOs: No significant IPOs in Q3 2024 due to economic uncertainty and soft revenue growth outlooks.
• Revenue Growth Rates:
  • Pre-Pandemic Years (2018-2019): Median growth rates of 34% and 27%, respectively.
  • Recent Years: Median growth rate of 17% in 2023, marking the lowest rate since 2016.
  • Forecasted Growth: Expected to decline further to the low teens in 2024.

Margin Trends

• Gross Margins:

  • Increase in 2023: Median gross margins increased to 73%.
  • Deceleration: From 26% in 2022 to 22% in 2023.
  • Future Outlook: Expected to continue improving, particularly in CRM and analytics sectors.

• EBITDA Margins:

  • Recovery: Median EBITDA margin recovered to 14% in 2023 from 10.2% in 2022.
  • Sector Variability: Marketing and CRM sectors expected to see meaningful recovery; ERP and HR sectors expected to see declining margins.

Notable Valuation Improvements

• Top Performers:
  • Wix: Up 34.1%.
  • SAP: Up 31.8%.
  • Weave: Up 23.1%.
  • Informatica: Up 8.5%.
  • Autodesk: Up 4.8%.

Summary

• Valuation: Enterprise SaaS companies are experiencing a significant decline in valuation multiples, with the median EV/TTM revenue multiple reaching a new low of 3.7x in Q3 2024.
• Revenue Growth: Slowing revenue growth remains a concern, with the median growth rate dropping to 17% in 2023 and expected to decline further.
• Margins: Gross margins are stabilizing, with CRM and analytics sectors showing potential for continued improvement. EBITDA margins are recovering but vary by sector.
• IPO Activity: No significant SaaS IPOs in Q3 2024, reflecting ongoing economic uncertainty.
• Notable Improvements: Some companies like Wix, SAP, Weave, Informatica, and Autodesk have shown notable valuation improvements despite market headwinds.