Speedster Bidco GmbH

The group's revenues in 2020 (pro forma 12 months period) were flat year-on-year at €228 million, when deducting €13.6 million in COVID-19 discounts, despite the difficult trading environment. This was well above our expectations of €180 million-€190 million, primarily due to the €17 million pro forma revenue contribution of LeasingMarkt.de, which AS24 acquired in August 2020, but also to the resilience of the company's subscription-based business model and the faster-than-expected recovery of car registrations across Europe. AS24's adjusted pro forma 12 months EBITDA in 2020 stood at about €115 million, corresponding to an adjusted EBITDA margin of about 51%, supported by the company's various cost control initiatives during the year to counterbalance pandemic effects. In 2020, PE firm Hellman&

...AS24's performance was resilient to pandemic-related disruptions and we expect a growth acceleration in 2021-2022. After a resilient performance in 2020, we forecast AutoScout24 (AS24, the parent company of which, Speedster Bidco GmbH, we rate) to grow at a double-digit rate in 2021-2022, with revenue reaching 290 million and adjusted EBITDA 165 million by 2022, on the back of a full recovery in the classifieds market and increased penetration in existing markets. The group's revenues in 2020 (pro forma 12 months period) were flat year-on-year at 228 million, when deducting 13.6 million in COVID-19 discounts, despite the difficult trading environment. This was well above our expectations of 180 million-190 million, primarily due to the 17 million pro forma revenue contribution of LeasingMarkt.de, which AS24 acquired in August 2020, but also to the resilience of the company's subscription-based business model and the faster-than-expected recovery of car registrations across Europe. AS24's...

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