{"id":5207,"date":"2025-07-17T09:29:31","date_gmt":"2025-07-17T09:29:31","guid":{"rendered":"https:\/\/aventis-advisors.com\/?p=5207"},"modified":"2026-08-28T19:43:19","modified_gmt":"2026-08-28T19:43:19","slug":"valoracion-empresas-saas-h1-2025","status":"publish","type":"post","link":"https:\/\/aventis-advisors.com\/es\/valoracion-empresas-saas-h1-2025\/","title":{"rendered":"Valoraciones de SaaS en el primer semestre de 2025: resumen del webinar"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">On July 16, 2025, we hosted a live webinar titled \u201cSaaS Valuations H1 2025 Update\u201d. The webinar was presented by Marcin Majewski, Managing Director and Filip Drazdou, M&amp;A Director.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You can now watch the full webinar replay below. If you would like to download the presentation material used during the session, you can easily do so by clicking the download report button on the left (if you are using a computer) or by scrolling at the very end (if you\u2019re using a phone).<\/p>\n\n\n\n<div style=\"position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; height: auto;\">\n  <iframe \n    src=\"https:\/\/www.youtube.com\/embed\/FfuSXU9bH3g\"\n    frameborder=\"0\"\n    allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen\n    style=\"position: absolute; top: 0; left: 0; width: 100%; height: 100%;\">\n  <\/iframe>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>It\u2019s the middle of July, and I really appreciate that you\u2019re here with us today. It shows that you\u2019re among the most dedicated followers of our research, eager to stay informed about what\u2019s happening in the industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For those who haven\u2019t joined our previous webinars, I\u2019m Marcin Majewski, the founder and CEO of Aventus Advisors. I\u2019m joined today by Filip.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Hi, I\u2019m Filip Drazdou, Managing Director at Aventus Advisors. It\u2019s great to see you all.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>As always, we\u2019re here to share our latest insights and help you make better decisions &#8211; whether it\u2019s about your investments, exit strategies, or, more specifically, SaaS acquisitions and fast exits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even though it\u2019s summer, it\u2019s still an exciting time in the financial markets. There\u2019s a lot happening, and today we\u2019ll unpack what\u2019s been going on this year and what we can expect moving forward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, let\u2019s dive right in.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Let\u2019s dive in.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The theme of today\u2019s discussion is \u201cTACO,\u201d which helps explain many of the recent swings in the financial markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For those unfamiliar with the term, TACO stands for \u201cTrump Always Chickens Out.\u201d Over time, we may grow immune to the market reactions, but the fact remains &#8211; Trump still has the capacity to move markets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Back in our <a href=\"https:\/\/aventis-advisors.com\/2025-saas-valuations-webinar\/\">April webinar for SaaS companies<\/a>, founders, and investors, we promised to revisit the <a href=\"https:\/\/aventis-advisors.com\/saas-valuation-multiples\/\">topic of SaaS valuations<\/a> 90 days after what we called Liberation Day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For those who might not remember what happened back in April, there was an announcement of reciprocal tariffs in the U.S. on essentially the rest of the world.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That announcement was quickly suspended with a 90-day deadline, during which the U.S. was supposed to close trade deals with other countries. But over those 90 days, that really didn\u2019t happen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trump didn\u2019t follow through with the reciprocal tariffs, at least not to the extent he promised. Very few deals were made, with the most notable being the one with the UK and a sort of ceasefire with China. But beyond that, everything is still pending.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I don\u2019t think we\u2019ll see the full implementation of what was announced back in April anytime soon. The dust has largely settled, and the markets have discounted much of the tariff talk.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So today, we\u2019re here to explain how all this has translated into SaaS valuations. And honestly, we were quite surprised by what we saw.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filip, let\u2019s put some perspective on it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, let\u2019s zoom out for a moment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The markets dipped earlier this year but are now back at all-time highs. So we wanted to see how <a href=\"https:\/\/aventis-advisors.com\/saas-valuation-multiples\/\">SaaS valuations<\/a> evolved in that context.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking at the big picture &#8211; a 10-year view: recent fluctuations are relatively minor. There\u2019s been a bit of movement up and down, but nothing dramatic compared to the trends we saw between 2016 and 2020, which was a period of rapid growth in multiples.<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">SaaS valuation multiples (1\/2)<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slide74a1ea4-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slide74a1ea4-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slide74a1ea4-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slide74a1ea4-clip3\"><rect x=\"0\" y=\"0\" width=\"704850\" height=\"190500\"\/><\/clipPath><image width=\"160\" height=\"43\" 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broader SaaS sector have been in a downtrend\u2026<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: S&amp;P Capital IQ as of 14 Jul 2025, Mergermarket<\/text><path d=\"M36.5001 164.5 1264.18 164.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><g><path d=\"M0 0 0.000104987 417\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 98.5001 596.5)\"\/><\/g><g><path d=\"M92.5001 596.5 104.5 596.5M92.5001 501.5 104.5 501.5M92.5001 406.5 104.5 406.5M92.5001 312.5 104.5 312.5M92.5001 217.5 104.5 217.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M98.5001 596.5 936.5 596.5\" stroke=\"#18142F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" 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526.5 919.5 524.5 926.5 523.5 933.5 521.5 936.5 518.5\" stroke=\"#7F7F7F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(911.354 475)\">6.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(911.354 511)\">4.1x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.2369 602)\">0.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.2369 508)\">5.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(36.8568 413)\">10.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(36.8568 318)\">15.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(36.8568 223)\">20.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(77.9265 624)\">2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(158.023 624)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(238.338 624)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(318.434 624)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(398.53 624)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(478.626 624)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(558.941 624)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(639.037 624)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(719.133 624)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(799.229 624)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(879.545 624)\">2025<\/text><\/g><g><path d=\"M342.5 188.5 367.5 188.5\" stroke=\"#5F54C3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(370.476 195)\">$1B+ US-listed<\/text><\/g><g><path d=\"M563.5 188.5 588.5 188.5\" stroke=\"#7F7F7F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(591.562 195)\">All SaaS<\/text><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(47.4507 154)\">Publicly listed and private market SaaS valuations, EV\/Revenue multiple, monthly, 2015<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(818.397 154)\">&#8211;<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(824.564 154)\">2025<\/text><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(44.2528 649)\">Note: The last EV\/Revenue multiple data for private M&amp;A deals is from 2024<\/text><text fill=\"#5F54C3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(126.716 426)\">(n=70)<\/text><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(110.369 549)\">(n=196)<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">2<\/text><path d=\"M961.5 193.94C961.5 187.622 966.622 182.5 972.94 182.5L1234.06 182.5C1240.38 182.5 1245.5 187.622 1245.5 193.94L1245.5 621.061C1245.5 627.378 1240.38 632.5 1234.06 632.5L972.94 632.5C966.622 632.5 961.5 627.378 961.5 621.061Z\" stroke=\"#7F7F7F\" stroke-width=\"1.33333\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M969.5 229.032C969.5 224.872 972.872 221.5 977.032 221.5L1229.97 221.5C1234.13 221.5 1237.5 224.872 1237.5 229.032L1237.5 400.968C1237.5 405.128 1234.13 408.5 1229.97 408.5L977.032 408.5C972.872 408.5 969.5 405.128 969.5 400.968Z\" stroke=\"#5E4AC3\" stroke-width=\"1.33333\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><rect x=\"1035\" y=\"165\" width=\"136\" height=\"35\" fill=\"#FFFFFF\"\/><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(1048.47 189)\">Global SaaS<\/text><rect x=\"1018\" y=\"204\" width=\"181\" height=\"35\" fill=\"#FFFFFF\"\/><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(1043.22 228)\">$1B+ US<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(1119.38 228)\">&#8211;<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(1125.55 228)\">listed<\/text><g clip-path=\"url(#c202507slide74a1ea4-clip3)\" transform=\"matrix(0.000104987 0 0 0.000104987 983 248)\"><g clip-path=\"url(#c202507slide74a1ea4-clip5)\" transform=\"scale(1 1.00566)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img4\" transform=\"scale(4405.31 4405.31)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 1078 241)\"><g clip-path=\"url(#c202507slide74a1ea4-clip7)\" transform=\"scale(1.00484 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img6\" transform=\"scale(7498.4 7498.4)\"\/><\/g><\/g><g clip-path=\"url(#c202507slide74a1ea4-clip8)\" transform=\"matrix(0.000104987 0 0 0.000104987 1157 248)\"><g clip-path=\"url(#c202507slide74a1ea4-clip10)\" transform=\"scale(1.01053 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img9\" transform=\"scale(4021.67 4021.67)\"\/><\/g><\/g><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-style=\"italic\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1057.72 399)\">70 firms overall<\/text><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-style=\"italic\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1054.06 622)\">196 firms overall<\/text><g transform=\"matrix(0.000104987 0 0 0.000104987 976 298)\"><g clip-path=\"url(#c202507slide74a1ea4-clip12)\" transform=\"scale(1.02692 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img11\" transform=\"scale(5159.38 5159.38)\"\/><\/g><\/g><g clip-path=\"url(#c202507slide74a1ea4-clip13)\" transform=\"matrix(0.000104987 0 0 0.000104987 970 433)\"><g clip-path=\"url(#c202507slide74a1ea4-clip15)\" transform=\"matrix(1.01429 0 0 1 -1 0)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img14\" transform=\"scale(5208.98 5208.98)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 971 494)\"><g clip-path=\"url(#c202507slide74a1ea4-clip17)\" transform=\"scale(1.00538 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img16\" transform=\"scale(3922.06 3922.06)\"\/><\/g><\/g><g clip-path=\"url(#c202507slide74a1ea4-clip18)\" transform=\"matrix(0.000104987 0 0 0.000104987 1074 298)\"><g clip-path=\"url(#c202507slide74a1ea4-clip20)\" transform=\"scale(1.02029 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img19\" transform=\"scale(4978.98 4978.98)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 976 547)\"><g clip-path=\"url(#c202507slide74a1ea4-clip22)\" transform=\"scale(1 1.00018)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img21\" transform=\"scale(4413.25 4413.25)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 1164 301)\"><g clip-path=\"url(#c202507slide74a1ea4-clip24)\" transform=\"scale(1 1.04118)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img23\" transform=\"scale(3659.32 3659.32)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 977 347)\"><g clip-path=\"url(#c202507slide74a1ea4-clip26)\" transform=\"scale(1.02667 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img25\" transform=\"scale(2857.5 2857.5)\"\/><\/g><\/g><g clip-path=\"url(#c202507slide74a1ea4-clip27)\" transform=\"matrix(0.000104987 0 0 0.000104987 1142 441)\"><g clip-path=\"url(#c202507slide74a1ea4-clip29)\" transform=\"matrix(1.01777 0 0 1 -1 0)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img28\" transform=\"scale(5484.09 5484.09)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 1149 487)\"><g clip-path=\"url(#c202507slide74a1ea4-clip31)\" transform=\"scale(1 1.01803)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img30\" transform=\"scale(5476.88 5476.88)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 1058 498)\"><g clip-path=\"url(#c202507slide74a1ea4-clip33)\" transform=\"scale(1 1.02128)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img32\" transform=\"scale(3175 3175)\"\/><\/g><\/g><g clip-path=\"url(#c202507slide74a1ea4-clip34)\" transform=\"matrix(0.000104987 0 0 0.000104987 1126 552)\"><g clip-path=\"url(#c202507slide74a1ea4-clip36)\" transform=\"scale(1.03335 1)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img35\" transform=\"scale(3386.67 3386.67)\"\/><\/g><\/g><g transform=\"matrix(0.000104987 0 0 0.000104987 1055 434)\"><g clip-path=\"url(#c202507slide74a1ea4-clip38)\" transform=\"scale(1 1.00806)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img37\" transform=\"scale(4724.4 4724.4)\"\/><\/g><\/g><g clip-path=\"url(#c202507slide74a1ea4-clip39)\" transform=\"matrix(0.000104987 0 0 0.000104987 1063 344)\"><g clip-path=\"url(#c202507slide74a1ea4-clip41)\" transform=\"matrix(1.02 0 0 1 0 -0.25)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img40\" transform=\"scale(3735.29 3735.29)\"\/><\/g><\/g><g clip-path=\"url(#c202507slide74a1ea4-clip42)\" transform=\"matrix(0.000104987 0 0 0.000104987 1136 347)\"><g clip-path=\"url(#c202507slide74a1ea4-clip44)\" transform=\"matrix(1.03273 0 0 1 -40254.5 -61625)\"><use width=\"100%\" height=\"100%\" xlink:href=\"#c202507slide74a1ea4-img43\" transform=\"scale(5484.22 5484.22)\"\/><\/g><\/g><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">During COVID, there was a massive spike in valuations, followed by a steep decline. And over the past three years, we\u2019ve seen a slow, steady downward trend. Political headlines haven\u2019t really had a huge impact on headline revenue multiples.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, if we look at our basket of the largest SaaS companies, those with market caps above $1 billion, listed in the U.S., like Adobe, Salesforce, and Zoom, the median multiple is still around 6x revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If we broaden that view to a much larger basket of 200 SaaS firms globally, the median multiple is closer to 4x revenue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, from a big-picture perspective, the changes aren\u2019t dramatic. But if we zoom in on the past 12 months, we see more volatility. 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font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">Multiples fluctuated throughout the past 12 months, but we are ending up roughly where we were a year ago<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: S&amp;P Capital IQ as of 14 Jul 2025<\/text><g><path d=\"M0 0 0.000104987 412\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 98.5001 594.5)\"\/><\/g><g><path d=\"M93.5001 594.5 104.5 594.5M93.5001 543.5 104.5 543.5M93.5001 491.5 104.5 491.5M93.5001 440.5 104.5 440.5M93.5001 388.5 104.5 388.5M93.5001 337.5 104.5 337.5M93.5001 285.5 104.5 285.5M93.5001 233.5 104.5 233.5M93.5001 182.5 104.5 182.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M98.5001 594.5 1205.5 594.5\" stroke=\"#18142F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M98.5001 589.5 98.5001 600.5M186.5 589.5 186.5 600.5M274.5 589.5 274.5 600.5M361.5 589.5 361.5 600.5M449.5 589.5 449.5 600.5M536.5 589.5 536.5 600.5M624.5 589.5 624.5 600.5M712.5 589.5 712.5 600.5M799.5 589.5 799.5 600.5M887.5 589.5 887.5 600.5M974.5 589.5 974.5 600.5M1062.5 589.5 1062.5 600.5M1150.5 589.5 1150.5 600.5\" stroke=\"#18142F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M652.5 309.5C653.5 310.509 654.5 315.234 655.5 316.5\" stroke=\"#5E4AC3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M663.5 328.5C664.2 329.5 665.8 328.5 666.5 328.5\" stroke=\"#5E4AC3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M100.5 381.564C101.474 380.054 102.447 377.772 103.421 377.034 104.394 376.296 105.368 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1072.5 508.5 1075.5 508.5 1078.5 508.5 1081.5 511.5 1084.5 504.5 1087.5 502.5 1090.5 503.5 1093.5 502.5 1096.5 502.5 1099.5 502.5 1101.5 502.5 1104.5 499.5 1107.5 498.5 1110.5 502.5 1113.5 506.5 1116.5 506.5 1119.5 506.5 1122.5 508.5 1125.5 509.5 1128.5 506.5 1131.5 509.5 1134.5 511.5 1136.5 511.5 1139.5 511.5 1142.5 511.5 1145.5 506.5 1148.5 505.5 1151.5 504.5 1154.5 503.5 1157.5 503.5 1160.5 503.5 1163.5 501.5 1166.5 502.5 1169.5 504.5 1172.5 499.5 1174.5 497.5 1177.5 497.5 1180.5 497.5 1183.5 499.5 1186.5 498.5 1189.5 499.5 1192.5 501.5 1195.5 502.5 1198.5 502.5 1201.5 502.5 1204.5 494.5\" stroke=\"#7F7F7F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(906.694 377)\">6.2x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(1198.89 414)\">6.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(906.948 510)\">3.4x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(1180.22 487)\">4.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 601)\">2.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 549)\">3.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 498)\">4.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 446)\">5.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 395)\">6.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 343)\">7.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 292)\">8.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 240)\">9.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(37.1667 188)\">10.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(74.9302 623)\">Jul-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(162.532 623)\">Jul-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(245.456 623)\">Aug-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(333.058 623)\">Sep-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(422.746 623)\">Oct-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(508.271 623)\">Nov-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(595.873 623)\">Dec-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(685.024 623)\">Jan-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(771.593 623)\">Feb-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(859.204 623)\">Mar-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(948.352 623)\">Apr-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(1032.85 623)\">May-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(1123.03 623)\">Jun-25<\/text><\/g><g><path d=\"M478.5 192.5 503.5 192.5\" stroke=\"#5E4AC3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(506.381 199)\">$1B+ US-listed SaaS<\/text><\/g><g><path d=\"M706.5 192.5 732.5 192.5\" stroke=\"#7F7F7F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(735.019 199)\">All SaaS<\/text><\/g><path d=\"M468.5 217.5 468.5 595.453\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(911.178 234)\">\u201cLiberation Day\u201d<\/text><path d=\"M36.5001 164.5 1245.95 164.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(47.9646 155)\">Median EV\/Revenue multiple, LTM, daily<\/text><path d=\"M712.5 217.5 712.5 595.453\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M902.5 217.5 902.5 595.453\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(721.845 234)\">DeepSeek launch<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(477.512 234)\">DJT elected<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">We essentially ended up in July at about the same levels as a year ago. In the meantime, there were phases of optimism, like when Trump was elected and U.S. markets rallied as some uncertainty lifted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">During that period, SaaS companies traded as high as 7\u20138x revenue. Then, as trade war rumors started to feel more real, valuations declined. There was a sharp drop on what we called Liberation Day, followed by a reversal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, we\u2019re back to slightly lower numbers than before Liberation Day &#8211; around 6x for the largest U.S.-listed SaaS companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s interesting is that global SaaS companies actually gained a bit of ground. Before, they traded around 3.4x revenue, and now they\u2019re closer to 4x. So European and other international SaaS firms benefited slightly, closing the valuation gap with their U.S. peers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Yes, and a lot of that has to do with exchange rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re a European investor holding U.S. equities, particularly SaaS companies, you\u2019ve actually been slightly worse off due to exchange rate movements. On the other hand, if you\u2019re a U.S. investor holding European software companies, you\u2019ve gained quite a bit thanks to the currency shifts in the meantime.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I also noticed one of our attendees raised their hand. If you have questions, please type them into the Q&amp;A section. We\u2019ll go through all questions after we finish the slides. We really value your engagement, so feel free to share anything you\u2019d like us to address.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Okay, moving forward, let\u2019s talk about U.S. versus non-U.S. SaaS companies, which we\u2019ve already touched on a bit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Yes, this is an interesting dynamic. After Donald Trump\u2019s election, there was a wave of optimism in the U.S. stock market, and U.S. valuations, in particular, rose significantly. That trend lasted until February.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After what we called Liberation Day, the trend reversed. But even with that correction, there\u2019s still a significant premium, around 43% for U.S.-listed companies compared to their peers in other countries.<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">In Focus: US SaaS vs Non-US SaaS<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slidaeb1f486-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slidaeb1f486-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slidaeb1f486-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><\/defs><g><rect x=\"0\" y=\"0\" width=\"1280\" height=\"720\" fill=\"#FFFFFF\"\/><g clip-path=\"url(#c202507slidaeb1f486-clip0)\"><g clip-path=\"url(#c202507slidaeb1f486-clip1)\"><g 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transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">US SaaS firms multiples expanded rapidly following<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(466.667 112)\">the US<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(528.833 112)\">election, but are now squarely back to the pre<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(904.167 112)\">&#8211;<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(910.333 112)\">election levels<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: S&amp;P Capital IQ as of 14 Jul 2025<\/text><path d=\"M38.5001 164.5 1245.4 164.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(49.9091 155)\">US SaaS valuation premium, LTM, daily<\/text><g><path d=\"M0 0 0.000104987 412\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 102.5 594.5)\"\/><\/g><g><path d=\"M97.5001 594.5 108.5 594.5M97.5001 512.5 108.5 512.5M97.5001 430.5 108.5 430.5M97.5001 347.5 108.5 347.5M97.5001 265.5 108.5 265.5M97.5001 182.5 108.5 182.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M102.5 594.5 1207.5 594.5\" stroke=\"#18142F\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" 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1192 405 1195 406 1198 408 1201 410 1203 411 1206 410\" stroke=\"#FF0000\" stroke-width=\"2\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(59.8713 601)\">0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(49.4912 519)\">20%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(49.4912 436)\">40%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(49.4912 354)\">60%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(49.4912 271)\">80%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" 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font-size=\"19\" transform=\"translate(599.05 623)\">Dec-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(688.061 623)\">Jan-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(774.488 623)\">Feb-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(861.959 623)\">Mar-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(950.966 623)\">Apr-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(1035.32 623)\">May-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(1125.36 623)\">Jun-25<\/text><\/g><path d=\"M473.5 217.5 473.5 596.033\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M904.5 217.5 904.5 596.567\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3333\" transform=\"translate(485.133 234)\">DJT elected<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3333\" transform=\"translate(914.088 234)\">\u201cLiberation Day\u201d<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">A lot of that has to do with the size premium.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Exactly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>We tend to see more profitable companies in other countries, but the U.S. market\u2019s size is a huge advantage. If you need to deploy large sums of money, there\u2019s simply no bigger and more liquid market than the U.S.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re purely looking for value, there are probably better opportunities elsewhere. But when it comes to exits and finding buyers, there\u2019s no better buyer than a U.S. corporation. They have the firepower, and they benefit from geographical arbitrage when acquiring international companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So this dynamic is still very much in play, and I think it will continue for years to come.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, I agree. The U.S. premium is here to stay. It\u2019s the largest software market in the world and also the most liquid stock market with the widest investor exposure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even if the premium narrows slightly, it\u2019s unlikely to disappear. At the peak during COVID, the U.S. premium was well above 100%. Now it\u2019s smaller, but I believe it\u2019s a long-term structural factor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Right, so let\u2019s move on to the next topic.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Growth rates. This is one of the most critical KPIs for any SaaS company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The recent underperformance and decline in valuation multiples really stems from slowing growth rates.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What we\u2019re seeing is that SaaS growth has been gradually decelerating for quite some time. Ten years ago, the top-performing companies were growing at 30\u201335% annually. 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transform=\"matrix(1 0 0 1.00007 265.199 255)\">31%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 289.766 268)\">30%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 314.332 238)\">32%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 338.898 313)\">27%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 363.465 283)\">29%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 388.031 281)\">29%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 412.597 259)\">30%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 437.164 265)\">30%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 461.73 242)\">32%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 486.296 262)\">30%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 510.863 299)\">28%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 535.429 290)\">28%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 559.995 336)\">25%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 584.562 371)\">23%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 609.128 370)\">23%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 615.025 232)\">32%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 658.261 216)\">33%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 682.827 219)\">33%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 707.393 252)\">31%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" 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509)\">13%<\/text><\/g><g><path d=\"M56 170.012 1112 434.032\" stroke=\"#FF9900\" stroke-width=\"2.00029\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" stroke-dasharray=\"0 4.00059\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M1063.5 520.538 1057.5 534.539\" stroke=\"#A6A6A6\" stroke-width=\"1.00015\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M1112.5 512.538 1103.5 494.536\" stroke=\"#A6A6A6\" stroke-width=\"1.00015\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3363\" transform=\"matrix(1 0 0 1.00007 1034.66 550)\">10.90%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3363\" transform=\"matrix(1 0 0 1.00007 1081.11 540)\">10.80%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3363\" transform=\"matrix(1 0 0 1.00007 1081.11 490)\">11.40%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 13.0819 682)\">0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 13.0819 610)\">5%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 5.6675 537)\">10%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 5.6675 465)\">15%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 5.6675 393)\">20%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 5.6675 320)\">25%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 5.6675 248)\">30%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 5.6675 175)\">35%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"matrix(1 0 0 1.00007 5.6675 103)\">40%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 49.883 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 45.7224 703)\">2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 74.4494 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 70.2888 703)\">2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 99.0157 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 94.8551 703)\">2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 123.582 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 119.421 703)\">2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 148.148 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 143.988 703)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 172.715 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 168.554 703)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 197.281 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 193.12 703)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 221.847 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 217.687 703)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 246.414 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 242.253 703)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 270.98 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 266.819 703)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 295.546 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 291.386 703)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 320.113 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 315.952 703)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 344.679 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 340.518 703)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 369.245 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 365.085 703)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 393.812 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 389.651 703)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 418.378 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 414.217 703)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 442.944 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 438.784 703)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 467.511 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 463.35 703)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 492.077 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 487.916 703)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 516.643 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 512.483 703)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 541.21 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 537.049 703)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 565.776 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 561.615 703)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 590.342 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 586.182 703)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 614.909 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 610.748 703)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 639.475 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 635.315 703)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 664.041 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 659.881 703)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 688.608 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 684.447 703)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 713.174 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 709.014 703)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 737.74 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 733.58 703)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 762.307 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 758.146 703)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 786.873 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 782.713 703)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 811.44 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 807.279 703)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 836.006 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 831.845 703)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 860.572 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 856.411 703)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 885.138 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 880.978 703)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 909.705 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 905.544 703)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 934.271 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 930.11 703)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 958.837 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 954.677 703)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 983.404 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 979.243 703)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1007.97 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1003.81 703)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1032.54 692)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1028.38 703)\">2025<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1057.1 692)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1052.94 703)\">2025<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1081.67 692)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1077.51 703)\">2025<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1106.24 692)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"9\" transform=\"matrix(1 0 0 1.00007 1102.07 703)\">2025<\/text><\/g><g><path d=\"M476.5 112.508 501.5 112.508\" stroke=\"#5E4AC3\" stroke-width=\"3.00044\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M485 109.008 492 109.008 492 116.009 485 116.009Z\" fill=\"#5E4AC3\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 504.477 117)\">Growth rate<\/text><\/g><g><path d=\"M605.5 112.508 631.5 112.508\" stroke=\"#00B050\" stroke-width=\"3.00044\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M618.5 109.508 621.5 112.508 618.5 115.509 615.5 112.508Z\" stroke=\"#00B050\" stroke-width=\"1.00015\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#00B050\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"matrix(1 0 0 1.00007 634.079 117)\">Forecast<\/text><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 339.606 746)\">Source:<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12.0026\" transform=\"matrix(1 0 0 1.00007 384.279 746)\">Capital IQ<\/text><text fill=\"#FF9900\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3363\" transform=\"matrix(1 0 0 1.00007 629.665 393)\">Pre<\/text><text fill=\"#FF9900\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3363\" transform=\"matrix(1 0 0 1.00007 651.002 393)\">&#8211;<\/text><text fill=\"#FF9900\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3363\" transform=\"matrix(1 0 0 1.00007 655.503 393)\">COVID growth<\/text><text fill=\"#FF9900\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3363\" transform=\"matrix(1 0 0 1.00007 629.665 409)\">rate trendline<\/text><path d=\"M2.00029-1.63679e-06 2.00039 118.32-2.0002 118.32-2.00029 1.63679e-06ZM6.00098 116.32 0.000105002 128.321-6.00079 116.32Z\" fill=\"#75C541\" transform=\"matrix(1 0 0 -1.00007 667 358.348)\"\/><text fill=\"#75C541\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16.0035\" transform=\"matrix(1 0 0 1.00007 641.482 176)\">+<\/text><text fill=\"#75C541\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16.0035\" transform=\"matrix(1 0 0 1.00007 650.816 176)\">1<\/text><text fill=\"#75C541\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16.0035\" transform=\"matrix(1 0 0 1.00007 659.651 176)\">0<\/text><text fill=\"#75C541\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16.0035\" transform=\"matrix(1 0 0 1.00007 668.486 176)\">pp<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"13.3363\" transform=\"matrix(1 0 0 1.00007 1053.95 665)\">Forecast<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">There was one major exception during COVID when growth rates spiked by more than 10 percentage points in a single quarter. Everyone was suddenly investing in software &#8211; Zoom, project management tools, collaboration platforms to support remote work.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That temporary surge helped sustain high valuation multiples. It wasn\u2019t just about low interest rates and helicopter money; the fundamentals actually improved significantly for a while. Revenue growth jumped from around 22% back up to almost 35%. And if you believe that kind of growth would continue, it justifies paying high revenue multiples.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But now, in hindsight, we see it was a one-off event. Growth has resumed its downward trajectory. In fact, in the most recent quarter we looked at, Q1, the median revenue growth rate for the 70 largest SaaS companies dropped by nearly 2 percentage points in just one quarter, which is quite a lot.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Bring it on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>The reality is that new revenue simply isn\u2019t coming in. What we\u2019re seeing is that many SaaS companies are struggling to sign new customers. Even if their net revenue retention remains solid, the difficulty in acquiring new logos means their overall growth rates are declining.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And this is where the story of high revenue multiples for fast-growing but unprofitable companies starts to break down.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re a SaaS company growing only 10% annually and still not profitable, the question becomes: why would anyone pay a high revenue multiple for that? At that point, you\u2019re starting to look more like a traditional business with limited growth prospects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, imagine a SaaS company doing $10 million in revenue but generating only $1 million in EBITDA. Valuing that business at 3\u20135x revenue &#8211; that\u2019s $30\u201350 million. It seems excessive when it\u2019s barely profitable and not growing meaningfully. From a common-sense perspective, it just doesn\u2019t add up.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, taking into account the slowdown in growth but still seeing relatively healthy revenue multiples, I\u2019d say the current environment remains quite good for founders and sellers. It could have been much worse, we could already be in a world where SaaS companies are valued strictly on EBITDA multiples. And in a few years, as the industry matures further, we probably <em>will<\/em> see more EBITDA-based valuation approaches.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But for now, even with median revenue growth around 10%, which is quite conservative, we\u2019re still seeing revenue multiples being applied. That shows the market is still relatively favorable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>I have a question.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking at this green line on the chart and the little \u201chockey stick\u201d recovery forming here &#8211; are we really buying that? Do we actually see any reason why the decline in growth rates would stop?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It looks optimistic, suggesting there\u2019s some bounce back. 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1.1501 114.406 0.51556 113.89 0 113.256 0Z\" transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">A continued decline of SaaS growth rate in Q1 2025, driven by lower new adds; still rather expensive on EVRG basis<\/text><path d=\"M35.5001 163.5 1245.01 163.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(48.784 153)\">Median YoY quarterly revenue growth, %<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 679)\">Source: S&amp;P Capital IQ<\/text><g><path d=\"M75.5001 527.5 619.5 527.5M75.5001 480.5 619.5 480.5M75.5001 433.5 619.5 433.5M75.5001 386.5 619.5 386.5M75.5001 339.5 619.5 339.5M75.5001 293.5 619.5 293.5M75.5001 246.5 619.5 246.5M75.5001 199.5 619.5 199.5\" stroke=\"#F2F2F2\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M0 0 0.000104987 375\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 75.5001 574.5)\"\/><\/g><g><path d=\"M71.5001 574.5 79.5001 574.5M71.5001 527.5 79.5001 527.5M71.5001 480.5 79.5001 480.5M71.5001 433.5 79.5001 433.5M71.5001 386.5 79.5001 386.5M71.5001 339.5 79.5001 339.5M71.5001 293.5 79.5001 293.5M71.5001 246.5 79.5001 246.5M71.5001 199.5 79.5001 199.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M75.5001 574.5 619.5 574.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M75.5001 570.5 75.5001 577.5M87.5001 570.5 87.5001 577.5M100.5 570.5 100.5 577.5M112.5 570.5 112.5 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383.833 465.667 387.833 461.667 383.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M477.667 386.833 481.667 390.833 477.667 394.833 473.667 390.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M489.667 396.833 493.667 400.833 489.667 404.833 485.667 400.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M502.667 396.833 506.667 400.833 502.667 404.833 498.667 400.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M514.667 406.833 518.667 410.833 514.667 414.833 510.667 410.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M527.667 421.833 531.667 425.833 527.667 429.833 523.667 425.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M539.667 422.833 543.667 426.833 539.667 430.833 535.667 426.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M551.667 417.833 555.667 421.833 551.667 425.833 547.667 421.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M564.667 429.833 568.667 433.833 564.667 437.833 560.667 433.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><path d=\"M576.667 447.833 580.667 451.833 576.667 455.833 572.667 451.833Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><\/g><g><path d=\"M576.5 451.5 588.5 472.5 601.5 472.5 613.5 467.5\" stroke=\"#75C541\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M588.667 469.833 591.667 472.833 588.667 475.833 585.667 472.833Z\" stroke=\"#75C541\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#75C541\"\/><path d=\"M601.667 469.833 604.667 472.833 601.667 475.833 598.667 472.833Z\" stroke=\"#75C541\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#75C541\"\/><path d=\"M613.667 464.833 616.667 467.833 613.667 470.833 610.667 467.833Z\" stroke=\"#75C541\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#75C541\"\/><\/g><g><path d=\"M576.5 448.5 579.5 451.5 576.5 454.5 573.5 451.5Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><\/g><g><path d=\"M564.5 433.5 573.5 411.5\" stroke=\"#A6A6A6\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(546.907 406)\">15.0%<\/text><\/g><g><path d=\"M576.5 451.5 572.5 475.5 566.5 475.5\" stroke=\"#A6A6A6\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(509.573 483)\">13.1%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(44.5799 578)\">0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(44.5799 531)\">5%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(37.1666 485)\">10%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(37.1666 438)\">15%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(37.1666 391)\">20%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(37.1666 344)\">25%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(37.1666 297)\">30%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(37.1666 250)\">35%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(37.1666 204)\">40%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 85.552 622)\">Q1 2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 97.9271 622)\">Q2 2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 110.302 622)\">Q3 2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 122.677 622)\">Q4 2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 135.052 622)\">Q1 2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 147.428 622)\">Q2 2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 159.803 622)\">Q3 2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 172.178 622)\">Q4 2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 184.553 622)\">Q1 2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 196.928 622)\">Q2 2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 209.303 622)\">Q3 2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 221.678 622)\">Q4 2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 234.053 622)\">Q1 2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 246.428 622)\">Q2 2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 258.804 622)\">Q3 2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 271.179 622)\">Q4 2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 283.554 622)\">Q1 2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 295.929 622)\">Q2 2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 308.304 622)\">Q3 2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 320.679 622)\">Q4 2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 333.054 622)\">Q1 2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 345.429 622)\">Q2 2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 357.804 622)\">Q3 2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 370.179 622)\">Q4 2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 382.555 622)\">Q1 2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 394.93 622)\">Q2 2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 407.305 622)\">Q3 2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 419.68 622)\">Q4 2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 432.055 622)\">Q1 2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 444.43 622)\">Q2 2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 456.805 622)\">Q3 2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 469.18 622)\">Q4 2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 481.555 622)\">Q1 2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 493.931 622)\">Q2 2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 506.306 622)\">Q3 2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 518.681 622)\">Q4 2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 531.056 622)\">Q1 2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 543.431 622)\">Q2 2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 555.806 622)\">Q3 2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 568.181 622)\">Q4 2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 580.556 622)\">Q1 2025<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 592.931 622)\">Q2 2025<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 605.307 622)\">Q3 2025<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 617.682 622)\">Q4 2025<\/text><\/g><g><path d=\"M183.5 196.5 208.5 196.5\" stroke=\"#5E4AC3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M195.5 192.5 199.5 196.5 195.5 200.5 191.5 196.5Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(211.322 201)\">Growth rate<\/text><\/g><g><path d=\"M385.5 196.5 411.5 196.5\" stroke=\"#75C541\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M398.5 193.5 401.5 196.5 398.5 199.5 395.5 196.5Z\" stroke=\"#75C541\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#75C541\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(413.764 201)\">Forecast<\/text><\/g><rect x=\"502.5\" y=\"375.5\" width=\"119\" height=\"124\" stroke=\"#FF0000\" stroke-width=\"1.33333\" stroke-miterlimit=\"8\" stroke-dasharray=\"5.33333 4\" fill=\"none\"\/><path d=\"M629 164 659 398 629 632Z\" fill=\"#F2F2F2\" fill-rule=\"evenodd\"\/><g><path d=\"M695.5 535.5 1218.5 535.5M695.5 493.5 1218.5 493.5M695.5 451.5 1218.5 451.5M695.5 409.5 1218.5 409.5M695.5 367.5 1218.5 367.5M695.5 325.5 1218.5 325.5M695.5 283.5 1218.5 283.5M695.5 242.5 1218.5 242.5M695.5 200.5 1218.5 200.5\" stroke=\"#F2F2F2\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M0 0 0.000104987 377\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 695.5 577.5)\"\/><\/g><g><path d=\"M691.5 577.5 699.5 577.5M691.5 535.5 699.5 535.5M691.5 493.5 699.5 493.5M691.5 451.5 699.5 451.5M691.5 409.5 699.5 409.5M691.5 367.5 699.5 367.5M691.5 325.5 699.5 325.5M691.5 283.5 699.5 283.5M691.5 242.5 699.5 242.5M691.5 200.5 699.5 200.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M695.5 577.5 1218.5 577.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M695.5 573.5 695.5 580.5M707.5 573.5 707.5 580.5M720.5 573.5 720.5 580.5M733.5 573.5 733.5 580.5M746.5 573.5 746.5 580.5M758.5 573.5 758.5 580.5M771.5 573.5 771.5 580.5M784.5 573.5 784.5 580.5M797.5 573.5 797.5 580.5M809.5 573.5 809.5 580.5M822.5 573.5 822.5 580.5M835.5 573.5 835.5 580.5M848.5 573.5 848.5 580.5M861.5 573.5 861.5 580.5M873.5 573.5 873.5 580.5M886.5 573.5 886.5 580.5M899.5 573.5 899.5 580.5M912.5 573.5 912.5 580.5M924.5 573.5 924.5 580.5M937.5 573.5 937.5 580.5M950.5 573.5 950.5 580.5M963.5 573.5 963.5 580.5M975.5 573.5 975.5 580.5M988.5 573.5 988.5 580.5M1001.5 573.5 1001.5 580.5M1014.5 573.5 1014.5 580.5M1026.5 573.5 1026.5 580.5M1039.5 573.5 1039.5 580.5M1052.5 573.5 1052.5 580.5M1065.5 573.5 1065.5 580.5M1078.5 573.5 1078.5 580.5M1090.5 573.5 1090.5 580.5M1103.5 573.5 1103.5 580.5M1116.5 573.5 1116.5 580.5M1129.5 573.5 1129.5 580.5M1141.5 573.5 1141.5 580.5M1154.5 573.5 1154.5 580.5M1167.5 573.5 1167.5 580.5M1180.5 573.5 1180.5 580.5M1192.5 573.5 1192.5 580.5M1205.5 573.5 1205.5 580.5M1218.5 573.5 1218.5 580.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M701.5 487.5 714.5 488.5 726.5 482.5 739.5 497.5 752.5 502.5 765.5 497.5 778.5 490.5 790.5 478.5 803.5 476.5 816.5 469.5 829.5 463.5 841.5 475.5 854.5 429.5 867.5 425.5 880.5 415.5 892.5 456.5 905.5 422.5 918.5 422.5 931.5 422.5 943.5 385.5 956.5 430.5 969.5 331.5 982.5 270.5 995.5 219.5 1007.5 357.5 1020.5 343.5 1033.5 349.5 1046.5 370.5 1058.5 416.5 1071.5 448.5 1084.5 453.5 1097.5 438.5 1109.5 406.5 1122.5 399.5 1135.5 402.5 1148.5 395.5 1161.5 386.5 1173.5 413.5 1186.5 410.5 1199.5 370.5 1212.5 378.5\" stroke=\"#18142F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M1212.5 378.5 1204.5 360.5\" stroke=\"#A6A6A6\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g clip-path=\"url(#c202507slidd47bee80-clip3)\"><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(1190.69 355)\">47.3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(676.155 581)\">0<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 539)\">10<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 497)\">20<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 456)\">30<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 414)\">40<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 372)\">50<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 330)\">60<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 288)\">70<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 246)\">80<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(668.741 204)\">90<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 705.469 626)\">Q1 2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 718.235 626)\">Q2 2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 731.002 626)\">Q3 2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 743.768 626)\">Q4 2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 756.534 626)\">Q1 2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 769.301 626)\">Q2 2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 782.067 626)\">Q3 2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 794.833 626)\">Q4 2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 807.6 626)\">Q1 2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 820.366 626)\">Q2 2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 833.132 626)\">Q3 2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 845.899 626)\">Q4 2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 858.665 626)\">Q1 2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 871.431 626)\">Q2 2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 884.198 626)\">Q3 2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 896.964 626)\">Q4 2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 909.73 626)\">Q1 2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 922.497 626)\">Q2 2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 935.263 626)\">Q3 2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 948.029 626)\">Q4 2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 960.796 626)\">Q1 2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 973.562 626)\">Q2 2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 986.328 626)\">Q3 2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 999.095 626)\">Q4 2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1011.86 626)\">Q1 2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1024.63 626)\">Q2 2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1037.39 626)\">Q3 2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1050.16 626)\">Q4 2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1062.93 626)\">Q1 2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1075.69 626)\">Q2 2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1088.46 626)\">Q3 2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1101.23 626)\">Q4 2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1113.99 626)\">Q1 2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1126.76 626)\">Q2 2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1139.52 626)\">Q3 2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1152.29 626)\">Q4 2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1165.06 626)\">Q1 2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1177.82 626)\">Q2 2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1190.59 626)\">Q3 2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1203.36 626)\">Q4 2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"matrix(6.12323e-17 -1 1 6.12323e-17 1216.12 626)\">Q1 2025<\/text><\/g><g><path d=\"M890.5 199.5 916.5 199.5\" stroke=\"#18142F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(918.79 204)\">EVRG ratio<\/text><\/g><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">5<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>I\u2019d say it\u2019s partly an artifact of how global stock markets operate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What typically happens is that for the next quarter, expectations are set quite low. That allows companies to \u201cbeat\u201d estimates and deliver an earnings surprise &#8211; or in this case, a revenue surprise. Then they guide optimistically for the latter part of the year, saying growth will recover further down the road.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But realistically, I think we\u2019ll continue to see a bit more decline. By the end of the year, I\u2019d expect growth rates to settle around 10%, maybe even a bit lower.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Hmm. So if the consensus is that growth will recover but <em>we<\/em> don\u2019t expect that to happen, then valuations will probably continue trending downward. Eventually, when people realize there\u2019s less growth than expected, the repricing will follow.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes. Another interesting angle here is the impact of AI on SaaS companies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There\u2019s been a lot of talk about AI being a positive driver for SaaS &#8211; new revenue streams, AI-powered pricing plans, token-based models, and so on. Many companies have introduced AI add-ons or AI-driven upsells.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But we\u2019re not really seeing that reflected in the big-picture data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Compare it to COVID: that was a <em>clear<\/em> one-off event with a massive impact. Growth rates jumped by over 10 percentage points in a single quarter. With AI, we\u2019re not seeing anything like that.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So far, AI hasn\u2019t meaningfully moved the needle in the way some people were expecting. And we\u2019ll dive a bit deeper into whether SaaS companies are truly benefiting from AI or not &#8211; later in this session.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let me just wrap up this part. On the right of the slide, we\u2019ve plotted the enterprise value-to-revenue-to-growth ratio, which shows where we currently stand\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>This part is quite exciting. Filip, can you explain this concept in more detail? It\u2019s a new term for most people.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Sure. What we\u2019re analyzing here is how much of a revenue multiple you\u2019re effectively paying for <em>each unit of growth<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If a company has a very low growth rate but still trades at a high EV-to-revenue multiple, that ratio is high, meaning it\u2019s potentially overvalued. Conversely, if a company has strong growth but lower multiples, the ratio is lower, suggesting it\u2019s undervalued.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So in simple terms, the lower this ratio, the more attractive the valuation. The higher it is, the more stretched the pricing looks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking back over the past few years, even accounting for the 2021 bubble, we\u2019re still relatively high on this measure. Investors are still paying significant premiums for growth, even though actual growth rates have come down.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Right. And to give some context, the main driver of SaaS valuations so far has been growth &#8211; not EBITDA.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of our attendees asked about this, so we wanted to find an equivalent of the PEG ratio, which is Price-to-Earnings-to-Growth, a very important KPI for more mature or traditional stocks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But for SaaS, many companies are still unprofitable, so the PEG ratio doesn\u2019t apply. Instead, we came up with this EV-to-revenue-to-growth metric as a more meaningful way to look at valuations for the sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And what we\u2019re seeing now is that prices still look quite high, exorbitant, really, because we\u2019re not far off the COVID-era valuation peaks.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Exactly. And if you look at the median growth rate on the left side of the chart, remember that half of the companies are actually growing <em>below<\/em> that number. Some are only growing 5\u201310% annually, yet they still command fairly strong revenue multiples.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>So the big question &#8211; <em>is software still eating the world?<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Well, if you look at the overall revenue, this is still a massive market. I don\u2019t recall the exact figure offhand, but it\u2019s in the trillions of dollars globally.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The challenge now is that, in many ways, software has already \u201ceaten\u201d the world. There\u2019s not much left to disrupt in the same way as the past decade.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>(Laughing) Maybe it\u2019s already eaten everything.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yeah, but now someone or <em>something<\/em> else is starting to eat the world. And that\u2019s AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Let\u2019s talk about that.<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">In Focus: SaaS vs AI<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slid9a64d50c-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid9a64d50c-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid9a64d50c-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><\/defs><g><rect x=\"0\" y=\"0\" width=\"1280\" height=\"720\" fill=\"#FFFFFF\"\/><g clip-path=\"url(#c202507slid9a64d50c-clip0)\"><g clip-path=\"url(#c202507slid9a64d50c-clip1)\"><g clip-path=\"url(#c202507slid9a64d50c-clip2)\"><path 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35.7135 668)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">Following ChatGPT release, SaaS companies have been underperforming all major indices, as well as AI beneficiaries<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: S&amp;P Capital IQ as of 14 Jul 2025<\/text><g><path d=\"M84.5001 516.5 1097.5 516.5M84.5001 455.5 1097.5 455.5M84.5001 394.5 1097.5 394.5M84.5001 333.5 1097.5 333.5M84.5001 271.5 1097.5 271.5M84.5001 210.5 1097.5 210.5\" stroke=\"#F2F2F2\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M0 0 0.000104987 367\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 84.5001 577.5)\"\/><\/g><g><path d=\"M78.5001 577.5 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font-weight=\"400\" font-size=\"19\" transform=\"translate(57.9268 583)\">0<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.5468 522)\">50<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(37.1667 461)\">100<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(37.1667 400)\">150<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(37.1667 339)\">200<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(37.1667 278)\">250<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(37.1667 217)\">300<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(54.8121 606)\">Nov-22<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(150.487 606)\">Feb-23<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(246.209 606)\">May-23<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(344.505 606)\">Aug-23<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(440.73 606)\">Nov-23<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(537.462 606)\">Feb-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(633.184 606)\">May-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(731.48 606)\">Aug-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(827.705 606)\">Nov-24<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(923.379 606)\">Feb-25<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(1019.1 606)\">May-25<\/text><\/g><g><path d=\"M310.5 185.5 336.5 185.5\" stroke=\"#5E4AC3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(339.136 192)\">Aventis SaaS Index<\/text><\/g><g><path d=\"M528.5 185.5 554.5 185.5\" stroke=\"#F22C2C\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(557.183 192)\">S&amp;P 500<\/text><\/g><g><path d=\"M657.5 185.5 683.5 185.5\" stroke=\"#18142F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(686.003 192)\">Aventis AI Index<\/text><\/g><g><path d=\"M847.5 185.5 873.5 185.5\" stroke=\"#0070C0\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(876.023 192)\">NASDAQ<\/text><\/g><path d=\"M35.5001 163.5 1245.01 163.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text fill=\"#D6002A\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"32\" transform=\"translate(1105.08 389)\">+58%<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"32\" transform=\"translate(1105.08 262)\">+166%<\/text><text fill=\"#5E4AC3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"32\" transform=\"translate(1106.49 444)\">+17%<\/text><text fill=\"#0070C0\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"32\" transform=\"translate(1105.08 347)\">+79%<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(47.9646 155)\">Index, 30.11.2022=100<\/text><text fill=\"#4D6BFE\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(926.613 241)\">DeepSeek launch<\/text><path d=\"M916.5 223.5 916.5 594.833\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">6<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Right. We looked at the relationship between AI and SaaS &#8211; two of the hottest topics right now.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One of them, SaaS, is starting to feel a bit \u201cboring\u201d to investors. The other, AI, is the new shiny thing everyone\u2019s excited about.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On this chart, we plotted several stock market indices. In purple, you see the SaaS index; in black, the AI index; and in blue and red, the S&amp;P 500 and Nasdaq for reference.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For the AI index, we compiled companies across the AI value chain &#8211; data center builders, electrical utilities, component makers, HVAC suppliers, and so on. It\u2019s an equal-weighted index, so it\u2019s not just Nvidia driving the performance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What\u2019s really striking here is the huge divergence between SaaS and AI companies. Many AI-linked firms aren\u2019t even traditional software companies, but they\u2019ve massively outperformed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investors are clearly shifting their focus toward AI. Meanwhile, SaaS companies have underperforme &#8211; they\u2019ve been largely flat over the past couple of years while the AI index has skyrocketed, regaining all-time highs after a brief dip.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Yes, like putting on fresh lipstick for a new hype cycle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Exactly. And one more interesting observation: when we looked at the so-called \u201cDeep Seek\u201d event when there was panic over potential disruptions in AI &#8211; we saw huge stock price declines for companies like Nvidia, Broadcom, and other hardware and infrastructure players.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But SaaS companies barely moved that day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This shows that the market doesn\u2019t really view SaaS as a direct beneficiary of AI. Investors see a massive boom in AI itself, but they don\u2019t believe SaaS companies are synonymous with AI.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Even though SaaS executives love to say \u201cAI\u201d dozens of times on earnings calls, it\u2019s not convincing investors anymore. SaaS companies are still about selling software subscriptions. AI is something very different, and the market is treating it that way.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>So who really benefits from AI? Which layer of the stack is capturing the most value?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>We mentioned this in our previous webinar on <a href=\"https:\/\/aventis-advisors.com\/ai-valuation-multiples\/\">AI valuations<\/a>: the real winners right now are the \u201cpicks and shovels\u201d players &#8211; the entire supply chain supporting the AI boom.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">These are companies building data centers, upgrading electrical grids, providing cooling systems, and other infrastructure. They\u2019re making a lot of money while the AI gold rush lasts. And compared to being on the bleeding edge of AI research, these businesses are much less risky.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Someone has to supply the hardware, the energy, the air conditioning. That\u2019s where a lot of the immediate value is being captured.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, the front-end AI companies face enormous risks. Take Perplexity, for example. There\u2019s growing doubt about the long-term viability of its business model, especially now with OpenAI dominating and Google responding aggressively. Is there really room for Perplexity in this market? It\u2019s unclear.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So, interestingly, AI is reinvigorating old-school industries &#8211; power grids, HVAC, data center construction. It\u2019s surprising how vast the reach of AI has become and how much it\u2019s reshaping the global economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But for SaaS, the picture isn\u2019t so bright. SaaS is under real threat from AI. Investor attention has shifted, but more importantly, customer attention has shifted too. When enterprises are experimenting with AI, they\u2019re not spending that time tinkering with ERP systems or traditional SaaS tools.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019re already seeing disruption in areas like business intelligence. Why build complex reports or dashboards when you can just query a chat interface and get the answer? That kind of change will disrupt many enterprise systems.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So no, I don\u2019t think this is a great time for the SaaS industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>And to clarify, in our <a href=\"https:\/\/aventis-advisors.com\/aventis-saas-index\/\">SaaS index<\/a> we only track <em>pure-play<\/em> SaaS companies. We don\u2019t include Microsoft, Google, or Amazon\u2019s AWS.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Those big tech players have massive cloud businesses, and they are indeed benefiting from AI. They\u2019re also part of the Nasdaq, which is why they\u2019ve performed relatively well. But for pure SaaS companies like Salesforce or Adobe, we haven\u2019t seen big AI-driven wins.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They don\u2019t own foundational large language models. Instead, they\u2019re just layering on AI features built on someone else\u2019s models. That\u2019s not the same as capturing real AI value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Okay, let\u2019s shift to profitability and margins. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>YThis chart is remarkable. Because there were already two previous \u201cattempts\u201d by SaaS companies to break even &#8211; one around 2019 and another in 2021.<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">In Focus: SaaS profitability<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slid6926afc7-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid6926afc7-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid6926afc7-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><\/defs><g><rect x=\"0\" y=\"0\" width=\"1280\" height=\"720\" fill=\"#FFFFFF\"\/><g clip-path=\"url(#c202507slid6926afc7-clip0)\"><g clip-path=\"url(#c202507slid6926afc7-clip1)\"><g 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transform=\"matrix(1.01912 0 0 1 35.7135 668)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">Profitability margins of SaaS companies have moved towards positive territory, but the improvement trajectory is slowing down<\/text><path d=\"M35.5001 164.5 1239.89 164.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"16\" transform=\"translate(48.784 153)\">4 quarters rolling average margin, %<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 679)\">Source: S&amp;P Capital IQ<\/text><g><path d=\"M91.5001 566.5 1239.5 566.5M91.5001 498.5 1239.5 498.5M91.5001 430.5 1239.5 430.5M91.5001 362.5 1239.5 362.5M91.5001 227.5 1239.5 227.5\" stroke=\"#F2F2F2\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M0 0 0.000104987 367\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 91.5001 566.5)\"\/><\/g><g><path d=\"M91.5001 294.5 1239.5 294.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M107.5 362.5 138.5 377.5 169.5 369.5 200.5 364.5 231.5 361.5 262.5 339.5 293.5 333.5 324.5 332.5 355.5 330.5 386.5 326.5 417.5 312.5 448.5 297.5 479.5 290.5 510.5 301.5 541.5 311.5 572.5 327.5 603.5 341.5 634.5 340.5 665.5 326.5 696.5 309.5 727.5 301.5 758.5 295.5 789.5 306.5 820.5 318.5 851.5 327.5 883.5 328.5 914.5 348.5 945.5 358.5 976.5 355.5 1007.5 350.5 1038.5 323.5 1069.5 294.5 1100.5 265.5 1131.5 245.5 1162.5 226.5 1193.5 214.5 1224.5 204.5\" stroke=\"#5E4AC3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" 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font-size=\"12\" transform=\"translate(598.205 334)\">2.4%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(638.661 318)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(642.654 318)\">3.3%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(770.907 299)\">0.0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(822.13 313)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(826.123 313)\">1.7%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(861.287 322)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(865.28 322)\">2.4%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(917.928 345)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(921.921 345)\">3.9%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(977.151 343)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(981.145 343)\">4.1%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1001.41 318)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1005.4 318)\">2.1%<\/text><\/g><g><text 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font-weight=\"400\" font-size=\"12\" transform=\"translate(710.006 420)\">9.9%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(756.006 403)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(760 403)\">8.6%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(795.164 418)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(799.157 418)\">9.5%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(838.385 431)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(842.378 431)\">10.4%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(886.898 449)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(890.891 449)\">11.7%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(911.389 477)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(915.382 477)\">12.4%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(955.752 474)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(959.745 474)\">12.5%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(988.115 461)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(992.108 461)\">11.9%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1019.14 447)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1023.14 447)\">10.9%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1050.17 424)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1054.17 424)\">9.2%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1081.2 380)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1085.2 380)\">6.0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1112.23 352)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1116.23 352)\">3.9%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1136.6 319)\">&#8211;<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1140.59 319)\">1.3%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1144.96 282)\">0.3%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1182.29 273)\">0.6%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(1213.49 269)\">1.2%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(38.0556 571)\">-20.0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(38.0556 503)\">-15.0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(38.0556 435)\">-10.0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(45.469 367)\">-5.0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(49.909 299)\">0.0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13\" transform=\"translate(49.909 231)\">5.0%<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(100.168 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(95.4183 595)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(131.198 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(126.448 595)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(162.227 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(157.477 595)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(193.257 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(188.507 595)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(224.287 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(219.537 595)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(255.316 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(250.566 595)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(286.346 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(281.596 595)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(317.376 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(312.626 595)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(348.405 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(343.655 595)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(379.435 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(374.685 595)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(410.464 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(405.715 595)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(441.494 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(436.744 595)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(472.524 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(467.774 595)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(503.553 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(498.803 595)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(534.583 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(529.833 595)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(565.613 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(560.863 595)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(596.642 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(591.892 595)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(627.672 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(622.922 595)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(658.702 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(653.952 595)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(689.731 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(684.981 595)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(720.761 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(716.011 595)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(751.79 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(747.04 595)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(782.82 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(778.07 595)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(813.85 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(809.1 595)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(844.879 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(840.129 595)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(875.909 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(871.159 595)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(906.938 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(902.189 595)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(937.968 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(933.218 595)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(968.998 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(964.248 595)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1000.03 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(995.277 595)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1031.06 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1026.31 595)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1062.09 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1057.34 595)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1093.12 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1088.37 595)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1124.15 583)\">Q2<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1119.4 595)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1155.18 583)\">Q3<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1150.43 595)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1186.21 583)\">Q4<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1181.46 595)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1217.23 583)\">Q1<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"11\" transform=\"translate(1212.48 595)\">2025<\/text><\/g><g><path d=\"M479.5 203.5 504.5 203.5\" stroke=\"#5E4AC3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M491.5 199.5 495.5 203.5 491.5 207.5 487.5 203.5Z\" stroke=\"#5E4AC3\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#5E4AC3\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(507.471 208)\">EBITDA margin<\/text><\/g><g><path d=\"M642.5 203.5 668.5 203.5\" stroke=\"#E3E0F2\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><path d=\"M655.5 199.5 659.5 203.5 655.5 207.5 651.5 203.5Z\" stroke=\"#E3E0F2\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"#E3E0F2\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"16\" transform=\"translate(671.247 208)\">Net income margin<\/text><\/g><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">7<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">But they <em>finally<\/em> managed to reach profitability as a sector only in 2024, which is roughly 25 years after Salesforce was founded and effectively started the SaaS revolution.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking at this chart, it\u2019s clear we shouldn\u2019t expect very high profitability from SaaS companies anytime soon. The margins seem to be peaking, and that\u2019s worrying.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Investor patience is running out. We discussed this yesterday in the context of Semrush, the SEO analytics company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Semrush turned a profit for the first time this year, after roughly 20 years in business.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But at the same time, their entire industry is being disrupted by AI. SEO as we know it is being reinvented. If AI changes how people search, SEO loses much of its relevance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So even though they\u2019ve finally become profitable, the market doesn\u2019t believe the profits will last. Investors are starting to lose faith that many of these companies will <em>ever<\/em> achieve sustainable profitability especially with AI as an existential threat.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I do hope they manage to make more money in the future, but realistically, any increases in profitability will be slow. Don\u2019t expect easy revenue growth from here.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, for our next webinar, I think we should start looking more closely at EBITDA multiples. Historically, they weren\u2019t relevant for SaaS because growth was the focus. But going forward, EBITDA is going to matter much more.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Exactly. Some of the very largest players like Salesforce, Adobe, Intuit are profitable, with EBITDA margins above 30%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But those are the exceptions. For most SaaS companies, it hasn\u2019t been that easy. As the years go by, they\u2019re still hovering around breakeven or maybe single-digit margins. They have to keep pouring money into R&amp;D and into sales and marketing just to compete.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s also become much harder to acquire new customers. And you still need that \u201cfast growth company\u201d narrative to justify the valuation.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So they\u2019re caught in the middle: they\u2019re no longer high-growth, but they\u2019re not highly profitable either. It\u2019s unclear if SaaS is now a mature, profitable industry or still a growth industry.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Okay, so on the next slide, we\u2019ll talk about the outlook.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Where do we go from here, Marcin? What\u2019s your <em>bullish<\/em> case from here?<\/p>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">SaaS valuation multiples (2\/2)<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slid83ca09d7-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid83ca09d7-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid83ca09d7-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><\/defs><g><rect x=\"0\" y=\"0\" width=\"1280\" height=\"720\" fill=\"#FFFFFF\"\/><g clip-path=\"url(#c202507slid83ca09d7-clip0)\"><g clip-path=\"url(#c202507slid83ca09d7-clip1)\"><g clip-path=\"url(#c202507slid83ca09d7-clip2)\"><path d=\"M8.36354 0.0132195 6.33655 0.0132195 0 15.7885 1.95649 15.7885 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font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">\u2026but where do we go from here<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"10.6667\" transform=\"translate(250.4 682)\">Source: S&amp;P Capital IQ as of 14 Jul 2025, Mergermarket<\/text><path d=\"M36.5001 164.5 1264.18 164.5\" stroke=\"#000000\" stroke-width=\"0.666667\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><g><path d=\"M0 0 0.000104987 417\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\" transform=\"matrix(1 0 0 -1 98.5001 596.5)\"\/><\/g><g><path d=\"M92.5001 596.5 104.5 596.5M92.5001 501.5 104.5 501.5M92.5001 406.5 104.5 406.5M92.5001 312.5 104.5 312.5M92.5001 217.5 104.5 217.5\" stroke=\"#000000\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M98.5001 596.5 936.5 596.5\" stroke=\"#18142F\" stroke-linejoin=\"round\" 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460.5 719.5 457.5 726.5 467.5 733.5 468.5 739.5 454.5 746.5 463.5 752.5 445.5 759.5 466.5 766.5 453.5 772.5 447.5 779.5 436.5 786.5 450.5 792.5 450.5 799.5 461.5 806.5 458.5 813.5 451.5 819.5 450.5 826.5 459.5 833.5 458.5 839.5 472.5 846.5 482.5 853.5 479.5 859.5 477.5 866.5 474.5 873.5 477.5 880.5 471.5 886.5 451.5 893.5 459.5 893.5 451.5 900.5 475.5 913.5 487.5 919.5 477.5 926.5 483.5 933.5 480.5 936.5 483.5\" stroke=\"#5F54C3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><path d=\"M98.5001 519.5 104.5 512.5 111.5 514.5 118.5 510.5 125.5 511.5 131.5 509.5 138.5 504.5 145.5 513.5 151.5 510.5 158.5 506.5 165.5 498.5 171.5 500.5 178.5 506.5 185.5 514.5 191.5 506.5 198.5 504.5 205.5 503.5 211.5 509.5 218.5 500.5 225.5 495.5 232.5 490.5 238.5 503.5 245.5 503.5 252.5 495.5 259.5 490.5 265.5 497.5 272.5 492.5 278.5 482.5 285.5 481.5 292.5 479.5 298.5 478.5 305.5 486.5 312.5 485.5 319.5 478.5 325.5 479.5 332.5 475.5 339.5 472.5 345.5 472.5 352.5 480.5 358.5 471.5 365.5 472.5 372.5 471.5 378.5 465.5 385.5 463.5 392.5 458.5 399.5 483.5 405.5 489.5 412.5 493.5 419.5 484.5 425.5 477.5 432.5 466.5 438.5 464.5 445.5 459.5 452.5 456.5 459.5 454.5 465.5 476.5 472.5 474.5 479.5 465.5 485.5 461.5 492.5 445.5 499.5 440.5 505.5 460.5 512.5 489.5 519.5 469.5 525.5 458.5 532.5 454.5 539.5 431.5 546.5 427.5 552.5 432.5 559.5 421.5 566.5 406.5 572.5 384.5 579.5 374.5 585.5 386.5 592.5 405.5 599.5 387.5 606.5 397.5 612.5 379.5 619.5 361.5 626.5 377.5 632.5 380.5 639.5 355.5 646.5 390.5 652.5 404.5 659.5 425.5 665.5 452.5 672.5 458.5 679.5 477.5 686.5 486.5 692.5 502.5 699.5 488.5 706.5 500.5 712.5 509.5 719.5 507.5 726.5 511.5 733.5 512.5 739.5 503.5 746.5 506.5 752.5 510.5 759.5 514.5 766.5 511.5 772.5 512.5 779.5 509.5 786.5 513.5 792.5 516.5 799.5 525.5 806.5 517.5 813.5 510.5 819.5 514.5 826.5 515.5 833.5 512.5 839.5 513.5 846.5 520.5 853.5 522.5 859.5 521.5 866.5 522.5 873.5 522.5 880.5 521.5 886.5 508.5 893.5 506.5 893.5 493.5 900.5 514.5 913.5 526.5 919.5 524.5 926.5 523.5 933.5 521.5 936.5 518.5\" stroke=\"#7F7F7F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(911.354 475)\">6.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(911.354 511)\">4.1x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.2369 602)\">0.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(47.2369 508)\">5.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(36.8568 413)\">10.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(36.8568 318)\">15.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(36.8568 223)\">20.0x<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(77.9265 624)\">2015<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(158.023 624)\">2016<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(238.338 624)\">2017<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(318.434 624)\">2018<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(398.53 624)\">2019<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(478.626 624)\">2020<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(558.941 624)\">2021<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(639.037 624)\">2022<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(719.133 624)\">2023<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(799.229 624)\">2024<\/text><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(879.545 624)\">2025<\/text><\/g><g><path d=\"M342.5 188.5 368.5 188.5\" stroke=\"#5F54C3\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(370.818 195)\">$1B+ US listed<\/text><\/g><g><path d=\"M562.5 188.5 588.5 188.5\" stroke=\"#7F7F7F\" stroke-width=\"3\" stroke-linecap=\"round\" stroke-linejoin=\"round\" stroke-miterlimit=\"10\" fill=\"none\" fill-rule=\"evenodd\"\/><\/g><g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"19\" transform=\"translate(591.22 195)\">All SaaS<\/text><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(47.4507 154)\">Publicly listed and private market SaaS valuations, EV\/Revenue multiple, monthly, 2015<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(818.397 154)\">&#8211;<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(824.564 154)\">2025<\/text><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"12\" transform=\"translate(44.2528 649)\">Note: The last EV\/Revenue multiple data for private M&amp;A deals is from 2024<\/text><text fill=\"#5F54C3\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(126.716 426)\">(n=70)<\/text><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">8<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"58.6667\" transform=\"translate(954.275 437)\">?<\/text><path d=\"M0.235813-0.235591 83.3735 82.9803 82.9019 83.4515-0.235813 0.235591ZM85.0251 79.4456 87.8495 87.9322 79.3656 85.0998Z\" fill=\"#18142F\" transform=\"matrix(1 0 0 -1 967.5 470.432)\"\/><path d=\"M967.718 477.248 1055.56 553.275 1055.12 553.779 967.282 477.752ZM1056.95 549.63 1060.38 557.89 1051.71 555.679Z\" fill=\"#18142F\"\/><g><g><g><path d=\"M1044.1 584.135C1044.1 585.2 1044.97 586.062 1046.03 586.062 1047.1 586.062 1047.96 585.2 1047.96 584.135L1047.96 581.178 1044.1 581.895Z\" fill=\"#C00000\"\/><path d=\"M1052.31 565.602C1051.92 565.561 1051.54 565.496 1051.16 565.409 1049.45 565.029 1047.69 564.904 1045.95 565.041 1039.43 565.492 1036.78 569.362 1036.78 573.885L1036.78 575.656 1038.2 574.931 1038.31 574.874C1038.37 576.108 1038.77 577.301 1039.48 578.316L1039.48 584.053C1039.46 585.065 1040.21 585.928 1041.22 586.053 1042.28 586.158 1043.22 585.384 1043.32 584.325 1043.33 584.262 1043.33 584.199 1043.33 584.135L1043.33 581.25 1052.58 579.531 1052.58 584.053C1052.57 585.065 1053.32 585.928 1054.32 586.053 1055.38 586.158 1056.32 585.384 1056.43 584.325 1056.43 584.262 1056.44 584.199 1056.44 584.135L1056.44 578.74C1056.44 578.694 1056.43 578.652 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14.2801 36.2543 13.8753 36.0114 13.6052L32.4579 9.21762 31.5606 8.24329C31.2729 7.9308 30.8676 7.75289 30.4429 7.75266L29.0731 7.75266C29.2274 7.51821 29.4768 7.36323 29.7553 7.3287 30.387 7.23273 31.2164 7.42544 32.6679 7.42544 33.7684 7.46352 34.857 7.1886 35.8075 6.63264L36.0962 6.43415C36.2153 6.3539 36.2632 6.20209 36.2118 6.068 36.1612 5.93414 36.0265 5.85143 35.8842 5.86681L34.6054 6.01057C34.109 6.06657 33.6081 6.06943 33.1111 6.01905L29.3583 5.61398C27.802 5.50876 26.7861 6.7683 26.7861 8.18625L26.7861 8.30419 26.6284 8.37433C26.4089 8.47184 26.1649 8.49994 25.9289 8.45489L23.626 8.01667C22.7144 7.84331 21.7769 7.85972 20.8719 8.06484Z\" fill=\"#00B050\" transform=\"matrix(1 0 0 1.02703 1039 347)\"\/><path d=\"M6.9375 28.9062C6.9375 29.5448 7.45515 30.0625 8.09375 30.0625 8.73235 30.0625 9.25 29.5448 9.25 28.9062L9.25 22.7396 6.9375 22.7396Z\" fill=\"#00B050\" transform=\"matrix(1 0 0 1.02703 1039 347)\"\/><\/g><\/g><\/g><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1036.98 348)\">Bullish<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1030.3 601)\">Bearish<\/text><text fill=\"#7F7F7F\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(110.369 549)\">(n=196)<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>We agreed I would be the bullish one, and I\u2019ll stick to it &#8211; but with some caveats. I\u2019d call it <em>selectively bullish<\/em>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Right now, overall sentiment toward SaaS isn\u2019t great. But that means there could be a few hidden gems companies flying under the radar, undervalued while everyone is chasing the AI hype.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I also believe a handful of companies, especially the so-called \u201cMagnificent Seven,\u201d will successfully ride the AI wave and make a lot of money from it. But those aren\u2019t in our pure SaaS peer group, because SaaS is only a small part of their revenue mix.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still, if you look closely, you\u2019ll find opportunities. There <em>will<\/em> be SaaS companies that reinvent themselves with AI. But you\u2019ll have to be very strategic and very selective. There will be clear winners, and probably a lot of losers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Unfortunately, I expect most SaaS companies won\u2019t manage to fully reinvent themselves for the AI era. At best, they\u2019ll become cash cows with sticky products. So yes, that\u2019s my bullish case, but it comes with many reservations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, and the key is investor sentiment. Sometimes you have to \u201cbe greedy when others are fearful.\u201d As you said, there may be a handful of undervalued SaaS companies worth buying now.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But overall, for the SaaS market as a whole, the outlook is more bearish. Growth rates keep slowing, and that\u2019s always been the main story driving SaaS valuations. They were valued on revenue multiples precisely because they were <em>fast-growth<\/em> companies. Profitability didn\u2019t matter because it was about investing for future growth.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But if growth slows to 5\u201310%, that story collapses. Those investments stop looking valuable.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">One reason for this slowdown is AI. Big enterprise clients are shifting their budgets and attention toward AI initiatives. Capex that used to go to ERP rollouts or new SaaS tools is now being redirected toward large language models, premium ChatGPT subscriptions, and custom AI projects.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019re even seeing IT services firms benefit from this shift. OpenAI itself is now offering consulting services to help large enterprises implement AI solutions directly. That could bypass the SaaS layer entirely, as companies integrate AI straight into their internal systems.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another factor is simple investor fatigue. SaaS has been the hot sector for over a decade. Now, investors are chasing the <em>next<\/em> big thing &#8211; AI, data centers, or early-stage startups. That\u2019s where the excitement (and the outsized returns) are. SaaS is starting to feel \u201cboring,\u201d closer to the market average.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So unfortunately, we\u2019re more bearish than bullish on SaaS as a whole.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>One possible positive angle is global SaaS rebalancing. There are overlooked markets, countries with low SaaS penetration that still have room to grow. Adoption varies widely by geography. In some emerging markets, SaaS is just getting started.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But even there, it\u2019s harder to find the same explosive growth we saw in the past. Valuations still look high relative to current KPIs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Think about it this way: if you have an industrial company growing 10% annually with a 10% margin, it would trade at maybe 6x EBITDA. Yet here in SaaS, you still see revenue multiples being applied, which is quite generous.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>So, to sum it up:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Global uncertainty persists &#8211; geopolitical tensions in the U.S., Middle East, Ukraine. That keeps sentiment subdued.<\/li>\n\n\n\n<li>Growth is decelerating. Winning new customers is harder in a mature market. Corporates are already saturated with SaaS solutions.<\/li>\n\n\n\n<li>Revenue multiples are fading as the market matures and competition increases.<\/li>\n\n\n\n<li>AI is a major disruptor. SaaS companies that embrace it effectively may thrive, but many are moving too cautiously and risk being overtaken by new entrants.<\/li>\n\n\n\n<li>Valuations remain high relative to fundamentals. For sellers, it\u2019s still a good time to exit.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image av-chart\"><p class=\"av-chart-title\">H2 2025 outlook<\/p><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\" overflow=\"hidden\" viewBox=\"0 0 1280 720\" style=\"width:100%;height:auto;display:block\"><defs><clipPath id=\"c202507slid9b7447e1-clip0\"><rect x=\"35\" y=\"668\" width=\"154\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid9b7447e1-clip1\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><clipPath id=\"c202507slid9b7447e1-clip2\"><rect x=\"35\" y=\"668\" width=\"155\" height=\"16\"\/><\/clipPath><\/defs><g><rect x=\"0\" y=\"0\" width=\"1280\" height=\"720\" fill=\"#FFFFFF\"\/><g clip-path=\"url(#c202507slid9b7447e1-clip0)\"><g clip-path=\"url(#c202507slid9b7447e1-clip1)\"><g clip-path=\"url(#c202507slid9b7447e1-clip2)\"><path d=\"M8.36354 0.0132195 6.33655 0.0132195 0 15.7885 1.95649 15.7885 3.47673 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font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(36 112)\">SaaS companies face slowing growth, rising uncertainty, and growing investor preference for AI over traditional software<\/text><path d=\"M35 426.701C35 422.448 38.448 419 42.7013 419L299.299 419C303.552 419 307 422.448 307 426.701L307 504.299C307 508.552 303.552 512 299.299 512L42.7013 512C38.448 512 35 508.552 35 504.299Z\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(47.0436 474)\">Shift to AI<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"22.4\" transform=\"translate(329.6 446)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(359.6 446)\">Investors seem to be<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(537.433 446)\">shifting their focus towards AI companies<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(906.573 446)\">, as SaaS companies underperform<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"22.4\" transform=\"translate(329.6 477)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(359.6 477)\">Corporate buyers seem to also<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(619.1 477)\">shift spending to AI, as Q1 2025 has the lowest revenue growth<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(1181.24 477)\">for<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(359.6 499)\">SaaS firms<\/text><path d=\"M35.5001 279.5 1245.17 279.5\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" stroke-dasharray=\"2.66667 2\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35.5001 402.5 1245.17 402.5\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" stroke-dasharray=\"2.66667 2\" fill=\"none\" fill-rule=\"evenodd\"\/><path d=\"M35 181.701C35 177.448 38.448 174 42.7013 174L299.299 174C303.552 174 307 177.448 307 181.701L307 259.299C307 263.552 303.552 267 299.299 267L42.7013 267C38.448 267 35 263.552 35 259.299Z\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(47.0436 229)\">Uncertainty continues<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"22.4\" transform=\"translate(329.6 212)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(359.6 212)\">A new round of tariff and economic uncertainty is affecting the market sentiment<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"22.4\" transform=\"translate(329.6 243)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(359.6 243)\">SaaS companies with international customers could benefit from a weaker dollar<\/text><path d=\"M35 300.784C35 296.485 38.485 293 42.784 293L299.216 293C303.515 293 307 296.485 307 300.784L307 379.216C307 383.515 303.515 387 299.216 387L42.784 387C38.485 387 35 383.515 35 379.216Z\" fill=\"#E3E0F2\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"21.3333\" transform=\"translate(47.0436 348)\">Growth decelerates<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"22.4\" transform=\"translate(329.6 320)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(359.6 320)\">A significant<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(464.24 320)\">drop in the revenue growth rate for SaaS companies<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(926.406 320)\">, driven by low new customer<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(359.6 343)\">acquisition<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"22.4\" transform=\"translate(329.6 373)\">\u2022<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(359.6 373)\">The<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(396.766 373)\">revenue multiple valuation becomes more difficult<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(845.266 373)\">with low<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(911.6 373)\">&#8211;<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"18.6667\" transform=\"translate(917.766 373)\">growth environment<\/text><path d=\"M36.5001 164.5 307.157 164.5\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(47.4508 152)\">Factor<\/text><text font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"700\" font-size=\"18.6667\" transform=\"translate(332.798 152)\">Impact on SaaS businesses and valuations<\/text><path d=\"M320.5 164.5 1245.33 164.5\" stroke=\"#18142F\" stroke-width=\"0.666667\" stroke-miterlimit=\"8\" fill=\"none\" fill-rule=\"evenodd\"\/><text fill=\"#898989\" font-family=\"Arial,Helvetica,sans-serif\" font-weight=\"400\" font-size=\"13.3333\" transform=\"translate(1227.77 681)\">9<\/text><\/g><\/svg><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">If you have a mature SaaS company with slowing growth, it may be the right time to consider selling.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you\u2019re running an AI-first company with real traction and low churn, it\u2019s probably better to keep building for the next two years. Valuations for those companies are likely to skyrocket.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>For founders, the most important takeaway is to think hard about the next three years. Where will your growth and profitability really come from?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sometimes, selling now is the better deal. For example, if you can sell a business generating $1 million in annual cash flow for $20 million- that\u2019s essentially getting paid 20 years of uncertain future profits upfront. For many, that\u2019s a very reasonable exit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>Exactly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>So with that, let\u2019s move to the Q&amp;A.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, the slides will be shared with all participants. You\u2019ll get a link to the deck and the recording by email.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Audience question:<\/strong> <em>Are the multiples you presented for public or private companies?<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>The benchmarks we presented today are for <em>public<\/em> SaaS companies. <a href=\"https:\/\/aventis-advisors.com\/how-to-value-a-private-company\/\">Private company valuations<\/a> usually come at a discount &#8211; typically 20\u201350%, depending on the specifics.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Audience question:<\/strong> <em>Will you include EBITDA multiples in future analysis?<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Filip Drazdou:<\/strong><br>Yes, that\u2019s exactly what we plan to do next. Historically, it wasn\u2019t relevant because so few SaaS companies were profitable. But now, with more listed SaaS firms finally reaching profitability, EBITDA multiples are becoming more meaningful.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Still, many SaaS companies remain unprofitable even at the EBITDA level, so it will be tricky to get a full picture.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Audience question:<\/strong> <em>What is the EV\/RG ratio?<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Marcin Majewski:<\/strong><br>It\u2019s something we created to adapt the traditional PEG ratio, Price-to-Earnings-to-Growth &#8211; to the SaaS world. Since SaaS companies are often unprofitable, we use Enterprise Value-to-Revenue-to-Growth instead. 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Su variada experiencia en finanzas, medios y marketing le permite ver las situaciones desde una perspectiva hol\u00edstica y \u00fanica.\r\n\r\nFuera del trabajo, Shaheer disfruta explorando nuevas gastronom\u00edas, sumergi\u00e9ndose en libros de no ficci\u00f3n y creando contenido en redes sociales.","sameAs":["https:\/\/www.linkedin.com\/in\/shaheeransari\/"]}]}},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/aventis-advisors.com\/wp-content\/uploads\/2025\/07\/thumbnail-1.jpg","_links":{"self":[{"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/posts\/5207","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/comments?post=5207"}],"version-history":[{"count":0,"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/posts\/5207\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/media\/5677"}],"wp:attachment":[{"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/media?parent=5207"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/categories?post=5207"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/tags?post=5207"},{"taxonomy":"insight_sector","embeddable":true,"href":"https:\/\/aventis-advisors.com\/es\/wp-json\/wp\/v2\/insight-sectors?post=5207"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}