Thermondo - NOAH19 Berlin
0 likes128 views
Thermondo is the largest residential energy services company in Germany, focusing on a subscription-based model for heating services. With over 15,000 customers and significant equity funding, the company is experiencing rapid growth and has an exceptional customer lifetime value with low churn rates. Their business strategy includes deep vertical integration, proprietary software, and ongoing product expansion, poised for further internationalization.
Thermondo - NOAH19 Berlin
- 1. Heat as a Service From transaction-oriented to subscription-based
- 2. @NOAHConference @noah_conference @noah-conference @NOAHConference FOLLOW USONSOCIAL
- 3. 2Plant Operator: Few large utilities Plant Operator: Millions of homeowners A distributed and digital energy world requires a distributed and digital solution provider
- 4. 3 CAPEX allocation will be driven by homeowners Receive a text on your phone if a fault is detected with your boiler Monitor the solar power generation on the roof Switch your lights on and off, change the brightness and color or set schedules remotely Get an alert on your phone or trigger a light to come on if motion is detected in your home Charge your car in a way that‘s safe and convenient Control your heating and hot water remotely See how much energy you‘re using and how much it costs in real-time Before Thermondo With Thermondo 10 guaranteed physical brand experiences
- 5. €17B Revenue in Heating Large Opportunity >50K German Installers Fragmented Market Energy critical >80% of Household energy consumption We started with the largest segment: Heat
- 6. 5 Our traction after 5 years in business Employees Growth Selected awards Customers 2nd fastest growing company in Europe 2013-16 310 (incl. 16 apprentices) Market leader in Germany >15,000 customers; Profitable on customer lifetime €52M equity funding Raised from: ≈ 30% choose leasing €20M project finance in place; generating 10-year consumer contracts 2019
- 7. 6 Thermondo is the largest residential energy services company in Germany Scale A unique platform that combines the scalability of software with operational excellence Marketing excellence Unmatched marketing efficiency rooted in superior customer acquisition Growth Large growth opportunities through product expansion as well as internationalization Recurring revenues Recurring revenues from >80% customers makes Thermondo a “subscription business at heart” Customer lifetime value Superior customer lifetime value and potential future upside via product range expansion Customer relationships Owning the B2C customer layer through the entire digital customer journey
- 8. 7 How we run our business: A deep vertical integration run on proprietary software to deliver the best customer journey in the industry Proprietary software 2 3 4 Digitalizingthe valuechain Sales, engineering & financing Fulfillment mgmt. & installation After sales 1 Lead generation End-to-end ownership – seamless Manfred Diego Heizungsheld-AppWebsite
- 9. 8 We are a subscription business at heart Lifetime revenue per customer (€ thousand)1 8.7 10.2 11.4 12.8 15.4 16.7 17.8 FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 Actuals Forecast +14% CAGR Customer share w. service- or heat-lease or maintenance contract Actuals Forecast +19% CAGR ▪ More than ¾ of our customers already choose our heat lease product (10y) or buy a maintenance contract (2y+) ▪ Extremely low annual churn risk (0.5% p.a.) due to little competition and nationwide under-supply of installers 1Excluding revenues from unplanned maintenance 54.1% 67.3% 76.6% 80.4% 83% 85% 87% FY16 FY17 FY18 FY19 FY20 FY21 FY22
- 10. 9 Significant and continuous gross margin improvements GM1 (%) 41.8% 44.9% 46.9% 48.2% 57.7% FY16A FY17A FY18A Q418A FY22F +6% CAGR +5% CAGR ▪ Launch of private label boiler in May 2019 ▪ Multiple successful price increases in 2018 and 2019 ▪ Purchasing power based pricing implemented in Sep. 18 ▪ Margin expansion oriented product range management
- 11. 10 Commercial engine scaling at reduced costs 1 Cost per order; cohort view (Includes sales cost, excludes discounts) CPO (€ thousand) ▪ 2018 marked the inflection point in Marketing efficiency with CPOs dropping by 17% ▪ Commercial engine going very strong; plenty of room left to further scale acquisition channels at identical costs ▪ Immediate CAC pay-back after first sale; superior to most other transaction businesses ▪ Continuously reducing marketing spend driven by tremendous front end improvements and un-paid channels -17% YoY Marketing cost as share of revenue (%) -50% YoY 8.8% 5.5% 2.8% FY16A FY17A FY18A 1.5 1.4 1.1 FY16A FY17A FY18A
- 12. Heizung neu gedacht. Heating reinvented.
- 13. 12 t1. | Setting best in class benchmarks across four dimensions.
- 14. 13 Product roadmap 2019. Q4 19 • Thermondo as energy provider • Introduction of stand- alone-gas and - electricity • Triple Play: heat and electricity in combination Commodity • Introduction of fuel-cell leasing • Offer of electricity with best price guarantee Fuel cell June/July • Introduction of further Thermondo boilers • Expansion of private label line into renewables (solar heat) Productportfolio May 1st • Introduction of Thermondo boiler • Positioning as value- for-money champion Q3 19 • Launch of consumer APP • Jointly with tado Consumer App August
- 15. Contact. Philipp Pausder +49 157 73 750 748 [email protected] Thermondo GmbH Brunnenstrasse 153 10115 Berlin, Germany Founder & CEO David Hanf CFO +49 174 3038409 [email protected] Thermondo GmbH Brunnenstrasse 153 10115 Berlin, Germany
- 16. Selected Completed NOAH Transactions Focus on Leading European Internet companies Covering over 400 companies across 25 online verticals, a broad range of over 500 investors as well as 100+ online-focused corporates Deep understanding of industry dynamics Ability to add value beyond banking advice Facilitates overall process and minimizes management distraction NOAH Advisors is globally well connected and has direct access to virtually all key players in the industry Knowledge of and strong relationships with potential buyers’ key decision makers Proactively finds and unlocks attractive investment opportunities for leading investors Annual NOAH Conference in its 10th year Over 40 years of combined relevant M&A experience Routine execution of M&A and financing transactions with sizes of several billion euros 30 successfully completed NOAH Advisors transactions underline successful transfer of M&A competencies to the Internet sector Entrepreneurial mind-set, focused on growing the business and establishing a reputation for excellence Ability to deliver top results in short time frames Highly success-based compensation structures align interests of clients and NOAH Advisors, and demonstrate conviction to deliver top results Creative deal solutions Unique Industry Know-How Unmatched Network and Relationships Strong Investment Banking Competence Full Commitment - We Are Entrepreneurs! EUROPE’S LEADING INTERNET CORPORATE FINANCE BOUTIQUE® The NOAH Advisors Core Banking Team Marco Rodzynek Managing Director & Founder Jan Brandes Managing Director Nikhil Parmar Director Olek Skwarczek Associate Lukas Schlund Analyst December 2014 October 2014 Sale of 100% of for $800m to Exclusive Financial Advisor to Fotolia and the Selling Shareholders Sale of 100% of for €80m to Exclusive Financial Advisor to Trovit and its Shareholders October 2016 Investment in Exclusive Financial Advisor to KäuferPortal and its Shareholders by 84% Ownership December 2016 August 2017 Financial Advisor to Silver Lake Financial Advisor to EMK Capital Investment in Acquisition of a Majority Stake in by by at a valuation of $200m November 2019 July 2019 September 2018 Financial Advisor to MagicLab Financial Advisor to AU10TIX and its shareholders Financial Advisor to 10bis and its shareholders Acquisition of a 79% stake in $60m Investment in Sale of 100% in by at a valuation of ~$3 billion at a valuation of $260m by for €135m to 10Bis