Ziff Davis

In this pitch deck, analysts Oskar Larsson, Antonio Sherwany, and Felix Burestedt present
a comprehensive buyout assessment of Ziff Davis, a global portfolio of leading digital brands
across Health & Wellness, Cybersecurity & Martech, Gaming & Entertainment, and Technology
& Shopping. The investment case is underpinned by a substantial conglomerate discount, strong
free cash flow conversion, and the potential to unlock value through segment separations and
further divestments following the sale of the Connectivity business. The proposed value creation
strategy would allow the Health & Wellness and cybersecurity assets to be re-rated as standalone
businesses, supporting an illustrative LBO IRR of 26.2%. Using a multi-method valuation framework,
including precedent transactions, sum-of-the-parts trading comparables, discounted cash flow and
leveraged buyout analyses, the analysts estimate Ziff Davis’s enterprise value to be in the range of
USD 1,543–4,556m.