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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 8.1x - 8.9x | 8.5x |
| Selected Fwd Revenue Multiple | 7.3x - 8.1x | 7.7x |
| Fair Value | €374.75 - €414.35 | €394.55 |
| Upside | 22.4% - 35.3% | 28.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Workday, Inc. | WDAY | NasdaqGS:WDAY |
| PTC Inc. | PTC | NasdaqGS:PTC |
| SPS Commerce, Inc. | SPSC | NasdaqGS:SPSC |
| DocuSign, Inc. | DOCU | NasdaqGS:DOCU |
| Dropbox, Inc. | DBX | NasdaqGS:DBX |
| Adobe Inc. | ADB | DB:ADB |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| WDAY | PTC | SPSC | DOCU | DBX | ADB | |||
| NasdaqGS:WDAY | NasdaqGS:PTC | NasdaqGS:SPSC | NasdaqGS:DOCU | NasdaqGS:DBX | DB:ADB | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 18.4% | 12.9% | 18.0% | 25.0% | 8.9% | 14.0% | ||
| 3Y CAGR | 18.0% | 8.3% | 18.3% | 12.2% | 5.7% | 10.9% | ||
| Latest Twelve Months | 13.9% | 11.4% | 20.5% | 8.3% | 0.0% | 10.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 0.0% | 23.6% | 14.8% | -0.8% | 15.3% | 35.4% | ||
| Prior Fiscal Year | 2.5% | 22.8% | 14.4% | 2.3% | 16.9% | 34.3% | ||
| Latest Fiscal Year | 5.9% | 25.7% | 13.9% | 7.9% | 20.9% | 36.4% | ||
| Latest Twelve Months | 8.6% | 30.3% | 14.6% | 8.1% | 24.5% | 36.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 6.51x | 10.38x | 5.64x | 5.19x | 4.20x | 6.48x | ||
| EV / LTM EBIT | 75.7x | 34.2x | 38.6x | 64.5x | 17.1x | 17.7x | ||
| Price / LTM Sales | 7.00x | 9.88x | 5.78x | 5.49x | 3.38x | 6.45x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 4.20x | 5.64x | 10.38x | |||||
| Historical EV / LTM Revenue | 9.26x | 14.55x | 21.01x | |||||
| Selected EV / LTM Revenue | 8.09x | 8.52x | 8.94x | |||||
| (x) LTM Revenue | 23,181 | 23,181 | 23,181 | |||||
| (=) Implied Enterprise Value | 187,544 | 197,414 | 207,285 | |||||
| (-) Non-shareholder Claims * | (696) | (696) | (696) | |||||
| (=) Equity Value | 186,848 | 196,718 | 206,589 | |||||
| (/) Shares Outstanding | 424.2 | 424.2 | 424.2 | |||||
| Implied Value Range | 440.47 | 463.74 | 487.01 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 372.46 | 392.14 | 411.81 | 306.20 | ||||
| Upside / (Downside) | 21.6% | 28.1% | 34.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WDAY | PTC | SPSC | DOCU | DBX | ADB | |
| Enterprise Value | 58,049 | 25,648 | 3,967 | 16,071 | 10,638 | 154,303 | |
| (+) Cash & Short Term Investments | 8,186 | 199 | 108 | 844 | 955 | 5,940 | |
| (+) Investments & Other | 254 | 0 | 0 | 209 | 0 | 0 | |
| (-) Debt | (3,776) | (1,412) | (11) | (127) | (3,043) | (6,636) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 62,713 | 24,435 | 4,064 | 16,997 | 8,549 | 153,607 | |
| (/) Shares Outstanding | 267.0 | 119.8 | 37.9 | 201.1 | 269.9 | 424.2 | |
| Implied Stock Price | 234.88 | 203.98 | 107.20 | 84.52 | 31.68 | 362.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 234.88 | 203.98 | 107.20 | 84.52 | 31.68 | 306.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |