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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd Revenue Multiple | 0.3x - 0.4x | 0.4x |
| Fair Value | €72.43 - €78.58 | €75.51 |
| Upside | 8.9% - 18.2% | 13.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Resources Connection, Inc. | RGP | NasdaqGS:RGP |
| Heidrick & Struggles International, Inc. | HSII | NasdaqGS:HSII |
| Korn Ferry | KFY | NYSE:KFY |
| Barrett Business Services, Inc. | BBSI | NasdaqGS:BBSI |
| Kforce Inc. | KFRC | NYSE:KFRC |
| Insperity, Inc. | ASF | DB:ASF |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| RGP | HSII | KFY | BBSI | KFRC | ASF | |||
| NasdaqGS:RGP | NasdaqGS:HSII | NYSE:KFY | NasdaqGS:BBSI | NYSE:KFRC | DB:ASF | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -2.8% | 9.2% | 7.5% | 4.0% | 0.8% | 8.8% | ||
| 3Y CAGR | 0.2% | 3.1% | 15.1% | 6.2% | -3.8% | 9.8% | ||
| Latest Twelve Months | -16.3% | 7.0% | -3.4% | 7.0% | -8.3% | 1.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 6.9% | 9.0% | 12.5% | 5.0% | 6.1% | 3.7% | ||
| Prior Fiscal Year | 9.7% | 8.2% | 12.7% | 5.7% | 5.7% | 3.4% | ||
| Latest Fiscal Year | 4.8% | 6.9% | 9.8% | 5.2% | 5.0% | 1.8% | ||
| Latest Twelve Months | 1.3% | 6.9% | 11.6% | 5.2% | 5.0% | 1.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.24x | 0.29x | 1.07x | 0.82x | 0.61x | 0.35x | ||
| EV / LTM EBIT | 18.4x | 4.1x | 9.2x | 15.7x | 12.3x | 19.6x | ||
| Price / LTM Sales | 0.32x | 0.71x | 1.16x | 0.91x | 0.58x | 0.44x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.24x | 0.61x | 1.07x | |||||
| Historical EV / LTM Revenue | 0.35x | 0.72x | 0.95x | |||||
| Selected EV / LTM Revenue | 0.38x | 0.40x | 0.42x | |||||
| (x) LTM Revenue | 6,581 | 6,581 | 6,581 | |||||
| (=) Implied Enterprise Value | 2,509 | 2,641 | 2,774 | |||||
| (-) Non-shareholder Claims * | 601 | 601 | 601 | |||||
| (=) Equity Value | 3,110 | 3,242 | 3,375 | |||||
| (/) Shares Outstanding | 37.6 | 37.6 | 37.6 | |||||
| Implied Value Range | 82.67 | 86.18 | 89.69 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 72.36 | 75.43 | 78.50 | 66.50 | ||||
| Upside / (Downside) | 8.8% | 13.4% | 18.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RGP | HSII | KFY | BBSI | KFRC | ASF | |
| Enterprise Value | 135 | 313 | 2,873 | 936 | 858 | 2,258 | |
| (+) Cash & Short Term Investments | 72 | 564 | 805 | 122 | 0 | 1,055 | |
| (+) Investments & Other | 0 | 0 | 41 | 0 | 0 | 0 | |
| (-) Debt | (27) | (101) | (568) | (21) | (48) | (454) | |
| (-) Other Liabilities | 0 | 0 | (5) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 181 | 776 | 3,146 | 1,036 | 811 | 2,859 | |
| (/) Shares Outstanding | 33.1 | 20.4 | 51.6 | 25.8 | 18.2 | 37.6 | |
| Implied Stock Price | 5.46 | 38.03 | 60.92 | 40.11 | 44.56 | 75.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 5.46 | 38.03 | 60.92 | 40.11 | 44.56 | 66.50 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |