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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.6x - 13.9x | 13.3x |
| Selected Fwd EBIT Multiple | 9.4x - 10.4x | 9.9x |
| Fair Value | €48.95 - €55.59 | €52.27 |
| Upside | -9.4% - 2.9% | -3.2% |
| Benchmarks | Ticker | Full Ticker |
| SS&C Technologies Holdings, Inc. | SSNC | NasdaqGS:SSNC |
| Concentrix Corporation | CNXC | NasdaqGS:CNXC |
| Equifax Inc. | EFX | NYSE:EFX |
| TTEC Holdings, Inc. | TTEC | NasdaqGS:TTEC |
| TaskUs, Inc. | TASK | NasdaqGS:TASK |
| CSG Systems International, Inc. | CSN | DB:CSN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SSNC | CNXC | EFX | TTEC | TASK | CSN | ||
| NasdaqGS:SSNC | NasdaqGS:CNXC | NYSE:EFX | NasdaqGS:TTEC | NasdaqGS:TASK | DB:CSN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.6% | 20.8% | 17.1% | -8.6% | 22.5% | 2.9% | |
| 3Y CAGR | 2.0% | 10.4% | -1.8% | -29.4% | NM- | 5.0% | |
| Latest Twelve Months | 6.5% | -1.8% | 8.3% | -22.9% | 14.8% | 19.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.8% | 9.2% | 19.8% | 7.8% | 10.5% | 12.7% | |
| Prior Fiscal Year | 22.0% | 10.2% | 18.4% | 5.7% | 11.3% | 12.0% | |
| Latest Fiscal Year | 22.8% | 7.8% | 19.0% | 3.7% | 10.8% | 12.6% | |
| Latest Twelve Months | 22.9% | 7.7% | 19.1% | 4.0% | 11.3% | 13.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.41x | 0.87x | 5.92x | 0.53x | 1.55x | 1.77x | |
| EV / LTM EBITDA | 13.6x | 5.9x | 19.0x | 6.3x | 9.1x | 11.2x | |
| EV / LTM EBIT | 19.2x | 11.3x | 30.9x | 13.2x | 13.7x | 13.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.3x | 13.7x | 30.9x | ||||
| Historical EV / LTM EBIT | 11.4x | 14.1x | 17.5x | ||||
| Selected EV / LTM EBIT | 12.6x | 13.3x | 13.9x | ||||
| (x) LTM EBIT | 156 | 156 | 156 | ||||
| (=) Implied Enterprise Value | 1,971 | 2,075 | 2,178 | ||||
| (-) Non-shareholder Claims * | (453) | (453) | (453) | ||||
| (=) Equity Value | 1,518 | 1,621 | 1,725 | ||||
| (/) Shares Outstanding | 27.6 | 27.6 | 27.6 | ||||
| Implied Value Range | 54.94 | 58.70 | 62.45 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 47.45 | 50.69 | 53.94 | 54.00 | |||
| Upside / (Downside) | -12.1% | -6.1% | -0.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SSNC | CNXC | EFX | TTEC | TASK | CSN | |
| Enterprise Value | 26,663 | 8,388 | 34,551 | 1,142 | 1,622 | 2,180 | |
| (+) Cash & Short Term Investments | 480 | 343 | 189 | 85 | 197 | 136 | |
| (+) Investments & Other | 519 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (7,017) | (5,817) | (4,898) | (1,061) | (306) | (589) | |
| (-) Other Liabilities | (75) | 0 | (132) | (18) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 20,571 | 2,913 | 29,710 | 148 | 1,512 | 1,727 | |
| (/) Shares Outstanding | 244.2 | 63.0 | 123.8 | 47.8 | 88.8 | 27.6 | |
| Implied Stock Price | 84.23 | 46.22 | 239.99 | 3.09 | 17.03 | 62.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 84.23 | 46.22 | 239.99 | 3.09 | 17.03 | 54.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |