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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.1x - 11.2x | 10.7x |
| Selected Fwd EBITDA Multiple | 7.1x - 7.9x | 7.5x |
| Fair Value | €47.47 - €53.89 | €50.68 |
| Upside | -12.1% - -0.2% | -6.2% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SSNC | CNXC | EFX | TTEC | TASK | CSN | ||
| NasdaqGS:SSNC | NasdaqGS:CNXC | NYSE:EFX | NasdaqGS:TTEC | NasdaqGS:TASK | DB:CSN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 2.4% | 19.5% | 16.3% | -1.9% | 17.7% | 2.4% | |
| 3Y CAGR | 0.5% | 20.4% | 2.6% | -18.3% | 545.6% | 4.0% | |
| Latest Twelve Months | 3.8% | 4.7% | 8.3% | -6.0% | 17.6% | 14.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.4% | 14.9% | 30.7% | 11.9% | 17.0% | 15.4% | |
| Prior Fiscal Year | 32.5% | 15.7% | 30.1% | 9.8% | 17.9% | 14.8% | |
| Latest Fiscal Year | 32.3% | 15.1% | 30.9% | 8.2% | 16.9% | 15.3% | |
| Latest Twelve Months | 32.3% | 14.7% | 31.2% | 8.5% | 17.6% | 15.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.51x | 0.88x | 5.91x | 0.51x | 1.74x | 1.82x | |
| EV / LTM EBITDA | 14.0x | 6.0x | 19.0x | 6.0x | 9.9x | 11.6x | |
| EV / LTM EBIT | 19.7x | 11.4x | 30.9x | 12.2x | 14.3x | 14.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.0x | 9.9x | 19.0x | ||||
| Historical EV / LTM EBITDA | 10.4x | 11.3x | 13.1x | ||||
| Selected EV / LTM EBITDA | 10.1x | 10.7x | 11.2x | ||||
| (x) LTM EBITDA | 189 | 189 | 189 | ||||
| (=) Implied Enterprise Value | 1,917 | 2,018 | 2,119 | ||||
| (-) Non-shareholder Claims * | (431) | (431) | (431) | ||||
| (=) Equity Value | 1,487 | 1,588 | 1,688 | ||||
| (/) Shares Outstanding | 27.4 | 27.4 | 27.4 | ||||
| Implied Value Range | 54.23 | 57.91 | 61.59 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 46.58 | 49.74 | 52.90 | 54.00 | |||
| Upside / (Downside) | -13.7% | -7.9% | -2.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SSNC | CNXC | EFX | TTEC | TASK | CSN | |
| Enterprise Value | 27,291 | 8,442 | 34,529 | 1,095 | 1,918 | 2,154 | |
| (+) Cash & Short Term Investments | 480 | 343 | 189 | 83 | 182 | 146 | |
| (+) Investments & Other | 519 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (7,017) | (5,817) | (4,898) | (995) | (313) | (577) | |
| (-) Other Liabilities | (75) | 0 | (132) | (17) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,198 | 2,968 | 29,688 | 166 | 1,787 | 1,723 | |
| (/) Shares Outstanding | 244.2 | 63.0 | 123.8 | 48.5 | 104.9 | 27.4 | |
| Implied Stock Price | 86.80 | 47.09 | 239.81 | 3.42 | 17.04 | 62.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 86.80 | 47.09 | 239.81 | 3.42 | 17.04 | 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 | |