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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.6x - 3.9x | 3.7x |
| Selected Fwd EBITDA Multiple | 2.4x - 2.7x | 2.6x |
| Fair Value | €2.86 - €2.97 | €2.91 |
| Upside | 45.1% - 50.5% | 47.8% |
| Benchmarks | Ticker | Full Ticker |
| SEI Investments Company | SEIC | NasdaqGS:SEIC |
| Jupiter Fund Management Plc | JUP | LSE:JUP |
| Affiliated Managers Group, Inc. | 0HAQ | LSE:0HAQ |
| Virtus Investment Partners, Inc. | VRTS | NYSE:VRTS |
| Franklin Resources, Inc. | 0RT6 | LSE:0RT6 |
| Man Group Plc | M3N | DB:M3N |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SEIC | JUP | 0HAQ | VRTS | 0RT6 | M3N | ||
| NasdaqGS:SEIC | LSE:JUP | LSE:0HAQ | NYSE:VRTS | LSE:0RT6 | DB:M3N | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.7% | -9.3% | -3.9% | 8.2% | 0.1% | 1.4% | |
| 3Y CAGR | -0.1% | -23.2% | -9.1% | -14.0% | -10.8% | -14.7% | |
| Latest Twelve Months | 22.2% | -7.8% | -1.6% | 11.5% | -13.9% | 49.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 28.1% | 33.5% | 36.9% | 30.9% | 25.6% | 35.0% | |
| Prior Fiscal Year | 24.9% | 29.9% | 36.3% | 25.7% | 24.8% | 22.7% | |
| Latest Fiscal Year | 28.1% | 27.9% | 34.7% | 27.3% | 20.1% | 27.6% | |
| Latest Twelve Months | 28.7% | 27.9% | 34.8% | 27.6% | 19.2% | 27.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.41x | 0.18x | 2.82x | 1.58x | 1.55x | 0.10x | |
| EV / LTM EBITDA | 15.4x | 0.7x | 8.1x | 5.7x | 8.1x | 0.3x | |
| EV / LTM EBIT | 16.7x | 0.7x | 9.7x | 7.8x | 11.7x | 0.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.7x | 8.1x | 15.4x | ||||
| Historical EV / LTM EBITDA | 0.3x | 4.1x | 6.3x | ||||
| Selected EV / LTM EBITDA | 3.6x | 3.7x | 3.9x | ||||
| (x) LTM EBITDA | 396 | 396 | 396 | ||||
| (=) Implied Enterprise Value | 1,406 | 1,480 | 1,554 | ||||
| (-) Non-shareholder Claims * | 2,423 | 2,423 | 2,423 | ||||
| (=) Equity Value | 3,829 | 3,903 | 3,977 | ||||
| (/) Shares Outstanding | 1,134.8 | 1,134.8 | 1,134.8 | ||||
| Implied Value Range | 3.37 | 3.44 | 3.50 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.91 | 2.97 | 3.03 | 1.97 | |||
| Upside / (Downside) | 47.9% | 50.8% | 53.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SEIC | JUP | 0HAQ | VRTS | 0RT6 | M3N | |
| Enterprise Value | 9,556 | 67 | 5,668 | (956) | 13,320 | 165 | |
| (+) Cash & Short Term Investments | 742 | 504 | 883 | 219 | 2,754 | 523 | |
| (+) Investments & Other | 278 | 2 | 2,686 | 2,380 | 2,229 | 2,164 | |
| (-) Debt | (28) | (91) | (2,794) | (304) | (3,661) | (264) | |
| (-) Other Liabilities | 0 | 0 | (1,277) | (123) | (2,832) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,548 | 482 | 5,166 | 1,217 | 11,811 | 2,588 | |
| (/) Shares Outstanding | 124.5 | 509.1 | 28.4 | 6.9 | 525.5 | 1,134.8 | |
| Implied Stock Price | 84.73 | 0.95 | 181.73 | 176.02 | 22.48 | 2.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 84.73 | 0.95 | 181.73 | 176.02 | 22.48 | 1.97 | |
| Trading Currency | USD | GBP | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |