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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -1.1x - -1.2x | -1.2x |
Selected Fwd EBIT Multiple | -3.5x - -3.9x | -3.7x |
Fair Value | $1.24 - $1.37 | $1.31 |
Upside | 37.8% - 52.3% | 45.0% |
Benchmarks | Ticker | Full Ticker |
Adobe Inc. | ADBE | NasdaqGS:ADBE |
Nutanix, Inc. | NTNX | NasdaqGS:NTNX |
Cerence Inc. | CRNC | NasdaqGS:CRNC |
HubSpot, Inc. | HUBS | NYSE:HUBS |
Zeta Global Holdings Corp. | ZETA | NYSE:ZETA |
Smith Micro Software, Inc. | SMSI | NasdaqCM:SMSI |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ADBE | NTNX | CRNC | HUBS | ZETA | SMSI | ||
NasdaqGS:ADBE | NasdaqGS:NTNX | NasdaqGS:CRNC | NYSE:HUBS | NYSE:ZETA | NasdaqCM:SMSI | ||
Historical EBIT Growth | |||||||
5Y CAGR | 19.1% | NM- | 5.1% | NM- | NM- | NM- | |
3Y CAGR | 10.5% | NM- | -11.0% | NM- | NM- | NM- | |
Latest Twelve Months | 14.8% | 672.6% | -81.5% | 40.0% | 75.2% | -24.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 35.2% | -24.0% | 9.5% | -4.8% | -28.1% | -45.6% | |
Prior Fiscal Year | 34.3% | -9.0% | -5.2% | -4.6% | -22.6% | -44.2% | |
Latest Fiscal Year | 36.4% | 1.2% | 14.0% | -2.4% | -5.9% | -123.6% | |
Latest Twelve Months | 36.7% | 6.1% | 3.6% | -2.4% | -3.4% | -119.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 7.16x | 8.30x | 2.48x | 10.34x | 3.24x | 0.91x | |
EV / LTM EBITDA | 18.2x | 93.0x | 36.1x | -621.1x | 3535.7x | -1.0x | |
EV / LTM EBIT | 19.5x | 137.0x | 69.3x | -432.2x | -94.7x | -0.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -432.2x | 19.5x | 137.0x | ||||
Historical EV / LTM EBIT | -17.2x | -3.0x | 28.4x | ||||
Selected EV / LTM EBIT | -1.1x | -1.2x | -1.2x | ||||
(x) LTM EBIT | (23) | (23) | (23) | ||||
(=) Implied Enterprise Value | 26 | 27 | 29 | ||||
(-) Non-shareholder Claims * | (0) | (0) | (0) | ||||
(=) Equity Value | 26 | 27 | 29 | ||||
(/) Shares Outstanding | 19.4 | 19.4 | 19.4 | ||||
Implied Value Range | 1.34 | 1.41 | 1.48 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.34 | 1.41 | 1.48 | 0.90 | |||
Upside / (Downside) | 48.5% | 56.3% | 64.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ADBE | NTNX | CRNC | HUBS | ZETA | SMSI | |
Enterprise Value | 161,352 | 19,834 | 605 | 27,206 | 3,414 | 18 | |
(+) Cash & Short Term Investments | 5,713 | 1,882 | 123 | 2,043 | 364 | 2 | |
(+) Investments & Other | 63 | 0 | 3 | 202 | 0 | 0 | |
(-) Debt | (6,581) | (1,496) | (276) | (655) | (208) | (2) | |
(-) 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 | 160,547 | 20,221 | 454 | 28,796 | 3,571 | 17 | |
(/) Shares Outstanding | 424.2 | 268.1 | 43.3 | 52.7 | 235.5 | 19.4 | |
Implied Stock Price | 378.47 | 75.43 | 10.50 | 546.02 | 15.16 | 0.90 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 378.47 | 75.43 | 10.50 | 546.02 | 15.16 | 0.90 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |