Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -92.3x - -102.0x | -97.2x |
| Selected Fwd EBIT Multiple | 15.6x - 17.2x | 16.4x |
| Fair Value | $36.10 - $40.21 | $38.15 |
| Upside | 31.5% - 46.4% | 38.9% |
| Benchmarks | Ticker | Full Ticker |
| RingCentral, Inc. | RNG | NYSE:RNG |
| Verint Systems Inc. | VRNT | NasdaqGS:VRNT |
| ServiceNow, Inc. | NOW | NYSE:NOW |
| LivePerson, Inc. | LPSN | NasdaqGS:LPSN |
| 8x8, Inc. | EGHT | NasdaqGS:EGHT |
| Five9, Inc. | FIVN | NasdaqGM:FIVN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RNG | VRNT | NOW | LPSN | EGHT | FIVN | ||
| NYSE:RNG | NasdaqGS:VRNT | NYSE:NOW | NasdaqGS:LPSN | NasdaqGS:EGHT | NasdaqGM:FIVN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 69.2% | 101.6% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 22.0% | 75.8% | NM- | NM- | NM- | |
| Latest Twelve Months | 107.8% | 68.5% | 74.6% | 25.9% | -60.6% | 68.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -14.0% | 8.1% | 6.3% | -24.2% | -16.7% | -6.4% | |
| Prior Fiscal Year | -8.1% | 7.5% | 8.9% | -21.5% | -8.1% | -10.1% | |
| Latest Fiscal Year | 0.6% | 12.7% | 12.7% | -20.5% | -2.3% | -2.8% | |
| Latest Twelve Months | 0.6% | 12.7% | 12.7% | -20.5% | 0.1% | -2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.55x | 1.97x | 13.65x | 1.34x | 0.83x | 2.05x | |
| EV / LTM EBITDA | 15.7x | 12.4x | 76.4x | -19.2x | 20.7x | 90.7x | |
| EV / LTM EBIT | 266.2x | 15.5x | 107.3x | -6.5x | 1070.6x | -72.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -6.5x | 107.3x | 1070.6x | ||||
| Historical EV / LTM EBIT | -1063.8x | -74.2x | -70.0x | ||||
| Selected EV / LTM EBIT | -92.3x | -97.2x | -102.0x | ||||
| (x) LTM EBIT | (29) | (29) | (29) | ||||
| (=) Implied Enterprise Value | 2,714 | 2,857 | 3,000 | ||||
| (-) Non-shareholder Claims * | (226) | (226) | (226) | ||||
| (=) Equity Value | 2,488 | 2,630 | 2,773 | ||||
| (/) Shares Outstanding | 75.8 | 75.8 | 75.8 | ||||
| Implied Value Range | 32.81 | 34.70 | 36.58 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.81 | 34.70 | 36.58 | 27.46 | |||
| Upside / (Downside) | 19.5% | 26.4% | 33.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RNG | VRNT | NOW | LPSN | EGHT | FIVN | |
| Enterprise Value | 3,880 | 1,786 | 161,686 | 419 | 594 | 2,308 | |
| (+) Cash & Short Term Investments | 243 | 217 | 5,762 | 183 | 104 | 1,006 | |
| (+) Investments & Other | 2 | 5 | 4,580 | 0 | 0 | 1 | |
| (-) Debt | (1,579) | (449) | (2,278) | (527) | (426) | (1,233) | |
| (-) Other Liabilities | 0 | (2) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | (199) | (436) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,346 | 1,120 | 169,750 | 75 | 273 | 2,082 | |
| (/) Shares Outstanding | 90.7 | 62.1 | 206.0 | 91.3 | 131.7 | 75.8 | |
| Implied Stock Price | 25.86 | 18.02 | 824.03 | 0.82 | 2.07 | 27.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.86 | 18.02 | 824.03 | 0.82 | 2.07 | 27.46 | |
| 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 | |