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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 10.7x - 11.9x | 11.3x |
Selected Fwd EBIT Multiple | 9.0x - 9.9x | 9.5x |
Fair Value | $53.89 - $62.88 | $58.39 |
Upside | -2.1% - 14.2% | 6.1% |
Benchmarks | Ticker | Full Ticker |
CDW Corporation | CDW | NasdaqGS:CDW |
TD SYNNEX Corporation | SNX | NYSE:SNX |
PC Connection, Inc. | CNXN | NasdaqGS:CNXN |
Climb Global Solutions, Inc. | CLMB | NasdaqGM:CLMB |
Jabil Inc. | JBL | NYSE:JBL |
Avnet, Inc. | AVT | NasdaqGS:AVT |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CDW | SNX | CNXN | CLMB | JBL | AVT | ||
NasdaqGS:CDW | NYSE:SNX | NasdaqGS:CNXN | NasdaqGM:CLMB | NYSE:JBL | NasdaqGS:AVT | ||
Historical EBIT Growth | |||||||
5Y CAGR | 8.1% | 19.4% | -2.9% | 29.1% | 13.1% | 7.6% | |
3Y CAGR | 4.9% | 19.8% | 0.3% | 36.0% | 9.9% | 34.0% | |
Latest Twelve Months | 0.7% | -1.5% | 1.2% | 91.5% | -12.9% | -27.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 7.3% | 2.4% | 3.5% | 4.7% | 4.3% | 3.2% | |
Prior Fiscal Year | 8.1% | 2.3% | 3.7% | 4.9% | 4.6% | 4.5% | |
Latest Fiscal Year | 8.0% | 2.2% | 3.5% | 6.5% | 5.0% | 3.8% | |
Latest Twelve Months | 8.1% | 2.1% | 3.5% | 6.2% | 4.7% | 3.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.36x | 0.25x | 0.46x | 0.82x | 0.91x | 0.33x | |
EV / LTM EBITDA | 14.5x | 9.1x | 11.6x | 11.4x | 12.3x | 9.4x | |
EV / LTM EBIT | 16.8x | 12.0x | 13.0x | 13.2x | 19.3x | 10.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 12.0x | 13.2x | 19.3x | ||||
Historical EV / LTM EBIT | 6.4x | 7.9x | 19.6x | ||||
Selected EV / LTM EBIT | 10.7x | 11.3x | 11.9x | ||||
(x) LTM EBIT | 695 | 695 | 695 | ||||
(=) Implied Enterprise Value | 7,449 | 7,841 | 8,233 | ||||
(-) Non-shareholder Claims * | (2,643) | (2,643) | (2,643) | ||||
(=) Equity Value | 4,806 | 5,198 | 5,590 | ||||
(/) Shares Outstanding | 83.9 | 83.9 | 83.9 | ||||
Implied Value Range | 57.31 | 61.98 | 66.66 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 57.31 | 61.98 | 66.66 | 55.05 | |||
Upside / (Downside) | 4.1% | 12.6% | 21.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CDW | SNX | CNXN | CLMB | JBL | AVT | |
Enterprise Value | 28,940 | 15,107 | 1,320 | 418 | 25,821 | 7,260 | |
(+) Cash & Short Term Investments | 688 | 767 | 340 | 32 | 1,549 | 189 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (6,337) | (4,106) | (3) | (3) | (3,414) | (2,832) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (2) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 23,291 | 11,768 | 1,658 | 448 | 23,954 | 4,616 | |
(/) Shares Outstanding | 131.7 | 82.5 | 25.4 | 4.5 | 107.3 | 83.9 | |
Implied Stock Price | 176.87 | 142.70 | 65.27 | 98.96 | 223.20 | 55.05 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 176.87 | 142.70 | 65.27 | 98.96 | 223.20 | 55.05 | |
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 |