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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 20.4x - 22.6x | 21.5x |
| Selected Fwd EBIT Multiple | 12.5x - 13.8x | 13.1x |
| Fair Value | $65.17 - $74.61 | $69.89 |
| Upside | 8.6% - 24.3% | 16.4% |
| Benchmarks | Ticker | Full Ticker |
| Tyler Technologies, Inc. | TYL | NYSE:TYL |
| ACI Worldwide, Inc. | ACIW | NasdaqGS:ACIW |
| Autodesk, Inc. | ADSK | NasdaqGS:ADSK |
| PTC Inc. | PTC | NasdaqGS:PTC |
| ServiceNow, Inc. | NOW | NYSE:NOW |
| Blackbaud, Inc. | BLKB | NasdaqGS:BLKB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TYL | ACIW | ADSK | PTC | NOW | BLKB | ||
| NYSE:TYL | NasdaqGS:ACIW | NasdaqGS:ADSK | NasdaqGS:PTC | NYSE:NOW | NasdaqGS:BLKB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.0% | 20.8% | 30.5% | 38.2% | 101.6% | 39.5% | |
| 3Y CAGR | 22.0% | 14.8% | 23.7% | 14.2% | 75.8% | 77.4% | |
| Latest Twelve Months | 45.8% | 32.1% | 16.1% | 19.0% | 53.4% | 62.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.2% | 16.2% | 19.5% | 22.9% | 6.8% | 7.2% | |
| Prior Fiscal Year | 11.2% | 17.1% | 21.3% | 22.8% | 8.9% | 10.1% | |
| Latest Fiscal Year | 15.4% | 19.9% | 23.1% | 25.7% | 12.7% | 15.6% | |
| Latest Twelve Months | 16.0% | 21.8% | 22.9% | 27.0% | 13.2% | 17.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.12x | 3.20x | 9.99x | 9.08x | 17.02x | 3.52x | |
| EV / LTM EBITDA | 56.6x | 13.3x | 42.3x | 28.8x | 92.5x | 15.0x | |
| EV / LTM EBIT | 69.4x | 14.7x | 43.6x | 33.6x | 128.8x | 19.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.7x | 43.6x | 128.8x | ||||
| Historical EV / LTM EBIT | 29.1x | 76.0x | 153.4x | ||||
| Selected EV / LTM EBIT | 20.4x | 21.5x | 22.6x | ||||
| (x) LTM EBIT | 205 | 205 | 205 | ||||
| (=) Implied Enterprise Value | 4,185 | 4,406 | 4,626 | ||||
| (-) Non-shareholder Claims * | (1,169) | (1,169) | (1,169) | ||||
| (=) Equity Value | 3,016 | 3,237 | 3,457 | ||||
| (/) Shares Outstanding | 47.7 | 47.7 | 47.7 | ||||
| Implied Value Range | 63.23 | 67.85 | 72.47 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 63.23 | 67.85 | 72.47 | 60.03 | |||
| Upside / (Downside) | 5.3% | 13.0% | 20.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TYL | ACIW | ADSK | PTC | NOW | BLKB | |
| Enterprise Value | 24,353 | 5,355 | 63,397 | 21,312 | 194,728 | 4,033 | |
| (+) Cash & Short Term Investments | 807 | 230 | 2,040 | 235 | 6,597 | 37 | |
| (+) Investments & Other | 3 | 0 | 261 | 0 | 4,808 | 3 | |
| (-) Debt | (640) | (888) | (2,544) | (1,567) | (2,399) | (1,209) | |
| (-) 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 | 24,523 | 4,697 | 63,154 | 19,980 | 203,734 | 2,864 | |
| (/) Shares Outstanding | 43.1 | 104.9 | 213.9 | 119.9 | 207.5 | 47.7 | |
| Implied Stock Price | 568.67 | 44.78 | 295.19 | 166.57 | 982.08 | 60.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 568.67 | 44.78 | 295.19 | 166.57 | 982.08 | 60.03 | |
| 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 | |