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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -21.4x - -23.7x | -22.5x |
| Selected Fwd EBIT Multiple | 48.7x - 53.8x | 51.2x |
| Fair Value | $24.67 - $27.02 | $25.84 |
| Upside | 12.7% - 23.4% | 18.1% |
| Benchmarks | Ticker | Full Ticker |
| Elastic N.V. | ESTC | NYSE:ESTC |
| Oracle Corporation | ORCL | NYSE:ORCL |
| Microsoft Corporation | MSFT | NasdaqGS:MSFT |
| Synchronoss Technologies, Inc. | SNCR | NasdaqCM:SNCR |
| Semrush Holdings, Inc. | SEMR | NYSE:SEMR |
| Confluent, Inc. | CFLT | NasdaqGS:CFLT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ESTC | ORCL | MSFT | SNCR | SEMR | CFLT | ||
| NYSE:ESTC | NYSE:ORCL | NasdaqGS:MSFT | NasdaqCM:SNCR | NYSE:SEMR | NasdaqGS:CFLT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 2.4% | 20.6% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 0.2% | 16.1% | NM- | NM- | NM- | |
| Latest Twelve Months | 29.5% | 14.6% | 15.5% | 12094.1% | 48.1% | 3.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -17.9% | 33.6% | 42.1% | -3.5% | -3.0% | -72.0% | |
| Prior Fiscal Year | -17.0% | 27.4% | 41.8% | -4.0% | -2.1% | -57.1% | |
| Latest Fiscal Year | -9.7% | 29.8% | 44.6% | 13.2% | 2.2% | -43.5% | |
| Latest Twelve Months | -5.9% | 31.4% | 45.2% | 15.3% | 1.8% | -40.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.30x | 9.56x | 12.61x | 1.54x | 3.08x | 6.53x | |
| EV / LTM EBITDA | -129.4x | 23.3x | 22.8x | 9.1x | 78.0x | -17.2x | |
| EV / LTM EBIT | -107.5x | 30.4x | 27.9x | 10.0x | 168.9x | -16.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -107.5x | 27.9x | 168.9x | ||||
| Historical EV / LTM EBIT | -74.3x | -18.0x | -12.0x | ||||
| Selected EV / LTM EBIT | -21.4x | -22.5x | -23.7x | ||||
| (x) LTM EBIT | (409) | (409) | (409) | ||||
| (=) Implied Enterprise Value | 8,755 | 9,216 | 9,676 | ||||
| (-) Non-shareholder Claims * | 808 | 808 | 808 | ||||
| (=) Equity Value | 9,563 | 10,023 | 10,484 | ||||
| (/) Shares Outstanding | 340.4 | 340.4 | 340.4 | ||||
| Implied Value Range | 28.09 | 29.45 | 30.80 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.09 | 29.45 | 30.80 | 21.89 | |||
| Upside / (Downside) | 28.3% | 34.5% | 40.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ESTC | ORCL | MSFT | SNCR | SEMR | CFLT | |
| Enterprise Value | 9,014 | 531,018 | 3,390,406 | 266 | 1,220 | 6,643 | |
| (+) Cash & Short Term Investments | 1,284 | 17,823 | 79,618 | 29 | 262 | 1,917 | |
| (+) Investments & Other | 0 | 2,000 | 15,762 | 0 | 0 | 0 | |
| (-) Debt | (588) | (109,176) | (105,019) | (209) | (14) | (1,109) | |
| (-) Other Liabilities | 0 | (531) | 0 | (13) | (9) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,710 | 441,134 | 3,380,767 | 73 | 1,458 | 7,451 | |
| (/) Shares Outstanding | 104.4 | 2,804.2 | 7,432.5 | 10.8 | 148.2 | 340.4 | |
| Implied Stock Price | 93.00 | 157.31 | 454.86 | 6.77 | 9.84 | 21.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 93.00 | 157.31 | 454.86 | 6.77 | 9.84 | 21.89 | |
| 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 | |