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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 18.8x - 20.8x | 19.8x |
| Selected Fwd EBIT Multiple | 12.0x - 13.3x | 12.6x |
| Fair Value | $5.47 - $6.08 | $5.77 |
| Upside | -27.8% - -19.7% | -23.7% |
| Benchmarks | Ticker | Full Ticker |
| Euronet Worldwide, Inc. | EEFT | NasdaqGS:EEFT |
| Corpay, Inc. | CPAY | NYSE:CPAY |
| WEX Inc. | WEX | NYSE:WEX |
| Fiserv, Inc. | FI | NYSE:FI |
| PayPal Holdings, Inc. | PYPL | NasdaqGS:PYPL |
| Cantaloupe, Inc. | CTLP | NasdaqGS:CTLP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EEFT | CPAY | WEX | FI | PYPL | CTLP | ||
| NasdaqGS:EEFT | NYSE:CPAY | NYSE:WEX | NYSE:FI | NasdaqGS:PYPL | NasdaqGS:CTLP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 1.2% | 7.3% | 11.6% | 27.9% | 15.0% | NM- | |
| 3Y CAGR | 31.2% | 12.2% | 26.6% | 36.7% | 9.3% | NM- | |
| Latest Twelve Months | 16.3% | 6.0% | 7.2% | 21.3% | 16.0% | 13.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 10.3% | 43.9% | 21.5% | 18.5% | 16.2% | -3.9% | |
| Prior Fiscal Year | 11.7% | 44.1% | 25.6% | 25.4% | 16.3% | 1.6% | |
| Latest Fiscal Year | 12.6% | 44.2% | 26.6% | 28.7% | 17.7% | 5.7% | |
| Latest Twelve Months | 12.6% | 44.2% | 26.6% | 28.7% | 17.7% | 6.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.22x | 7.77x | 2.28x | 7.07x | 1.92x | 2.02x | |
| EV / LTM EBITDA | 7.6x | 14.7x | 6.6x | 16.1x | 9.9x | 17.8x | |
| EV / LTM EBIT | 9.6x | 17.6x | 8.6x | 24.6x | 10.8x | 29.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.6x | 10.8x | 24.6x | ||||
| Historical EV / LTM EBIT | -290.6x | -11.7x | 646.7x | ||||
| Selected EV / LTM EBIT | 18.8x | 19.8x | 20.8x | ||||
| (x) LTM EBIT | 19 | 19 | 19 | ||||
| (=) Implied Enterprise Value | 364 | 384 | 403 | ||||
| (-) Non-shareholder Claims * | (22) | (22) | (22) | ||||
| (=) Equity Value | 342 | 362 | 381 | ||||
| (/) Shares Outstanding | 73.0 | 73.0 | 73.0 | ||||
| Implied Value Range | 4.69 | 4.95 | 5.21 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.69 | 4.95 | 5.21 | 7.57 | |||
| Upside / (Downside) | -38.1% | -34.6% | -31.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EEFT | CPAY | WEX | FI | PYPL | CTLP | |
| Enterprise Value | 4,821 | 30,823 | 6,004 | 144,547 | 60,900 | 575 | |
| (+) Cash & Short Term Investments | 1,923 | 1,586 | 4,361 | 1,236 | 10,823 | 28 | |
| (+) Investments & Other | 27 | 60 | 81 | 1,756 | 4,583 | 0 | |
| (-) Debt | (2,084) | (8,090) | (4,446) | (25,610) | (11,857) | (47) | |
| (-) Other Liabilities | (1) | (24) | 0 | (618) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (3) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,686 | 24,355 | 5,999 | 121,311 | 64,449 | 553 | |
| (/) Shares Outstanding | 43.7 | 70.2 | 38.8 | 561.3 | 989.2 | 73.0 | |
| Implied Stock Price | 107.13 | 346.69 | 154.56 | 216.13 | 65.15 | 7.57 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 107.13 | 346.69 | 154.56 | 216.13 | 65.15 | 7.57 | |
| 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 | |