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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd Ps Multiple | 7.0x - 7.8x | 7.4x |
| Fair Value | $113.71 - $125.68 | $119.69 |
| Upside | 37.5% - 52.0% | 44.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Adobe Inc. | - | NasdaqGS:ADBE |
| Dropbox, Inc. | - | NasdaqGS:DBX |
| Dynatrace, Inc. | - | NYSE:DT |
| Box, Inc. | - | NYSE:BOX |
| Datadog, Inc. | - | NasdaqGS:DDOG |
| DocuSign, Inc. | - | NasdaqGS:DOCU |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| ADBE | DBX | DT | BOX | DDOG | DOCU | |||
| NasdaqGS:ADBE | NasdaqGS:DBX | NYSE:DT | NYSE:BOX | NasdaqGS:DDOG | NasdaqGS:DOCU | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 14.0% | 8.9% | 27.1% | 9.4% | 49.2% | 25.0% | ||
| 3Y CAGR | 10.9% | 5.7% | 26.7% | 7.6% | 37.7% | 12.2% | ||
| Latest Twelve Months | 10.5% | 1.9% | 19.8% | 5.0% | 26.1% | 7.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 30.2% | 11.0% | 2.8% | 1.1% | -0.5% | -0.5% | ||
| Prior Fiscal Year | 28.0% | 18.1% | 9.3% | 9.6% | 2.3% | 2.7% | ||
| Latest Fiscal Year | 25.9% | 17.7% | 10.8% | 18.5% | 6.8% | 35.9% | ||
| Latest Twelve Months | 30.6% | 17.7% | 29.5% | 18.5% | 6.8% | 35.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 18.7x | 14.3x | 65.8x | 59.3x | 311.8x | 55.5x | ||
| Price / LTM Sales | 7.4x | 3.2x | 8.8x | 4.1x | 12.9x | 5.6x | ||
| LTM P/E Ratio | 24.2x | 18.1x | 29.7x | 22.3x | 188.5x | 15.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 3.2x | 7.4x | 12.9x | |||||
| Historical LTM P/S Ratio | 4.6x | 5.6x | 34.3x | |||||
| Selected Price / Sales Multiple | 7.5x | 7.9x | 8.3x | |||||
| (x) LTM Sales | 2,977 | 2,977 | 2,977 | |||||
| (=) Equity Value | 22,351 | 23,528 | 24,704 | |||||
| (/) Shares Outstanding | 202.5 | 202.5 | 202.5 | |||||
| Implied Value Range | 110.40 | 116.21 | 122.02 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 110.40 | 116.21 | 122.02 | 82.69 | ||||
| Upside / (Downside) | 33.5% | 40.5% | 47.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADBE | DBX | DT | BOX | DDOG | DOCU | |
| Value of Common Equity | 163,320 | 8,202 | 14,318 | 4,503 | 34,640 | 16,741 | |
| (/) Shares Outstanding | 426.2 | 301.8 | 299.4 | 143.8 | 342.8 | 202.5 | |
| Implied Stock Price | 383.20 | 27.18 | 47.83 | 31.32 | 101.06 | 82.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 383.20 | 27.18 | 47.83 | 31.32 | 101.06 | 82.69 | |
| 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 | |