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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 21.5x - 23.7x | 22.6x |
| Selected Fwd EBITDA Multiple | 13.7x - 15.1x | 14.4x |
| Fair Value | $11.95 - $13.44 | $12.69 |
| Upside | 23.0% - 38.2% | 30.6% |
| Benchmarks | Ticker | Full Ticker |
| HubSpot, Inc. | HUBS | NYSE:HUBS |
| Weave Communications, Inc. | WEAV | NYSE:WEAV |
| Tyler Technologies, Inc. | TYL | NYSE:TYL |
| i3 Verticals, Inc. | IIIV | NasdaqGS:IIIV |
| Salesforce, Inc. | CRM | NYSE:CRM |
| EverCommerce Inc. | EVCM | NasdaqGS:EVCM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HUBS | WEAV | TYL | IIIV | CRM | EVCM | ||
| NYSE:HUBS | NYSE:WEAV | NYSE:TYL | NasdaqGS:IIIV | NYSE:CRM | NasdaqGS:EVCM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 15.5% | 5.8% | 33.8% | NM- | |
| 3Y CAGR | NM- | NM- | 15.6% | 7.0% | 42.6% | 14.8% | |
| Latest Twelve Months | 45.6% | 4.0% | 24.7% | 27.3% | 11.9% | 7.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -3.3% | -23.3% | 18.1% | 13.6% | 19.6% | 15.7% | |
| Prior Fiscal Year | -3.4% | -13.9% | 16.5% | 15.2% | 28.6% | 15.6% | |
| Latest Fiscal Year | -1.5% | -10.5% | 19.4% | 14.5% | 29.4% | 17.1% | |
| Latest Twelve Months | -1.7% | -10.6% | 19.6% | 16.3% | 29.4% | 17.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.39x | 3.18x | 11.07x | 3.10x | 6.74x | 3.09x | |
| EV / LTM EBITDA | -684.7x | -30.2x | 56.3x | 19.0x | 22.9x | 17.9x | |
| EV / LTM EBIT | -476.4x | -21.1x | 69.1x | 52.5x | 33.3x | 45.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -684.7x | 19.0x | 56.3x | ||||
| Historical EV / LTM EBITDA | 21.3x | 27.2x | 48.0x | ||||
| Selected EV / LTM EBITDA | 21.5x | 22.6x | 23.7x | ||||
| (x) LTM EBITDA | 122 | 122 | 122 | ||||
| (=) Implied Enterprise Value | 2,609 | 2,747 | 2,884 | ||||
| (-) Non-shareholder Claims * | (397) | (397) | (397) | ||||
| (=) Equity Value | 2,213 | 2,350 | 2,488 | ||||
| (/) Shares Outstanding | 182.5 | 182.5 | 182.5 | ||||
| Implied Value Range | 12.12 | 12.87 | 13.63 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.12 | 12.87 | 13.63 | 9.72 | |||
| Upside / (Downside) | 24.7% | 32.5% | 40.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HUBS | WEAV | TYL | IIIV | CRM | EVCM | |
| Enterprise Value | 30,839 | 678 | 24,238 | 750 | 255,247 | 2,171 | |
| (+) Cash & Short Term Investments | 2,043 | 98 | 807 | 8 | 14,032 | 148 | |
| (+) Investments & Other | 202 | 0 | 3 | 0 | 4,852 | 1 | |
| (-) Debt | (655) | (55) | (640) | (20) | (12,070) | (546) | |
| (-) Other Liabilities | 0 | 0 | 0 | (128) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 32,429 | 721 | 24,409 | 609 | 262,061 | 1,774 | |
| (/) Shares Outstanding | 52.7 | 75.2 | 43.1 | 24.4 | 959.5 | 182.5 | |
| Implied Stock Price | 614.92 | 9.59 | 566.02 | 24.99 | 273.13 | 9.72 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 614.92 | 9.59 | 566.02 | 24.99 | 273.13 | 9.72 | |
| 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 | |