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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -39.2x - -43.3x | -41.3x |
| Selected Fwd EBITDA Multiple | 31.9x - 35.3x | 33.6x |
| Fair Value | $37.50 - $40.85 | $39.17 |
| Upside | -21.0% - -14.0% | -17.5% |
| Benchmarks | Ticker | Full Ticker |
| PagerDuty, Inc. | PD | NYSE:PD |
| ServiceNow, Inc. | NOW | NYSE:NOW |
| Asana, Inc. | ASAN | NYSE:ASAN |
| Freshworks Inc. | FRSH | NasdaqGS:FRSH |
| Microsoft Corporation | MSFT | NasdaqGS:MSFT |
| GitLab Inc. | GTLB | NasdaqGS:GTLB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PD | NOW | ASAN | FRSH | MSFT | GTLB | ||
| NYSE:PD | NYSE:NOW | NYSE:ASAN | NasdaqGS:FRSH | NasdaqGS:MSFT | NasdaqGS:GTLB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 46.2% | NM- | NM- | 18.9% | NM- | |
| 3Y CAGR | NM- | 39.1% | NM- | NM- | 17.0% | NM- | |
| Latest Twelve Months | 44.0% | 35.8% | 4.1% | 40.5% | 19.2% | 24.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -24.6% | 13.4% | -60.5% | -31.7% | 49.7% | -56.9% | |
| Prior Fiscal Year | -16.2% | 15.2% | -38.8% | -27.4% | 48.2% | -30.2% | |
| Latest Fiscal Year | -8.4% | 17.9% | -33.6% | -15.7% | 52.8% | -17.4% | |
| Latest Twelve Months | -8.4% | 18.4% | -33.6% | -11.7% | 55.2% | -17.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.96x | 17.74x | 5.51x | 4.58x | 12.71x | 9.11x | |
| EV / LTM EBITDA | -35.3x | 96.4x | -16.4x | -39.2x | 23.0x | -52.2x | |
| EV / LTM EBIT | -23.2x | 134.2x | -15.6x | -32.9x | 28.1x | -51.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -39.2x | -16.4x | 96.4x | ||||
| Historical EV / LTM EBITDA | -54.3x | -45.4x | -32.1x | ||||
| Selected EV / LTM EBITDA | -39.2x | -41.3x | -43.3x | ||||
| (x) LTM EBITDA | (132) | (132) | (132) | ||||
| (=) Implied Enterprise Value | 5,193 | 5,467 | 5,740 | ||||
| (-) Non-shareholder Claims * | 947 | 947 | 947 | ||||
| (=) Equity Value | 6,140 | 6,413 | 6,687 | ||||
| (/) Shares Outstanding | 165.1 | 165.1 | 165.1 | ||||
| Implied Value Range | 37.19 | 38.85 | 40.50 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 37.19 | 38.85 | 40.50 | 47.50 | |||
| Upside / (Downside) | -21.7% | -18.2% | -14.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PD | NOW | ASAN | FRSH | MSFT | GTLB | |
| Enterprise Value | 1,361 | 198,881 | 3,914 | 3,299 | 3,355,622 | 6,895 | |
| (+) Cash & Short Term Investments | 571 | 6,597 | 467 | 995 | 79,618 | 992 | |
| (+) Investments & Other | 0 | 4,808 | 0 | 0 | 15,762 | 0 | |
| (-) Debt | (464) | (2,399) | (268) | (40) | (105,019) | (0) | |
| (-) Other Liabilities | (18) | 0 | 0 | 0 | 0 | (45) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,450 | 207,887 | 4,113 | 4,254 | 3,345,983 | 7,842 | |
| (/) Shares Outstanding | 91.1 | 207.0 | 235.4 | 295.0 | 7,432.5 | 165.1 | |
| Implied Stock Price | 15.92 | 1,004.37 | 17.47 | 14.42 | 450.18 | 47.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.92 | 1,004.37 | 17.47 | 14.42 | 450.18 | 47.50 | |
| 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 | |