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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -19.5x - -21.6x | -20.6x |
| Selected Fwd EBIT Multiple | -27.6x - -30.5x | -29.1x |
| Fair Value | $3.70 - $4.28 | $3.99 |
| Upside | -8.0% - 6.4% | -0.8% |
| Benchmarks | Ticker | Full Ticker |
| Anywhere Real Estate Inc. | HOUS | NYSE:HOUS |
| Offerpad Solutions Inc. | OPAD | NYSE:OPAD |
| RE/MAX Holdings, Inc. | RMAX | NYSE:RMAX |
| Compass, Inc. | COMP | NYSE:COMP |
| Zillow Group, Inc. | ZG | NasdaqGS:ZG |
| Opendoor Technologies Inc. | OPEN | NasdaqGS:OPEN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HOUS | OPAD | RMAX | COMP | ZG | OPEN | ||
| NYSE:HOUS | NYSE:OPAD | NYSE:RMAX | NYSE:COMP | NasdaqGS:ZG | NasdaqGS:OPEN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -30.0% | NM- | -7.3% | NM- | NM- | NM- | |
| 3Y CAGR | -53.9% | NM- | 5.1% | NM- | NM- | NM- | |
| Latest Twelve Months | 94.6% | 22.7% | 10.5% | 41.2% | 39.8% | 41.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.8% | -3.6% | 15.0% | -5.1% | -1.3% | -7.1% | |
| Prior Fiscal Year | -0.1% | -7.9% | 12.9% | -5.8% | -12.7% | -5.2% | |
| Latest Fiscal Year | 1.1% | -5.0% | 15.7% | -2.5% | -8.5% | -5.7% | |
| Latest Twelve Months | 1.2% | -6.0% | 15.9% | -1.6% | -5.6% | -3.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.63x | 0.44x | 0.25x | 0.83x | 8.13x | 0.83x | |
| EV / LTM EBITDA | 13.9x | -7.6x | 1.0x | -556.5x | -510.9x | -28.1x | |
| EV / LTM EBIT | 50.5x | -7.5x | 1.5x | -53.4x | -146.0x | -21.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -146.0x | -7.5x | 50.5x | ||||
| Historical EV / LTM EBIT | -74.5x | -10.3x | -8.5x | ||||
| Selected EV / LTM EBIT | -19.5x | -20.6x | -21.6x | ||||
| (x) LTM EBIT | (197) | (197) | (197) | ||||
| (=) Implied Enterprise Value | 3,847 | 4,050 | 4,252 | ||||
| (-) Non-shareholder Claims * | (1,336) | (1,336) | (1,336) | ||||
| (=) Equity Value | 2,511 | 2,714 | 2,916 | ||||
| (/) Shares Outstanding | 736.0 | 736.0 | 736.0 | ||||
| Implied Value Range | 3.41 | 3.69 | 3.96 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.41 | 3.69 | 3.96 | 4.02 | |||
| Upside / (Downside) | -15.1% | -8.3% | -1.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HOUS | OPAD | RMAX | COMP | ZG | OPEN | |
| Enterprise Value | 3,633 | 311 | 73 | 5,231 | 18,933 | 4,295 | |
| (+) Cash & Short Term Investments | 266 | 23 | 94 | 177 | 1,167 | 789 | |
| (+) Investments & Other | 166 | 0 | 0 | 0 | 0 | 59 | |
| (-) Debt | (3,343) | (231) | (466) | (547) | (328) | (2,184) | |
| (-) Other Liabilities | (4) | 0 | 486 | (6) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 718 | 103 | 188 | 4,856 | 19,772 | 2,959 | |
| (/) Shares Outstanding | 112.0 | 30.6 | 20.0 | 523.3 | 242.3 | 736.0 | |
| Implied Stock Price | 6.41 | 3.36 | 9.37 | 9.28 | 81.61 | 4.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.41 | 3.36 | 9.37 | 9.28 | 81.61 | 4.02 | |
| 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 | |