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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -2.1x - -2.3x | -2.2x |
| Selected Fwd EBIT Multiple | -0.9x - -1.0x | -1.0x |
| Fair Value | $7.93 - $7.98 | $7.96 |
| Upside | -27.7% - -27.2% | -27.5% |
| Benchmarks | Ticker | Full Ticker |
| Nexxen International Ltd. | NEXN | NasdaqGM:NEXN |
| Criteo S.A. | CRTO | NasdaqGS:CRTO |
| Marchex, Inc. | MCHX | NasdaqGS:MCHX |
| PubMatic, Inc. | PUBM | NasdaqGM:PUBM |
| The Trade Desk, Inc. | TTD | NasdaqGM:TTD |
| Perion Network Ltd. | PERI | NasdaqGS:PERI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NEXN | CRTO | MCHX | PUBM | TTD | PERI | ||
| NasdaqGM:NEXN | NasdaqGS:CRTO | NasdaqGS:MCHX | NasdaqGM:PUBM | NasdaqGM:TTD | NasdaqGS:PERI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 46.5% | 1.4% | NM- | -15.7% | 30.7% | -21.4% | |
| 3Y CAGR | -17.9% | 2.9% | NM- | -59.4% | 50.7% | -50.2% | |
| Latest Twelve Months | 896.1% | 45.9% | 22.5% | -134.1% | 79.4% | -112.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.1% | 5.4% | -33.0% | 12.6% | 11.9% | 9.9% | |
| Prior Fiscal Year | -4.5% | 5.1% | -19.3% | 0.8% | 10.3% | 17.9% | |
| Latest Fiscal Year | 11.2% | 8.6% | -9.2% | 1.3% | 17.5% | 1.1% | |
| Latest Twelve Months | 13.8% | 10.3% | -10.4% | -0.8% | 17.6% | -3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.25x | 0.56x | 1.66x | 1.84x | 13.88x | 0.37x | |
| EV / LTM EBITDA | 5.4x | 3.6x | -36.2x | 23.0x | 67.7x | -14.3x | |
| EV / LTM EBIT | 9.1x | 5.4x | -15.9x | -216.9x | 78.7x | -10.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -216.9x | 5.4x | 78.7x | ||||
| Historical EV / LTM EBIT | 1.1x | 8.4x | 32.9x | ||||
| Selected EV / LTM EBIT | -2.1x | -2.2x | -2.3x | ||||
| (x) LTM EBIT | (15) | (15) | (15) | ||||
| (=) Implied Enterprise Value | 31 | 32 | 34 | ||||
| (-) Non-shareholder Claims * | 337 | 337 | 337 | ||||
| (=) Equity Value | 368 | 369 | 371 | ||||
| (/) Shares Outstanding | 45.0 | 45.0 | 45.0 | ||||
| Implied Value Range | 8.16 | 8.20 | 8.23 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.16 | 8.20 | 8.23 | 10.97 | |||
| Upside / (Downside) | -25.6% | -25.3% | -25.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NEXN | CRTO | MCHX | PUBM | TTD | PERI | |
| Enterprise Value | 474 | 1,072 | 79 | 523 | 35,674 | 157 | |
| (+) Cash & Short Term Investments | 165 | 313 | 10 | 144 | 1,740 | 358 | |
| (+) Investments & Other | 25 | 21 | 0 | 0 | 0 | 0 | |
| (-) Debt | (34) | (111) | (2) | (45) | (335) | (22) | |
| (-) Other Liabilities | 0 | (36) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 630 | 1,260 | 88 | 622 | 37,079 | 494 | |
| (/) Shares Outstanding | 63.4 | 53.1 | 43.6 | 48.5 | 491.6 | 45.0 | |
| Implied Stock Price | 9.93 | 23.71 | 2.01 | 12.82 | 75.43 | 10.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 9.93 | 23.71 | 2.01 | 12.82 | 75.43 | 10.97 | |
| 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 | |