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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 314.7x - 347.8x | 331.2x |
| Selected Fwd EBIT Multiple | 71.3x - 78.8x | 75.0x |
| Fair Value | $79.35 - $87.45 | $83.40 |
| Upside | -49.5% - -44.3% | -46.9% |
| Benchmarks | Ticker | Full Ticker |
| Veritone, Inc. | VERI | NasdaqGM:VERI |
| C3.ai, Inc. | AI | NYSE:AI |
| ServiceNow, Inc. | NOW | NYSE:NOW |
| LiveRamp Holdings, Inc. | RAMP | NYSE:RAMP |
| Adobe Inc. | ADBE | NasdaqGS:ADBE |
| Palantir Technologies Inc. | PLTR | NasdaqGS:PLTR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VERI | AI | NOW | RAMP | ADBE | PLTR | ||
| NasdaqGM:VERI | NYSE:AI | NYSE:NOW | NYSE:RAMP | NasdaqGS:ADBE | NasdaqGS:PLTR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 101.6% | NM- | 19.1% | NM- | |
| 3Y CAGR | NM- | NM- | 75.8% | NM- | 10.5% | NM- | |
| Latest Twelve Months | 8.8% | -1.9% | 49.8% | 48.4% | 14.8% | 95.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -71.9% | -79.0% | 7.3% | -10.4% | 35.2% | -23.0% | |
| Prior Fiscal Year | -95.4% | -102.5% | 8.9% | 3.8% | 34.3% | 5.4% | |
| Latest Fiscal Year | -95.2% | -83.4% | 12.7% | 1.8% | 36.4% | 10.8% | |
| Latest Twelve Months | -92.9% | -83.4% | 13.8% | 3.4% | 36.7% | 16.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.00x | 4.19x | 14.99x | 1.90x | 6.53x | 106.67x | |
| EV / LTM EBITDA | -4.6x | -5.2x | 78.8x | 34.5x | 16.6x | 613.9x | |
| EV / LTM EBIT | -3.2x | -5.0x | 108.6x | 55.8x | 17.8x | 644.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -5.0x | 17.8x | 108.6x | ||||
| Historical EV / LTM EBIT | -60.9x | -36.3x | 946.4x | ||||
| Selected EV / LTM EBIT | 314.7x | 331.2x | 347.8x | ||||
| (x) LTM EBIT | 570 | 570 | 570 | ||||
| (=) Implied Enterprise Value | 179,210 | 188,642 | 198,075 | ||||
| (-) Non-shareholder Claims * | 5,789 | 5,789 | 5,789 | ||||
| (=) Equity Value | 184,999 | 194,431 | 203,863 | ||||
| (/) Shares Outstanding | 2,372.3 | 2,372.3 | 2,372.3 | ||||
| Implied Value Range | 77.98 | 81.96 | 85.93 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 77.98 | 81.96 | 85.93 | 157.09 | |||
| Upside / (Downside) | -50.4% | -47.8% | -45.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VERI | AI | NOW | RAMP | ADBE | PLTR | |
| Enterprise Value | 273 | 1,631 | 180,158 | 1,452 | 147,421 | 366,882 | |
| (+) Cash & Short Term Investments | 14 | 743 | 6,132 | 371 | 5,713 | 6,000 | |
| (+) Investments & Other | 3 | 0 | 5,256 | 3 | 63 | 123 | |
| (-) Debt | (118) | (60) | (2,409) | (35) | (6,581) | (238) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (97) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 172 | 2,313 | 189,137 | 1,791 | 146,616 | 372,671 | |
| (/) Shares Outstanding | 55.3 | 137.5 | 207.5 | 65.6 | 424.2 | 2,372.3 | |
| Implied Stock Price | 3.11 | 16.82 | 911.42 | 27.30 | 345.63 | 157.09 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.11 | 16.82 | 911.42 | 27.30 | 345.63 | 157.09 | |
| 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 | |