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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.2x - 9.1x | 8.7x |
| Selected Fwd EBITDA Multiple | 7.5x - 8.3x | 7.9x |
| Fair Value | $55.54 - $60.97 | $58.26 |
| Upside | -6.5% - 2.6% | -1.9% |
| Benchmarks | Ticker | Full Ticker |
| ScanSource, Inc. | SCSC | NasdaqGS:SCSC |
| Insight Enterprises, Inc. | NSIT | NasdaqGS:NSIT |
| Arrow Electronics, Inc. | ARW | NYSE:ARW |
| Ingram Micro Holding Corporation | INGM | NYSE:INGM |
| Climb Global Solutions, Inc. | CLMB | NasdaqGM:CLMB |
| ePlus inc. | PLUS | NasdaqGS:PLUS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SCSC | NSIT | ARW | INGM | CLMB | PLUS | ||
| NasdaqGS:SCSC | NasdaqGS:NSIT | NYSE:ARW | NYSE:INGM | NasdaqGM:CLMB | NasdaqGS:PLUS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -3.9% | 11.1% | 0.9% | 3.2% | 31.0% | 13.1% | |
| 3Y CAGR | 6.1% | 10.0% | -13.9% | -4.6% | 36.5% | 13.0% | |
| Latest Twelve Months | -17.8% | 3.5% | -31.9% | -8.9% | 73.6% | -16.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 3.9% | 4.7% | 4.8% | 2.3% | 5.1% | 8.5% | |
| Prior Fiscal Year | 4.4% | 5.4% | 5.0% | 2.4% | 5.7% | 9.1% | |
| Latest Fiscal Year | 3.8% | 5.9% | 4.0% | 2.2% | 7.4% | 8.4% | |
| Latest Twelve Months | 3.9% | 5.9% | 4.0% | 2.2% | 7.4% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.25x | 0.61x | 0.29x | 0.14x | 0.97x | 0.66x | |
| EV / LTM EBITDA | 6.3x | 10.4x | 7.1x | 6.5x | 13.1x | 8.6x | |
| EV / LTM EBIT | 8.4x | 12.8x | 8.3x | 7.9x | 15.0x | 10.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.3x | 7.1x | 13.1x | ||||
| Historical EV / LTM EBITDA | 8.4x | 10.3x | 12.7x | ||||
| Selected EV / LTM EBITDA | 8.2x | 8.7x | 9.1x | ||||
| (x) LTM EBITDA | 165 | 165 | 165 | ||||
| (=) Implied Enterprise Value | 1,358 | 1,429 | 1,501 | ||||
| (-) Non-shareholder Claims * | 104 | 104 | 104 | ||||
| (=) Equity Value | 1,461 | 1,533 | 1,604 | ||||
| (/) Shares Outstanding | 26.3 | 26.3 | 26.3 | ||||
| Implied Value Range | 55.48 | 58.20 | 60.91 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 55.48 | 58.20 | 60.91 | 59.41 | |||
| Upside / (Downside) | -6.6% | -2.0% | 2.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SCSC | NSIT | ARW | INGM | CLMB | PLUS | |
| Enterprise Value | 792 | 5,320 | 8,442 | 6,754 | 453 | 1,461 | |
| (+) Cash & Short Term Investments | 111 | 259 | 189 | 918 | 30 | 253 | |
| (+) Investments & Other | 2 | 0 | 100 | 0 | 0 | 0 | |
| (-) Debt | (150) | (1,166) | (3,391) | (3,817) | (3) | (150) | |
| (-) Other Liabilities | 0 | 0 | (70) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 754 | 4,413 | 5,270 | 3,856 | 480 | 1,565 | |
| (/) Shares Outstanding | 23.5 | 31.8 | 52.2 | 234.8 | 4.5 | 26.3 | |
| Implied Stock Price | 32.15 | 138.88 | 101.01 | 16.42 | 107.03 | 59.41 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 32.15 | 138.88 | 101.01 | 16.42 | 107.03 | 59.41 | |
| 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 | |