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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 24.3x - 26.9x | 25.6x |
| Selected Fwd EBIT Multiple | 19.7x - 21.8x | 20.7x |
| Fair Value | $151.67 - $166.11 | $158.89 |
| Upside | 16.9% - 28.0% | 22.5% |
| Benchmarks | Ticker | Full Ticker |
| SPS Commerce, Inc. | SPSC | NasdaqGS:SPSC |
| Sprout Social, Inc. | SPT | NasdaqCM:SPT |
| Palo Alto Networks, Inc. | PANW | NasdaqGS:PANW |
| Q2 Holdings, Inc. | QTWO | NYSE:QTWO |
| Workiva Inc. | WK | NYSE:WK |
| Qualys, Inc. | QLYS | NasdaqGS:QLYS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SPSC | SPT | PANW | QTWO | WK | QLYS | ||
| NasdaqGS:SPSC | NasdaqCM:SPT | NasdaqGS:PANW | NYSE:QTWO | NYSE:WK | NasdaqGS:QLYS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 18.3% | NM- | NM- | NM- | NM- | 21.0% | |
| 3Y CAGR | 17.3% | NM- | NM- | NM- | NM- | 17.6% | |
| Latest Twelve Months | 15.1% | 11.8% | 86.5% | 50.9% | 4.2% | 14.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 14.8% | -22.0% | 0.6% | -15.7% | -11.4% | 27.8% | |
| Prior Fiscal Year | 14.4% | -19.5% | 5.6% | -13.8% | -12.0% | 29.4% | |
| Latest Fiscal Year | 13.9% | -14.1% | 11.1% | -6.1% | -9.8% | 30.8% | |
| Latest Twelve Months | 13.9% | -14.1% | 13.1% | -6.1% | -9.8% | 30.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.70x | 3.49x | 13.88x | 7.50x | 6.56x | 6.92x | |
| EV / LTM EBITDA | 37.5x | -29.9x | 87.1x | 1149.0x | -79.2x | 20.4x | |
| EV / LTM EBIT | 55.3x | -24.7x | 106.1x | -123.6x | -67.1x | 22.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -123.6x | -24.7x | 106.1x | ||||
| Historical EV / LTM EBIT | 22.5x | 44.4x | 47.5x | ||||
| Selected EV / LTM EBIT | 24.3x | 25.6x | 26.9x | ||||
| (x) LTM EBIT | 187 | 187 | 187 | ||||
| (=) Implied Enterprise Value | 4,555 | 4,795 | 5,034 | ||||
| (-) Non-shareholder Claims * | 528 | 528 | 528 | ||||
| (=) Equity Value | 5,083 | 5,323 | 5,563 | ||||
| (/) Shares Outstanding | 36.5 | 36.5 | 36.5 | ||||
| Implied Value Range | 139.35 | 145.92 | 152.49 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 139.35 | 145.92 | 152.49 | 129.73 | |||
| Upside / (Downside) | 7.4% | 12.5% | 17.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SPSC | SPT | PANW | QTWO | WK | QLYS | |
| Enterprise Value | 4,912 | 1,416 | 118,944 | 5,224 | 4,847 | 4,204 | |
| (+) Cash & Short Term Investments | 241 | 90 | 3,233 | 447 | 816 | 381 | |
| (+) Investments & Other | 0 | 0 | 4,560 | 0 | 0 | 194 | |
| (-) Debt | (12) | (43) | (970) | (541) | (793) | (47) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,140 | 1,463 | 125,766 | 5,129 | 4,870 | 4,732 | |
| (/) Shares Outstanding | 38.1 | 57.8 | 662.1 | 60.7 | 56.1 | 36.5 | |
| Implied Stock Price | 135.00 | 25.33 | 189.95 | 84.46 | 86.77 | 129.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 135.00 | 25.33 | 189.95 | 84.46 | 86.77 | 129.73 | |
| 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 | |