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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 17.3x - 19.1x | 18.2x |
Selected Fwd EBIT Multiple | 9.9x - 10.9x | 10.4x |
Fair Value | $5.39 - $5.81 | $5.60 |
Upside | -10.6% - -3.7% | -7.1% |
Benchmarks | Ticker | Full Ticker |
Robert Half Inc. | RHI | NYSE:RHI |
CRA International, Inc. | CRAI | NasdaqGS:CRAI |
Korn Ferry | KFY | NYSE:KFY |
ManpowerGroup Inc. | MAN | NYSE:MAN |
Insperity, Inc. | NSP | NYSE:NSP |
Resources Connection, Inc. | RGP | NasdaqGS:RGP |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
RHI | CRAI | KFY | MAN | NSP | RGP | ||
NYSE:RHI | NasdaqGS:CRAI | NYSE:KFY | NYSE:MAN | NYSE:NSP | NasdaqGS:RGP | ||
Historical EBIT Growth | |||||||
5Y CAGR | -15.6% | 19.2% | 7.8% | -12.9% | -8.9% | -9.3% | |
3Y CAGR | -31.2% | 8.2% | -10.4% | -16.5% | -12.3% | -5.2% | |
Latest Twelve Months | -30.4% | 22.3% | 23.1% | -16.9% | -62.6% | -81.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 8.7% | 9.2% | 12.5% | 2.6% | 3.6% | 6.9% | |
Prior Fiscal Year | 7.3% | 9.1% | 9.8% | 2.4% | 3.4% | 9.7% | |
Latest Fiscal Year | 4.2% | 10.3% | 12.3% | 2.0% | 1.8% | 4.8% | |
Latest Twelve Months | 4.5% | 11.0% | 12.3% | 1.9% | 1.2% | 1.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.74x | 2.14x | 1.23x | 0.18x | 0.33x | 0.27x | |
EV / LTM EBITDA | 13.6x | 16.8x | 9.0x | 7.6x | 20.2x | 10.1x | |
EV / LTM EBIT | 16.4x | 19.6x | 10.1x | 9.2x | 28.3x | 20.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.2x | 16.4x | 28.3x | ||||
Historical EV / LTM EBIT | 4.9x | 8.3x | 15.2x | ||||
Selected EV / LTM EBIT | 17.3x | 18.2x | 19.1x | ||||
(x) LTM EBIT | 7 | 7 | 7 | ||||
(=) Implied Enterprise Value | 127 | 134 | 140 | ||||
(-) Non-shareholder Claims * | 46 | 46 | 46 | ||||
(=) Equity Value | 173 | 180 | 186 | ||||
(/) Shares Outstanding | 33.1 | 33.1 | 33.1 | ||||
Implied Value Range | 5.23 | 5.43 | 5.63 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 5.23 | 5.43 | 5.63 | 6.03 | |||
Upside / (Downside) | -13.3% | -9.9% | -6.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RHI | CRAI | KFY | MAN | NSP | RGP | |
Enterprise Value | 4,203 | 1,496 | 3,343 | 3,125 | 2,177 | 153 | |
(+) Cash & Short Term Investments | 342 | 26 | 1,031 | 395 | 568 | 72 | |
(+) Investments & Other | 0 | 0 | 44 | 0 | 0 | 0 | |
(-) Debt | (243) | (185) | (571) | (1,470) | (436) | (27) | |
(-) Other Liabilities | 0 | 0 | (6) | (2) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,302 | 1,336 | 3,841 | 2,048 | 2,309 | 199 | |
(/) Shares Outstanding | 100.4 | 6.8 | 51.9 | 46.3 | 37.6 | 33.1 | |
Implied Stock Price | 42.85 | 196.24 | 73.98 | 44.26 | 61.36 | 6.03 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 42.85 | 196.24 | 73.98 | 44.26 | 61.36 | 6.03 | |
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 |