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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 14.3x - 15.8x | 15.1x |
| Selected Fwd Ps Multiple | 11.7x - 12.9x | 12.3x |
| Fair Value | $119.15 - $131.69 | $125.42 |
| Upside | -11.9% - -2.7% | -7.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Virtu Financial, Inc. | - | NasdaqGS:VIRT |
| BGC Group, Inc. | - | NasdaqGS:BGC |
| TP ICAP Group PLC | - | PINC:TCAP.F |
| Compagnie Financière Tradition SA | - | PINC:CFNC.F |
| B. Riley Financial, Inc. | - | NasdaqGM:RILY |
| Tradeweb Markets Inc. | - | NasdaqGS:TW |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| VIRT | BGC | TCAP.F | CFNC.F | RILY | TW | |||
| NasdaqGS:VIRT | NasdaqGS:BGC | PINC:TCAP.F | PINC:CFNC.F | NasdaqGM:RILY | NasdaqGS:TW | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 13.1% | 1.2% | 4.2% | 2.7% | 29.0% | 17.3% | ||
| 3Y CAGR | -4.9% | 3.7% | 6.6% | 6.5% | 21.8% | 17.0% | ||
| Latest Twelve Months | 43.1% | 11.5% | 3.1% | 7.1% | -31.2% | 28.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 25.9% | 3.8% | 4.1% | 9.5% | -0.7% | 28.4% | ||
| Prior Fiscal Year | 8.0% | 1.7% | 3.5% | 9.7% | -19.2% | 27.3% | ||
| Latest Fiscal Year | 11.7% | 5.6% | 7.6% | 11.1% | -8.2% | 29.1% | ||
| Latest Twelve Months | 12.7% | 5.6% | 7.6% | 11.1% | -82.9% | 29.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 1.4x | 2.0x | 0.9x | 1.6x | 0.1x | 16.8x | ||
| LTM P/E Ratio | 10.9x | 36.0x | 11.5x | 14.3x | -0.1x | 57.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 1.4x | 2.0x | |||||
| Historical LTM P/S Ratio | 13.0x | 16.8x | 22.6x | |||||
| Selected Price / Sales Multiple | 14.3x | 15.1x | 15.8x | |||||
| (x) LTM Sales | 1,722 | 1,722 | 1,722 | |||||
| (=) Equity Value | 24,675 | 25,973 | 27,272 | |||||
| (/) Shares Outstanding | 213.4 | 213.4 | 213.4 | |||||
| Implied Value Range | 115.64 | 121.73 | 127.82 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 115.64 | 121.73 | 127.82 | 135.29 | ||||
| Upside / (Downside) | -14.5% | -10.0% | -5.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | VIRT | BGC | TCAP.F | CFNC.F | RILY | TW | |
| Value of Common Equity | 3,323 | 4,360 | 1,790 | 1,194 | 94 | 28,867 | |
| (/) Shares Outstanding | 86.6 | 482.9 | 756.6 | 9.8 | 30.5 | 213.4 | |
| Implied Stock Price | 38.36 | 9.03 | 2.37 | 121.42 | 3.09 | 135.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.75 | 0.83 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 38.36 | 9.03 | 3.15 | 146.65 | 3.09 | 135.29 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.75 | 0.83 | 1.00 | 1.00 | |