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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 41.1x - 45.4x | 43.3x |
| Selected Fwd EBIT Multiple | 14.0x - 15.5x | 14.7x |
| Fair Value | $116.51 - $128.55 | $122.53 |
| Upside | -3.5% - 6.5% | 1.5% |
| Benchmarks | Ticker | Full Ticker |
| Commerce.com, Inc. | CMRC | NasdaqGM:CMRC |
| GoDaddy Inc. | GDDY | NYSE:GDDY |
| HUB Cyber Security Ltd. | HUBC | NasdaqCM:HUBC |
| HubSpot, Inc. | HUBS | NYSE:HUBS |
| Formula Systems (1985) Ltd. | FORT.Y | NasdaqGS:FORT.Y |
| Wix.com Ltd. | WIX | NasdaqGS:WIX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMRC | GDDY | HUBC | HUBS | FORT.Y | WIX | ||
| NasdaqGM:CMRC | NYSE:GDDY | NasdaqCM:HUBC | NYSE:HUBS | NasdaqGS:FORT.Y | NasdaqGS:WIX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 33.4% | NM- | NM- | 13.9% | NM- | |
| 3Y CAGR | NM- | 26.6% | NM- | NM- | 8.4% | NM- | |
| Latest Twelve Months | 65.0% | 31.3% | 59.6% | 18.1% | 13.1% | 270.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -21.7% | 14.1% | -624.9% | -4.6% | 9.0% | -11.2% | |
| Prior Fiscal Year | -18.0% | 15.3% | -146.4% | -4.6% | 9.1% | 0.4% | |
| Latest Fiscal Year | -8.0% | 20.4% | -85.3% | -2.4% | 9.6% | 5.7% | |
| Latest Twelve Months | -4.0% | 21.9% | -85.3% | -2.3% | 9.7% | 7.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.18x | 4.77x | 2.17x | 7.30x | 0.94x | 3.50x | |
| EV / LTM EBITDA | 262.6x | 19.4x | -2.7x | -455.9x | 8.3x | 37.6x | |
| EV / LTM EBIT | -29.7x | 21.8x | -2.5x | -320.2x | 9.7x | 45.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -320.2x | -2.5x | 21.8x | ||||
| Historical EV / LTM EBIT | -240.1x | -29.3x | 180.5x | ||||
| Selected EV / LTM EBIT | 41.1x | 43.3x | 45.4x | ||||
| (x) LTM EBIT | 144 | 144 | 144 | ||||
| (=) Implied Enterprise Value | 5,908 | 6,219 | 6,530 | ||||
| (-) Non-shareholder Claims * | 120 | 120 | 120 | ||||
| (=) Equity Value | 6,029 | 6,340 | 6,651 | ||||
| (/) Shares Outstanding | 55.9 | 55.9 | 55.9 | ||||
| Implied Value Range | 107.84 | 113.40 | 118.97 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 107.84 | 113.40 | 118.97 | 120.73 | |||
| Upside / (Downside) | -10.7% | -6.1% | -1.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMRC | GDDY | HUBC | HUBS | FORT.Y | WIX | |
| Enterprise Value | 409 | 22,514 | 65 | 21,458 | 2,623 | 6,629 | |
| (+) Cash & Short Term Investments | 134 | 1,155 | 3 | 1,670 | 527 | 1,115 | |
| (+) Investments & Other | 0 | 55 | 0 | 220 | 98 | 5 | |
| (-) Debt | (166) | (3,882) | (40) | (281) | (627) | (1,000) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (696) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 378 | 19,843 | 28 | 23,066 | 1,924 | 6,749 | |
| (/) Shares Outstanding | 80.7 | 138.4 | 10.0 | 52.7 | 15.3 | 55.9 | |
| Implied Stock Price | 4.68 | 143.32 | 2.81 | 437.75 | 125.50 | 120.73 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.68 | 143.32 | 2.81 | 437.75 | 125.50 | 120.73 | |
| 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 | |