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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 31.2x - 34.4x | 32.8x |
Selected Fwd EBITDA Multiple | 9.6x - 10.7x | 10.2x |
Fair Value | $7.49 - $8.06 | $7.77 |
Upside | -16.8% - -10.4% | -13.6% |
Benchmarks | Ticker | Full Ticker |
Sprout Social, Inc. | SPT | NasdaqCM:SPT |
Vertex, Inc. | VERX | NasdaqGM:VERX |
ON24, Inc. | ONTF | NYSE:ONTF |
ACI Worldwide, Inc. | ACIW | NasdaqGS:ACIW |
SoundThinking, Inc. | SSTI | NasdaqCM:SSTI |
Sprinklr, Inc. | CXM | NYSE:CXM |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SPT | VERX | ONTF | ACIW | SSTI | CXM | ||
NasdaqCM:SPT | NasdaqGM:VERX | NYSE:ONTF | NasdaqGS:ACIW | NasdaqCM:SSTI | NYSE:CXM | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | -8.2% | NM- | 15.0% | -16.9% | NM- | |
3Y CAGR | NM- | 35.0% | NM- | 10.5% | -14.2% | NM- | |
Latest Twelve Months | 22.6% | 121.9% | 3.8% | 22.0% | -9.3% | -22.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -18.0% | -2.6% | -16.6% | 20.2% | 8.9% | -4.2% | |
Prior Fiscal Year | -17.5% | 0.3% | -30.1% | 21.1% | 5.0% | 6.1% | |
Latest Fiscal Year | -11.7% | 3.9% | -29.6% | 22.6% | 2.5% | 4.1% | |
Latest Twelve Months | -10.8% | 2.5% | -29.1% | 24.1% | 3.6% | 5.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.48x | 8.21x | 0.30x | 3.24x | 1.48x | 2.25x | |
EV / LTM EBITDA | -23.0x | 323.1x | -1.0x | 13.4x | 41.8x | 43.7x | |
EV / LTM EBIT | -18.8x | 531.9x | -0.9x | 14.9x | -24.8x | 50.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -23.0x | 13.4x | 323.1x | ||||
Historical EV / LTM EBITDA | -34.9x | 9.6x | 115.6x | ||||
Selected EV / LTM EBITDA | 31.2x | 32.8x | 34.4x | ||||
(x) LTM EBITDA | 41 | 41 | 41 | ||||
(=) Implied Enterprise Value | 1,290 | 1,357 | 1,425 | ||||
(-) Non-shareholder Claims * | 519 | 519 | 519 | ||||
(=) Equity Value | 1,809 | 1,877 | 1,945 | ||||
(/) Shares Outstanding | 258.8 | 258.8 | 258.8 | ||||
Implied Value Range | 6.99 | 7.25 | 7.51 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 6.99 | 7.25 | 7.51 | 9.00 | |||
Upside / (Downside) | -22.4% | -19.4% | -16.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SPT | VERX | ONTF | ACIW | SSTI | CXM | |
Enterprise Value | 1,039 | 5,644 | 43 | 5,414 | 156 | 1,810 | |
(+) Cash & Short Term Investments | 102 | 270 | 181 | 230 | 12 | 570 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (37) | (351) | (3) | (888) | (6) | (51) | |
(-) 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 | 1,103 | 5,563 | 221 | 4,756 | 162 | 2,330 | |
(/) Shares Outstanding | 58.2 | 158.5 | 42.5 | 104.9 | 12.7 | 258.8 | |
Implied Stock Price | 18.96 | 35.10 | 5.21 | 45.34 | 12.76 | 9.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 18.96 | 35.10 | 5.21 | 45.34 | 12.76 | 9.00 | |
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 |