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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 29.5x - 32.7x | 31.1x |
| Selected Fwd EBIT Multiple | 14.4x - 15.9x | 15.1x |
| Fair Value | $26.22 - $30.57 | $28.40 |
| Upside | -7.3% - 8.1% | 0.4% |
| Benchmarks | Ticker | Full Ticker |
| CoreWeave, Inc. | CRWV | NasdaqGS:CRWV |
| International Business Machines Corporation | IBM | NYSE:IBM |
| Rackspace Technology, Inc. | RXT | NasdaqGS:RXT |
| Crexendo, Inc. | CXDO | NasdaqCM:CXDO |
| Twilio Inc. | TWLO | NYSE:TWLO |
| DigitalOcean Holdings, Inc. | DOCN | NYSE:DOCN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CRWV | IBM | RXT | CXDO | TWLO | DOCN | ||
| NasdaqGS:CRWV | NYSE:IBM | NasdaqGS:RXT | NasdaqCM:CXDO | NYSE:TWLO | NYSE:DOCN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 5.4% | NM- | 10.0% | NM- | NM- | |
| 3Y CAGR | NM- | 20.6% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | NM | 1.8% | 2.9% | 578.7% | 108.4% | 34.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -21.4% | 11.1% | 2.4% | -2.4% | -19.8% | 3.3% | |
| Prior Fiscal Year | -6.3% | 16.0% | -2.3% | -3.2% | -9.3% | 9.6% | |
| Latest Fiscal Year | 16.9% | 15.6% | -4.1% | 3.0% | -0.9% | 13.4% | |
| Latest Twelve Months | 10.3% | 16.1% | -3.6% | 4.0% | 0.6% | 15.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 29.25x | 4.88x | 1.30x | 2.35x | 3.80x | 4.91x | |
| EV / LTM EBITDA | 52.5x | 22.0x | 17.9x | 29.7x | 76.3x | 16.4x | |
| EV / LTM EBIT | 282.9x | 30.3x | -35.9x | 59.1x | 666.4x | 32.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -35.9x | 59.1x | 666.4x | ||||
| Historical EV / LTM EBIT | -2474.9x | -41.0x | 87.8x | ||||
| Selected EV / LTM EBIT | 29.5x | 31.1x | 32.7x | ||||
| (x) LTM EBIT | 122 | 122 | 122 | ||||
| (=) Implied Enterprise Value | 3,617 | 3,808 | 3,998 | ||||
| (-) Non-shareholder Claims * | (1,382) | (1,382) | (1,382) | ||||
| (=) Equity Value | 2,235 | 2,426 | 2,616 | ||||
| (/) Shares Outstanding | 91.0 | 91.0 | 91.0 | ||||
| Implied Value Range | 24.55 | 26.64 | 28.74 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.55 | 26.64 | 28.74 | 28.28 | |||
| Upside / (Downside) | -13.2% | -5.8% | 1.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRWV | IBM | RXT | CXDO | TWLO | DOCN | |
| Enterprise Value | 79,161 | 304,897 | 3,523 | 147 | 17,427 | 3,957 | |
| (+) Cash & Short Term Investments | 1,276 | 17,465 | 163 | 21 | 2,448 | 360 | |
| (+) Investments & Other | 102 | 1,631 | 0 | 0 | 487 | 0 | |
| (-) Debt | (11,897) | (66,835) | (3,344) | (2) | (1,101) | (1,743) | |
| (-) Other Liabilities | 0 | (72) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | (1,163) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 67,480 | 257,086 | 342 | 167 | 19,261 | 2,574 | |
| (/) Shares Outstanding | 480.0 | 909.4 | 237.4 | 29.0 | 152.7 | 91.0 | |
| Implied Stock Price | 140.59 | 282.70 | 1.44 | 5.74 | 126.16 | 28.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 140.59 | 282.70 | 1.44 | 5.74 | 126.16 | 28.28 | |
| 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 | |