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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20.5x - 22.7x | 21.6x |
| Selected Fwd EBITDA Multiple | 12.9x - 14.3x | 13.6x |
| Fair Value | $42.56 - $48.64 | $45.60 |
| Upside | 11.2% - 27.0% | 19.1% |
| Benchmarks | Ticker | Full Ticker |
| CoreWeave, Inc. | CRWV | NasdaqGS:CRWV |
| International Business Machines Corporation | IBM | NYSE:IBM |
| OVH Groupe S.A. | OVHF.F | OTCPK:OVHF.F |
| MongoDB, Inc. | MDB | NasdaqGM:MDB |
| Okta, Inc. | OKTA | NasdaqGS:OKTA |
| DigitalOcean Holdings, Inc. | DOCN | NYSE:DOCN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CRWV | IBM | OVHF.F | MDB | OKTA | DOCN | ||
| NasdaqGS:CRWV | NYSE:IBM | OTCPK:OVHF.F | NasdaqGM:MDB | NasdaqGS:OKTA | NYSE:DOCN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -1.1% | 11.8% | NM- | NM- | 56.5% | |
| 3Y CAGR | NM- | 4.4% | 8.8% | NM- | NM- | 52.2% | |
| Latest Twelve Months | NM | 11.4% | -1.2% | 45.4% | 223.4% | 14.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.0% | 20.6% | 30.8% | -21.9% | -23.5% | 20.3% | |
| Prior Fiscal Year | 38.8% | 20.6% | 29.3% | -12.5% | -16.6% | 25.4% | |
| Latest Fiscal Year | 62.0% | 20.5% | 28.7% | -10.0% | 1.0% | 29.0% | |
| Latest Twelve Months | 53.1% | 22.1% | 27.2% | -6.5% | 6.1% | 30.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 23.08x | 5.09x | 2.83x | 10.65x | 5.10x | 5.84x | |
| EV / LTM EBITDA | 43.4x | 23.0x | 10.4x | -163.8x | 83.5x | 19.1x | |
| EV / LTM EBIT | 324.8x | 30.0x | 49.0x | -144.3x | 169.9x | 35.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -163.8x | 23.0x | 83.5x | ||||
| Historical EV / LTM EBITDA | 20.5x | 44.9x | 119.0x | ||||
| Selected EV / LTM EBITDA | 20.5x | 21.6x | 22.7x | ||||
| (x) LTM EBITDA | 254 | 254 | 254 | ||||
| (=) Implied Enterprise Value | 5,219 | 5,494 | 5,768 | ||||
| (-) Non-shareholder Claims * | (1,376) | (1,376) | (1,376) | ||||
| (=) Equity Value | 3,843 | 4,117 | 4,392 | ||||
| (/) Shares Outstanding | 91.0 | 91.0 | 91.0 | ||||
| Implied Value Range | 42.21 | 45.23 | 48.24 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 42.21 | 45.23 | 48.24 | 38.29 | |||
| Upside / (Downside) | 10.2% | 18.1% | 26.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRWV | IBM | OVHF.F | MDB | OKTA | DOCN | |
| Enterprise Value | 81,190 | 324,544 | 3,090 | 23,601 | 14,105 | 4,862 | |
| (+) Cash & Short Term Investments | 1,153 | 15,447 | 107 | 2,345 | 2,858 | 388 | |
| (+) Investments & Other | 174 | 1,553 | 3 | 32 | 0 | 0 | |
| (-) Debt | (14,563) | (67,719) | (1,299) | (69) | (940) | (1,764) | |
| (-) Other Liabilities | 0 | (79) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | (1,163) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 66,791 | 273,746 | 1,901 | 25,909 | 16,023 | 3,486 | |
| (/) Shares Outstanding | 518.4 | 931.5 | 151.7 | 81.4 | 176.3 | 91.0 | |
| Implied Stock Price | 128.83 | 293.87 | 12.53 | 318.46 | 90.89 | 38.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 128.83 | 293.87 | 14.60 | 318.46 | 90.89 | 38.29 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | |