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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 8.9x - 9.8x | 9.3x |
| Selected Fwd P/E Multiple | 7.2x - 7.9x | 7.5x |
| Fair Value | $20.34 - $22.48 | $21.41 |
| Upside | 31.6% - 45.4% | 38.5% |
| Benchmarks | - | Full Ticker |
| Grid Dynamics Holdings, Inc. | - | NasdaqCM:GDYN |
| EPAM Systems, Inc. | - | NYSE:EPAM |
| Kyndryl Holdings, Inc. | - | NYSE:KD |
| Rackspace Technology, Inc. | - | NasdaqGS:RXT |
| International Business Machines Corporation | - | NYSE:IBM |
| DXC Technology Company | - | NYSE:DXC |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| GDYN | EPAM | KD | RXT | IBM | DXC | |||
| NasdaqCM:GDYN | NYSE:EPAM | NYSE:KD | NasdaqGS:RXT | NYSE:IBM | NYSE:DXC | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | -17.3% | 11.7% | NM- | NM- | -3.4% | NM- | ||
| 3Y CAGR | NM- | -1.9% | NM- | NM- | 8.5% | -18.5% | ||
| Latest Twelve Months | 383.0% | -4.5% | 174.1% | 66.6% | -32.6% | 327.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -4.2% | 10.4% | -6.7% | -20.0% | 9.1% | -3.0% | ||
| Prior Fiscal Year | -0.6% | 8.9% | -2.1% | -28.3% | 12.1% | 0.7% | ||
| Latest Fiscal Year | 1.2% | 9.6% | 1.7% | -31.4% | 9.6% | 3.0% | ||
| Latest Twelve Months | 2.9% | 8.5% | 1.7% | -10.7% | 8.7% | 3.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 33.1x | 12.7x | 10.2x | 17.6x | 20.3x | 2.9x | ||
| Price / LTM Sales | 2.9x | 2.0x | 0.6x | 0.1x | 3.7x | 0.2x | ||
| LTM P/E Ratio | 97.5x | 23.8x | 35.5x | -1.0x | 42.6x | 7.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -1.0x | 35.5x | 97.5x | |||||
| Historical LTM P/E Ratio | -13.1x | -2.8x | 8.1x | |||||
| Selected P/E Multiple | 8.9x | 9.3x | 9.8x | |||||
| (x) LTM Net Income | 389 | 389 | 389 | |||||
| (=) Equity Value | 3,446 | 3,628 | 3,809 | |||||
| (/) Shares Outstanding | 181.3 | 181.3 | 181.3 | |||||
| Implied Value Range | 19.01 | 20.01 | 21.01 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 19.01 | 20.01 | 21.01 | 15.46 | ||||
| Upside / (Downside) | 23.0% | 29.4% | 35.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | GDYN | EPAM | KD | RXT | IBM | DXC | |
| Value of Common Equity | 1,074 | 9,845 | 9,177 | 275 | 235,252 | 2,802 | |
| (/) Shares Outstanding | 84.5 | 56.7 | 232.7 | 237.4 | 909.4 | 181.3 | |
| Implied Stock Price | 12.70 | 173.78 | 39.44 | 1.16 | 258.69 | 15.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.70 | 173.78 | 39.44 | 1.16 | 258.69 | 15.46 | |
| 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 | |