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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -10.9x - -12.0x | -11.4x |
| Selected Fwd EBIT Multiple | 122.5x - 135.3x | 128.9x |
| Fair Value | $8.99 - $10.01 | $9.50 |
| Upside | 17.1% - 30.3% | 23.7% |
| Benchmarks | Ticker | Full Ticker |
| Cloudflare, Inc. | NET | NYSE:NET |
| Akamai Technologies, Inc. | AKAM | NasdaqGS:AKAM |
| Zscaler, Inc. | ZS | NasdaqGS:ZS |
| Fortinet, Inc. | FTNT | NasdaqGS:FTNT |
| Rackspace Technology, Inc. | RXT | NasdaqGS:RXT |
| Fastly, Inc. | FSLY | NYSE:FSLY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NET | AKAM | ZS | FTNT | RXT | FSLY | ||
| NYSE:NET | NasdaqGS:AKAM | NasdaqGS:ZS | NasdaqGS:FTNT | NasdaqGS:RXT | NYSE:FSLY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 1.7% | NM- | 38.7% | NM- | NM- | |
| 3Y CAGR | NM- | -7.6% | NM- | 40.7% | NM- | NM- | |
| Latest Twelve Months | 28.5% | -10.4% | 45.6% | 50.0% | -29.0% | 24.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -18.2% | 20.1% | -20.0% | 22.2% | 2.5% | -42.9% | |
| Prior Fiscal Year | -14.3% | 18.6% | -14.1% | 23.3% | -2.3% | -38.3% | |
| Latest Fiscal Year | -8.3% | 15.9% | -5.6% | 30.2% | -4.1% | -28.3% | |
| Latest Twelve Months | -7.8% | 15.5% | -4.2% | 31.4% | -3.6% | -26.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 24.12x | 3.92x | 14.22x | 11.55x | 1.31x | 2.16x | |
| EV / LTM EBITDA | -1885.9x | 14.0x | -591.1x | 34.5x | 18.0x | -13.4x | |
| EV / LTM EBIT | -309.9x | 25.3x | -341.7x | 36.8x | -36.2x | -8.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -341.7x | -36.2x | 36.8x | ||||
| Historical EV / LTM EBIT | -149.4x | -12.4x | -4.4x | ||||
| Selected EV / LTM EBIT | -10.9x | -11.4x | -12.0x | ||||
| (x) LTM EBIT | (146) | (146) | (146) | ||||
| (=) Implied Enterprise Value | 1,588 | 1,671 | 1,755 | ||||
| (-) Non-shareholder Claims * | (95) | (95) | (95) | ||||
| (=) Equity Value | 1,493 | 1,577 | 1,660 | ||||
| (/) Shares Outstanding | 144.8 | 144.8 | 144.8 | ||||
| Implied Value Range | 10.31 | 10.89 | 11.47 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.31 | 10.89 | 11.47 | 7.68 | |||
| Upside / (Downside) | 34.3% | 41.8% | 49.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NET | AKAM | ZS | FTNT | RXT | FSLY | |
| Enterprise Value | 45,423 | 14,416 | 34,408 | 70,678 | 3,498 | 1,207 | |
| (+) Cash & Short Term Investments | 1,915 | 1,321 | 2,880 | 4,781 | 128 | 307 | |
| (+) Investments & Other | 0 | 23 | 11 | 35 | 0 | 0 | |
| (-) Debt | (1,476) | (4,619) | (1,239) | (995) | (3,328) | (402) | |
| (-) 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 | 45,862 | 11,141 | 36,060 | 74,498 | 298 | 1,112 | |
| (/) Shares Outstanding | 346.5 | 146.1 | 154.7 | 764.7 | 237.4 | 144.8 | |
| Implied Stock Price | 132.34 | 76.25 | 233.06 | 97.42 | 1.26 | 7.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 132.34 | 76.25 | 233.06 | 97.42 | 1.26 | 7.68 | |
| 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 | |