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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 18.1x - 20.1x | 19.1x |
| Selected Fwd Revenue Multiple | 11.7x - 12.9x | 12.3x |
| Fair Value | $89.77 - $99.10 | $94.44 |
| Upside | -15.5% - -6.7% | -11.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Fastly, Inc. | FSLY | NYSE:FSLY |
| GoDaddy Inc. | GDDY | NYSE:GDDY |
| Akamai Technologies, Inc. | AKAM | NasdaqGS:AKAM |
| Tucows Inc. | TCX | NasdaqCM:TCX |
| Zscaler, Inc. | ZS | NasdaqGS:ZS |
| Cloudflare, Inc. | NET | NYSE:NET |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| FSLY | GDDY | AKAM | TCX | ZS | NET | |||
| NYSE:FSLY | NYSE:GDDY | NasdaqGS:AKAM | NasdaqCM:TCX | NasdaqGS:ZS | NYSE:NET | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 22.1% | 8.9% | 6.6% | 1.4% | 48.2% | 42.2% | ||
| 3Y CAGR | 15.3% | 6.2% | 4.9% | 6.0% | 47.7% | 36.5% | ||
| Latest Twelve Months | 7.4% | 7.5% | 4.7% | 6.8% | 27.8% | 28.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -42.7% | 12.8% | 20.3% | -6.1% | -20.0% | -19.8% | ||
| Prior Fiscal Year | -38.3% | 15.3% | 18.6% | -17.3% | -14.1% | -14.3% | ||
| Latest Fiscal Year | -28.3% | 20.4% | 15.9% | -9.6% | -5.6% | -8.3% | ||
| Latest Twelve Months | -28.3% | 20.4% | 15.9% | -9.6% | -4.2% | -8.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.63x | 5.89x | 3.48x | 2.08x | 11.98x | 21.71x | ||
| EV / LTM EBIT | -5.8x | 28.9x | 21.8x | -21.6x | -287.9x | -260.7x | ||
| Price / LTM Sales | 1.43x | 5.32x | 2.79x | 0.49x | 12.65x | 21.95x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.63x | 3.48x | 11.98x | |||||
| Historical EV / LTM Revenue | 16.54x | 23.00x | 70.90x | |||||
| Selected EV / LTM Revenue | 18.15x | 19.10x | 20.06x | |||||
| (x) LTM Revenue | 1,670 | 1,670 | 1,670 | |||||
| (=) Implied Enterprise Value | 30,303 | 31,898 | 33,493 | |||||
| (-) Non-shareholder Claims * | 393 | 393 | 393 | |||||
| (=) Equity Value | 30,696 | 32,291 | 33,886 | |||||
| (/) Shares Outstanding | 344.9 | 344.9 | 344.9 | |||||
| Implied Value Range | 89.01 | 93.64 | 98.26 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 89.01 | 93.64 | 98.26 | 106.25 | ||||
| Upside / (Downside) | -16.2% | -11.9% | -7.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FSLY | GDDY | AKAM | TCX | ZS | NET | |
| Enterprise Value | 889 | 26,893 | 13,873 | 753 | 28,996 | 36,248 | |
| (+) Cash & Short Term Investments | 296 | 1,262 | 1,597 | 57 | 2,880 | 1,856 | |
| (+) Investments & Other | 0 | 53 | 296 | 2 | 11 | 0 | |
| (-) Debt | (405) | (3,895) | (4,635) | (635) | (1,239) | (1,463) | |
| (-) 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 | 780 | 24,313 | 11,131 | 177 | 30,648 | 36,641 | |
| (/) Shares Outstanding | 142.3 | 141.4 | 150.3 | 11.0 | 154.7 | 344.9 | |
| Implied Stock Price | 5.48 | 172.00 | 74.05 | 16.00 | 198.08 | 106.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.48 | 172.00 | 74.05 | 16.00 | 198.08 | 106.25 | |
| 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 | |