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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 232.0x - 256.4x | 244.2x |
| Selected Fwd EBIT Multiple | 5.9x - 6.5x | 6.2x |
| Fair Value | $21.31 - $25.33 | $23.32 |
| Upside | -5.8% - 12.0% | 3.1% |
| Benchmarks | Ticker | Full Ticker |
| Five9, Inc. | FIVN | NasdaqGM:FIVN |
| Verint Systems Inc. | VRNT | NasdaqGS:VRNT |
| Nutanix, Inc. | NTNX | NasdaqGS:NTNX |
| ON24, Inc. | ONTF | NYSE:ONTF |
| Palo Alto Networks, Inc. | PANW | NasdaqGS:PANW |
| RingCentral, Inc. | RNG | NYSE:RNG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FIVN | VRNT | NTNX | ONTF | PANW | RNG | ||
| NasdaqGM:FIVN | NasdaqGS:VRNT | NasdaqGS:NTNX | NYSE:ONTF | NasdaqGS:PANW | NYSE:RNG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 69.2% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 22.0% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 68.0% | 68.5% | 328.5% | 11.2% | 86.5% | 107.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.4% | 8.1% | -27.5% | -18.5% | 0.6% | -14.0% | |
| Prior Fiscal Year | -10.1% | 7.5% | -9.0% | -33.1% | 5.6% | -8.1% | |
| Latest Fiscal Year | -2.8% | 12.7% | 1.2% | -32.5% | 11.1% | 0.6% | |
| Latest Twelve Months | -2.8% | 12.7% | 3.8% | -32.5% | 13.1% | 0.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.89x | 1.78x | 6.61x | 0.21x | 11.07x | 1.49x | |
| EV / LTM EBITDA | 83.8x | 11.2x | 97.4x | -0.7x | 69.5x | 15.2x | |
| EV / LTM EBIT | -67.0x | 14.0x | 175.8x | -0.7x | 84.6x | 256.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -67.0x | 14.0x | 175.8x | ||||
| Historical EV / LTM EBIT | -330.8x | -12.9x | 256.8x | ||||
| Selected EV / LTM EBIT | 232.0x | 244.2x | 256.4x | ||||
| (x) LTM EBIT | 14 | 14 | 14 | ||||
| (=) Implied Enterprise Value | 3,241 | 3,411 | 3,582 | ||||
| (-) Non-shareholder Claims * | (1,534) | (1,534) | (1,534) | ||||
| (=) Equity Value | 1,707 | 1,878 | 2,048 | ||||
| (/) Shares Outstanding | 90.7 | 90.7 | 90.7 | ||||
| Implied Value Range | 18.82 | 20.70 | 22.58 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.82 | 20.70 | 22.58 | 22.61 | |||
| Upside / (Downside) | -16.8% | -8.5% | -0.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FIVN | VRNT | NTNX | ONTF | PANW | RNG | |
| Enterprise Value | 1,970 | 1,611 | 15,323 | 31 | 94,856 | 3,585 | |
| (+) Cash & Short Term Investments | 1,006 | 217 | 1,743 | 183 | 3,233 | 243 | |
| (+) Investments & Other | 1 | 5 | 0 | 0 | 4,560 | 2 | |
| (-) Debt | (1,233) | (449) | (1,466) | (3) | (970) | (1,579) | |
| (-) Other Liabilities | 0 | (2) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | (436) | 0 | 0 | 0 | (199) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,744 | 945 | 15,600 | 211 | 101,679 | 2,051 | |
| (/) Shares Outstanding | 75.8 | 62.1 | 266.7 | 42.3 | 662.1 | 90.7 | |
| Implied Stock Price | 23.00 | 15.20 | 58.50 | 4.98 | 153.57 | 22.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.00 | 15.20 | 58.50 | 4.98 | 153.57 | 22.61 | |
| 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 | |