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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 41.7x - 46.1x | 43.9x |
| Selected Fwd EBIT Multiple | 7.0x - 7.7x | 7.4x |
| Fair Value | $28.07 - $32.58 | $30.32 |
| Upside | -0.2% - 15.9% | 7.9% |
| Benchmarks | Ticker | Full Ticker |
| Five9, Inc. | FIVN | NasdaqGM:FIVN |
| LivePerson, Inc. | LPSN | NasdaqGS:LPSN |
| Zscaler, Inc. | ZS | NasdaqGS:ZS |
| Verint Systems Inc. | VRNT | NasdaqGS:VRNT |
| 8x8, Inc. | EGHT | NasdaqGS:EGHT |
| RingCentral, Inc. | RNG | NYSE:RNG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FIVN | LPSN | ZS | VRNT | EGHT | RNG | ||
| NasdaqGM:FIVN | NasdaqGS:LPSN | NasdaqGS:ZS | NasdaqGS:VRNT | NasdaqGS:EGHT | NYSE:RNG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 69.2% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 22.0% | NM- | NM- | |
| Latest Twelve Months | 117.1% | 59.7% | -0.6% | -25.2% | 203.6% | 182.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.3% | -23.0% | -18.7% | 8.3% | -13.0% | -13.1% | |
| Prior Fiscal Year | -10.1% | -21.5% | -5.6% | 7.5% | -2.3% | -8.1% | |
| Latest Fiscal Year | -2.8% | -20.5% | -4.6% | 12.7% | 2.1% | 0.6% | |
| Latest Twelve Months | 1.2% | -14.9% | -4.6% | 9.0% | 2.4% | 3.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.80x | 1.70x | 17.37x | 2.16x | 0.84x | 1.58x | |
| EV / LTM EBITDA | 28.3x | -43.6x | -597.0x | 17.5x | 14.4x | 12.9x | |
| EV / LTM EBIT | 147.1x | -11.4x | -379.9x | 24.0x | 35.1x | 47.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -379.9x | 24.0x | 147.1x | ||||
| Historical EV / LTM EBIT | -330.8x | -81.8x | -9.8x | ||||
| Selected EV / LTM EBIT | 41.7x | 43.9x | 46.1x | ||||
| (x) LTM EBIT | 82 | 82 | 82 | ||||
| (=) Implied Enterprise Value | 3,404 | 3,584 | 3,763 | ||||
| (-) Non-shareholder Claims * | (1,337) | (1,337) | (1,337) | ||||
| (=) Equity Value | 2,067 | 2,246 | 2,425 | ||||
| (/) Shares Outstanding | 90.5 | 90.5 | 90.5 | ||||
| Implied Value Range | 22.83 | 24.81 | 26.79 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.83 | 24.81 | 26.79 | 28.11 | |||
| Upside / (Downside) | -18.8% | -11.7% | -4.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FIVN | LPSN | ZS | VRNT | EGHT | RNG | |
| Enterprise Value | 1,991 | 462 | 46,421 | 1,929 | 601 | 3,882 | |
| (+) Cash & Short Term Investments | 636 | 162 | 3,572 | 175 | 81 | 168 | |
| (+) Investments & Other | 1 | 0 | 11 | 5 | 0 | 0 | |
| (-) Debt | (800) | (538) | (1,797) | (450) | (393) | (1,306) | |
| (-) Other Liabilities | 0 | 0 | 0 | (3) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (436) | 0 | (199) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,828 | 86 | 48,207 | 1,220 | 289 | 2,545 | |
| (/) Shares Outstanding | 77.3 | 150.6 | 158.3 | 60.3 | 136.4 | 90.5 | |
| Implied Stock Price | 23.66 | 0.57 | 304.53 | 20.23 | 2.12 | 28.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.66 | 0.57 | 304.53 | 20.23 | 2.12 | 28.11 | |
| 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 | |