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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -31.2x - -34.5x | -32.9x |
Selected Fwd EBITDA Multiple | 21.5x - 23.7x | 22.6x |
Fair Value | $9.12 - $10.14 | $9.63 |
Upside | 0.8% - 12.0% | 6.4% |
Benchmarks | Ticker | Full Ticker |
WEBTOON Entertainment Inc. | WBTN | NasdaqGS:WBTN |
QuinStreet, Inc. | QNST | NasdaqGS:QNST |
Ziff Davis, Inc. | ZD | NasdaqGS:ZD |
Tripadvisor, Inc. | TRIP | NasdaqGS:TRIP |
Pinterest, Inc. | PINS | NYSE:PINS |
Snap Inc. | SNAP | NYSE:SNAP |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
WBTN | QNST | ZD | TRIP | PINS | SNAP | ||
NasdaqGS:WBTN | NasdaqGS:QNST | NasdaqGS:ZD | NasdaqGS:TRIP | NYSE:PINS | NYSE:SNAP | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | 5.4% | -9.3% | NM- | NM- | |
3Y CAGR | NM- | NM- | -2.8% | NM- | -12.6% | NM- | |
Latest Twelve Months | -274.7% | 207.9% | -3.2% | -21.8% | 25.8% | 56.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -2.2% | 1.1% | 31.5% | -3.1% | 1.4% | -22.4% | |
Prior Fiscal Year | 0.6% | -1.2% | 31.2% | 10.1% | 0.5% | -27.1% | |
Latest Fiscal Year | -2.4% | -2.3% | 29.3% | 8.1% | 6.5% | -10.5% | |
Latest Twelve Months | -5.4% | 1.6% | 29.4% | 8.0% | 6.8% | -9.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.44x | 0.83x | 1.09x | 1.08x | 6.14x | 2.90x | |
EV / LTM EBITDA | -8.1x | 53.4x | 3.7x | 13.5x | 90.3x | -32.4x | |
EV / LTM EBIT | -5.5x | 973.3x | 7.9x | 16.3x | 98.9x | -24.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -8.1x | 13.5x | 90.3x | ||||
Historical EV / LTM EBITDA | -111.8x | -24.6x | -17.7x | ||||
Selected EV / LTM EBITDA | -31.2x | -32.9x | -34.5x | ||||
(x) LTM EBITDA | (495) | (495) | (495) | ||||
(=) Implied Enterprise Value | 15,458 | 16,272 | 17,086 | ||||
(-) Non-shareholder Claims * | (827) | (827) | (827) | ||||
(=) Equity Value | 14,631 | 15,445 | 16,258 | ||||
(/) Shares Outstanding | 1,682.3 | 1,682.3 | 1,682.3 | ||||
Implied Value Range | 8.70 | 9.18 | 9.66 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 8.70 | 9.18 | 9.66 | 9.05 | |||
Upside / (Downside) | -3.9% | 1.4% | 6.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | WBTN | QNST | ZD | TRIP | PINS | SNAP | |
Enterprise Value | 593 | 855 | 1,543 | 1,989 | 23,078 | 16,052 | |
(+) Cash & Short Term Investments | 570 | 82 | 431 | 1,154 | 2,615 | 3,207 | |
(+) Investments & Other | 152 | 0 | 167 | 30 | 0 | 177 | |
(-) Debt | (28) | (11) | (900) | (1,259) | (144) | (4,211) | |
(-) Other Liabilities | (85) | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,202 | 925 | 1,241 | 1,914 | 25,549 | 15,225 | |
(/) Shares Outstanding | 130.2 | 57.0 | 42.1 | 118.1 | 676.6 | 1,682.3 | |
Implied Stock Price | 9.23 | 16.25 | 29.49 | 16.21 | 37.76 | 9.05 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 9.23 | 16.25 | 29.49 | 16.21 | 37.76 | 9.05 | |
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 |