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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 3.7x - 4.1x | 3.9x |
| Selected Fwd Revenue Multiple | 2.9x - 3.2x | 3.0x |
| Fair Value | $11.11 - $12.33 | $11.72 |
| Upside | 22.0% - 35.4% | 28.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Tripadvisor, Inc. | TRIP | NasdaqGS:TRIP |
| QuinStreet, Inc. | QNST | NasdaqGS:QNST |
| Ziff Davis, Inc. | ZD | NasdaqGS:ZD |
| WEBTOON Entertainment Inc. | WBTN | NasdaqGS:WBTN |
| Pinterest, Inc. | PINS | NYSE:PINS |
| Snap Inc. | SNAP | NYSE:SNAP |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TRIP | QNST | ZD | WBTN | PINS | SNAP | |||
| NasdaqGS:TRIP | NasdaqGS:QNST | NasdaqGS:ZD | NasdaqGS:WBTN | NYSE:PINS | NYSE:SNAP | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.3% | 6.2% | 5.9% | NM- | 26.1% | 25.6% | ||
| 3Y CAGR | 26.7% | 2.0% | -0.4% | NM- | 12.2% | 9.2% | ||
| Latest Twelve Months | 1.4% | 88.8% | 3.2% | 3.7% | 17.8% | 14.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -7.8% | -1.2% | 14.3% | -5.0% | 0.1% | -25.7% | ||
| Prior Fiscal Year | 8.3% | -3.6% | 13.9% | -2.2% | -0.2% | -30.4% | ||
| Latest Fiscal Year | 6.7% | -4.6% | 14.2% | -5.0% | 5.9% | -13.4% | ||
| Latest Twelve Months | 6.6% | 0.1% | 13.9% | -8.1% | 6.2% | -11.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.20x | 0.78x | 1.18x | 0.50x | 5.71x | 2.92x | ||
| EV / LTM EBIT | 18.0x | 915.5x | 8.5x | -6.1x | 92.1x | -25.0x | ||
| Price / LTM Sales | 1.16x | 0.85x | 0.97x | 0.95x | 6.37x | 2.77x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.50x | 1.18x | 5.71x | |||||
| Historical EV / LTM Revenue | 3.04x | 6.20x | 34.25x | |||||
| Selected EV / LTM Revenue | 3.68x | 3.87x | 4.06x | |||||
| (x) LTM Revenue | 5,530 | 5,530 | 5,530 | |||||
| (=) Implied Enterprise Value | 20,330 | 21,400 | 22,470 | |||||
| (-) Non-shareholder Claims * | (827) | (827) | (827) | |||||
| (=) Equity Value | 19,503 | 20,573 | 21,643 | |||||
| (/) Shares Outstanding | 1,682.3 | 1,682.3 | 1,682.3 | |||||
| Implied Value Range | 11.59 | 12.23 | 12.86 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11.59 | 12.23 | 12.86 | 9.11 | ||||
| Upside / (Downside) | 27.3% | 34.2% | 41.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TRIP | QNST | ZD | WBTN | PINS | SNAP | |
| Enterprise Value | 2,201 | 804 | 1,677 | 668 | 21,495 | 16,153 | |
| (+) Cash & Short Term Investments | 1,154 | 82 | 431 | 570 | 2,615 | 3,207 | |
| (+) Investments & Other | 30 | 0 | 167 | 152 | 0 | 177 | |
| (-) Debt | (1,259) | (11) | (900) | (28) | (144) | (4,211) | |
| (-) Other Liabilities | 0 | 0 | 0 | (85) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,126 | 875 | 1,375 | 1,277 | 23,966 | 15,326 | |
| (/) Shares Outstanding | 118.1 | 57.0 | 42.1 | 130.2 | 676.6 | 1,682.3 | |
| Implied Stock Price | 18.00 | 15.36 | 32.68 | 9.81 | 35.42 | 9.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.00 | 15.36 | 32.68 | 9.81 | 35.42 | 9.11 | |
| 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 | |