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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 67.6x - 74.7x | 71.1x |
| Selected Fwd EBITDA Multiple | 47.4x - 52.4x | 49.9x |
| Fair Value | $107.34 - $117.95 | $112.65 |
| Upside | -40.1% - -34.1% | -37.1% |
| Benchmarks | Ticker | Full Ticker |
| International Business Machines Corporation | IBM | NYSE:IBM |
| Teradata Corporation | TDC | NYSE:TDC |
| Palantir Technologies Inc. | PLTR | NasdaqGS:PLTR |
| Oracle Corporation | ORCL | NYSE:ORCL |
| DigitalOcean Holdings, Inc. | DOCN | NYSE:DOCN |
| Snowflake Inc. | SNOW | NYSE:SNOW |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IBM | TDC | PLTR | ORCL | DOCN | SNOW | ||
| NYSE:IBM | NYSE:TDC | NasdaqGS:PLTR | NYSE:ORCL | NYSE:DOCN | NYSE:SNOW | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.1% | 18.2% | NM- | 4.6% | 56.5% | NM- | |
| 3Y CAGR | 4.1% | -6.9% | NM- | 4.6% | 52.2% | NM- | |
| Latest Twelve Months | 4.7% | 19.6% | 89.1% | 10.2% | 17.9% | NM | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.7% | 15.1% | -25.0% | 41.8% | 19.9% | -53.1% | |
| Prior Fiscal Year | 21.7% | 15.9% | 6.9% | 38.0% | 25.4% | -35.2% | |
| Latest Fiscal Year | 21.6% | 17.3% | 11.9% | 40.1% | 29.0% | -36.2% | |
| Latest Twelve Months | 22.2% | 18.3% | 14.0% | 41.1% | 29.9% | -33.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.53x | 1.37x | 91.01x | 9.56x | 5.00x | 15.00x | |
| EV / LTM EBITDA | 20.4x | 7.5x | 651.2x | 23.3x | 16.7x | -41.1x | |
| EV / LTM EBIT | 28.1x | 10.5x | 699.0x | 30.4x | 32.9x | -37.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.5x | 20.4x | 651.2x | ||||
| Historical EV / LTM EBITDA | -171.7x | -62.5x | -46.4x | ||||
| Selected EV / LTM EBITDA | 67.6x | 71.1x | 74.7x | ||||
| (x) LTM EBITDA | 478 | 478 | 478 | ||||
| (=) Implied Enterprise Value | 32,318 | 34,019 | 35,720 | ||||
| (-) Non-shareholder Claims * | 2,172 | 2,172 | 2,172 | ||||
| (=) Equity Value | 34,490 | 36,191 | 37,892 | ||||
| (/) Shares Outstanding | 333.7 | 333.7 | 333.7 | ||||
| Implied Value Range | 103.37 | 108.47 | 113.57 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 103.37 | 108.47 | 113.57 | 179.12 | |||
| Upside / (Downside) | -42.3% | -39.4% | -36.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IBM | TDC | PLTR | ORCL | DOCN | SNOW | |
| Enterprise Value | 285,045 | 2,301 | 279,362 | 530,654 | 4,002 | 57,593 | |
| (+) Cash & Short Term Investments | 17,465 | 368 | 5,431 | 17,823 | 360 | 3,911 | |
| (+) Investments & Other | 1,631 | 5 | 105 | 2,000 | 0 | 956 | |
| (-) Debt | (66,835) | (588) | (245) | (109,176) | (1,743) | (2,688) | |
| (-) Other Liabilities | (72) | 0 | (95) | (531) | 0 | (7) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 237,234 | 2,086 | 284,558 | 440,770 | 2,620 | 59,765 | |
| (/) Shares Outstanding | 909.4 | 95.6 | 2,359.9 | 2,804.2 | 91.0 | 333.7 | |
| Implied Stock Price | 260.87 | 21.82 | 120.58 | 157.18 | 28.78 | 179.12 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 260.87 | 21.82 | 120.58 | 157.18 | 28.78 | 179.12 | |
| 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 | |