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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 29.1x - 32.1x | 30.6x |
| Selected Fwd EBIT Multiple | 12.1x - 13.3x | 12.7x |
| Fair Value | $44.47 - $48.98 | $46.73 |
| Upside | -38.5% - -32.2% | -35.4% |
| Benchmarks | Ticker | Full Ticker |
| RXO, Inc. | RXO | NYSE:RXO |
| XPO, Inc. | XPO | NYSE:XPO |
| Micromobility.com Inc. | MCOM | OTCPK:MCOM |
| Lyft, Inc. | LYFT | NasdaqGS:LYFT |
| J.B. Hunt Transport Services, Inc. | JBHT | NasdaqGS:JBHT |
| Uber Technologies, Inc. | UBER | NYSE:UBER |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RXO | XPO | MCOM | LYFT | JBHT | UBER | ||
| NYSE:RXO | NYSE:XPO | OTCPK:MCOM | NasdaqGS:LYFT | NasdaqGS:JBHT | NYSE:UBER | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -20.1% | 3.0% | NM- | NM- | 0.8% | NM- | |
| 3Y CAGR | -46.5% | 26.8% | NM- | NM- | -7.4% | NM- | |
| Latest Twelve Months | -55.2% | 29.4% | 50.9% | 71.4% | -16.3% | 152.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.8% | 6.5% | -472.3% | -34.2% | 8.1% | -16.6% | |
| Prior Fiscal Year | 1.7% | 7.2% | -406.2% | -8.8% | 7.7% | 3.0% | |
| Latest Fiscal Year | 0.7% | 9.0% | -481.3% | -1.9% | 6.9% | 6.4% | |
| Latest Twelve Months | 0.7% | 9.0% | -553.7% | -1.9% | 6.9% | 6.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.63x | 1.82x | 4.24x | 0.66x | 1.24x | 3.24x | |
| EV / LTM EBITDA | 24.5x | 12.1x | -1.0x | 140.5x | 9.4x | 40.3x | |
| EV / LTM EBIT | 95.4x | 20.3x | -0.8x | -34.6x | 18.1x | 51.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -34.6x | 18.1x | 95.4x | ||||
| Historical EV / LTM EBIT | -22.4x | -16.9x | 398.3x | ||||
| Selected EV / LTM EBIT | 29.1x | 30.6x | 32.1x | ||||
| (x) LTM EBIT | 2,799 | 2,799 | 2,799 | ||||
| (=) Implied Enterprise Value | 81,349 | 85,631 | 89,913 | ||||
| (-) Non-shareholder Claims * | 3,385 | 3,385 | 3,385 | ||||
| (=) Equity Value | 84,734 | 89,016 | 93,298 | ||||
| (/) Shares Outstanding | 2,091.3 | 2,091.3 | 2,091.3 | ||||
| Implied Value Range | 40.52 | 42.57 | 44.61 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 40.52 | 42.57 | 44.61 | 72.28 | |||
| Upside / (Downside) | -43.9% | -41.1% | -38.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RXO | XPO | MCOM | LYFT | JBHT | UBER | |
| Enterprise Value | 2,863 | 14,717 | 17 | 3,842 | 15,032 | 147,771 | |
| (+) Cash & Short Term Investments | 35 | 451 | 0 | 1,984 | 47 | 6,977 | |
| (+) Investments & Other | 0 | 0 | 0 | 43 | 0 | 8,762 | |
| (-) Debt | (664) | (4,122) | (17) | (1,258) | (1,790) | (11,436) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (918) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,234 | 11,046 | 0 | 4,611 | 13,289 | 151,156 | |
| (/) Shares Outstanding | 163.3 | 117.8 | 92.2 | 418.0 | 100.0 | 2,091.3 | |
| Implied Stock Price | 13.68 | 93.78 | 0.01 | 11.03 | 132.88 | 72.28 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.68 | 93.78 | 0.01 | 11.03 | 132.88 | 72.28 | |
| 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 | |