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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 3.9x - 4.3x | 4.1x |
| Selected Fwd Ps Multiple | 3.3x - 3.6x | 3.5x |
| Fair Value | $33.22 - $36.72 | $34.97 |
| Upside | 31.3% - 45.1% | 38.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Salesforce, Inc. | - | NYSE:CRM |
| International Business Machines Corporation | - | NYSE:IBM |
| Progress Software Corporation | - | NasdaqGS:PRGS |
| Pegasystems Inc. | - | NasdaqGS:PEGA |
| Intuit Inc. | - | NasdaqGS:INTU |
| Clear Secure, Inc. | - | NYSE:YOU |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CRM | IBM | PRGS | PEGA | INTU | YOU | |||
| NYSE:CRM | NYSE:IBM | NasdaqGS:PRGS | NasdaqGS:PEGA | NasdaqGS:INTU | NYSE:YOU | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 17.3% | 1.7% | 12.8% | 10.4% | 19.1% | 32.0% | ||
| 3Y CAGR | 12.7% | 3.0% | 12.3% | 7.3% | 19.1% | 44.8% | ||
| Latest Twelve Months | 8.7% | 1.2% | 12.8% | 14.3% | 13.7% | 25.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 9.3% | 9.1% | 13.2% | -6.1% | 19.0% | -9.6% | ||
| Prior Fiscal Year | 11.9% | 12.1% | 10.1% | 4.7% | 16.6% | 4.6% | ||
| Latest Fiscal Year | 16.4% | 9.6% | 9.1% | 6.6% | 18.2% | 22.0% | ||
| Latest Twelve Months | 16.4% | NA | 7.0% | 12.0% | 17.7% | 22.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 22.2x | 18.9x | 14.3x | 25.6x | 37.5x | 14.0x | ||
| Price / LTM Sales | 6.7x | 3.4x | 3.1x | 4.7x | 10.0x | 4.3x | ||
| LTM P/E Ratio | 41.1x | 39.0x | 44.6x | 39.4x | 56.8x | 13.7x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 3.1x | 4.7x | 10.0x | |||||
| Historical LTM P/S Ratio | 4.3x | 8.1x | 20.3x | |||||
| Selected Price / Sales Multiple | 3.9x | 4.1x | 4.3x | |||||
| (x) LTM Sales | 770 | 770 | 770 | |||||
| (=) Equity Value | 2,976 | 3,133 | 3,290 | |||||
| (/) Shares Outstanding | 93.1 | 93.1 | 93.1 | |||||
| Implied Value Range | 31.98 | 33.67 | 35.35 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 31.98 | 33.67 | 35.35 | 25.31 | ||||
| Upside / (Downside) | 26.4% | 33.0% | 39.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRM | IBM | PRGS | PEGA | INTU | YOU | |
| Value of Common Equity | 257,404 | 211,353 | 2,543 | 7,805 | 174,480 | 2,355 | |
| (/) Shares Outstanding | 961.0 | 909.4 | 43.0 | 85.1 | 279.6 | 93.1 | |
| Implied Stock Price | 267.85 | 232.41 | 59.11 | 91.69 | 624.12 | 25.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 267.85 | 232.41 | 59.11 | 91.69 | 624.12 | 25.31 | |
| 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 | |