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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -32.0x - -35.4x | -33.7x |
Selected Fwd EBIT Multiple | -37.3x - -41.2x | -39.3x |
Fair Value | $2.89 - $3.30 | $3.09 |
Upside | -45.1% - -37.5% | -41.3% |
Benchmarks | Ticker | Full Ticker |
DHI Group, Inc. | DHX | NYSE:DHX |
Vimeo, Inc. | VMEO | NasdaqGS:VMEO |
System1, Inc. | SST | NYSE:SST |
BuzzFeed, Inc. | BZFD | NasdaqCM:BZFD |
Pinterest, Inc. | PINS | NYSE:PINS |
ZipRecruiter, Inc. | ZIP | NYSE:ZIP |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DHX | VMEO | SST | BZFD | PINS | ZIP | ||
NYSE:DHX | NasdaqGS:VMEO | NYSE:SST | NasdaqCM:BZFD | NYSE:PINS | NYSE:ZIP | ||
Historical EBIT Growth | |||||||
5Y CAGR | -9.2% | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | 254.4% | NM- | NM- | NM- | -13.0% | NM- | |
Latest Twelve Months | -38.1% | -43.9% | 13.3% | 70.5% | 27.5% | -111.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.0% | -7.9% | -14.2% | -7.5% | 0.1% | 9.1% | |
Prior Fiscal Year | 5.7% | 4.3% | -21.4% | -16.5% | -0.2% | 14.6% | |
Latest Fiscal Year | 5.2% | 5.0% | -25.8% | -10.9% | 5.9% | 0.3% | |
Latest Twelve Months | 4.5% | 2.8% | -22.8% | -5.8% | 6.2% | -2.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.33x | 0.93x | 0.81x | 0.54x | 5.79x | 1.21x | |
EV / LTM EBITDA | 7.7x | 29.1x | -624.7x | -27.8x | 85.1x | -83.8x | |
EV / LTM EBIT | 29.3x | 33.5x | -3.5x | -9.3x | 93.2x | -58.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -9.3x | 29.3x | 93.2x | ||||
Historical EV / LTM EBIT | 14.0x | 23.8x | 88.6x | ||||
Selected EV / LTM EBIT | -32.0x | -33.7x | -35.4x | ||||
(x) LTM EBIT | (10) | (10) | (10) | ||||
(=) Implied Enterprise Value | 304 | 320 | 336 | ||||
(-) Non-shareholder Claims * | (84) | (84) | (84) | ||||
(=) Equity Value | 220 | 236 | 252 | ||||
(/) Shares Outstanding | 89.9 | 89.9 | 89.9 | ||||
Implied Value Range | 2.45 | 2.62 | 2.80 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 2.45 | 2.62 | 2.80 | 5.27 | |||
Upside / (Downside) | -53.6% | -50.2% | -46.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DHX | VMEO | SST | BZFD | PINS | ZIP | |
Enterprise Value | 190 | 372 | 269 | 101 | 21,664 | 558 | |
(+) Cash & Short Term Investments | 3 | 289 | 44 | 34 | 2,615 | 468 | |
(+) Investments & Other | 2 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (43) | (10) | (270) | (55) | (144) | (552) | |
(-) Other Liabilities | 0 | 0 | (0) | (2) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 151 | 651 | 42 | 77 | 24,135 | 474 | |
(/) Shares Outstanding | 46.4 | 164.7 | 7.5 | 38.5 | 676.6 | 89.9 | |
Implied Stock Price | 3.25 | 3.95 | 5.60 | 2.01 | 35.67 | 5.27 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3.25 | 3.95 | 5.60 | 2.01 | 35.67 | 5.27 | |
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 |