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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -41.1x - -45.4x | -43.3x |
| Selected Fwd EBITDA Multiple | 6.1x - 6.7x | 6.4x |
| Fair Value | $2.35 - $2.69 | $2.52 |
| Upside | -41.2% - -32.5% | -36.9% |
| Benchmarks | Ticker | Full Ticker |
| DHI Group, Inc. | DHX | NYSE:DHX |
| Reddit, Inc. | RDDT | NYSE:RDDT |
| Rumble Inc. | RUM | NasdaqGM:RUM |
| System1, Inc. | SST | NYSE:SST |
| BuzzFeed, Inc. | BZFD | NasdaqCM:BZFD |
| ZipRecruiter, Inc. | ZIP | NYSE:ZIP |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DHX | RDDT | RUM | SST | BZFD | ZIP | ||
| NYSE:DHX | NYSE:RDDT | NasdaqGM:RUM | NYSE:SST | NasdaqCM:BZFD | NYSE:ZIP | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.1% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 13.7% | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -13.6% | 123.7% | 17.0% | 133.7% | 81.5% | -107.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.9% | -27.7% | -109.4% | -1.6% | -3.8% | 9.5% | |
| Prior Fiscal Year | 16.9% | -15.7% | -162.4% | -2.6% | -12.4% | 15.0% | |
| Latest Fiscal Year | 17.9% | -41.9% | -121.4% | -3.8% | -6.9% | 0.9% | |
| Latest Twelve Months | 17.8% | 8.8% | -114.4% | 4.0% | -1.5% | -1.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.07x | 22.95x | 23.35x | 0.77x | 0.69x | 0.96x | |
| EV / LTM EBITDA | 6.0x | 259.8x | -20.4x | 19.1x | 74.8x | -66.6x | |
| EV / LTM EBIT | 20.1x | 291.5x | -18.1x | -3.9x | -12.9x | -46.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -20.4x | 19.1x | 259.8x | ||||
| Historical EV / LTM EBITDA | 13.6x | 21.9x | 82.7x | ||||
| Selected EV / LTM EBITDA | -41.1x | -43.3x | -45.4x | ||||
| (x) LTM EBITDA | (7) | (7) | (7) | ||||
| (=) Implied Enterprise Value | 273 | 288 | 302 | ||||
| (-) Non-shareholder Claims * | (84) | (84) | (84) | ||||
| (=) Equity Value | 189 | 204 | 218 | ||||
| (/) Shares Outstanding | 89.9 | 89.9 | 89.9 | ||||
| Implied Value Range | 2.10 | 2.26 | 2.42 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.10 | 2.26 | 2.42 | 3.99 | |||
| Upside / (Downside) | -47.3% | -43.3% | -39.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DHX | RDDT | RUM | SST | BZFD | ZIP | |
| Enterprise Value | 144 | 38,286 | 2,369 | 243 | 131 | 443 | |
| (+) Cash & Short Term Investments | 3 | 2,060 | 301 | 64 | 30 | 468 | |
| (+) Investments & Other | 2 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (40) | (25) | (2) | (267) | (83) | (552) | |
| (-) Other Liabilities | 0 | 0 | 0 | 5 | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 109 | 40,321 | 2,668 | 44 | 75 | 359 | |
| (/) Shares Outstanding | 45.1 | 187.2 | 338.6 | 8.0 | 37.0 | 89.9 | |
| Implied Stock Price | 2.42 | 215.44 | 7.88 | 5.44 | 2.03 | 3.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.42 | 215.44 | 7.88 | 5.44 | 2.03 | 3.99 | |
| 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 | |