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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -10.8x - -11.9x | -11.3x |
| Selected Fwd EBIT Multiple | -18.8x - -20.8x | -19.8x |
| Fair Value | $0.64 - $0.70 | $0.67 |
| Upside | -37.3% - -31.7% | -34.5% |
| Benchmarks | Ticker | Full Ticker |
| Commerce.com, Inc. | CMRC | NasdaqGM:CMRC |
| Backblaze, Inc. | BLZE | NasdaqGM:BLZE |
| Snowflake Inc. | SNOW | NYSE:SNOW |
| Kyndryl Holdings, Inc. | KD | NYSE:KD |
| Grid Dynamics Holdings, Inc. | GDYN | NasdaqCM:GDYN |
| Castellum, Inc. | CTM | NYSEAM:CTM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CMRC | BLZE | SNOW | KD | GDYN | CTM | ||
| NasdaqGM:CMRC | NasdaqGM:BLZE | NYSE:SNOW | NYSE:KD | NasdaqCM:GDYN | NYSEAM:CTM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | -26.6% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 52.0% | NM- | |
| Latest Twelve Months | 65.0% | 22.3% | -22.0% | 97.6% | 313.5% | 35.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -21.7% | -37.4% | -53.0% | -1.2% | -2.2% | -20.8% | |
| Prior Fiscal Year | -18.0% | -53.0% | -38.8% | 0.7% | -0.4% | -21.8% | |
| Latest Fiscal Year | -8.0% | -32.5% | -39.6% | 3.9% | 1.0% | -16.2% | |
| Latest Twelve Months | -4.0% | -26.8% | -37.0% | 3.9% | 1.7% | -10.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.22x | 3.57x | 15.78x | 0.66x | 0.92x | 1.85x | |
| EV / LTM EBITDA | 271.7x | -30.4x | -47.2x | 7.7x | 14.6x | -28.6x | |
| EV / LTM EBIT | -30.7x | -13.3x | -42.7x | 17.0x | 53.5x | -18.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -42.7x | -13.3x | 53.5x | ||||
| Historical EV / LTM EBIT | -20.3x | -8.8x | -1.9x | ||||
| Selected EV / LTM EBIT | -10.8x | -11.3x | -11.9x | ||||
| (x) LTM EBIT | (5) | (5) | (5) | ||||
| (=) Implied Enterprise Value | 52 | 55 | 58 | ||||
| (-) Non-shareholder Claims * | 9 | 9 | 9 | ||||
| (=) Equity Value | 62 | 65 | 67 | ||||
| (/) Shares Outstanding | 94.5 | 94.5 | 94.5 | ||||
| Implied Value Range | 0.65 | 0.68 | 0.71 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.65 | 0.68 | 0.71 | 1.02 | |||
| Upside / (Downside) | -35.9% | -33.0% | -30.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CMRC | BLZE | SNOW | KD | GDYN | CTM | |
| Enterprise Value | 413 | 474 | 64,961 | 9,969 | 362 | 87 | |
| (+) Cash & Short Term Investments | 134 | 51 | 3,587 | 1,462 | 337 | 15 | |
| (+) Investments & Other | 0 | 0 | 1,013 | 0 | 0 | 0 | |
| (-) Debt | (166) | (62) | (2,692) | (4,033) | (15) | (5) | |
| (-) Other Liabilities | 0 | 0 | (7) | (110) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (0) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 381 | 463 | 66,862 | 7,288 | 683 | 96 | |
| (/) Shares Outstanding | 80.7 | 56.5 | 333.7 | 231.1 | 84.7 | 94.5 | |
| Implied Stock Price | 4.72 | 8.20 | 200.39 | 31.53 | 8.07 | 1.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.72 | 8.20 | 200.39 | 31.53 | 8.07 | 1.02 | |
| 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 | |