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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 37.0x - 40.9x | 39.0x |
| Selected Fwd P/E Multiple | 22.7x - 25.1x | 23.9x |
| Fair Value | $37.98 - $41.97 | $39.98 |
| Upside | 15.4% - 27.6% | 21.5% |
| Benchmarks | - | Full Ticker |
| Nemetschek SE | - | DB:NEM |
| Open Text Corporation | - | DB:OTX |
| Microsoft Corporation | - | DB:MSF |
| Salesforce, Inc. | - | DB:FOO |
| Bentley Systems, Incorporated | - | DB:BS81 |
| Dassault Systèmes SE | - | OTCPK:DAST.F |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| NEM | OTX | MSF | FOO | BS81 | DAST.F | |||
| DB:NEM | DB:OTX | DB:MSF | DB:FOO | DB:BS81 | OTCPK:DAST.F | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 6.6% | 13.2% | 18.1% | 118.0% | 17.9% | 14.3% | ||
| 3Y CAGR | 9.2% | 3.2% | 11.9% | 62.5% | 36.1% | 15.8% | ||
| Latest Twelve Months | 6.6% | -6.3% | 15.5% | 18.3% | -32.2% | 1.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 19.0% | 8.0% | 35.5% | 10.4% | 17.4% | 16.2% | ||
| Prior Fiscal Year | 18.9% | 8.1% | 36.0% | 11.9% | 26.6% | 17.7% | ||
| Latest Fiscal Year | 17.6% | 8.4% | 36.1% | 16.4% | 17.4% | 19.3% | ||
| Latest Twelve Months | 16.9% | 8.4% | 36.1% | 16.9% | 17.9% | 18.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 43.5x | 9.9x | 24.7x | 19.8x | 44.9x | 24.7x | ||
| Price / LTM Sales | 11.1x | 1.8x | 13.7x | 6.0x | 11.7x | 5.8x | ||
| LTM P/E Ratio | 66.0x | 21.2x | 37.8x | 35.3x | 65.3x | 32.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 21.2x | 37.8x | 66.0x | |||||
| Historical LTM P/E Ratio | 39.3x | 55.4x | 92.9x | |||||
| Selected P/E Multiple | 37.0x | 39.0x | 40.9x | |||||
| (x) LTM Net Income | 1,136 | 1,136 | 1,136 | |||||
| (=) Equity Value | 42,054 | 44,268 | 46,481 | |||||
| (/) Shares Outstanding | 1,315.3 | 1,315.3 | 1,315.3 | |||||
| Implied Value Range | 31.97 | 33.66 | 35.34 | |||||
| FX Rate: EUR/USD | 0.8 | 0.8 | 0.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 37.63 | 39.62 | 41.60 | 32.90 | ||||
| Upside / (Downside) | 14.4% | 20.4% | 26.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | NEM | OTX | MSF | FOO | BS81 | DAST.F | |
| Value of Common Equity | 12,470 | 9,189 | 3,819,384 | 235,983 | 16,490 | 36,764 | |
| (/) Shares Outstanding | 115.5 | 249.7 | 7,433.2 | 952.0 | 314.5 | 1,315.3 | |
| Implied Stock Price | 108.00 | 36.81 | 513.83 | 247.88 | 52.43 | 27.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.18 | 1.18 | 1.18 | 1.18 | 0.85 | |
| Implied Stock Price (Trading Cur) | 108.00 | 31.27 | 436.55 | 210.60 | 44.54 | 32.90 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.18 | 1.18 | 1.18 | 1.18 | 0.85 | |