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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 6.0x - 6.6x | 6.3x |
| Selected Fwd Ps Multiple | 4.9x - 5.4x | 5.2x |
| Fair Value | $197.57 - $218.37 | $207.97 |
| Upside | -16.5% - -7.7% | -12.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| ATOSS Software SE | - | XTRA:AOF |
| Nemetschek SE | - | XTRA:NEM |
| Exasol AG | - | XTRA:EXL |
| Intuit Inc. | - | XTRA:ITU |
| Bentley Systems, Incorporated | - | DB:BS81 |
| SAP SE | - | OTCPK:SAPG.F |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| AOF | NEM | EXL | ITU | BS81 | SAPG.F | |||
| XTRA:AOF | XTRA:NEM | XTRA:EXL | XTRA:ITU | DB:BS81 | OTCPK:SAPG.F | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 19.0% | 12.3% | 11.1% | 19.1% | 12.9% | 4.4% | ||
| 3Y CAGR | 20.7% | 13.5% | 10.1% | 19.1% | 11.9% | 8.2% | ||
| Latest Twelve Months | 12.8% | 16.9% | 12.8% | 13.7% | 10.1% | 9.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 20.9% | 19.5% | -64.9% | 19.0% | 17.1% | 14.7% | ||
| Prior Fiscal Year | 23.7% | 18.9% | -23.4% | 16.6% | 26.6% | 12.1% | ||
| Latest Fiscal Year | 26.6% | 17.6% | 0.6% | 18.2% | 17.4% | 9.1% | ||
| Latest Twelve Months | 26.6% | 17.6% | 0.6% | 17.7% | 17.4% | 9.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 28.7x | 46.4x | 125.1x | 34.6x | 37.7x | 28.5x | ||
| Price / LTM Sales | 11.5x | 11.6x | 1.7x | 9.2x | 9.3x | 7.6x | ||
| LTM P/E Ratio | 43.2x | 65.6x | 301.4x | 52.2x | 53.8x | 83.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.7x | 9.3x | 11.6x | |||||
| Historical LTM P/S Ratio | 3.8x | 5.3x | 7.6x | |||||
| Selected Price / Sales Multiple | 6.0x | 6.3x | 6.6x | |||||
| (x) LTM Sales | 34,176 | 34,176 | 34,176 | |||||
| (=) Equity Value | 204,744 | 215,520 | 226,296 | |||||
| (/) Shares Outstanding | 1,166.6 | 1,166.6 | 1,166.6 | |||||
| Implied Value Range | 175.51 | 184.74 | 193.98 | |||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 194.10 | 204.32 | 214.53 | 236.61 | ||||
| Upside / (Downside) | -18.0% | -13.6% | -9.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | AOF | NEM | EXL | ITU | BS81 | SAPG.F | |
| Value of Common Equity | 1,966 | 11,564 | 75 | 160,403 | 12,505 | 249,581 | |
| (/) Shares Outstanding | 15.9 | 115.4 | 26.6 | 279.6 | 315.8 | 1,166.6 | |
| Implied Stock Price | 123.60 | 100.20 | 2.83 | 573.77 | 39.59 | 213.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.11 | 1.11 | 0.90 | |
| Implied Stock Price (Trading Cur) | 123.60 | 100.20 | 2.83 | 518.80 | 35.80 | 236.61 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.11 | 1.11 | 0.90 | |