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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 7.5x - 8.3x | 7.9x |
| Selected Fwd Revenue Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | $0.30 - $0.34 | $0.32 |
| Upside | -20.3% - -11.0% | -15.6% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Arax Holdings Corp. | ARAT | OTCPK:ARAT |
| Asana, Inc. | ASAN | NYSE:ASAN |
| Zscaler, Inc. | ZS * | BMV:ZS* |
| Unity Software Inc. | U * | BMV:U* |
| Expensify, Inc. | EXFY | NasdaqGS:EXFY |
| Edge Total Intelligence Inc. | UNFY.F | OTCPK:UNFY.F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ARAT | ASAN | ZS * | U * | EXFY | UNFY.F | |||
| OTCPK:ARAT | NYSE:ASAN | BMV:ZS* | BMV:U* | NasdaqGS:EXFY | OTCPK:UNFY.F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 38.4% | 48.2% | 27.3% | 11.6% | NM- | ||
| 3Y CAGR | NM- | 24.1% | 47.7% | 17.8% | -0.8% | -14.6% | ||
| Latest Twelve Months | 10.7% | 10.9% | 27.8% | -17.1% | -7.6% | -9.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -86.5% | -62.4% | -20.0% | -40.4% | -2.1% | -89.2% | ||
| Prior Fiscal Year | NA | -40.6% | -14.1% | -34.9% | -22.0% | -98.0% | ||
| Latest Fiscal Year | 0.8% | -35.3% | -5.6% | -29.8% | -0.6% | -93.0% | ||
| Latest Twelve Months | 573.9% | -35.3% | -4.2% | -29.8% | -0.6% | -142.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 17.17x | 4.63x | 12.75x | 5.73x | 1.93x | 8.77x | ||
| EV / LTM EBIT | 3.0x | -13.1x | -306.4x | -19.2x | -326.9x | -6.2x | ||
| Price / LTM Sales | 17.16x | 4.91x | 13.43x | 5.14x | 2.23x | 8.12x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.93x | 5.73x | 17.17x | |||||
| Historical EV / LTM Revenue | 7.95x | 8.28x | 8.62x | |||||
| Selected EV / LTM Revenue | 7.51x | 7.91x | 8.31x | |||||
| (x) LTM Revenue | 3 | 3 | 3 | |||||
| (=) Implied Enterprise Value | 24 | 26 | 27 | |||||
| (-) Non-shareholder Claims * | (2) | (2) | (2) | |||||
| (=) Equity Value | 22 | 24 | 25 | |||||
| (/) Shares Outstanding | 70.1 | 70.1 | 70.1 | |||||
| Implied Value Range | 0.32 | 0.34 | 0.35 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.32 | 0.34 | 0.35 | 0.38 | ||||
| Upside / (Downside) | -15.8% | -10.9% | -6.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ARAT | ASAN | ZS * | U * | EXFY | UNFY.F | |
| Enterprise Value | 13 | 3,316 | 28,478 | 10,379 | 264 | 29 | |
| (+) Cash & Short Term Investments | 0 | 467 | 2,880 | 1,518 | 49 | 2 | |
| (+) Investments & Other | 0 | 0 | 11 | 0 | 0 | 0 | |
| (-) Debt | (0) | (268) | (1,239) | (2,354) | (6) | (4) | |
| (-) Other Liabilities | 0 | 0 | 0 | (236) | 0 | 0 | |
| (-) Preferred Stock | (0) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13 | 3,515 | 30,129 | 9,307 | 306 | 26 | |
| (/) Shares Outstanding | 129.6 | 233.1 | 154.7 | 409.7 | 91.4 | 70.1 | |
| Implied Stock Price | 0.10 | 15.08 | 194.73 | 22.72 | 3.35 | 0.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.10 | 15.08 | 3,900.00 | 455.00 | 3.35 | 0.38 | |
| Trading Currency | USD | USD | MXN | MXN | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.05 | 0.05 | 1.00 | 1.00 | |