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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Selected Fwd EBITDA Multiple | 3.7x - 4.1x | 3.9x |
| Fair Value | €18.58 - €22.10 | €20.34 |
| Upside | 47.1% - 74.9% | 61.0% |
| Benchmarks | Ticker | Full Ticker |
| EPAM Systems, Inc. | EPAM | NYSE:EPAM |
| Grid Dynamics Holdings, Inc. | GDYN | NasdaqCM:GDYN |
| Kyndryl Holdings, Inc. | KD | NYSE:KD |
| Rackspace Technology, Inc. | RXT | NasdaqGS:RXT |
| International Business Machines Corporation | IBM | NYSE:IBM |
| DXC Technology Company | 2XT | DB:2XT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EPAM | GDYN | KD | RXT | IBM | 2XT | ||
| NYSE:EPAM | NasdaqCM:GDYN | NYSE:KD | NasdaqGS:RXT | NYSE:IBM | DB:2XT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.8% | -0.4% | -0.6% | -22.6% | -5.1% | -18.3% | |
| 3Y CAGR | 3.3% | 43.1% | 14.3% | -34.1% | -4.5% | -7.2% | |
| Latest Twelve Months | 1.7% | 128.3% | 30.7% | -38.9% | -22.1% | 200.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.7% | 0.6% | 3.7% | 17.1% | 19.2% | 11.6% | |
| Prior Fiscal Year | 14.5% | 2.5% | 3.5% | 10.2% | 21.7% | 3.9% | |
| Latest Fiscal Year | 14.7% | 5.0% | 5.9% | 6.7% | 16.6% | 10.2% | |
| Latest Twelve Months | 14.7% | 5.0% | 6.9% | 6.7% | 16.6% | 10.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.53x | 2.32x | 0.62x | 1.27x | 4.18x | 0.43x | |
| EV / LTM EBITDA | 10.5x | 46.3x | 9.0x | 19.0x | 25.1x | 4.1x | |
| EV / LTM EBIT | 12.0x | 243.6x | 22.7x | -31.1x | 39.3x | 22.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.0x | 19.0x | 46.3x | ||||
| Historical EV / LTM EBITDA | 3.5x | 4.8x | 16.8x | ||||
| Selected EV / LTM EBITDA | 4.8x | 5.1x | 5.3x | ||||
| (x) LTM EBITDA | 1,395 | 1,395 | 1,395 | ||||
| (=) Implied Enterprise Value | 6,736 | 7,091 | 7,445 | ||||
| (-) Non-shareholder Claims * | (3,040) | (3,040) | (3,040) | ||||
| (=) Equity Value | 3,696 | 4,051 | 4,405 | ||||
| (/) Shares Outstanding | 181.0 | 181.0 | 181.0 | ||||
| Implied Value Range | 20.41 | 22.37 | 24.33 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 18.00 | 19.73 | 21.45 | 12.64 | |||
| Upside / (Downside) | 42.5% | 56.1% | 69.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EPAM | GDYN | KD | RXT | IBM | 2XT | |
| Enterprise Value | 7,206 | 812 | 9,414 | 3,476 | 260,552 | 5,634 | |
| (+) Cash & Short Term Investments | 1,288 | 335 | 1,501 | 184 | 14,591 | 1,723 | |
| (+) Investments & Other | 39 | 0 | 0 | 7 | 1,691 | 0 | |
| (-) Debt | (163) | (13) | (3,952) | (3,341) | (58,396) | (4,501) | |
| (-) Other Liabilities | (2) | 0 | (110) | 0 | (86) | (262) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,367 | 1,134 | 6,853 | 325 | 218,352 | 2,594 | |
| (/) Shares Outstanding | 56.6 | 83.8 | 232.7 | 237.3 | 927.3 | 181.0 | |
| Implied Stock Price | 147.76 | 13.53 | 29.45 | 1.37 | 235.48 | 14.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 147.76 | 13.53 | 29.45 | 1.37 | 235.48 | 12.64 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |