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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -17.3x - -19.1x | -18.2x |
| Selected Fwd EBIT Multiple | 52.0x - 57.4x | 54.7x |
| Fair Value | €16.67 - €18.12 | €17.40 |
| Upside | 3.9% - 12.9% | 8.4% |
| Benchmarks | Ticker | Full Ticker |
| Fortinet, Inc. | FTNT | NasdaqGS:FTNT |
| Palo Alto Networks, Inc. | PANW | NasdaqGS:PANW |
| Tenable Holdings, Inc. | TENB | NasdaqGS:TENB |
| Zscaler, Inc. | ZS | NasdaqGS:ZS |
| CrowdStrike Holdings, Inc. | CRWD | NasdaqGS:CRWD |
| SentinelOne, Inc. | 7B0 | DB:7B0 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FTNT | PANW | TENB | ZS | CRWD | 7B0 | ||
| NasdaqGS:FTNT | NasdaqGS:PANW | NasdaqGS:TENB | NasdaqGS:ZS | NasdaqGS:CRWD | DB:7B0 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 38.7% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 40.7% | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 35.0% | 44.3% | 142.0% | 10.6% | -678.1% | -4.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.9% | 2.4% | -5.6% | -19.5% | -6.2% | -86.5% | |
| Prior Fiscal Year | 23.3% | 11.1% | -4.8% | -14.1% | -0.1% | -59.7% | |
| Latest Fiscal Year | 30.2% | 13.9% | 0.1% | -5.6% | -1.5% | -40.1% | |
| Latest Twelve Months | 30.7% | 13.9% | 0.8% | -4.8% | -7.1% | -36.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.98x | 12.95x | 3.98x | 16.24x | 23.54x | 5.67x | |
| EV / LTM EBITDA | 27.3x | 77.4x | 82.0x | -565.9x | -790.0x | -17.2x | |
| EV / LTM EBIT | 29.2x | 93.2x | 469.6x | -335.8x | -330.9x | -15.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -335.8x | 29.2x | 469.6x | ||||
| Historical EV / LTM EBIT | -44.2x | -18.9x | -8.5x | ||||
| Selected EV / LTM EBIT | -17.3x | -18.2x | -19.1x | ||||
| (x) LTM EBIT | (331) | (331) | (331) | ||||
| (=) Implied Enterprise Value | 5,735 | 6,036 | 6,338 | ||||
| (-) Non-shareholder Claims * | 1,146 | 1,146 | 1,146 | ||||
| (=) Equity Value | 6,881 | 7,183 | 7,485 | ||||
| (/) Shares Outstanding | 333.6 | 333.6 | 333.6 | ||||
| Implied Value Range | 20.63 | 21.53 | 22.44 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.61 | 18.38 | 19.15 | 16.05 | |||
| Upside / (Downside) | 9.7% | 14.5% | 19.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FTNT | PANW | TENB | ZS | CRWD | 7B0 | |
| Enterprise Value | 56,773 | 119,397 | 3,777 | 41,348 | 102,133 | 5,126 | |
| (+) Cash & Short Term Investments | 4,563 | 2,903 | 387 | 3,006 | 4,972 | 811 | |
| (+) Investments & Other | 112 | 5,556 | 0 | 11 | 72 | 347 | |
| (-) Debt | (1,089) | (417) | (419) | (1,229) | (811) | (12) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (38) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 60,359 | 127,439 | 3,744 | 43,135 | 106,330 | 6,272 | |
| (/) Shares Outstanding | 766.3 | 668.9 | 121.1 | 155.7 | 251.0 | 333.6 | |
| Implied Stock Price | 78.77 | 190.52 | 30.92 | 277.05 | 423.70 | 18.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 78.77 | 190.52 | 30.92 | 277.05 | 423.70 | 16.05 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |