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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.4x - 2.6x | 2.5x |
| Selected Fwd Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Fair Value | €137.49 - €152.96 | €145.22 |
| Upside | -4.5% - 6.2% | 0.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Franklin Resources, Inc. | BEN | NYSE:BEN |
| Silvercrest Asset Management Group Inc. | SAMG | NasdaqGM:SAMG |
| Virtus Investment Partners, Inc. | VRTS | NYSE:VRTS |
| GCM Grosvenor Inc. | GCMG | NasdaqGM:GCMG |
| SEI Investments Company | SEIC | NasdaqGS:SEIC |
| Affiliated Managers Group, Inc. | AFS | DB:AFS |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BEN | SAMG | VRTS | GCMG | SEIC | AFS | |||
| NYSE:BEN | NasdaqGM:SAMG | NYSE:VRTS | NasdaqGM:GCMG | NasdaqGS:SEIC | DB:AFS | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.4% | 3.9% | 10.0% | 4.3% | 5.2% | -1.8% | ||
| 3Y CAGR | 0.2% | -2.1% | -2.5% | -1.2% | 3.5% | -5.4% | ||
| Latest Twelve Months | 11.0% | 5.3% | 3.8% | 15.3% | 10.3% | -0.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 21.9% | 21.0% | 23.9% | 7.7% | 25.7% | 32.9% | ||
| Prior Fiscal Year | 19.1% | 16.1% | 17.4% | -2.7% | 22.4% | 33.3% | ||
| Latest Fiscal Year | 14.8% | 14.3% | 19.7% | 14.4% | 25.9% | 32.7% | ||
| Latest Twelve Months | 14.1% | 14.3% | 20.1% | 14.4% | 26.5% | 32.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.33x | 1.14x | 1.24x | 1.28x | 4.12x | 2.52x | ||
| EV / LTM EBIT | 9.4x | 8.0x | 6.2x | 8.9x | 15.5x | 7.7x | ||
| Price / LTM Sales | 1.17x | 1.71x | 1.22x | 4.72x | 4.58x | 2.37x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.14x | 1.28x | 4.12x | |||||
| Historical EV / LTM Revenue | 2.51x | 2.54x | 3.11x | |||||
| Selected EV / LTM Revenue | 2.40x | 2.52x | 2.65x | |||||
| (x) LTM Revenue | 2,041 | 2,041 | 2,041 | |||||
| (=) Implied Enterprise Value | 4,890 | 5,147 | 5,405 | |||||
| (-) Non-shareholder Claims * | (309) | (309) | (309) | |||||
| (=) Equity Value | 4,581 | 4,838 | 5,096 | |||||
| (/) Shares Outstanding | 28.8 | 28.8 | 28.8 | |||||
| Implied Value Range | 159.15 | 168.09 | 177.03 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 140.38 | 148.27 | 156.16 | 144.00 | ||||
| Upside / (Downside) | -2.5% | 3.0% | 8.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BEN | SAMG | VRTS | GCMG | SEIC | AFS | |
| Enterprise Value | 11,243 | 138 | 993 | 649 | 8,748 | 5,008 | |
| (+) Cash & Short Term Investments | 2,808 | 69 | 400 | 89 | 742 | 1,007 | |
| (+) Investments & Other | 2,393 | 1 | 0 | 258 | 278 | 2,786 | |
| (-) Debt | (3,722) | (23) | (302) | (489) | (28) | (2,798) | |
| (-) Other Liabilities | (2,878) | (39) | 0 | 63 | 0 | (1,303) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,844 | 146 | 1,090 | 570 | 9,740 | 4,699 | |
| (/) Shares Outstanding | 525.3 | 9.5 | 7.0 | 45.2 | 124.5 | 28.8 | |
| Implied Stock Price | 18.74 | 15.30 | 156.48 | 12.59 | 78.24 | 163.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 18.74 | 15.30 | 156.48 | 12.59 | 78.24 | 144.00 | |
| 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 | |