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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.1x - 5.6x | 5.3x |
Selected Fwd EBITDA Multiple | 4.1x - 4.6x | 4.3x |
Fair Value | €27.54 - €30.31 | €28.93 |
Upside | 36.4% - 50.1% | 43.2% |
Benchmarks | Ticker | Full Ticker |
Perion Network Ltd. | PERI | NasdaqGS:PERI |
Marchex, Inc. | MCHX | NasdaqGS:MCHX |
Nexxen International Ltd. | NEXN | NasdaqGM:NEXN |
PubMatic, Inc. | PUBM | NasdaqGM:PUBM |
The Trade Desk, Inc. | TTD | NasdaqGM:TTD |
Criteo S.A. | CI5A | DB:CI5A |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
PERI | MCHX | NEXN | PUBM | TTD | CI5A | ||
NasdaqGS:PERI | NasdaqGS:MCHX | NasdaqGM:NEXN | NasdaqGM:PUBM | NasdaqGM:TTD | DB:CI5A | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -15.8% | NM- | 21.1% | 13.0% | 31.2% | 1.4% | |
3Y CAGR | -42.0% | NM- | -12.6% | -25.8% | 45.5% | 3.2% | |
Latest Twelve Months | -108.9% | 26.6% | 76.5% | -35.7% | 47.8% | 15.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 10.9% | -21.1% | 20.5% | 21.4% | 15.4% | 10.5% | |
Prior Fiscal Year | 18.4% | -11.5% | 12.4% | 12.3% | 13.7% | 10.3% | |
Latest Fiscal Year | 2.0% | -3.7% | 20.8% | 10.4% | 20.4% | 13.8% | |
Latest Twelve Months | -2.6% | -4.6% | 23.2% | 8.0% | 20.7% | 15.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.29x | 1.76x | 1.24x | 1.50x | 9.40x | 0.61x | |
EV / LTM EBITDA | -11.1x | -38.4x | 5.3x | 18.6x | 45.4x | 3.8x | |
EV / LTM EBIT | -8.3x | -16.9x | 9.0x | -176.1x | 53.0x | 6.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -38.4x | 5.3x | 45.4x | ||||
Historical EV / LTM EBITDA | 4.1x | 8.0x | 13.4x | ||||
Selected EV / LTM EBITDA | 5.1x | 5.3x | 5.6x | ||||
(x) LTM EBITDA | 310 | 310 | 310 | ||||
(=) Implied Enterprise Value | 1,567 | 1,650 | 1,732 | ||||
(-) Non-shareholder Claims * | 77 | 77 | 77 | ||||
(=) Equity Value | 1,644 | 1,727 | 1,809 | ||||
(/) Shares Outstanding | 52.3 | 52.3 | 52.3 | ||||
Implied Value Range | 31.42 | 33.00 | 34.57 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 26.99 | 28.34 | 29.70 | 20.20 | |||
Upside / (Downside) | 33.6% | 40.3% | 47.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PERI | MCHX | NEXN | PUBM | TTD | CI5A | |
Enterprise Value | 123 | 84 | 456 | 432 | 25,172 | 1,154 | |
(+) Cash & Short Term Investments | 358 | 10 | 165 | 144 | 1,687 | 224 | |
(+) Investments & Other | 0 | 0 | 25 | 0 | 0 | 23 | |
(-) Debt | (22) | (2) | (34) | (45) | (344) | (131) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (39) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 460 | 93 | 612 | 530 | 26,515 | 1,231 | |
(/) Shares Outstanding | 45.0 | 43.6 | 63.4 | 48.5 | 488.9 | 52.3 | |
Implied Stock Price | 10.21 | 2.13 | 9.65 | 10.93 | 54.23 | 23.52 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 10.21 | 2.13 | 9.65 | 10.93 | 54.23 | 20.20 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 |
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