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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 27.3x - 30.2x | 28.8x |
| Selected Fwd EBITDA Multiple | 18.0x - 19.9x | 18.9x |
| Fair Value | €292.76 - €322.92 | €307.84 |
| Upside | 23.4% - 36.1% | 29.8% |
| Benchmarks | Ticker | Full Ticker |
| Pegasystems Inc. | PEGA | NasdaqGS:PEGA |
| Oracle Corporation | ORCL | NYSE:ORCL |
| Gen Digital Inc. | GEN | NasdaqGS:GEN |
| Bentley Systems, Incorporated | BSY | NasdaqGS:BSY |
| Intuit Inc. | INTU | NasdaqGS:INTU |
| Salesforce, Inc. | FOO | DB:FOO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| PEGA | ORCL | GEN | BSY | INTU | FOO | ||
| NasdaqGS:PEGA | NYSE:ORCL | NasdaqGS:GEN | NasdaqGS:BSY | NasdaqGS:INTU | DB:FOO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 4.6% | 24.4% | 16.3% | 16.9% | 33.8% | |
| 3Y CAGR | NM- | 4.6% | 14.7% | 32.2% | 16.5% | 42.6% | |
| Latest Twelve Months | 89.8% | 10.2% | 58.9% | 15.0% | 15.3% | 11.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -1.3% | 41.8% | 43.8% | 25.2% | 27.8% | 19.6% | |
| Prior Fiscal Year | 8.5% | 38.0% | 43.4% | 26.3% | 26.3% | 28.6% | |
| Latest Fiscal Year | 11.9% | 40.1% | 46.6% | 27.4% | 27.6% | 29.4% | |
| Latest Twelve Months | 17.8% | 41.1% | 56.6% | 27.4% | 27.5% | 29.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.58x | 9.07x | 6.02x | 11.21x | 10.46x | 6.74x | |
| EV / LTM EBITDA | 25.7x | 22.1x | 10.6x | 40.9x | 38.1x | 22.9x | |
| EV / LTM EBIT | 27.3x | 28.9x | 11.7x | 48.4x | 44.3x | 33.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.6x | 25.7x | 40.9x | ||||
| Historical EV / LTM EBITDA | 22.9x | 39.2x | 69.3x | ||||
| Selected EV / LTM EBITDA | 27.3x | 28.8x | 30.2x | ||||
| (x) LTM EBITDA | 11,143 | 11,143 | 11,143 | ||||
| (=) Implied Enterprise Value | 304,643 | 320,677 | 336,711 | ||||
| (-) Non-shareholder Claims * | 6,814 | 6,814 | 6,814 | ||||
| (=) Equity Value | 311,457 | 327,491 | 343,525 | ||||
| (/) Shares Outstanding | 959.5 | 959.5 | 959.5 | ||||
| Implied Value Range | 324.61 | 341.32 | 358.03 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 285.37 | 300.06 | 314.75 | 237.25 | |||
| Upside / (Downside) | 20.3% | 26.5% | 32.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PEGA | ORCL | GEN | BSY | INTU | FOO | |
| Enterprise Value | 7,496 | 504,069 | 23,389 | 15,112 | 179,505 | 252,127 | |
| (+) Cash & Short Term Investments | 372 | 17,823 | 883 | 64 | 2,459 | 14,032 | |
| (+) Investments & Other | 22 | 2,000 | 110 | 58 | 88 | 4,852 | |
| (-) Debt | (79) | (109,176) | (8,531) | (1,427) | (6,892) | (12,070) | |
| (-) Other Liabilities | 0 | (531) | 0 | (0) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,810 | 414,185 | 15,851 | 13,808 | 175,160 | 258,941 | |
| (/) Shares Outstanding | 85.6 | 2,804.2 | 616.3 | 315.5 | 279.6 | 959.5 | |
| Implied Stock Price | 91.26 | 147.70 | 25.72 | 43.77 | 626.55 | 269.88 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 91.26 | 147.70 | 25.72 | 43.77 | 626.55 | 237.25 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |