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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.5x - 6.1x | 5.8x |
Selected Fwd EBITDA Multiple | 5.0x - 5.5x | 5.2x |
Fair Value | $18.86 - $21.02 | $19.94 |
Upside | 80.3% - 101.0% | 90.6% |
Benchmarks | Ticker | Full Ticker |
Euronet Worldwide, Inc. | EEFT | NasdaqGS:EEFT |
Fiserv, Inc. | FI | NYSE:FI |
Remitly Global, Inc. | RELY | NasdaqGS:RELY |
PayPal Holdings, Inc. | PYPL | NasdaqGS:PYPL |
Block, Inc. | XYZ | NYSE:XYZ |
International Money Express, Inc. | IMXI | NasdaqCM:IMXI |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
EEFT | FI | RELY | PYPL | XYZ | IMXI | ||
NasdaqGS:EEFT | NYSE:FI | NasdaqGS:RELY | NasdaqGS:PYPL | NYSE:XYZ | NasdaqCM:IMXI | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 1.6% | 21.6% | NM- | 12.6% | 74.5% | 16.7% | |
3Y CAGR | 21.0% | 17.7% | NM- | 5.7% | 70.1% | 13.4% | |
Latest Twelve Months | 10.8% | 11.7% | 72.8% | 13.4% | 173.6% | 3.7% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 14.3% | 37.5% | -10.4% | 19.4% | 1.4% | 17.3% | |
Prior Fiscal Year | 15.3% | 41.7% | -10.7% | 18.3% | 1.2% | 16.7% | |
Latest Fiscal Year | 15.9% | 43.9% | -2.2% | 19.4% | 5.6% | 17.3% | |
Latest Twelve Months | 16.0% | 44.3% | -2.2% | 20.0% | 5.9% | 17.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.19x | 6.14x | 3.14x | 2.02x | 1.13x | 0.64x | |
EV / LTM EBITDA | 7.5x | 13.9x | -143.7x | 10.1x | 19.1x | 3.7x | |
EV / LTM EBIT | 9.4x | 20.9x | -105.5x | 11.0x | 24.3x | 4.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -143.7x | 10.1x | 19.1x | ||||
Historical EV / LTM EBITDA | 3.7x | 7.6x | 9.9x | ||||
Selected EV / LTM EBITDA | 5.5x | 5.8x | 6.1x | ||||
(x) LTM EBITDA | 114 | 114 | 114 | ||||
(=) Implied Enterprise Value | 631 | 664 | 698 | ||||
(-) Non-shareholder Claims * | (51) | (51) | (51) | ||||
(=) Equity Value | 580 | 613 | 646 | ||||
(/) Shares Outstanding | 30.1 | 30.1 | 30.1 | ||||
Implied Value Range | 19.25 | 20.35 | 21.46 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 19.25 | 20.35 | 21.46 | 10.46 | |||
Upside / (Downside) | 84.0% | 94.6% | 105.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | EEFT | FI | RELY | PYPL | XYZ | IMXI | |
Enterprise Value | 4,825 | 127,090 | 3,947 | 64,355 | 27,468 | 366 | |
(+) Cash & Short Term Investments | 2,094 | 1,177 | 368 | 11,211 | 7,516 | 131 | |
(+) Investments & Other | 0 | 1,797 | 0 | 4,613 | 517 | 0 | |
(-) Debt | (2,351) | (28,415) | (16) | (13,376) | (6,045) | (182) | |
(-) Other Liabilities | 0 | (637) | 0 | 0 | 34 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,568 | 101,012 | 4,299 | 66,803 | 29,490 | 315 | |
(/) Shares Outstanding | 43.2 | 554.4 | 203.8 | 972.5 | 615.0 | 30.1 | |
Implied Stock Price | 105.66 | 182.19 | 21.09 | 68.69 | 47.95 | 10.46 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 105.66 | 182.19 | 21.09 | 68.69 | 47.95 | 10.46 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |