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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.1x - 20.0x | 19.1x |
| Selected Fwd EBITDA Multiple | 11.1x - 12.2x | 11.7x |
| Fair Value | $79.89 - $90.78 | $85.33 |
| Upside | 20.2% - 36.6% | 28.4% |
| Benchmarks | Ticker | Full Ticker |
| Tyler Technologies, Inc. | TYL | NYSE:TYL |
| ACI Worldwide, Inc. | ACIW | NasdaqGS:ACIW |
| Autodesk, Inc. | ADSK | NasdaqGS:ADSK |
| PTC Inc. | PTC | NasdaqGS:PTC |
| ServiceNow, Inc. | NOW | NYSE:NOW |
| Blackbaud, Inc. | BLKB | NasdaqGS:BLKB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TYL | ACIW | ADSK | PTC | NOW | BLKB | ||
| NYSE:TYL | NasdaqGS:ACIW | NasdaqGS:ADSK | NasdaqGS:PTC | NYSE:NOW | NasdaqGS:BLKB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.5% | 15.0% | 25.7% | 29.3% | 46.2% | 20.7% | |
| 3Y CAGR | 15.6% | 10.5% | 20.5% | 13.2% | 39.1% | 44.7% | |
| Latest Twelve Months | 25.7% | 6.6% | 13.4% | 36.0% | 36.8% | 37.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.1% | 20.4% | 21.0% | 28.4% | 13.8% | 14.1% | |
| Prior Fiscal Year | 16.5% | 21.1% | 22.2% | 27.8% | 15.2% | 16.2% | |
| Latest Fiscal Year | 19.4% | 22.6% | 23.8% | 30.4% | 17.9% | 22.0% | |
| Latest Twelve Months | 19.9% | 22.7% | 23.5% | 34.5% | 19.0% | 24.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.70x | 3.44x | 9.82x | 10.91x | 14.57x | 3.77x | |
| EV / LTM EBITDA | 53.8x | 15.2x | 41.9x | 31.6x | 76.6x | 15.1x | |
| EV / LTM EBIT | 65.2x | 16.7x | 43.2x | 35.9x | 105.6x | 18.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 15.2x | 41.9x | 76.6x | ||||
| Historical EV / LTM EBITDA | 21.0x | 33.5x | 45.0x | ||||
| Selected EV / LTM EBITDA | 18.1x | 19.1x | 20.0x | ||||
| (x) LTM EBITDA | 284 | 284 | 284 | ||||
| (=) Implied Enterprise Value | 5,141 | 5,412 | 5,682 | ||||
| (-) Non-shareholder Claims * | (1,125) | (1,125) | (1,125) | ||||
| (=) Equity Value | 4,016 | 4,286 | 4,557 | ||||
| (/) Shares Outstanding | 47.7 | 47.7 | 47.7 | ||||
| Implied Value Range | 84.20 | 89.87 | 95.55 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 84.20 | 89.87 | 95.55 | 66.46 | |||
| Upside / (Downside) | 26.7% | 35.2% | 43.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TYL | ACIW | ADSK | PTC | NOW | BLKB | |
| Enterprise Value | 24,022 | 5,854 | 62,336 | 26,974 | 175,038 | 4,295 | |
| (+) Cash & Short Term Investments | 892 | 190 | 2,040 | 199 | 6,132 | 42 | |
| (+) Investments & Other | 3 | 0 | 261 | 0 | 5,256 | 1 | |
| (-) Debt | (642) | (956) | (2,544) | (1,412) | (2,409) | (1,168) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 24,276 | 5,088 | 62,093 | 25,761 | 184,017 | 3,170 | |
| (/) Shares Outstanding | 43.3 | 103.2 | 213.9 | 119.8 | 207.5 | 47.7 | |
| Implied Stock Price | 561.14 | 49.31 | 290.23 | 215.05 | 886.75 | 66.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 561.14 | 49.31 | 290.23 | 215.05 | 886.75 | 66.46 | |
| 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 | |