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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 55.8x - 61.6x | 58.7x |
| Selected Fwd EBITDA Multiple | 18.8x - 20.7x | 19.8x |
| Fair Value | $96.58 - $106.24 | $101.41 |
| Upside | 28.1% - 40.9% | 34.5% |
| Benchmarks | Ticker | Full Ticker |
| Adobe Inc. | ADBE | NasdaqGS:ADBE |
| Dropbox, Inc. | DBX | NasdaqGS:DBX |
| Dynatrace, Inc. | DT | NYSE:DT |
| Box, Inc. | BOX | NYSE:BOX |
| Datadog, Inc. | DDOG | NasdaqGS:DDOG |
| DocuSign, Inc. | DOCU | NasdaqGS:DOCU |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADBE | DBX | DT | BOX | DDOG | DOCU | ||
| NasdaqGS:ADBE | NasdaqGS:DBX | NYSE:DT | NYSE:BOX | NasdaqGS:DDOG | NasdaqGS:DOCU | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 15.9% | 48.5% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 9.6% | 13.5% | 8.2% | 20.0% | NM- | 168.4% | |
| Latest Twelve Months | 14.2% | 13.2% | 24.4% | -1.9% | 3399.2% | 133.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 38.5% | 19.9% | 10.7% | 5.8% | 0.2% | -0.3% | |
| Prior Fiscal Year | 37.4% | 23.7% | 11.4% | 8.3% | 0.1% | 4.4% | |
| Latest Fiscal Year | 39.1% | 26.3% | 12.0% | 7.8% | 3.9% | 9.6% | |
| Latest Twelve Months | 39.3% | 26.3% | 12.4% | 7.8% | 3.9% | 9.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.71x | 3.76x | 7.32x | 4.40x | 10.77x | 4.86x | |
| EV / LTM EBITDA | 17.1x | 14.3x | 58.8x | 56.7x | 279.1x | 50.5x | |
| EV / LTM EBIT | 18.3x | 18.0x | 72.3x | 60.3x | 532.5x | 61.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.3x | 56.7x | 279.1x | ||||
| Historical EV / LTM EBITDA | -993.4x | 50.5x | 2418.7x | ||||
| Selected EV / LTM EBITDA | 55.8x | 58.7x | 61.6x | ||||
| (x) LTM EBITDA | 287 | 287 | 287 | ||||
| (=) Implied Enterprise Value | 15,982 | 16,823 | 17,665 | ||||
| (-) Non-shareholder Claims * | 988 | 988 | 988 | ||||
| (=) Equity Value | 16,970 | 17,811 | 18,653 | ||||
| (/) Shares Outstanding | 202.5 | 202.5 | 202.5 | ||||
| Implied Value Range | 83.82 | 87.98 | 92.13 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 83.82 | 87.98 | 92.13 | 75.42 | |||
| Upside / (Downside) | 11.1% | 16.6% | 22.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADBE | DBX | DT | BOX | DDOG | DOCU | |
| Enterprise Value | 147,751 | 9,583 | 11,923 | 4,782 | 28,906 | 14,282 | |
| (+) Cash & Short Term Investments | 7,436 | 1,594 | 1,008 | 723 | 4,189 | 964 | |
| (+) Investments & Other | 35 | 0 | 46 | 0 | 0 | 149 | |
| (-) Debt | (6,563) | (2,997) | (75) | (747) | (1,842) | (124) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | (494) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 148,659 | 8,180 | 12,902 | 4,263 | 31,253 | 15,270 | |
| (/) Shares Outstanding | 426.2 | 301.8 | 299.4 | 143.8 | 342.8 | 202.5 | |
| Implied Stock Price | 348.80 | 27.11 | 43.10 | 29.65 | 91.18 | 75.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 348.80 | 27.11 | 43.10 | 29.65 | 91.18 | 75.42 | |
| 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 | |