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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1.1x - 1.2x | 1.1x |
Selected Fwd Revenue Multiple | 1.0x - 1.1x | 1.1x |
Fair Value | $3.26 - $3.86 | $3.56 |
Upside | 63.7% - 93.8% | 78.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
RingCentral, Inc. | RNG | NYSE:RNG |
Five9, Inc. | FIVN | NasdaqGM:FIVN |
Zoom Communications Inc. | ZM | NasdaqGS:ZM |
Box, Inc. | BOX | NYSE:BOX |
NextNav Inc. | NN | NasdaqCM:NN |
8x8, Inc. | EGHT | NasdaqGS:EGHT |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
RNG | FIVN | ZM | BOX | NN | EGHT | |||
NYSE:RNG | NasdaqGM:FIVN | NasdaqGS:ZM | NYSE:BOX | NasdaqCM:NN | NasdaqGS:EGHT | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 21.6% | 26.0% | 49.6% | 9.4% | 103.1% | 15.6% | ||
3Y CAGR | 14.6% | 19.6% | 4.4% | 7.6% | 95.1% | 11.0% | ||
Latest Twelve Months | 9.0% | 14.4% | 3.1% | 5.0% | 46.8% | -2.2% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -14.0% | -6.4% | 16.6% | 0.0% | -2758.6% | -16.7% | ||
Prior Fiscal Year | -8.1% | -10.1% | 14.4% | 5.0% | -1645.0% | -8.1% | ||
Latest Fiscal Year | 0.6% | -2.8% | 17.5% | 7.3% | -1060.1% | -2.3% | ||
Latest Twelve Months | 0.6% | -2.8% | 17.5% | 7.3% | -1060.1% | 0.1% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.61x | 2.24x | 3.11x | 4.58x | 297.82x | 0.81x | ||
EV / LTM EBIT | 276.0x | -79.3x | 17.8x | 62.7x | -28.1x | 1051.6x | ||
Price / LTM Sales | 0.97x | 2.02x | 4.90x | 4.10x | 299.35x | 0.37x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 1.61x | 3.11x | 297.82x | |||||
Historical EV / LTM Revenue | 0.96x | 2.95x | 7.35x | |||||
Selected EV / LTM Revenue | 1.06x | 1.11x | 1.17x | |||||
(x) LTM Revenue | 717 | 717 | 717 | |||||
(=) Implied Enterprise Value | 757 | 797 | 837 | |||||
(-) Non-shareholder Claims * | (322) | (322) | (322) | |||||
(=) Equity Value | 436 | 476 | 516 | |||||
(/) Shares Outstanding | 131.7 | 131.7 | 131.7 | |||||
Implied Value Range | 3.31 | 3.61 | 3.91 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 3.31 | 3.61 | 3.91 | 1.99 | ||||
Upside / (Downside) | 66.3% | 81.5% | 96.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RNG | FIVN | ZM | BOX | NN | EGHT | |
Enterprise Value | 3,853 | 2,330 | 14,525 | 4,990 | 1,688 | 584 | |
(+) Cash & Short Term Investments | 243 | 1,006 | 7,792 | 723 | 80 | 104 | |
(+) Investments & Other | 2 | 1 | 591 | 0 | 1 | 0 | |
(-) Debt | (1,579) | (1,233) | (64) | (747) | (71) | (426) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | (199) | 0 | 0 | (494) | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,320 | 2,104 | 22,844 | 4,472 | 1,697 | 262 | |
(/) Shares Outstanding | 90.7 | 75.8 | 305.2 | 143.8 | 131.5 | 131.7 | |
Implied Stock Price | 25.57 | 27.75 | 74.84 | 31.10 | 12.91 | 1.99 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 25.57 | 27.75 | 74.84 | 31.10 | 12.91 | 1.99 | |
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 |