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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 8.7x - 9.6x | 9.1x |
Selected Fwd EBITDA Multiple | 5.0x - 5.6x | 5.3x |
Fair Value | $14.24 - $15.54 | $14.89 |
Upside | 56.1% - 70.4% | 63.3% |
Benchmarks | Ticker | Full Ticker |
Huron Consulting Group Inc. | HURN | NasdaqGS:HURN |
FTI Consulting, Inc. | FCN | NYSE:FCN |
CRA International, Inc. | CRAI | NasdaqGS:CRAI |
DLH Holdings Corp. | DLHC | NasdaqCM:DLHC |
RCM Technologies, Inc. | RCMT | NasdaqGM:RCMT |
Forrester Research, Inc. | FORR | NasdaqGS:FORR |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
HURN | FCN | CRAI | DLHC | RCMT | FORR | ||
NasdaqGS:HURN | NYSE:FCN | NasdaqGS:CRAI | NasdaqCM:DLHC | NasdaqGM:RCMT | NasdaqGS:FORR | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 16.9% | 3.1% | 15.5% | 22.3% | 23.6% | -4.3% | |
3Y CAGR | 34.6% | 4.1% | 6.3% | 18.3% | 28.5% | -22.7% | |
Latest Twelve Months | 34.2% | -6.0% | 20.6% | -9.4% | -4.0% | -32.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 10.9% | 12.5% | 11.1% | 10.4% | 6.6% | 9.7% | |
Prior Fiscal Year | 11.7% | 12.3% | 10.9% | 10.7% | 9.3% | 8.4% | |
Latest Fiscal Year | 14.4% | 10.9% | 12.0% | 10.6% | 8.5% | 6.3% | |
Latest Twelve Months | 14.4% | 10.9% | 12.0% | 10.5% | 8.5% | 6.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.79x | 1.46x | 1.72x | 0.59x | 0.57x | 0.32x | |
EV / LTM EBITDA | 12.4x | 13.4x | 14.4x | 5.6x | 6.8x | 5.1x | |
EV / LTM EBIT | 13.5x | 15.3x | 16.7x | 9.6x | 7.4x | 9.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.6x | 12.4x | 14.4x | ||||
Historical EV / LTM EBITDA | 5.1x | 10.4x | 21.1x | ||||
Selected EV / LTM EBITDA | 8.7x | 9.1x | 9.6x | ||||
(x) LTM EBITDA | 27 | 27 | 27 | ||||
(=) Implied Enterprise Value | 236 | 248 | 261 | ||||
(-) Non-shareholder Claims * | 35 | 35 | 35 | ||||
(=) Equity Value | 271 | 284 | 296 | ||||
(/) Shares Outstanding | 19.0 | 19.0 | 19.0 | ||||
Implied Value Range | 14.30 | 14.95 | 15.61 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 14.30 | 14.95 | 15.61 | 9.12 | |||
Upside / (Downside) | 56.8% | 63.9% | 71.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | HURN | FCN | CRAI | DLHC | RCMT | FORR | |
Enterprise Value | 2,662 | 5,418 | 1,182 | 229 | 159 | 138 | |
(+) Cash & Short Term Investments | 24 | 660 | 27 | 0 | 5 | 105 | |
(+) Investments & Other | 71 | 0 | 0 | 0 | 0 | 3 | |
(-) Debt | (399) | (242) | (103) | (178) | (42) | (73) | |
(-) 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 | 2,358 | 5,836 | 1,105 | 51 | 122 | 173 | |
(/) Shares Outstanding | 16.7 | 35.3 | 6.8 | 14.4 | 7.6 | 19.0 | |
Implied Stock Price | 141.50 | 165.27 | 162.74 | 3.52 | 16.06 | 9.12 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 141.50 | 165.27 | 162.74 | 3.52 | 16.06 | 9.12 | |
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 |