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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -37.2x - -41.1x | -39.1x |
| Selected Fwd EBITDA Multiple | 28.7x - 31.7x | 30.2x |
| Fair Value | $35.65 - $38.80 | $37.23 |
| Upside | -16.7% - -9.3% | -13.0% |
| Benchmarks | Ticker | Full Ticker |
| ServiceNow, Inc. | NOW | NYSE:NOW |
| PagerDuty, Inc. | PD | NYSE:PD |
| Freshworks Inc. | FRSH | NasdaqGS:FRSH |
| Asana, Inc. | ASAN | NYSE:ASAN |
| Microsoft Corporation | MSFT | NasdaqGS:MSFT |
| GitLab Inc. | GTLB | NasdaqGS:GTLB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOW | PD | FRSH | ASAN | MSFT | GTLB | ||
| NYSE:NOW | NYSE:PD | NasdaqGS:FRSH | NYSE:ASAN | NasdaqGS:MSFT | NasdaqGS:GTLB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 46.2% | NM- | NM- | NM- | 18.9% | NM- | |
| 3Y CAGR | 39.1% | NM- | NM- | NM- | 17.0% | NM- | |
| Latest Twelve Months | 44.0% | 44.0% | 30.7% | 4.1% | 20.9% | 24.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.0% | -24.6% | -32.9% | -60.5% | 49.2% | -56.9% | |
| Prior Fiscal Year | 15.2% | -16.2% | -27.4% | -38.8% | 48.2% | -30.2% | |
| Latest Fiscal Year | 17.9% | -8.4% | -15.7% | -33.6% | 52.8% | -17.4% | |
| Latest Twelve Months | 17.9% | -8.4% | -15.7% | -33.6% | 54.3% | -17.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 12.84x | 2.84x | 3.71x | 4.28x | 10.34x | 8.00x | |
| EV / LTM EBITDA | 71.9x | -33.9x | -23.7x | -12.8x | 19.1x | -45.8x | |
| EV / LTM EBIT | 101.0x | -22.2x | -21.1x | -12.1x | 23.0x | -44.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -33.9x | -12.8x | 71.9x | ||||
| Historical EV / LTM EBITDA | -54.3x | -42.2x | -32.1x | ||||
| Selected EV / LTM EBITDA | -37.2x | -39.1x | -41.1x | ||||
| (x) LTM EBITDA | (132) | (132) | (132) | ||||
| (=) Implied Enterprise Value | 4,922 | 5,181 | 5,440 | ||||
| (-) Non-shareholder Claims * | 947 | 947 | 947 | ||||
| (=) Equity Value | 5,869 | 6,128 | 6,387 | ||||
| (/) Shares Outstanding | 164.0 | 164.0 | 164.0 | ||||
| Implied Value Range | 35.78 | 37.36 | 38.94 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 35.78 | 37.36 | 38.94 | 42.80 | |||
| Upside / (Downside) | -16.4% | -12.7% | -9.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOW | PD | FRSH | ASAN | MSFT | GTLB | |
| Enterprise Value | 143,449 | 1,275 | 2,635 | 3,013 | 2,676,098 | 6,073 | |
| (+) Cash & Short Term Investments | 5,762 | 571 | 1,070 | 467 | 71,555 | 992 | |
| (+) Investments & Other | 4,580 | 0 | 0 | 0 | 15,581 | 0 | |
| (-) Debt | (2,278) | (464) | (38) | (268) | (102,909) | (0) | |
| (-) Other Liabilities | 0 | (18) | 0 | 0 | 0 | (45) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 151,513 | 1,364 | 3,667 | 3,212 | 2,660,325 | 7,019 | |
| (/) Shares Outstanding | 206.0 | 91.1 | 301.5 | 233.1 | 7,434.0 | 164.0 | |
| Implied Stock Price | 735.50 | 14.98 | 12.16 | 13.78 | 357.86 | 42.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 735.50 | 14.98 | 12.16 | 13.78 | 357.86 | 42.80 | |
| 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 | |