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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 23.8x - 26.3x | 25.1x |
| Selected Fwd EBIT Multiple | 19.1x - 21.2x | 20.1x |
| Fair Value | $367.15 - $406.02 | $386.59 |
| Upside | -0.2% - 10.4% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
| A10 Networks, Inc. | ATEN | NYSE:ATEN |
| Gen Digital Inc. | GEN | NasdaqGS:GEN |
| Pegasystems Inc. | PEGA | NasdaqGS:PEGA |
| Bentley Systems, Incorporated | BSY | NasdaqGS:BSY |
| Intuit Inc. | INTU | NasdaqGS:INTU |
| Microsoft Corporation | MSFT | NasdaqGS:MSFT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ATEN | GEN | PEGA | BSY | INTU | MSFT | ||
| NYSE:ATEN | NasdaqGS:GEN | NasdaqGS:PEGA | NasdaqGS:BSY | NasdaqGS:INTU | NasdaqGS:MSFT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 32.0% | NM- | 16.4% | 15.8% | 20.6% | |
| 3Y CAGR | 9.6% | 12.9% | NM- | 39.6% | 15.0% | 16.1% | |
| Latest Twelve Months | 13.8% | 79.6% | 56.6% | 19.2% | 16.8% | 17.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.9% | 38.8% | -4.4% | 20.4% | 24.0% | 41.7% | |
| Prior Fiscal Year | 15.4% | 37.6% | 7.2% | 21.4% | 21.9% | 41.8% | |
| Latest Fiscal Year | 16.8% | 39.9% | 10.7% | 23.1% | 23.7% | 44.6% | |
| Latest Twelve Months | 16.8% | 51.6% | 10.7% | 23.1% | 23.6% | 45.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.73x | 5.83x | 3.78x | 11.08x | 9.79x | 10.67x | |
| EV / LTM EBITDA | 17.8x | 10.3x | 31.7x | 40.4x | 35.7x | 19.7x | |
| EV / LTM EBIT | 22.2x | 11.3x | 35.2x | 47.8x | 41.5x | 23.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.3x | 35.2x | 47.8x | ||||
| Historical EV / LTM EBIT | 23.1x | 29.5x | 31.4x | ||||
| Selected EV / LTM EBIT | 23.8x | 25.1x | 26.3x | ||||
| (x) LTM EBIT | 117,711 | 117,711 | 117,711 | ||||
| (=) Implied Enterprise Value | 2,803,725 | 2,951,289 | 3,098,854 | ||||
| (-) Non-shareholder Claims * | (15,773) | (15,773) | (15,773) | ||||
| (=) Equity Value | 2,787,952 | 2,935,516 | 3,083,081 | ||||
| (/) Shares Outstanding | 7,434.0 | 7,434.0 | 7,434.0 | ||||
| Implied Value Range | 375.03 | 394.88 | 414.73 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 375.03 | 394.88 | 414.73 | 367.78 | |||
| Upside / (Downside) | 2.0% | 7.4% | 12.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ATEN | GEN | PEGA | BSY | INTU | MSFT | |
| Enterprise Value | 981 | 22,607 | 5,636 | 14,929 | 167,995 | 2,749,843 | |
| (+) Cash & Short Term Investments | 196 | 883 | 740 | 64 | 2,459 | 71,555 | |
| (+) Investments & Other | 0 | 110 | 21 | 58 | 88 | 15,581 | |
| (-) Debt | (12) | (8,531) | (550) | (1,427) | (6,892) | (102,909) | |
| (-) 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 | 1,165 | 15,069 | 5,847 | 13,625 | 163,650 | 2,734,070 | |
| (/) Shares Outstanding | 74.0 | 616.3 | 85.6 | 315.5 | 279.6 | 7,434.0 | |
| Implied Stock Price | 15.75 | 24.45 | 68.34 | 43.19 | 585.38 | 367.78 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.75 | 24.45 | 68.34 | 43.19 | 585.38 | 367.78 | |
| 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 | |