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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.5x - 10.5x | 10.0x |
| Selected Fwd EBITDA Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | $34.29 - $40.04 | $37.17 |
| Upside | 22.6% - 43.2% | 32.9% |
| Benchmarks | Ticker | Full Ticker |
| Constellation Software Inc. | CNSW.F | OTCPK:CNSW.F |
| Intuit Inc. | INTU | NasdaqGS:INTU |
| Roper Technologies, Inc. | ROP | NasdaqGS:ROP |
| Salesforce, Inc. | CRM | NYSE:CRM |
| Progress Software Corporation | PRGS | NasdaqGS:PRGS |
| Open Text Corporation | OTEX | NasdaqGS:OTEX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CNSW.F | INTU | ROP | CRM | PRGS | OTEX | ||
| OTCPK:CNSW.F | NasdaqGS:INTU | NasdaqGS:ROP | NYSE:CRM | NasdaqGS:PRGS | NasdaqGS:OTEX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 24.7% | 16.9% | 10.1% | 33.8% | 15.1% | 12.1% | |
| 3Y CAGR | 21.1% | 16.5% | 12.9% | 42.6% | 13.2% | 14.7% | |
| Latest Twelve Months | 9.4% | 15.3% | 10.9% | 11.9% | 16.6% | -4.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.1% | 27.8% | 39.7% | 19.6% | 33.9% | 28.1% | |
| Prior Fiscal Year | 19.0% | 26.3% | 40.5% | 28.6% | 33.5% | 24.8% | |
| Latest Fiscal Year | 19.6% | 27.6% | 39.9% | 29.4% | 34.5% | 27.3% | |
| Latest Twelve Months | 18.5% | 27.5% | 39.7% | 29.4% | 34.1% | 28.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.70x | 11.03x | 9.41x | 7.18x | 5.08x | 2.37x | |
| EV / LTM EBITDA | 41.6x | 40.2x | 23.7x | 24.4x | 14.9x | 8.4x | |
| EV / LTM EBIT | 51.8x | 46.7x | 33.4x | 35.5x | 25.5x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.9x | 24.4x | 41.6x | ||||
| Historical EV / LTM EBITDA | 10.0x | 15.4x | 18.6x | ||||
| Selected EV / LTM EBITDA | 9.5x | 10.0x | 10.5x | ||||
| (x) LTM EBITDA | 1,473 | 1,473 | 1,473 | ||||
| (=) Implied Enterprise Value | 14,002 | 14,739 | 15,476 | ||||
| (-) Non-shareholder Claims * | (5,216) | (5,216) | (5,216) | ||||
| (=) Equity Value | 8,787 | 9,524 | 10,261 | ||||
| (/) Shares Outstanding | 256.6 | 256.6 | 256.6 | ||||
| Implied Value Range | 34.24 | 37.11 | 39.98 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.24 | 37.11 | 39.98 | 27.97 | |||
| Upside / (Downside) | 22.4% | 32.7% | 42.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CNSW.F | INTU | ROP | CRM | PRGS | OTEX | |
| Enterprise Value | 78,971 | 189,222 | 68,112 | 272,163 | 4,101 | 12,394 | |
| (+) Cash & Short Term Investments | 2,488 | 2,459 | 373 | 14,032 | 124 | 1,279 | |
| (+) Investments & Other | 368 | 88 | 728 | 4,852 | 0 | 163 | |
| (-) Debt | (4,721) | (6,892) | (7,456) | (12,070) | (1,531) | (6,655) | |
| (-) Other Liabilities | (595) | 0 | 0 | 0 | 0 | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 76,511 | 184,877 | 61,757 | 278,977 | 2,694 | 7,178 | |
| (/) Shares Outstanding | 21.2 | 279.6 | 107.5 | 959.5 | 43.0 | 256.6 | |
| Implied Stock Price | 3,610.44 | 661.31 | 574.40 | 290.76 | 62.62 | 27.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,610.44 | 661.31 | 574.40 | 290.76 | 62.62 | 27.97 | |
| 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 | |