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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1.3x - 1.4x | 1.4x |
Selected Fwd Revenue Multiple | 1.1x - 1.3x | 1.2x |
Fair Value | $323.51 - $372.78 | $348.15 |
Upside | -13.4% - -0.2% | -6.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Parsons Corporation | PSN | NYSE:PSN |
Huron Consulting Group Inc. | HURN | NasdaqGS:HURN |
FTI Consulting, Inc. | FCN | NYSE:FCN |
CBIZ, Inc. | CBZ | NYSE:CBZ |
DLH Holdings Corp. | DLHC | NasdaqCM:DLHC |
CACI International Inc | CACI | NYSE:CACI |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
PSN | HURN | FCN | CBZ | DLHC | CACI | |||
NYSE:PSN | NasdaqGS:HURN | NYSE:FCN | NYSE:CBZ | NasdaqCM:DLHC | NYSE:CACI | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 11.3% | 11.1% | 9.5% | 13.8% | 19.8% | 9.0% | ||
3Y CAGR | 22.6% | 17.9% | 10.0% | 18.0% | 17.2% | 8.2% | ||
Latest Twelve Months | 24.0% | 9.1% | 6.0% | 14.0% | -3.0% | 14.0% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 4.4% | 8.7% | 11.0% | 10.5% | 7.1% | 8.4% | ||
Prior Fiscal Year | 6.3% | 10.4% | 10.9% | 10.6% | 6.6% | 8.5% | ||
Latest Fiscal Year | 6.8% | 13.2% | 9.6% | 6.8% | 6.3% | 8.5% | ||
Latest Twelve Months | 6.8% | 13.2% | 9.6% | 6.8% | 6.1% | 9.1% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.08x | 1.78x | 1.43x | 3.19x | 0.61x | 1.43x | ||
EV / LTM EBIT | 15.9x | 13.4x | 15.0x | 47.2x | 10.0x | 15.7x | ||
Price / LTM Sales | 0.94x | 1.57x | 1.55x | 2.19x | 0.16x | 1.03x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.61x | 1.43x | 3.19x | |||||
Historical EV / LTM Revenue | 1.30x | 1.41x | 1.56x | |||||
Selected EV / LTM Revenue | 1.29x | 1.36x | 1.43x | |||||
(x) LTM Revenue | 8,132 | 8,132 | 8,132 | |||||
(=) Implied Enterprise Value | 10,499 | 11,051 | 11,604 | |||||
(-) Non-shareholder Claims * | (3,242) | (3,242) | (3,242) | |||||
(=) Equity Value | 7,257 | 7,810 | 8,362 | |||||
(/) Shares Outstanding | 22.4 | 22.4 | 22.4 | |||||
Implied Value Range | 323.70 | 348.34 | 372.99 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 323.70 | 348.34 | 372.99 | 373.37 | ||||
Upside / (Downside) | -13.3% | -6.7% | -0.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PSN | HURN | FCN | CBZ | DLHC | CACI | |
Enterprise Value | 7,295 | 2,641 | 5,305 | 5,779 | 238 | 11,612 | |
(+) Cash & Short Term Investments | 454 | 24 | 660 | 14 | 0 | 177 | |
(+) Investments & Other | 139 | 71 | 0 | 3 | 0 | 20 | |
(-) Debt | (1,425) | (399) | (242) | (1,834) | (178) | (3,438) | |
(-) Other Liabilities | (118) | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,345 | 2,337 | 5,723 | 3,963 | 60 | 8,371 | |
(/) Shares Outstanding | 106.8 | 16.4 | 35.3 | 52.9 | 14.4 | 22.4 | |
Implied Stock Price | 59.42 | 142.30 | 162.07 | 74.97 | 4.20 | 373.37 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 59.42 | 142.30 | 162.07 | 74.97 | 4.20 | 373.37 | |
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 |