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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -17.6x - -19.4x | -18.5x |
| Selected Fwd EBIT Multiple | -21.5x - -23.8x | -22.6x |
| Fair Value | $6.86 - $7.65 | $7.25 |
| Upside | -2.3% - 8.9% | 3.3% |
| Benchmarks | Ticker | Full Ticker |
| WEBTOON Entertainment Inc. | WBTN | NasdaqGS:WBTN |
| QuinStreet, Inc. | QNST | NasdaqGS:QNST |
| Ziff Davis, Inc. | ZD | NasdaqGS:ZD |
| Tripadvisor, Inc. | TRIP | NasdaqGS:TRIP |
| Pinterest, Inc. | PINS | NYSE:PINS |
| Snap Inc. | SNAP | NYSE:SNAP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WBTN | QNST | ZD | TRIP | PINS | SNAP | ||
| NasdaqGS:WBTN | NasdaqGS:QNST | NasdaqGS:ZD | NasdaqGS:TRIP | NYSE:PINS | NYSE:SNAP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 30.3% | 16.0% | -8.3% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | 0.0% | NM- | -13.0% | NM- | |
| Latest Twelve Months | 42.9% | 183.0% | 6.2% | -5.3% | 6.7% | 43.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -4.8% | -1.1% | 13.9% | -7.2% | 2.1% | -23.7% | |
| Prior Fiscal Year | -2.2% | -4.6% | 13.9% | 8.3% | -0.2% | -30.4% | |
| Latest Fiscal Year | -5.0% | 2.1% | 14.2% | 6.7% | 5.9% | -13.4% | |
| Latest Twelve Months | -2.8% | 2.1% | 13.9% | 7.7% | 6.4% | -11.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.92x | 0.74x | 1.28x | 1.08x | 5.63x | 2.30x | |
| EV / LTM EBITDA | -383.0x | 22.6x | 4.3x | 11.7x | 80.3x | -25.9x | |
| EV / LTM EBIT | -33.1x | 35.0x | 9.2x | 14.0x | 87.8x | -19.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -33.1x | 14.0x | 87.8x | ||||
| Historical EV / LTM EBIT | -96.3x | -20.2x | -14.3x | ||||
| Selected EV / LTM EBIT | -17.6x | -18.5x | -19.4x | ||||
| (x) LTM EBIT | (654) | (654) | (654) | ||||
| (=) Implied Enterprise Value | 11,472 | 12,075 | 12,679 | ||||
| (-) Non-shareholder Claims * | (1,110) | (1,110) | (1,110) | ||||
| (=) Equity Value | 10,362 | 10,966 | 11,570 | ||||
| (/) Shares Outstanding | 1,689.8 | 1,689.8 | 1,689.8 | ||||
| Implied Value Range | 6.13 | 6.49 | 6.85 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.13 | 6.49 | 6.85 | 7.02 | |||
| Upside / (Downside) | -12.6% | -7.6% | -2.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WBTN | QNST | ZD | TRIP | PINS | SNAP | |
| Enterprise Value | 1,269 | 814 | 1,851 | 2,012 | 21,996 | 12,972 | |
| (+) Cash & Short Term Investments | 585 | 101 | 457 | 1,212 | 2,659 | 2,893 | |
| (+) Investments & Other | 161 | 0 | 140 | 29 | 0 | 189 | |
| (-) Debt | (28) | (10) | (901) | (1,262) | (137) | (4,192) | |
| (-) Other Liabilities | (87) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,899 | 905 | 1,547 | 1,991 | 24,518 | 11,863 | |
| (/) Shares Outstanding | 130.6 | 57.7 | 41.0 | 116.1 | 679.9 | 1,689.8 | |
| Implied Stock Price | 14.54 | 15.69 | 37.74 | 17.14 | 36.06 | 7.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 14.54 | 15.69 | 37.74 | 17.14 | 36.06 | 7.02 | |
| 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 | |