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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 3.1x - 3.4x | 3.2x |
Selected Fwd Revenue Multiple | 2.6x - 2.9x | 2.7x |
Fair Value | $8.77 - $9.95 | $9.36 |
Upside | 7.1% - 21.5% | 14.3% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
BlackSky Technology Inc. | BKSY | NYSE:BKSY |
Planet Labs PBC | PL | NYSE:PL |
NV5 Global, Inc. | NVEE | NasdaqGS:NVEE |
Weathernews Inc. | WNWS.F | OTCPK:WNWS.F |
CACI International Inc | CACI | NYSE:CACI |
Spire Global, Inc. | SPIR | NYSE:SPIR |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
BKSY | PL | NVEE | WNWS.F | CACI | SPIR | |||
NYSE:BKSY | NYSE:PL | NasdaqGS:NVEE | OTCPK:WNWS.F | NYSE:CACI | NYSE:SPIR | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 49.4% | 20.6% | 13.1% | 5.5% | 9.0% | NM- | ||
3Y CAGR | 44.1% | 23.0% | 10.0% | 5.7% | 8.2% | 50.8% | ||
Latest Twelve Months | 8.0% | 10.7% | 9.8% | 4.2% | 14.0% | 30.9% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -146.2% | -79.6% | 7.6% | 14.1% | 8.4% | -96.9% | ||
Prior Fiscal Year | -59.2% | -73.6% | 6.6% | 15.4% | 8.5% | -110.7% | ||
Latest Fiscal Year | -43.9% | -42.0% | 5.4% | 14.7% | 8.5% | -58.2% | ||
Latest Twelve Months | -43.9% | -42.0% | 5.4% | 16.2% | 9.1% | -40.8% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 3.08x | 3.46x | 1.59x | 2.68x | 1.43x | 2.88x | ||
EV / LTM EBIT | -7.0x | -8.2x | 29.3x | 16.5x | 15.7x | -7.0x | ||
Price / LTM Sales | 2.45x | 4.28x | 1.33x | 3.33x | 1.03x | 2.22x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 1.43x | 2.68x | 3.46x | |||||
Historical EV / LTM Revenue | 2.20x | 2.86x | 7.56x | |||||
Selected EV / LTM Revenue | 3.08x | 3.24x | 3.40x | |||||
(x) LTM Revenue | 113 | 113 | 113 | |||||
(=) Implied Enterprise Value | 348 | 366 | 385 | |||||
(-) Non-shareholder Claims * | (73) | (73) | (73) | |||||
(=) Equity Value | 275 | 293 | 311 | |||||
(/) Shares Outstanding | 30.6 | 30.6 | 30.6 | |||||
Implied Value Range | 8.99 | 9.59 | 10.18 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 8.99 | 9.59 | 10.18 | 8.19 | ||||
Upside / (Downside) | 9.7% | 17.0% | 24.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BKSY | PL | NVEE | WNWS.F | CACI | SPIR | |
Enterprise Value | 314 | 845 | 1,493 | 49,750 | 11,612 | 324 | |
(+) Cash & Short Term Investments | 52 | 222 | 50 | 14,842 | 177 | 37 | |
(+) Investments & Other | 0 | 0 | 0 | 513 | 20 | 1 | |
(-) Debt | (116) | (22) | (287) | 0 | (3,438) | (111) | |
(-) Other Liabilities | 0 | 0 | 0 | (8) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 250 | 1,046 | 1,256 | 65,097 | 8,371 | 250 | |
(/) Shares Outstanding | 31.6 | 302.3 | 65.2 | 14.4 | 22.4 | 30.6 | |
Implied Stock Price | 7.91 | 3.46 | 19.25 | 4,518.11 | 373.37 | 8.19 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 149.76 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 7.91 | 3.46 | 19.25 | 30.17 | 373.37 | 8.19 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 149.76 | 1.00 | 1.00 |