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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1.3x - 1.4x | 1.4x |
Selected Fwd Revenue Multiple | 1.1x - 1.2x | 1.2x |
Fair Value | $5.31 - $5.97 | $5.64 |
Upside | 0.0% - 12.4% | 6.2% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
DHI Group, Inc. | DHX | NYSE:DHX |
Snap Inc. | SNAP | NYSE:SNAP |
IZEA Worldwide, Inc. | IZEA | NasdaqCM:IZEA |
Nextdoor Holdings, Inc. | KIND | NYSE:KIND |
GameSquare Holdings, Inc. | GAME | NasdaqCM:GAME |
ZipRecruiter, Inc. | ZIP | NYSE:ZIP |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
DHX | SNAP | IZEA | KIND | GAME | ZIP | |||
NYSE:DHX | NYSE:SNAP | NasdaqCM:IZEA | NYSE:KIND | NasdaqCM:GAME | NYSE:ZIP | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 3.9% | 25.6% | 13.6% | 24.5% | NM- | 2.0% | ||
3Y CAGR | 5.8% | 9.2% | 6.1% | 8.8% | 112.3% | -13.8% | ||
Latest Twelve Months | -7.4% | 14.9% | 7.2% | 12.0% | 132.9% | -20.9% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 4.0% | -25.7% | -26.9% | -59.0% | -102.4% | 9.1% | ||
Prior Fiscal Year | 5.7% | -30.4% | -26.7% | -73.8% | -35.8% | 14.6% | ||
Latest Fiscal Year | 5.2% | -13.4% | -42.8% | -38.8% | -26.9% | 0.3% | ||
Latest Twelve Months | 4.5% | -11.7% | -32.4% | -35.6% | -26.9% | -2.1% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.90x | 2.74x | -0.08x | 0.69x | 0.52x | 1.25x | ||
EV / LTM EBIT | 19.8x | -23.5x | 0.2x | -1.9x | -1.9x | -60.8x | ||
Price / LTM Sales | 0.62x | 2.59x | 1.34x | 2.22x | 0.26x | 1.07x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | -0.08x | 0.69x | 2.74x | |||||
Historical EV / LTM Revenue | 1.53x | 1.93x | 4.30x | |||||
Selected EV / LTM Revenue | 1.29x | 1.36x | 1.42x | |||||
(x) LTM Revenue | 462 | 462 | 462 | |||||
(=) Implied Enterprise Value | 595 | 626 | 657 | |||||
(-) Non-shareholder Claims * | (84) | (84) | (84) | |||||
(=) Equity Value | 511 | 542 | 573 | |||||
(/) Shares Outstanding | 92.9 | 92.9 | 92.9 | |||||
Implied Value Range | 5.50 | 5.83 | 6.17 | |||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 5.50 | 5.83 | 6.17 | 5.31 | ||||
Upside / (Downside) | 3.5% | 9.8% | 16.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DHX | SNAP | IZEA | KIND | GAME | ZIP | |
Enterprise Value | 124 | 15,166 | (3) | 172 | 50 | 577 | |
(+) Cash & Short Term Investments | 3 | 3,207 | 52 | 418 | 12 | 468 | |
(+) Investments & Other | 2 | 177 | 0 | 0 | 2 | 0 | |
(-) Debt | (43) | (4,211) | 0 | (39) | (24) | (552) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (15) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 85 | 14,339 | 49 | 551 | 26 | 493 | |
(/) Shares Outstanding | 45.9 | 1,671.2 | 16.9 | 382.6 | 38.9 | 92.9 | |
Implied Stock Price | 1.85 | 8.58 | 2.92 | 1.44 | 0.66 | 5.31 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.85 | 8.58 | 2.92 | 1.44 | 0.66 | 5.31 | |
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 |