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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 2.6x - 2.9x | 2.7x |
Selected Fwd EBIT Multiple | 4.4x - 4.8x | 4.6x |
Fair Value | $0.019 - $0.020 | $0.019 |
Upside | 12.1% - 16.8% | 14.5% |
Benchmarks | Ticker | Full Ticker |
DocuSign, Inc. | DOCU | NasdaqGS:DOCU |
Sparta Commercial Services, Inc. | SRCO | OTCPK:SRCO |
LiveWorld, Inc. | LVWD | OTCPK:LVWD |
KLDiscovery Inc. | KLDI | OTCPK:KLDI |
Urgent.ly Inc. | ULY | NasdaqCM:ULY |
Investview, Inc. | INVU | OTCPK:INVU |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DOCU | SRCO | LVWD | KLDI | ULY | INVU | ||
NasdaqGS:DOCU | OTCPK:SRCO | OTCPK:LVWD | OTCPK:KLDI | NasdaqCM:ULY | OTCPK:INVU | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | -52.0% | 101.1% | NM- | NM- | |
Latest Twelve Months | 273.0% | 3.5% | -78.7% | -81.7% | -9.8% | -47.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -3.4% | -506.9% | 4.6% | 4.5% | -19.3% | -14.3% | |
Prior Fiscal Year | 2.3% | -540.9% | 3.6% | 4.7% | -13.4% | 10.1% | |
Latest Fiscal Year | 7.9% | -450.2% | 0.8% | 10.1% | -19.0% | 7.0% | |
Latest Twelve Months | 7.9% | -467.2% | 0.8% | 1.9% | -19.0% | 7.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.04x | 99.66x | -0.06x | 1.82x | 0.33x | 0.20x | |
EV / LTM EBITDA | 52.4x | NA | -5.8x | 17.7x | -2.0x | 1.4x | |
EV / LTM EBIT | 64.2x | -21.3x | -7.5x | 97.3x | -1.7x | 2.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -21.3x | -1.7x | 97.3x | ||||
Historical EV / LTM EBIT | -81.6x | -0.6x | 6.7x | ||||
Selected EV / LTM EBIT | 2.6x | 2.7x | 2.9x | ||||
(x) LTM EBIT | 4 | 4 | 4 | ||||
(=) Implied Enterprise Value | 9 | 10 | 10 | ||||
(-) Non-shareholder Claims * | 21 | 21 | 21 | ||||
(=) Equity Value | 31 | 31 | 32 | ||||
(/) Shares Outstanding | 1,859.2 | 1,859.2 | 1,859.2 | ||||
Implied Value Range | 0.02 | 0.02 | 0.02 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.02 | 0.02 | 0.02 | 0.02 | |||
Upside / (Downside) | -3.1% | -1.5% | 0.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DOCU | SRCO | LVWD | KLDI | ULY | INVU | |
Enterprise Value | 15,897 | 21 | (1) | 589 | 47 | 10 | |
(+) Cash & Short Term Investments | 964 | 0 | 7 | 34 | 14 | 23 | |
(+) Investments & Other | 149 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (124) | (9) | 0 | (603) | (55) | (2) | |
(-) Other Liabilities | 0 | (1) | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | (0) | 0 | 0 | 0 | (0) | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 16,885 | 11 | 6 | 20 | 6 | 32 | |
(/) Shares Outstanding | 202.5 | 39.7 | 45.6 | 989.2 | 1.2 | 1,859.2 | |
Implied Stock Price | 83.40 | 0.28 | 0.13 | 0.02 | 4.87 | 0.02 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 83.40 | 0.28 | 0.13 | 0.02 | 4.87 | 0.02 | |
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 |