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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 10,1x - 11,2x | 10,7x |
| Selected Fwd Revenue Multiple | 6,2x - 6,8x | 6,5x |
| Fair Value | €24,14 - €26,36 | €25,25 |
| Upside | 39,1% - 51,9% | 45,5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Palo Alto Networks, Inc. | PANW | NasdaqGS:PANW |
| Fortinet, Inc. | FTNT | NasdaqGS:FTNT |
| Zscaler, Inc. | ZS | NasdaqGS:ZS |
| Rapid7, Inc. | RPD | NasdaqGM:RPD |
| Tenable Holdings, Inc. | TENB | NasdaqGS:TENB |
| SentinelOne, Inc. | 7B0 | DB:7B0 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| PANW | FTNT | ZS | RPD | TENB | 7B0 | |||
| NasdaqGS:PANW | NasdaqGS:FTNT | NasdaqGS:ZS | NasdaqGM:RPD | NasdaqGS:TENB | DB:7B0 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 22.6% | 22.5% | 48.2% | 20.9% | 20.5% | 77.6% | ||
| 3Y CAGR | 23.6% | 21.2% | 47.7% | 16.4% | 18.5% | 58.9% | ||
| Latest Twelve Months | 13.9% | 13.8% | 27.8% | 6.2% | 11.8% | 32.2% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 1.4% | 22.2% | -20.0% | -11.3% | -6.5% | -92.3% | ||
| Prior Fiscal Year | 5.6% | 23.3% | -14.1% | -4.0% | -4.8% | -59.7% | ||
| Latest Fiscal Year | 11.1% | 30.2% | -5.6% | 4.2% | 0.1% | -40.1% | ||
| Latest Twelve Months | 13.2% | 31.4% | -4.2% | 3.0% | 1.1% | -40.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 13.17x | 12.25x | 15.56x | 2.23x | 4.18x | 6.61x | ||
| EV / LTM EBIT | 100.0x | 39.1x | -373.9x | 73.6x | 384.3x | -16.5x | ||
| Price / LTM Sales | 14.03x | 12.86x | 16.23x | 1.74x | 4.22x | 7.98x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.23x | 12.25x | 15.56x | |||||
| Historical EV / LTM Revenue | 6.61x | 10.36x | 60.99x | |||||
| Selected EV / LTM Revenue | 10.12x | 10.66x | 11.19x | |||||
| (x) LTM Revenue | 821 | 821 | 821 | |||||
| (=) Implied Enterprise Value | 8,317 | 8,755 | 9,192 | |||||
| (-) Non-shareholder Claims * | 1,122 | 1,122 | 1,122 | |||||
| (=) Equity Value | 9,439 | 9,877 | 10,315 | |||||
| (/) Shares Outstanding | 331.0 | 331.0 | 331.0 | |||||
| Implied Value Range | 28.51 | 29.84 | 31.16 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 25.10 | 26.26 | 27.43 | 17.35 | ||||
| Upside / (Downside) | 44.7% | 51.4% | 58.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PANW | FTNT | ZS | RPD | TENB | 7B0 | |
| Enterprise Value | 116,878 | 75,221 | 37,664 | 1,897 | 3,849 | 5,403 | |
| (+) Cash & Short Term Investments | 3,300 | 4,781 | 2,880 | 493 | 460 | 722 | |
| (+) Investments & Other | 5,152 | 35 | 11 | 99 | 8 | 419 | |
| (-) Debt | (806) | (1,077) | (1,239) | (1,014) | (420) | (19) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 124,525 | 78,960 | 39,316 | 1,475 | 3,897 | 6,525 | |
| (/) Shares Outstanding | 666.8 | 765.4 | 154.7 | 64.2 | 122.2 | 331.0 | |
| Implied Stock Price | 186.75 | 103.16 | 254.10 | 22.96 | 31.90 | 19.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |
| Implied Stock Price (Trading Cur) | 186.75 | 103.16 | 254.10 | 22.96 | 31.90 | 17.35 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.14 | |