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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2,6x - 2,8x | 2,7x |
| Selected Fwd Revenue Multiple | 2,4x - 2,7x | 2,6x |
| Fair Value | €153,50 - €170,40 | €161,95 |
| Upside | -16,1% - -6,9% | -11,5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| SEI Investments Company | SEIC | NasdaqGS:SEIC |
| Silvercrest Asset Management Group Inc. | SAMG | NasdaqGM:SAMG |
| BlackRock, Inc. | BLK | NYSE:BLK |
| T. Rowe Price Group, Inc. | TROW | NasdaqGS:TROW |
| Virtus Investment Partners, Inc. | VRTS | NYSE:VRTS |
| Affiliated Managers Group, Inc. | AFS | DB:AFS |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SEIC | SAMG | BLK | TROW | VRTS | AFS | |||
| NasdaqGS:SEIC | NasdaqGM:SAMG | NYSE:BLK | NasdaqGS:TROW | NYSE:VRTS | DB:AFS | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.2% | 3.9% | 7.0% | 4.8% | 10.0% | -1.8% | ||
| 3Y CAGR | 3.5% | -2.1% | 1.7% | -2.6% | -2.5% | -5.4% | ||
| Latest Twelve Months | 10.7% | 4.1% | 15.5% | 4.4% | 1.0% | 0.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 25.7% | 20.1% | 37.0% | 37.6% | 23.8% | 32.7% | ||
| Prior Fiscal Year | 22.4% | 16.1% | 35.5% | 29.1% | 17.4% | 33.3% | ||
| Latest Fiscal Year | 25.9% | 14.3% | 37.6% | 33.1% | 19.7% | 32.7% | ||
| Latest Twelve Months | 26.8% | 12.3% | 36.4% | 32.0% | 20.5% | 26.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 4.47x | 1.32x | 8.44x | 2.33x | 1.71x | 3.11x | ||
| EV / LTM EBIT | 16.7x | 10.8x | 23.2x | 7.3x | 8.4x | 11.9x | ||
| Price / LTM Sales | 4.94x | 1.65x | 8.04x | 3.26x | 1.48x | 2.99x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.32x | 2.33x | 8.44x | |||||
| Historical EV / LTM Revenue | 2.51x | 2.79x | 3.11x | |||||
| Selected EV / LTM Revenue | 2.56x | 2.69x | 2.83x | |||||
| (x) LTM Revenue | 2,030 | 2,030 | 2,030 | |||||
| (=) Implied Enterprise Value | 5,193 | 5,466 | 5,739 | |||||
| (-) Non-shareholder Claims * | (234) | (234) | (234) | |||||
| (=) Equity Value | 4,959 | 5,232 | 5,506 | |||||
| (/) Shares Outstanding | 28.4 | 28.4 | 28.4 | |||||
| Implied Value Range | 174.43 | 184.05 | 193.66 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 149.44 | 157.67 | 165.91 | 183.00 | ||||
| Upside / (Downside) | -18.3% | -13.8% | -9.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SEIC | SAMG | BLK | TROW | VRTS | AFS | |
| Enterprise Value | 9,864 | 165 | 179,825 | 16,529 | 1,401 | 6,307 | |
| (+) Cash & Short Term Investments | 778 | 30 | 7,894 | 3,059 | 219 | 361 | |
| (+) Investments & Other | 290 | 0 | 0 | 5,349 | 0 | 3,262 | |
| (-) Debt | (29) | (21) | (14,259) | (522) | (304) | (2,621) | |
| (-) Other Liabilities | 0 | (35) | 0 | (1,252) | 0 | (1,236) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,904 | 138 | 173,460 | 23,162 | 1,316 | 6,073 | |
| (/) Shares Outstanding | 123.6 | 8.4 | 154.8 | 219.7 | 6.9 | 28.4 | |
| Implied Stock Price | 88.20 | 16.37 | 1,120.54 | 105.42 | 190.46 | 213.61 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 88.20 | 16.37 | 1,120.54 | 105.42 | 190.46 | 183.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |