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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 33,6x - 37,1x | 35,3x |
| Selected Fwd EBITDA Multiple | 32,2x - 35,6x | 33,9x |
| Fair Value | €92,01 - €101,25 | €96,63 |
| Upside | 6,7% - 17,4% | 12,0% |
| Benchmarks | Ticker | Full Ticker |
| Nutanix, Inc. | NTNX | NasdaqGS:NTNX |
| SentinelOne, Inc. | S | NYSE:S |
| Palo Alto Networks, Inc. | PANW | NasdaqGS:PANW |
| Commvault Systems, Inc. | CVLT | NasdaqGS:CVLT |
| Datadog, Inc. | DDOG | NasdaqGS:DDOG |
| Fortinet, Inc. | FO8 | DB:FO8 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NTNX | S | PANW | CVLT | DDOG | FO8 | ||
| NasdaqGS:NTNX | NYSE:S | NasdaqGS:PANW | NasdaqGS:CVLT | NasdaqGS:DDOG | DB:FO8 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 57.3% | 41.6% | NM- | 36.0% | |
| 3Y CAGR | NM- | NM- | NM- | 24.5% | NM- | 38.1% | |
| Latest Twelve Months | 150.7% | 0.1% | 16.5% | 14.6% | 47.5% | 47.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -19.5% | -85.0% | 5.3% | 8.0% | 0.3% | 24.6% | |
| Prior Fiscal Year | -5.5% | -54.6% | 8.6% | 10.1% | 0.1% | 25.4% | |
| Latest Fiscal Year | 4.5% | -36.4% | 13.6% | 9.8% | 3.9% | 32.3% | |
| Latest Twelve Months | 8.9% | -34.8% | 14.1% | 9.8% | 2.7% | 33.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.86x | 5.26x | 14.11x | 7.26x | 14.63x | 11.96x | |
| EV / LTM EBITDA | 88.0x | -15.1x | 100.1x | 74.1x | 534.8x | 35.7x | |
| EV / LTM EBIT | 129.7x | -13.7x | 126.3x | 78.6x | 1388.1x | 38.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -15.1x | 88.0x | 534.8x | ||||
| Historical EV / LTM EBITDA | 32.5x | 40.5x | 83.9x | ||||
| Selected EV / LTM EBITDA | 33.6x | 35.3x | 37.1x | ||||
| (x) LTM EBITDA | 2,056 | 2,056 | 2,056 | ||||
| (=) Implied Enterprise Value | 69,016 | 72,648 | 76,281 | ||||
| (-) Non-shareholder Claims * | 3,739 | 3,739 | 3,739 | ||||
| (=) Equity Value | 72,755 | 76,388 | 80,020 | ||||
| (/) Shares Outstanding | 765.4 | 765.4 | 765.4 | ||||
| Implied Value Range | 95.05 | 99.80 | 104.54 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 82.52 | 86.64 | 90.76 | 86.26 | |||
| Upside / (Downside) | -4.3% | 0.4% | 5.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NTNX | S | PANW | CVLT | DDOG | FO8 | |
| Enterprise Value | 19,118 | 4,544 | 125,207 | 7,221 | 41,460 | 72,318 | |
| (+) Cash & Short Term Investments | 1,882 | 767 | 3,300 | 302 | 4,450 | 4,781 | |
| (+) Investments & Other | 0 | 440 | 5,152 | 9 | 0 | 35 | |
| (-) Debt | (1,496) | 0 | (806) | (11) | (1,877) | (1,077) | |
| (-) 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 | 19,505 | 5,750 | 132,853 | 7,521 | 44,033 | 76,057 | |
| (/) Shares Outstanding | 268.1 | 331.0 | 666.8 | 44.1 | 345.4 | 765.4 | |
| Implied Stock Price | 72.76 | 17.37 | 199.24 | 170.45 | 127.50 | 99.37 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 72.76 | 17.37 | 199.24 | 170.45 | 127.50 | 86.26 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |