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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 37,1x - 41,0x | 39,1x |
Selected Fwd EBIT Multiple | 27,4x - 30,2x | 28,8x |
Fair Value | €2.375 - €2.636 | €2.506 |
Upside | -13,6% - -4,1% | -8,9% |
Benchmarks | Ticker | Full Ticker |
Open Text Corporation | OTEX | TSX:OTEX |
Salesforce, Inc. | CRM | NEOE:CRM |
Oracle Corporation | ORCL * | BMV:ORCL* |
Microsoft Corporation | MSFT | TSX:MSFT |
Roper Technologies, Inc. | ROP * | BMV:ROP* |
Constellation Software Inc. | W9C | DB:W9C |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
OTEX | CRM | ORCL * | MSFT | ROP * | W9C | ||
TSX:OTEX | NEOE:CRM | BMV:ORCL* | TSX:MSFT | BMV:ROP* | DB:W9C | ||
Historical EBIT Growth | |||||||
5Y CAGR | 11.2% | 75.3% | 4.9% | 19.4% | 8.5% | 23.1% | |
3Y CAGR | 14.2% | 141.0% | 4.3% | 15.5% | 14.3% | 19.1% | |
Latest Twelve Months | 1.5% | 20.2% | 13.9% | 17.4% | 11.2% | 26.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 18.8% | 9.1% | 33.4% | 42.5% | 27.9% | 15.3% | |
Prior Fiscal Year | 17.5% | 17.2% | 29.8% | 44.6% | 28.2% | 14.1% | |
Latest Fiscal Year | 19.8% | 20.2% | 31.3% | 45.6% | 28.4% | 14.6% | |
Latest Twelve Months | 19.8% | 20.5% | 31.3% | 45.6% | 28.1% | 15.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.62x | 5.78x | 13.15x | 13.37x | 8.65x | 6.66x | |
EV / LTM EBITDA | 9.2x | 19.9x | 32.1x | 24.1x | 21.9x | 36.9x | |
EV / LTM EBIT | 13.2x | 28.1x | 42.0x | 29.3x | 30.8x | 42.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 13.2x | 29.3x | 42.0x | ||||
Historical EV / LTM EBIT | 38.9x | 48.5x | 51.2x | ||||
Selected EV / LTM EBIT | 37.1x | 39.1x | 41.0x | ||||
(x) LTM EBIT | 1,693 | 1,693 | 1,693 | ||||
(=) Implied Enterprise Value | 62,860 | 66,169 | 69,477 | ||||
(-) Non-shareholder Claims * | (2,730) | (2,730) | (2,730) | ||||
(=) Equity Value | 60,130 | 63,439 | 66,747 | ||||
(/) Shares Outstanding | 21.2 | 21.2 | 21.2 | ||||
Implied Value Range | 2,837.48 | 2,993.60 | 3,149.72 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 2,437.39 | 2,571.50 | 2,705.61 | 2,750.00 | |||
Upside / (Downside) | -11.4% | -6.5% | -1.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | OTEX | CRM | ORCL * | MSFT | ROP * | W9C | |
Enterprise Value | 13,518 | 231,189 | 759,703 | 3,851,640 | 66,886 | 70,573 | |
(+) Cash & Short Term Investments | 1,159 | 17,408 | 11,203 | 94,565 | 242 | 2,577 | |
(+) Investments & Other | 162 | 4,941 | 2,100 | 15,405 | 740 | 538 | |
(-) Debt | (6,646) | (12,020) | (108,952) | (112,184) | (8,859) | (5,159) | |
(-) Other Liabilities | (2) | 0 | (518) | 0 | 0 | (686) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 8,191 | 241,518 | 663,536 | 3,849,426 | 59,009 | 67,843 | |
(/) Shares Outstanding | 254.3 | 17,503.4 | 2,808.8 | 147,444.1 | 107.6 | 21.2 | |
Implied Stock Price | 32.21 | 13.80 | 236.23 | 26.11 | 548.34 | 3,201.40 | |
FX Conversion Rate to Trading Currency | 0.72 | 0.72 | 0.05 | 0.72 | 0.05 | 1.16 | |
Implied Stock Price (Trading Cur) | 44.56 | 19.09 | 4,410.00 | 36.12 | 10,236.51 | 2,750.00 | |
Trading Currency | CAD | CAD | MXN | CAD | MXN | EUR | |
FX Rate to Reporting Currency | 0.72 | 0.72 | 0.05 | 0.72 | 0.05 | 1.16 |