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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 55,5x - 61,4x | 58,5x |
Selected Fwd EBIT Multiple | 15,8x - 17,5x | 16,7x |
Fair Value | $76,88 - $84,47 | $80,68 |
Upside | -0,3% - 9,5% | 4,6% |
Benchmarks | Ticker | Full Ticker |
Dynatrace, Inc. | DT | NYSE:DT |
Adobe Inc. | ADBE | NasdaqGS:ADBE |
ServiceNow, Inc. | NOW | NYSE:NOW |
Datadog, Inc. | DDOG | NasdaqGS:DDOG |
Dropbox, Inc. | DBX | NasdaqGS:DBX |
DocuSign, Inc. | DOCU | NasdaqGS:DOCU |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DT | ADBE | NOW | DDOG | DBX | DOCU | ||
NYSE:DT | NasdaqGS:ADBE | NYSE:NOW | NasdaqGS:DDOG | NasdaqGS:DBX | NasdaqGS:DOCU | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 19.1% | 101.6% | NM- | NM- | NM- | |
3Y CAGR | 30.2% | 10.5% | 75.8% | NM- | 20.2% | NM- | |
Latest Twelve Months | 39.7% | 14.8% | 53.4% | 121.2% | 19.5% | 169.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 8.2% | 35.2% | 6.8% | -1.7% | 14.0% | -2.0% | |
Prior Fiscal Year | 9.0% | 34.3% | 8.9% | -1.6% | 16.9% | 2.3% | |
Latest Fiscal Year | 10.6% | 36.4% | 12.7% | 2.0% | 20.9% | 7.9% | |
Latest Twelve Months | 10.6% | 36.7% | 13.2% | 1.1% | 22.7% | 8.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 9.36x | 7.16x | 18.17x | 15.54x | 3.82x | 4.94x | |
EV / LTM EBITDA | 74.9x | 18.2x | 98.8x | 568.3x | 13.5x | 50.7x | |
EV / LTM EBIT | 88.6x | 19.5x | 137.4x | 1474.9x | 16.9x | 61.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 16.9x | 88.6x | 1474.9x | ||||
Historical EV / LTM EBIT | -431.1x | -150.7x | 219.1x | ||||
Selected EV / LTM EBIT | 55.5x | 58.5x | 61.4x | ||||
(x) LTM EBIT | 242 | 242 | 242 | ||||
(=) Implied Enterprise Value | 13,468 | 14,177 | 14,886 | ||||
(-) Non-shareholder Claims * | 976 | 976 | 976 | ||||
(=) Equity Value | 14,444 | 15,153 | 15,862 | ||||
(/) Shares Outstanding | 202.1 | 202.1 | 202.1 | ||||
Implied Value Range | 71.48 | 74.99 | 78.50 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 71.48 | 74.99 | 78.50 | 77.15 | |||
Upside / (Downside) | -7.3% | -2.8% | 1.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DT | ADBE | NOW | DDOG | DBX | DOCU | |
Enterprise Value | 15,294 | 161,352 | 200,470 | 44,054 | 9,585 | 14,613 | |
(+) Cash & Short Term Investments | 1,113 | 5,713 | 6,597 | 4,450 | 1,180 | 949 | |
(+) Investments & Other | 51 | 63 | 4,808 | 0 | 0 | 160 | |
(-) Debt | (75) | (6,581) | (2,399) | (1,877) | (3,010) | (133) | |
(-) 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 | 16,383 | 160,547 | 209,476 | 46,626 | 7,755 | 15,589 | |
(/) Shares Outstanding | 299.7 | 424.2 | 207.5 | 345.4 | 281.5 | 202.1 | |
Implied Stock Price | 54.67 | 378.47 | 1,009.76 | 135.01 | 27.55 | 77.15 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 54.67 | 378.47 | 1,009.76 | 135.01 | 27.55 | 77.15 | |
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 |