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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 20,9x - 23,2x | 22,1x |
| Selected Fwd EBITDA Multiple | 13,1x - 14,5x | 13,8x |
| Fair Value | $11,51 - $12,95 | $12,23 |
| Upside | 14,9% - 29,2% | 22,0% |
| Benchmarks | Ticker | Full Ticker |
| i3 Verticals, Inc. | IIIV | NasdaqGS:IIIV |
| Tyler Technologies, Inc. | TYL | NYSE:TYL |
| Weave Communications, Inc. | WEAV | NYSE:WEAV |
| HubSpot, Inc. | HUBS | NYSE:HUBS |
| Salesforce, Inc. | CRM | NYSE:CRM |
| EverCommerce Inc. | EVCM | NasdaqGS:EVCM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IIIV | TYL | WEAV | HUBS | CRM | EVCM | ||
| NasdaqGS:IIIV | NYSE:TYL | NYSE:WEAV | NYSE:HUBS | NYSE:CRM | NasdaqGS:EVCM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.8% | 15.5% | NM- | NM- | 33.8% | NM- | |
| 3Y CAGR | 7.0% | 15.6% | NM- | NM- | 42.6% | 14.8% | |
| Latest Twelve Months | 27.3% | 25.7% | 2.4% | 45.6% | 10.1% | 7.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.6% | 18.1% | -22.6% | -3.3% | 20.5% | 15.7% | |
| Prior Fiscal Year | 15.2% | 16.5% | -13.9% | -3.4% | 28.6% | 15.6% | |
| Latest Fiscal Year | 14.5% | 19.4% | -10.5% | -1.5% | 29.4% | 17.1% | |
| Latest Twelve Months | 16.3% | 19.9% | -10.1% | -1.7% | 29.0% | 17.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.44x | 11.74x | 2.45x | 9.08x | 5.87x | 3.21x | |
| EV / LTM EBITDA | 21.0x | 59.0x | -24.2x | -545.6x | 20.2x | 18.5x | |
| EV / LTM EBIT | 58.1x | 71.6x | -16.8x | -379.6x | 28.6x | 46.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -545.6x | 20.2x | 59.0x | ||||
| Historical EV / LTM EBITDA | 21.3x | 27.2x | 48.0x | ||||
| Selected EV / LTM EBITDA | 20.9x | 22.1x | 23.2x | ||||
| (x) LTM EBITDA | 122 | 122 | 122 | ||||
| (=) Implied Enterprise Value | 2,548 | 2,682 | 2,817 | ||||
| (-) Non-shareholder Claims * | (397) | (397) | (397) | ||||
| (=) Equity Value | 2,152 | 2,286 | 2,420 | ||||
| (/) Shares Outstanding | 182.5 | 182.5 | 182.5 | ||||
| Implied Value Range | 11.79 | 12.52 | 13.26 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.79 | 12.52 | 13.26 | 10.02 | |||
| Upside / (Downside) | 17.6% | 25.0% | 32.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IIIV | TYL | WEAV | HUBS | CRM | EVCM | |
| Enterprise Value | 826 | 26,079 | 527 | 24,365 | 226,271 | 2,226 | |
| (+) Cash & Short Term Investments | 8 | 892 | 78 | 2,043 | 17,408 | 148 | |
| (+) Investments & Other | 0 | 3 | 0 | 202 | 4,941 | 1 | |
| (-) Debt | (20) | (642) | (55) | (655) | (12,020) | (546) | |
| (-) Other Liabilities | (128) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 685 | 26,333 | 551 | 25,955 | 236,600 | 1,829 | |
| (/) Shares Outstanding | 24.4 | 43.3 | 76.9 | 52.7 | 956.0 | 182.5 | |
| Implied Stock Price | 28.10 | 608.68 | 7.16 | 492.16 | 247.49 | 10.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 28.10 | 608.68 | 7.16 | 492.16 | 247.49 | 10.02 | |
| 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 | |