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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,5x - 10,5x | 10,0x |
| Selected Fwd EBIT Multiple | 6,1x - 6,8x | 6,4x |
| Fair Value | $14,08 - $16,28 | $15,18 |
| Upside | 26,4% - 46,1% | 36,3% |
| Benchmarks | Ticker | Full Ticker |
| Paychex, Inc. | PAYX | NasdaqGS:PAYX |
| Huron Consulting Group Inc. | HURN | NasdaqGS:HURN |
| Automatic Data Processing, Inc. | ADP | NasdaqGS:ADP |
| Kforce Inc. | KFRC | NYSE:KFRC |
| Barrett Business Services, Inc. | BBSI | NasdaqGS:BBSI |
| Kelly Services, Inc. | KELY.A | NasdaqGS:KELY.A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PAYX | HURN | ADP | KFRC | BBSI | KELY.A | ||
| NasdaqGS:PAYX | NasdaqGS:HURN | NasdaqGS:ADP | NYSE:KFRC | NasdaqGS:BBSI | NasdaqGS:KELY.A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.6% | 24.0% | 10.6% | -1.8% | 3.4% | -5.0% | |
| 3Y CAGR | 14.2% | 43.1% | 14.1% | -13.2% | 10.8% | 10.2% | |
| Latest Twelve Months | 5.3% | 43.4% | 9.3% | -17.4% | 5.2% | 13.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 39.2% | 9.0% | 24.3% | 6.0% | 5.0% | 1.3% | |
| Prior Fiscal Year | 40.6% | 10.4% | 25.3% | 5.7% | 5.7% | 1.4% | |
| Latest Fiscal Year | 41.2% | 13.2% | 26.1% | 5.0% | 5.2% | 1.6% | |
| Latest Twelve Months | 41.5% | 13.6% | 26.6% | 4.7% | 5.1% | 1.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.74x | 1.74x | 6.24x | 0.57x | 0.83x | 0.14x | |
| EV / LTM EBITDA | 21.8x | 11.8x | 21.2x | 11.5x | 15.2x | 5.4x | |
| EV / LTM EBIT | 23.5x | 12.8x | 23.4x | 12.1x | 16.1x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.1x | 16.1x | 23.5x | ||||
| Historical EV / LTM EBIT | 7.8x | 11.6x | 14.8x | ||||
| Selected EV / LTM EBIT | 9.5x | 10.0x | 10.5x | ||||
| (x) LTM EBIT | 74 | 74 | 74 | ||||
| (=) Implied Enterprise Value | 707 | 744 | 781 | ||||
| (-) Non-shareholder Claims * | (238) | (238) | (238) | ||||
| (=) Equity Value | 469 | 506 | 543 | ||||
| (/) Shares Outstanding | 35.2 | 35.2 | 35.2 | ||||
| Implied Value Range | 13.32 | 14.37 | 15.43 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 13.32 | 14.37 | 15.43 | 11.14 | |||
| Upside / (Downside) | 19.6% | 29.0% | 38.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PAYX | HURN | ADP | KFRC | BBSI | KELY.A | |
| Enterprise Value | 52,974 | 2,654 | 126,004 | 792 | 973 | 630 | |
| (+) Cash & Short Term Investments | 1,601 | 24 | 2,681 | 0 | 99 | 28 | |
| (+) Investments & Other | 0 | 52 | 0 | 0 | 0 | 0 | |
| (-) Debt | (864) | (617) | (4,367) | (81) | (23) | (266) | |
| (-) 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 | 53,712 | 2,113 | 124,318 | 711 | 1,049 | 392 | |
| (/) Shares Outstanding | 360.2 | 16.0 | 405.9 | 17.7 | 25.7 | 35.2 | |
| Implied Stock Price | 149.12 | 132.14 | 306.26 | 40.14 | 40.86 | 11.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 149.12 | 132.14 | 306.26 | 40.14 | 40.86 | 11.14 | |
| 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 | |