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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 11,8x - 13,1x | 12,4x |
Selected Fwd EBITDA Multiple | 8,0x - 8,9x | 8,5x |
Fair Value | $85,21 - $87,49 | $86,35 |
Upside | -14,7% - -12,4% | -13,5% |
Benchmarks | Ticker | Full Ticker |
Charter Communications, Inc. | CHTR | NasdaqGS:CHTR |
Stran & Company, Inc. | SWAG | NasdaqCM:SWAG |
DoubleVerify Holdings, Inc. | DV | NYSE:DV |
WideOpenWest, Inc. | WOW | NYSE:WOW |
Advantage Solutions Inc. | ADV | NasdaqGS:ADV |
Liberty Broadband Corporation | LBRD.A | NasdaqGS:LBRD.A |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CHTR | SWAG | DV | WOW | ADV | LBRD.A | ||
NasdaqGS:CHTR | NasdaqCM:SWAG | NYSE:DV | NYSE:WOW | NasdaqGS:ADV | NasdaqGS:LBRD.A | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 5.9% | NM- | 14.3% | 4.9% | -9.1% | NM- | |
3Y CAGR | 2.2% | NM- | 27.9% | 7.5% | -15.9% | 4.2% | |
Latest Twelve Months | 4.9% | -1891.0% | 4.3% | -6.3% | 26.5% | 3.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 38.9% | -1.4% | 18.5% | 27.7% | 10.6% | -2.9% | |
Prior Fiscal Year | 38.4% | 0.4% | 21.1% | 26.9% | 7.8% | 30.9% | |
Latest Fiscal Year | 39.7% | -4.9% | 17.9% | 34.3% | 8.5% | 29.4% | |
Latest Twelve Months | 40.2% | -4.1% | 17.5% | 35.4% | 9.0% | 30.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.84x | 0.16x | 3.58x | 2.21x | 0.52x | 5.10x | |
EV / LTM EBITDA | 7.1x | -3.9x | 20.4x | 6.2x | 5.8x | 16.7x | |
EV / LTM EBIT | 11.6x | -3.1x | 29.6x | 137.1x | 16.6x | 49.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -3.9x | 6.2x | 20.4x | ||||
Historical EV / LTM EBITDA | -656.8x | 12.0x | 93.0x | ||||
Selected EV / LTM EBITDA | 11.8x | 12.4x | 13.1x | ||||
(x) LTM EBITDA | 317 | 317 | 317 | ||||
(=) Implied Enterprise Value | 3,745 | 3,942 | 4,139 | ||||
(-) Non-shareholder Claims * | 9,110 | 9,110 | 9,110 | ||||
(=) Equity Value | 12,855 | 13,052 | 13,249 | ||||
(/) Shares Outstanding | 143.3 | 143.3 | 143.3 | ||||
Implied Value Range | 89.68 | 91.06 | 92.43 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 89.68 | 91.06 | 92.43 | 99.86 | |||
Upside / (Downside) | -10.2% | -8.8% | -7.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CHTR | SWAG | DV | WOW | ADV | LBRD.A | |
Enterprise Value | 156,634 | 15 | 2,435 | 1,371 | 1,832 | 5,203 | |
(+) Cash & Short Term Investments | 796 | 13 | 174 | 29 | 121 | 226 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 234 | 13,060 | |
(-) Debt | (95,557) | (1) | (105) | (1,056) | (1,679) | (4,161) | |
(-) Other Liabilities | (4,275) | 0 | 0 | 0 | 0 | (15) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 57,598 | 27 | 2,504 | 344 | 509 | 14,313 | |
(/) Shares Outstanding | 138.1 | 18.6 | 162.5 | 82.5 | 324.3 | 143.3 | |
Implied Stock Price | 416.97 | 1.43 | 15.41 | 4.17 | 1.57 | 99.86 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 416.97 | 1.43 | 15.41 | 4.17 | 1.57 | 99.86 | |
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 |