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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14,8x - 16,3x | 15,6x |
| Selected Fwd EBIT Multiple | 8,7x - 9,7x | 9,2x |
| Fair Value | $37,66 - $43,76 | $40,71 |
| Upside | 30,4% - 51,6% | 41,0% |
| Benchmarks | Ticker | Full Ticker |
| Constellation Software Inc. | CNSW.F | OTCPK:CNSW.F |
| Roper Technologies, Inc. | ROP | NasdaqGS:ROP |
| Intuit Inc. | INTU | NasdaqGS:INTU |
| Pegasystems Inc. | PEGA | NasdaqGS:PEGA |
| Salesforce, Inc. | CRM | NYSE:CRM |
| Open Text Corporation | OTEX | NasdaqGS:OTEX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CNSW.F | ROP | INTU | PEGA | CRM | OTEX | ||
| OTCPK:CNSW.F | NasdaqGS:ROP | NasdaqGS:INTU | NasdaqGS:PEGA | NYSE:CRM | NasdaqGS:OTEX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 23.1% | 8.5% | 15.8% | NM- | 75.3% | 10.9% | |
| 3Y CAGR | 19.1% | 14.3% | 15.0% | NM- | 141.0% | 10.9% | |
| Latest Twelve Months | 20.2% | 11.8% | 23.0% | 103.3% | 20.2% | 5.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 15.3% | 27.9% | 24.1% | -2.9% | 9.1% | 18.8% | |
| Prior Fiscal Year | 14.1% | 28.2% | 21.9% | 7.2% | 17.2% | 15.1% | |
| Latest Fiscal Year | 14.6% | 28.4% | 23.7% | 10.7% | 20.2% | 17.5% | |
| Latest Twelve Months | 14.8% | 28.2% | 25.7% | 16.8% | 20.5% | 19.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.67x | 9.27x | 11.91x | 5.26x | 6.44x | 2.42x | |
| EV / LTM EBITDA | 41.5x | 23.4x | 40.6x | 29.6x | 22.2x | 8.6x | |
| EV / LTM EBIT | 51.7x | 32.9x | 46.4x | 31.4x | 31.3x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 31.3x | 32.9x | 51.7x | ||||
| Historical EV / LTM EBIT | 16.1x | 22.0x | 28.9x | ||||
| Selected EV / LTM EBIT | 14.8x | 15.6x | 16.3x | ||||
| (x) LTM EBIT | 1,005 | 1,005 | 1,005 | ||||
| (=) Implied Enterprise Value | 14,845 | 15,626 | 16,407 | ||||
| (-) Non-shareholder Claims * | (5,216) | (5,216) | (5,216) | ||||
| (=) Equity Value | 9,629 | 10,410 | 11,192 | ||||
| (/) Shares Outstanding | 256.6 | 256.6 | 256.6 | ||||
| Implied Value Range | 37.52 | 40.57 | 43.61 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 37.52 | 40.57 | 43.61 | 28.87 | |||
| Upside / (Downside) | 30.0% | 40.5% | 51.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CNSW.F | ROP | INTU | PEGA | CRM | OTEX | |
| Enterprise Value | 79,067 | 67,135 | 216,412 | 8,621 | 248,498 | 12,625 | |
| (+) Cash & Short Term Investments | 2,488 | 373 | 6,174 | 372 | 17,408 | 1,279 | |
| (+) Investments & Other | 368 | 728 | 88 | 22 | 4,941 | 163 | |
| (-) Debt | (4,721) | (7,456) | (7,087) | (79) | (12,020) | (6,655) | |
| (-) Other Liabilities | (595) | 0 | 0 | 0 | 0 | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 76,607 | 60,780 | 215,587 | 8,935 | 258,827 | 7,409 | |
| (/) Shares Outstanding | 21.2 | 107.5 | 278.9 | 171.2 | 956.0 | 256.6 | |
| Implied Stock Price | 3,615.00 | 565.31 | 772.86 | 52.20 | 270.74 | 28.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3,615.00 | 565.31 | 772.86 | 52.20 | 270.74 | 28.87 | |
| 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 | |