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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 33,5x - 37,1x | 35,3x |
| Selected Fwd EBIT Multiple | 23,8x - 26,3x | 25,1x |
| Fair Value | $533,46 - $595,83 | $564,65 |
| Upside | -6,5% - 4,5% | -1,0% |
| Benchmarks | Ticker | Full Ticker |
| Intuit Inc. | INTU | NasdaqGS:INTU |
| Microsoft Corporation | MSFT | NasdaqGS:MSFT |
| Salesforce, Inc. | CRM | NYSE:CRM |
| Tyler Technologies, Inc. | TYL | NYSE:TYL |
| i3 Verticals, Inc. | IIIV | NasdaqGS:IIIV |
| Roper Technologies, Inc. | ROP | NasdaqGS:ROP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| INTU | MSFT | CRM | TYL | IIIV | ROP | ||
| NasdaqGS:INTU | NasdaqGS:MSFT | NYSE:CRM | NYSE:TYL | NasdaqGS:IIIV | NasdaqGS:ROP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.8% | 20.6% | 75.3% | 16.0% | -4.1% | 8.5% | |
| 3Y CAGR | 15.0% | 16.1% | 141.0% | 22.0% | 1.1% | 14.3% | |
| Latest Twelve Months | 23.0% | 15.5% | 20.2% | 45.8% | 56.1% | 11.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 24.1% | 42.1% | 9.1% | 13.2% | 4.2% | 27.9% | |
| Prior Fiscal Year | 21.9% | 41.8% | 17.2% | 11.2% | 4.0% | 28.2% | |
| Latest Fiscal Year | 23.7% | 44.6% | 20.2% | 15.4% | 4.1% | 28.4% | |
| Latest Twelve Months | 25.7% | 45.2% | 20.5% | 16.0% | 5.9% | 28.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.61x | 12.77x | 6.31x | 11.28x | 3.08x | 9.34x | |
| EV / LTM EBITDA | 39.6x | 23.1x | 21.7x | 57.4x | 18.8x | 23.6x | |
| EV / LTM EBIT | 45.2x | 28.2x | 30.7x | 70.5x | 52.0x | 33.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 28.2x | 45.2x | 70.5x | ||||
| Historical EV / LTM EBIT | 32.5x | 37.8x | 45.2x | ||||
| Selected EV / LTM EBIT | 33.5x | 35.3x | 37.1x | ||||
| (x) LTM EBIT | 2,041 | 2,041 | 2,041 | ||||
| (=) Implied Enterprise Value | 68,438 | 72,041 | 75,643 | ||||
| (-) Non-shareholder Claims * | (6,355) | (6,355) | (6,355) | ||||
| (=) Equity Value | 62,083 | 65,685 | 69,287 | ||||
| (/) Shares Outstanding | 107.5 | 107.5 | 107.5 | ||||
| Implied Value Range | 577.43 | 610.94 | 644.44 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 577.43 | 610.94 | 644.44 | 570.27 | |||
| Upside / (Downside) | 1.3% | 7.1% | 13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | INTU | MSFT | CRM | TYL | IIIV | ROP | |
| Enterprise Value | 211,003 | 3,431,285 | 243,365 | 24,712 | 743 | 67,668 | |
| (+) Cash & Short Term Investments | 6,174 | 79,618 | 17,408 | 807 | 8 | 373 | |
| (+) Investments & Other | 88 | 15,762 | 4,941 | 3 | 0 | 728 | |
| (-) Debt | (7,087) | (105,019) | (12,020) | (640) | (20) | (7,456) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (128) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 210,178 | 3,421,646 | 253,694 | 24,882 | 603 | 61,313 | |
| (/) Shares Outstanding | 278.9 | 7,432.5 | 956.0 | 43.1 | 24.4 | 107.5 | |
| Implied Stock Price | 753.47 | 460.36 | 265.37 | 576.99 | 24.71 | 570.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 753.47 | 460.36 | 265.37 | 576.99 | 24.71 | 570.27 | |
| 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 | |