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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 34,5x - 38,2x | 36,4x |
| Selected Fwd EBITDA Multiple | 21,5x - 23,8x | 22,7x |
| Fair Value | $149,17 - $164,60 | $156,88 |
| Upside | 41,3% - 56,0% | 48,7% |
| Benchmarks | Ticker | Full Ticker |
| Qualys, Inc. | QLYS | NasdaqGS:QLYS |
| Adobe Inc. | ADBE | NasdaqGS:ADBE |
| Tenable Holdings, Inc. | TENB | NasdaqGS:TENB |
| Sprout Social, Inc. | SPT | NasdaqCM:SPT |
| Workiva Inc. | WK | NYSE:WK |
| SPS Commerce, Inc. | SPSC | NasdaqGS:SPSC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| QLYS | ADBE | TENB | SPT | WK | SPSC | ||
| NasdaqGS:QLYS | NasdaqGS:ADBE | NasdaqGS:TENB | NasdaqCM:SPT | NYSE:WK | NasdaqGS:SPSC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.7% | 15.9% | NM- | NM- | NM- | 19.0% | |
| 3Y CAGR | 10.9% | 9.6% | NM- | NM- | NM- | 17.9% | |
| Latest Twelve Months | 6.8% | 11.4% | 312.2% | 29.2% | -81.3% | 30.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 34.9% | 38.8% | -2.4% | -16.5% | -9.5% | 21.2% | |
| Prior Fiscal Year | 34.3% | 37.4% | -1.4% | -17.5% | -10.2% | 20.9% | |
| Latest Fiscal Year | 33.9% | 39.1% | 3.8% | -11.7% | -8.3% | 20.6% | |
| Latest Twelve Months | 33.6% | 39.1% | 4.9% | -9.6% | -8.2% | 22.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.67x | 6.42x | 3.85x | 1.70x | 5.35x | 5.55x | |
| EV / LTM EBITDA | 19.9x | 16.4x | 79.3x | -17.7x | -65.5x | 25.3x | |
| EV / LTM EBIT | 21.5x | 17.6x | 454.2x | -14.3x | -55.6x | 38.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -65.5x | 16.4x | 79.3x | ||||
| Historical EV / LTM EBITDA | 47.1x | 55.1x | 64.5x | ||||
| Selected EV / LTM EBITDA | 34.5x | 36.4x | 38.2x | ||||
| (x) LTM EBITDA | 154 | 154 | 154 | ||||
| (=) Implied Enterprise Value | 5,334 | 5,615 | 5,895 | ||||
| (-) Non-shareholder Claims * | 97 | 97 | 97 | ||||
| (=) Equity Value | 5,431 | 5,712 | 5,992 | ||||
| (/) Shares Outstanding | 37.9 | 37.9 | 37.9 | ||||
| Implied Value Range | 143.26 | 150.67 | 158.07 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 143.26 | 150.67 | 158.07 | 105.53 | |||
| Upside / (Downside) | 35.8% | 42.8% | 49.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | QLYS | ADBE | TENB | SPT | WK | SPSC | |
| Enterprise Value | 4,251 | 148,895 | 3,653 | 732 | 4,320 | 3,904 | |
| (+) Cash & Short Term Investments | 370 | 5,940 | 387 | 102 | 814 | 108 | |
| (+) Investments & Other | 251 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (55) | (6,636) | (419) | (31) | (794) | (11) | |
| (-) 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 | 4,817 | 148,199 | 3,621 | 803 | 4,340 | 4,001 | |
| (/) Shares Outstanding | 36.1 | 424.2 | 121.1 | 58.8 | 56.0 | 37.9 | |
| Implied Stock Price | 133.46 | 349.36 | 29.90 | 13.65 | 77.48 | 105.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 133.46 | 349.36 | 29.90 | 13.65 | 77.48 | 105.53 | |
| 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 | |