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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -383,8x - -424,2x | -404,0x |
| Selected Fwd EBITDA Multiple | 24,6x - 27,2x | 25,9x |
| Fair Value | $138,82 - $152,65 | $145,74 |
| Upside | -29,5% - -22,4% | -26,0% |
| Benchmarks | Ticker | Full Ticker |
| ServiceNow, Inc. | NOW | NYSE:NOW |
| Fortinet, Inc. | FTNT | NasdaqGS:FTNT |
| Asana, Inc. | ASAN | NYSE:ASAN |
| Palo Alto Networks, Inc. | PANW | NasdaqGS:PANW |
| PagerDuty, Inc. | PD | NYSE:PD |
| Atlassian Corporation | TEAM | NasdaqGS:TEAM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NOW | FTNT | ASAN | PANW | PD | TEAM | ||
| NYSE:NOW | NasdaqGS:FTNT | NYSE:ASAN | NasdaqGS:PANW | NYSE:PD | NasdaqGS:TEAM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 46.2% | 36.0% | NM- | 57.3% | NM- | NM- | |
| 3Y CAGR | 39.1% | 38.1% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 35.8% | 47.0% | 14.2% | 16.5% | 60.2% | -150.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.4% | 24.6% | -58.0% | 5.3% | -23.4% | 1.4% | |
| Prior Fiscal Year | 15.2% | 25.4% | -38.8% | 8.6% | -15.7% | -5.3% | |
| Latest Fiscal Year | 17.9% | 32.3% | -33.6% | 13.6% | -8.4% | -0.9% | |
| Latest Twelve Months | 18.4% | 33.5% | -29.4% | 14.1% | -6.1% | -1.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 17.14x | 11.96x | 3.92x | 13.89x | 2.54x | 10.06x | |
| EV / LTM EBITDA | 93.2x | 35.7x | -13.3x | 98.6x | -41.6x | -652.3x | |
| EV / LTM EBIT | 129.7x | 38.1x | -12.5x | 124.3x | -25.0x | -295.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -41.6x | 35.7x | 98.6x | ||||
| Historical EV / LTM EBITDA | -1475.2x | 298.5x | 2504.9x | ||||
| Selected EV / LTM EBITDA | -383.8x | -404.0x | -424.2x | ||||
| (x) LTM EBITDA | (77) | (77) | (77) | ||||
| (=) Implied Enterprise Value | 29,375 | 30,921 | 32,467 | ||||
| (-) Non-shareholder Claims * | 1,961 | 1,961 | 1,961 | ||||
| (=) Equity Value | 31,336 | 32,882 | 34,428 | ||||
| (/) Shares Outstanding | 262.5 | 262.5 | 262.5 | ||||
| Implied Value Range | 119.37 | 125.26 | 131.15 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 119.37 | 125.26 | 131.15 | 196.82 | |||
| Upside / (Downside) | -39.3% | -36.4% | -33.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NOW | FTNT | ASAN | PANW | PD | TEAM | |
| Enterprise Value | 196,093 | 73,438 | 2,899 | 123,226 | 1,209 | 49,705 | |
| (+) Cash & Short Term Investments | 6,597 | 4,781 | 471 | 3,300 | 597 | 2,974 | |
| (+) Investments & Other | 4,808 | 35 | 0 | 5,152 | 0 | 217 | |
| (-) Debt | (2,399) | (1,077) | (266) | (806) | (464) | (1,231) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (17) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 205,099 | 77,177 | 3,104 | 130,873 | 1,325 | 51,666 | |
| (/) Shares Outstanding | 207.5 | 765.4 | 235.3 | 666.8 | 92.2 | 262.5 | |
| Implied Stock Price | 988.66 | 100.83 | 13.19 | 196.27 | 14.38 | 196.82 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 988.66 | 100.83 | 13.19 | 196.27 | 14.38 | 196.82 | |
| 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 | |