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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -427,4x - -472,4x | -449,9x |
| Selected Fwd EBITDA Multiple | 31,0x - 34,3x | 32,7x |
| Fair Value | $455,76 - $500,52 | $478,14 |
| Upside | -0,8% - 8,9% | 4,0% |
| Benchmarks | Ticker | Full Ticker |
| Klaviyo, Inc. | KVYO | NYSE:KVYO |
| Freshworks Inc. | FRSH | NasdaqGS:FRSH |
| Braze, Inc. | BRZE | NasdaqGS:BRZE |
| EverCommerce Inc. | EVCM | NasdaqGS:EVCM |
| LiveRamp Holdings, Inc. | RAMP | NYSE:RAMP |
| HubSpot, Inc. | HUBS | NYSE:HUBS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KVYO | FRSH | BRZE | EVCM | RAMP | HUBS | ||
| NYSE:KVYO | NasdaqGS:FRSH | NasdaqGS:BRZE | NasdaqGS:EVCM | NYSE:RAMP | NYSE:HUBS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 14.8% | NM- | NM- | |
| Latest Twelve Months | 74.8% | 65.9% | 11.9% | 7.8% | 42.3% | 17.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -20.9% | -30.4% | -29.2% | 15.9% | -6.6% | -3.1% | |
| Prior Fiscal Year | -44.5% | -27.4% | -29.6% | 15.6% | 5.5% | -3.4% | |
| Latest Fiscal Year | -7.6% | -15.7% | -19.4% | 17.1% | 4.1% | -1.5% | |
| Latest Twelve Months | -8.5% | -6.4% | -17.4% | 17.4% | 5.5% | -1.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.49x | 3.03x | 4.36x | 3.39x | 2.00x | 8.02x | |
| EV / LTM EBITDA | -76.8x | -47.1x | -25.0x | 19.5x | 36.3x | -500.6x | |
| EV / LTM EBIT | -68.0x | -34.0x | -23.4x | 43.2x | 58.6x | -351.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -76.8x | -25.0x | 36.3x | ||||
| Historical EV / LTM EBITDA | -958.4x | -567.1x | -170.7x | ||||
| Selected EV / LTM EBITDA | -427.4x | -449.9x | -472.4x | ||||
| (x) LTM EBITDA | (46) | (46) | (46) | ||||
| (=) Implied Enterprise Value | 19,489 | 20,514 | 21,540 | ||||
| (-) Non-shareholder Claims * | 1,609 | 1,609 | 1,609 | ||||
| (=) Equity Value | 21,097 | 22,123 | 23,149 | ||||
| (/) Shares Outstanding | 52.7 | 52.7 | 52.7 | ||||
| Implied Value Range | 400.38 | 419.85 | 439.31 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 400.38 | 419.85 | 439.31 | 459.56 | |||
| Upside / (Downside) | -12.9% | -8.6% | -4.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KVYO | FRSH | BRZE | EVCM | RAMP | HUBS | |
| Enterprise Value | 7,002 | 2,368 | 2,853 | 2,408 | 1,525 | 22,607 | |
| (+) Cash & Short Term Investments | 936 | 926 | 364 | 151 | 371 | 1,670 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 3 | 220 | |
| (-) Debt | (99) | (36) | (84) | (546) | (35) | (281) | |
| (-) 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 | 7,839 | 3,258 | 3,132 | 2,014 | 1,864 | 24,216 | |
| (/) Shares Outstanding | 300.0 | 291.4 | 111.3 | 181.3 | 65.6 | 52.7 | |
| Implied Stock Price | 26.13 | 11.18 | 28.15 | 11.11 | 28.41 | 459.56 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.13 | 11.18 | 28.15 | 11.11 | 28.41 | 459.56 | |
| 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 | |