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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 37,2x - 41,1x | 39,1x |
| Selected Fwd EBIT Multiple | 6,0x - 6,7x | 6,3x |
| Fair Value | $22,23 - $26,10 | $24,16 |
| Upside | -5,9% - 10,5% | 2,3% |
| Benchmarks | Ticker | Full Ticker |
| LivePerson, Inc. | LPSN | NasdaqGS:LPSN |
| Fortinet, Inc. | FTNT | NasdaqGS:FTNT |
| Nutanix, Inc. | NTNX | NasdaqGS:NTNX |
| Palo Alto Networks, Inc. | PANW | NasdaqGS:PANW |
| Five9, Inc. | FIVN | NasdaqGM:FIVN |
| RingCentral, Inc. | RNG | NYSE:RNG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LPSN | FTNT | NTNX | PANW | FIVN | RNG | ||
| NasdaqGS:LPSN | NasdaqGS:FTNT | NasdaqGS:NTNX | NasdaqGS:PANW | NasdaqGM:FIVN | NYSE:RNG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 38.7% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 40.7% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 29.9% | 50.0% | 672.6% | 13.2% | 117.1% | 182.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -23.6% | 22.2% | -24.0% | 1.5% | -6.3% | -13.1% | |
| Prior Fiscal Year | -21.5% | 23.3% | -9.0% | 5.6% | -10.1% | -8.1% | |
| Latest Fiscal Year | -20.5% | 30.2% | 1.2% | 11.1% | -2.8% | 0.6% | |
| Latest Twelve Months | -18.0% | 31.4% | 6.1% | 11.2% | 1.2% | 3.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.49x | 11.43x | 8.13x | 12.15x | 1.96x | 1.40x | |
| EV / LTM EBITDA | -25.9x | 34.2x | 91.0x | 86.3x | 30.8x | 11.6x | |
| EV / LTM EBIT | -8.3x | 36.5x | 134.2x | 108.8x | 160.1x | 44.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.3x | 108.8x | 160.1x | ||||
| Historical EV / LTM EBIT | -330.8x | -81.8x | -9.8x | ||||
| Selected EV / LTM EBIT | 37.2x | 39.1x | 41.1x | ||||
| (x) LTM EBIT | 78 | 78 | 78 | ||||
| (=) Implied Enterprise Value | 2,881 | 3,033 | 3,184 | ||||
| (-) Non-shareholder Claims * | (1,311) | (1,311) | (1,311) | ||||
| (=) Equity Value | 1,569 | 1,721 | 1,873 | ||||
| (/) Shares Outstanding | 89.9 | 89.9 | 89.9 | ||||
| Implied Value Range | 17.45 | 19.14 | 20.82 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.45 | 19.14 | 20.82 | 23.62 | |||
| Upside / (Downside) | -26.1% | -19.0% | -11.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LPSN | FTNT | NTNX | PANW | FIVN | RNG | |
| Enterprise Value | 436 | 69,902 | 19,263 | 105,295 | 2,161 | 3,436 | |
| (+) Cash & Short Term Investments | 176 | 4,781 | 1,882 | 3,300 | 636 | 168 | |
| (+) Investments & Other | 0 | 35 | 0 | 5,152 | 1 | 0 | |
| (-) Debt | (529) | (1,077) | (1,496) | (806) | (800) | (1,280) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (199) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 83 | 73,641 | 19,650 | 112,941 | 1,998 | 2,124 | |
| (/) Shares Outstanding | 93.8 | 765.4 | 268.1 | 667.9 | 77.3 | 89.9 | |
| Implied Stock Price | 0.89 | 96.21 | 73.30 | 169.09 | 25.86 | 23.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.89 | 96.21 | 73.30 | 169.09 | 25.86 | 23.62 | |
| 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 | |