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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 39.6x - 43.8x | 41.7x |
| Selected Fwd EBITDA Multiple | 28.0x - 30.9x | 29.4x |
| Fair Value | 93.22€ - 102.65€ | 97.94€ |
| Upside | 4.5% - 15.1% | 9.8% |
| Benchmarks | Ticker | Full Ticker |
| Commvault Systems, Inc. | CVLT | NasdaqGS:CVLT |
| Workday, Inc. | WDAY | NasdaqGS:WDAY |
| Rapid7, Inc. | RPD | NasdaqGM:RPD |
| ServiceNow, Inc. | NOW | NYSE:NOW |
| Zoom Communications Inc. | ZM | NasdaqGS:ZM |
| Fortinet, Inc. | FO8 | DB:FO8 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CVLT | WDAY | RPD | NOW | ZM | FO8 | ||
| NasdaqGS:CVLT | NasdaqGS:WDAY | NasdaqGM:RPD | NYSE:NOW | NasdaqGS:ZM | DB:FO8 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.8% | NM- | NM- | 46.2% | 100.2% | 36.0% | |
| 3Y CAGR | 13.8% | 53.5% | NM- | 39.1% | -5.5% | 38.1% | |
| Latest Twelve Months | 10.8% | 77.4% | 435.7% | 44.0% | 24.1% | 42.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.6% | 3.8% | -6.4% | 13.0% | 18.4% | 23.9% | |
| Prior Fiscal Year | 7.9% | 6.4% | 1.9% | 15.2% | 16.7% | 25.4% | |
| Latest Fiscal Year | 10.1% | 9.8% | 9.5% | 17.9% | 20.1% | 32.3% | |
| Latest Twelve Months | 9.5% | 9.8% | 9.5% | 17.9% | 20.1% | 32.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.30x | 6.97x | 2.64x | 14.27x | 3.11x | 11.97x | |
| EV / LTM EBITDA | 76.6x | 71.4x | 27.6x | 79.9x | 15.5x | 37.1x | |
| EV / LTM EBIT | 81.7x | 118.0x | 62.5x | 112.2x | 17.8x | 39.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 15.5x | 71.4x | 79.9x | ||||
| Historical EV / LTM EBITDA | 32.5x | 40.5x | 83.9x | ||||
| Selected EV / LTM EBITDA | 39.6x | 41.7x | 43.8x | ||||
| (x) LTM EBITDA | 1,922 | 1,922 | 1,922 | ||||
| (=) Implied Enterprise Value | 76,120 | 80,126 | 84,133 | ||||
| (-) Non-shareholder Claims * | 3,006 | 3,006 | 3,006 | ||||
| (=) Equity Value | 79,126 | 83,133 | 87,139 | ||||
| (/) Shares Outstanding | 769.0 | 769.0 | 769.0 | ||||
| Implied Value Range | 102.90 | 108.11 | 113.32 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 95.06 | 99.87 | 104.68 | 89.17 | |||
| Upside / (Downside) | 6.6% | 12.0% | 17.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CVLT | WDAY | RPD | NOW | ZM | FO8 | |
| Enterprise Value | 6,887 | 58,620 | 2,224 | 156,275 | 14,525 | 71,219 | |
| (+) Cash & Short Term Investments | 244 | 8,017 | 522 | 5,762 | 7,792 | 4,067 | |
| (+) Investments & Other | 8 | 247 | 37 | 4,580 | 591 | 13 | |
| (-) Debt | (12) | (3,362) | (1,018) | (2,278) | (64) | (1,073) | |
| (-) 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 | 7,127 | 63,522 | 1,765 | 164,339 | 22,844 | 74,225 | |
| (/) Shares Outstanding | 44.0 | 266.4 | 64.0 | 206.0 | 305.2 | 769.0 | |
| Implied Stock Price | 161.98 | 238.49 | 27.59 | 797.76 | 74.84 | 96.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 161.98 | 238.49 | 27.59 | 797.76 | 74.84 | 89.17 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |