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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 6.7x - 7.4x | 7.0x |
Selected Fwd EBIT Multiple | 6.5x - 7.2x | 6.8x |
Fair Value | 19.53$ - 21.77$ | 20.65$ |
Upside | 45.8% - 62.4% | 54.1% |
Benchmarks | Ticker | Full Ticker |
Euronet Worldwide, Inc. | EEFT | NasdaqGS:EEFT |
Fiserv, Inc. | FI | NYSE:FI |
Remitly Global, Inc. | RELY | NasdaqGS:RELY |
PayPal Holdings, Inc. | PYPL | NasdaqGS:PYPL |
Block, Inc. | XYZ | NYSE:XYZ |
International Money Express, Inc. | IMXI | NasdaqCM:IMXI |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
EEFT | FI | RELY | PYPL | XYZ | IMXI | ||
NasdaqGS:EEFT | NYSE:FI | NasdaqGS:RELY | NasdaqGS:PYPL | NYSE:XYZ | NasdaqCM:IMXI | ||
Historical EBIT Growth | |||||||
5Y CAGR | 1.2% | 27.9% | NM- | 15.0% | 108.2% | 20.1% | |
3Y CAGR | 31.2% | 36.7% | NM- | 9.3% | 86.1% | 13.4% | |
Latest Twelve Months | 16.3% | 21.3% | 65.8% | 16.0% | 1387.2% | 3.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.3% | 18.5% | -11.0% | 16.2% | 0.0% | 15.0% | |
Prior Fiscal Year | 11.7% | 25.4% | -11.6% | 16.3% | -0.4% | 14.7% | |
Latest Fiscal Year | 12.6% | 28.7% | -3.0% | 17.7% | 4.3% | 15.3% | |
Latest Twelve Months | 12.6% | 28.7% | -3.0% | 17.7% | 4.3% | 15.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.23x | 7.22x | 3.05x | 2.09x | 1.55x | 0.70x | |
EV / LTM EBITDA | 7.7x | 16.5x | -139.4x | 10.8x | 27.8x | 4.0x | |
EV / LTM EBIT | 9.8x | 25.1x | -102.4x | 11.8x | 36.1x | 4.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -102.4x | 11.8x | 36.1x | ||||
Historical EV / LTM EBIT | 4.6x | 8.8x | 11.8x | ||||
Selected EV / LTM EBIT | 6.7x | 7.0x | 7.4x | ||||
(x) LTM EBIT | 100 | 100 | 100 | ||||
(=) Implied Enterprise Value | 668 | 704 | 739 | ||||
(-) Non-shareholder Claims * | (51) | (51) | (51) | ||||
(=) Equity Value | 617 | 652 | 688 | ||||
(/) Shares Outstanding | 30.7 | 30.7 | 30.7 | ||||
Implied Value Range | 20.14 | 21.29 | 22.43 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 20.14 | 21.29 | 22.43 | 13.40 | |||
Upside / (Downside) | 50.3% | 58.9% | 67.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | EEFT | FI | RELY | PYPL | XYZ | IMXI | |
Enterprise Value | 4,886 | 147,724 | 3,853 | 66,658 | 37,415 | 462 | |
(+) Cash & Short Term Investments | 1,923 | 1,236 | 368 | 10,823 | 8,567 | 131 | |
(+) Investments & Other | 27 | 1,756 | 0 | 4,583 | 718 | 0 | |
(-) Debt | (2,084) | (25,610) | (16) | (11,857) | (7,919) | (182) | |
(-) Other Liabilities | (1) | (618) | 0 | 0 | 33 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,750 | 124,488 | 4,205 | 70,207 | 38,814 | 411 | |
(/) Shares Outstanding | 43.7 | 561.3 | 200.6 | 989.2 | 620.2 | 30.7 | |
Implied Stock Price | 108.60 | 221.79 | 20.96 | 70.97 | 62.58 | 13.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 108.60 | 221.79 | 20.96 | 70.97 | 62.58 | 13.40 | |
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 |