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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 28.4x - 31.4x | 29.9x |
| Selected Fwd EBIT Multiple | 20.1x - 22.3x | 21.2x |
| Fair Value | $413.08 - $456.78 | $434.93 |
| Upside | 5.9% - 17.1% | 11.5% |
| Benchmarks | Ticker | Full Ticker |
| A10 Networks, Inc. | ATEN | NYSE:ATEN |
| Gen Digital Inc. | GEN | NasdaqGS:GEN |
| Intuit Inc. | INTU | NasdaqGS:INTU |
| Salesforce, Inc. | CRM | NYSE:CRM |
| Pegasystems Inc. | PEGA | NasdaqGS:PEGA |
| Microsoft Corporation | MSFT | NasdaqGS:MSFT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ATEN | GEN | INTU | CRM | PEGA | MSFT | ||
| NYSE:ATEN | NasdaqGS:GEN | NasdaqGS:INTU | NYSE:CRM | NasdaqGS:PEGA | NasdaqGS:MSFT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 32.0% | 15.8% | 75.3% | NM- | 20.6% | |
| 3Y CAGR | 9.6% | 12.9% | 15.0% | 141.0% | NM- | 16.1% | |
| Latest Twelve Months | 13.8% | 79.6% | 16.8% | 27.8% | 56.6% | 17.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 12.9% | 38.8% | 24.0% | 8.1% | -4.4% | 41.7% | |
| Prior Fiscal Year | 15.4% | 37.6% | 21.9% | 17.2% | 7.2% | 41.8% | |
| Latest Fiscal Year | 16.8% | 39.9% | 23.7% | 20.2% | 10.7% | 44.6% | |
| Latest Twelve Months | 16.8% | 51.6% | 23.6% | 20.2% | 10.7% | 45.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.23x | 6.31x | 10.27x | 6.95x | 4.14x | 11.19x | |
| EV / LTM EBITDA | 20.2x | 11.1x | 37.4x | 23.6x | 34.8x | 20.6x | |
| EV / LTM EBIT | 25.2x | 12.2x | 43.5x | 34.3x | 38.6x | 24.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.2x | 34.3x | 43.5x | ||||
| Historical EV / LTM EBIT | 23.1x | 29.5x | 31.4x | ||||
| Selected EV / LTM EBIT | 28.4x | 29.9x | 31.4x | ||||
| (x) LTM EBIT | 117,711 | 117,711 | 117,711 | ||||
| (=) Implied Enterprise Value | 3,343,454 | 3,519,425 | 3,695,396 | ||||
| (-) Non-shareholder Claims * | (15,773) | (15,773) | (15,773) | ||||
| (=) Equity Value | 3,327,681 | 3,503,652 | 3,679,623 | ||||
| (/) Shares Outstanding | 7,434.0 | 7,434.0 | 7,434.0 | ||||
| Implied Value Range | 447.63 | 471.30 | 494.97 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 447.63 | 471.30 | 494.97 | 389.97 | |||
| Upside / (Downside) | 14.8% | 20.9% | 26.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ATEN | GEN | INTU | CRM | PEGA | MSFT | |
| Enterprise Value | 1,107 | 24,505 | 176,236 | 263,217 | 6,184 | 2,914,803 | |
| (+) Cash & Short Term Investments | 196 | 883 | 2,459 | 14,032 | 740 | 71,555 | |
| (+) Investments & Other | 0 | 110 | 88 | 4,852 | 21 | 15,581 | |
| (-) Debt | (12) | (8,531) | (6,892) | (12,070) | (550) | (102,909) | |
| (-) 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 | 1,291 | 16,967 | 171,891 | 270,031 | 6,395 | 2,899,030 | |
| (/) Shares Outstanding | 74.0 | 616.3 | 279.6 | 961.0 | 85.9 | 7,434.0 | |
| Implied Stock Price | 17.45 | 27.53 | 614.86 | 280.99 | 74.45 | 389.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.45 | 27.53 | 614.86 | 280.99 | 74.45 | 389.97 | |
| 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 | |