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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21.0x - 23.2x | 22.1x |
| Selected Fwd EBIT Multiple | 14.1x - 15.6x | 14.9x |
| Fair Value | $244.79 - $268.41 | $256.60 |
| Upside | 38.4% - 51.7% | 45.0% |
| Benchmarks | Ticker | Full Ticker |
| Grid Dynamics Holdings, Inc. | GDYN | NasdaqCM:GDYN |
| DXC Technology Company | DXC | NYSE:DXC |
| Cognizant Technology Solutions Corporation | CTSH | NasdaqGS:CTSH |
| International Business Machines Corporation | IBM | NYSE:IBM |
| Amdocs Limited | DOX | NasdaqGS:DOX |
| EPAM Systems, Inc. | EPAM | NYSE:EPAM |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GDYN | DXC | CTSH | IBM | DOX | EPAM | ||
| NasdaqCM:GDYN | NYSE:DXC | NasdaqGS:CTSH | NYSE:IBM | NasdaqGS:DOX | NYSE:EPAM | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -26.6% | -38.9% | 1.7% | -2.4% | 5.9% | 14.8% | |
| 3Y CAGR | 52.0% | 106.1% | 2.3% | 6.1% | 8.3% | 3.4% | |
| Latest Twelve Months | 370.3% | 131.9% | 3.1% | -32.6% | 6.3% | 2.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -2.0% | 2.4% | 15.3% | 10.2% | 14.6% | 13.7% | |
| Prior Fiscal Year | -0.4% | -5.5% | 15.2% | 16.0% | 14.8% | 12.6% | |
| Latest Fiscal Year | 1.0% | 1.3% | 15.3% | 10.6% | 15.2% | 12.8% | |
| Latest Twelve Months | 1.0% | 1.9% | 15.3% | 10.6% | 16.0% | 12.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.07x | 0.47x | 1.91x | 4.40x | 2.22x | 1.89x | |
| EV / LTM EBITDA | 61.2x | 4.5x | 10.7x | 26.4x | 11.1x | 12.9x | |
| EV / LTM EBIT | 322.3x | 24.6x | 12.5x | 41.4x | 13.8x | 14.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.5x | 24.6x | 322.3x | ||||
| Historical EV / LTM EBIT | 14.8x | 25.7x | 75.5x | ||||
| Selected EV / LTM EBIT | 21.0x | 22.1x | 23.2x | ||||
| (x) LTM EBIT | 604 | 604 | 604 | ||||
| (=) Implied Enterprise Value | 12,687 | 13,354 | 14,022 | ||||
| (-) Non-shareholder Claims * | 1,161 | 1,161 | 1,161 | ||||
| (=) Equity Value | 13,848 | 14,516 | 15,183 | ||||
| (/) Shares Outstanding | 56.9 | 56.9 | 56.9 | ||||
| Implied Value Range | 243.42 | 255.16 | 266.90 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 243.42 | 255.16 | 266.90 | 176.92 | |||
| Upside / (Downside) | 37.6% | 44.2% | 50.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GDYN | DXC | CTSH | IBM | DOX | EPAM | |
| Enterprise Value | 1,075 | 6,210 | 37,676 | 274,331 | 10,802 | 8,903 | |
| (+) Cash & Short Term Investments | 335 | 1,723 | 2,243 | 14,591 | 349 | 1,288 | |
| (+) Investments & Other | 0 | 0 | 90 | 1,691 | 0 | 39 | |
| (-) Debt | (13) | (4,501) | (1,503) | (58,396) | (794) | (163) | |
| (-) Other Liabilities | 0 | (262) | 0 | (86) | (42) | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,397 | 3,170 | 38,506 | 232,131 | 10,316 | 10,065 | |
| (/) Shares Outstanding | 83.8 | 181.0 | 494.6 | 927.3 | 112.2 | 56.9 | |
| Implied Stock Price | 16.66 | 17.51 | 77.85 | 250.34 | 91.97 | 176.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.66 | 17.51 | 77.85 | 250.34 | 91.97 | 176.92 | |
| 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 | |