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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -48.8x - -54.0x | -51.4x |
| Selected Fwd EBIT Multiple | 10.3x - 11.4x | 10.9x |
| Fair Value | $2.68 - $3.29 | $2.99 |
| Upside | 18.1% - 45.1% | 31.6% |
| Benchmarks | Ticker | Full Ticker |
| Manhattan Associates, Inc. | MANH | NasdaqGS:MANH |
| SPS Commerce, Inc. | SPSC | NasdaqGS:SPSC |
| Oracle Corporation | ORCL | NYSE:ORCL |
| ReposiTrak, Inc. | TRAK | NYSE:TRAK |
| The Descartes Systems Group Inc. | DSGX | NasdaqGS:DSGX |
| E2open Parent Holdings, Inc. | ETWO | NYSE:ETWO |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MANH | SPSC | ORCL | TRAK | DSGX | ETWO | ||
| NasdaqGS:MANH | NasdaqGS:SPSC | NYSE:ORCL | NYSE:TRAK | NasdaqGS:DSGX | NYSE:ETWO | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.7% | 18.3% | 2.4% | 4.7% | 27.5% | NM- | |
| 3Y CAGR | 24.9% | 17.3% | 0.2% | 20.2% | 19.7% | NM- | |
| Latest Twelve Months | 24.6% | 15.1% | 14.6% | 5.6% | 14.6% | -38.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.9% | 14.8% | 33.6% | 19.9% | 25.6% | -19.4% | |
| Prior Fiscal Year | 22.6% | 14.4% | 27.4% | 26.7% | 28.7% | -3.1% | |
| Latest Fiscal Year | 25.1% | 13.9% | 29.8% | 24.6% | 29.0% | -6.0% | |
| Latest Twelve Months | 25.1% | 13.9% | 31.4% | 25.5% | 29.0% | -5.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.09x | 7.74x | 9.08x | 16.40x | 13.26x | 2.73x | |
| EV / LTM EBITDA | 39.3x | 37.7x | 22.1x | 55.5x | 32.7x | 11.1x | |
| EV / LTM EBIT | 40.2x | 55.5x | 28.9x | 64.2x | 45.8x | -46.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 28.9x | 45.8x | 64.2x | ||||
| Historical EV / LTM EBIT | -109.0x | -100.3x | -91.6x | ||||
| Selected EV / LTM EBIT | -48.8x | -51.4x | -54.0x | ||||
| (x) LTM EBIT | (36) | (36) | (36) | ||||
| (=) Implied Enterprise Value | 1,751 | 1,844 | 1,936 | ||||
| (-) Non-shareholder Claims * | (974) | (974) | (974) | ||||
| (=) Equity Value | 777 | 870 | 962 | ||||
| (/) Shares Outstanding | 309.2 | 309.2 | 309.2 | ||||
| Implied Value Range | 2.51 | 2.81 | 3.11 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.51 | 2.81 | 3.11 | 2.27 | |||
| Upside / (Downside) | 10.8% | 23.9% | 37.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MANH | SPSC | ORCL | TRAK | DSGX | ETWO | |
| Enterprise Value | 10,520 | 4,937 | 504,350 | 348 | 8,640 | 1,676 | |
| (+) Cash & Short Term Investments | 266 | 241 | 17,823 | 28 | 236 | 151 | |
| (+) Investments & Other | 0 | 0 | 2,000 | 0 | 0 | 0 | |
| (-) Debt | (51) | (12) | (109,176) | (1) | (8) | (1,069) | |
| (-) Other Liabilities | 0 | 0 | (531) | 0 | 0 | (57) | |
| (-) Preferred Stock | 0 | 0 | 0 | (0) | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,735 | 5,165 | 414,466 | 375 | 8,868 | 702 | |
| (/) Shares Outstanding | 61.1 | 38.1 | 2,804.2 | 18.3 | 85.6 | 309.2 | |
| Implied Stock Price | 175.62 | 135.65 | 147.80 | 20.51 | 103.59 | 2.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 175.62 | 135.65 | 147.80 | 20.51 | 103.59 | 2.27 | |
| 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 | |