| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| ADBE | DBX | DT | BOX | DDOG | | DOCU | |
| NasdaqGS:ADBE | NasdaqGS:DBX | NYSE:DT | NYSE:BOX | NasdaqGS:DDOG | | NasdaqGS:DOCU | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 14.0% | 8.9% | 27.1% | 9.4% | 49.2% | | 25.0% | |
| 3Y CAGR | 10.9% | 5.7% | 26.7% | 7.6% | 37.7% | | 12.2% | |
| Latest Twelve Months | 10.5% | 1.9% | 19.8% | 5.0% | 26.1% | | 7.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 34.9% | 12.7% | 6.2% | 0.0% | -1.8% | | -3.4% | |
| Prior Fiscal Year | 34.3% | 16.9% | 8.0% | 5.0% | -1.6% | | 2.3% | |
| Latest Fiscal Year | 36.4% | 20.9% | 9.4% | 7.3% | 2.0% | | 7.9% | |
| Latest Twelve Months | 36.6% | 20.9% | 10.1% | 7.3% | 2.0% | | 7.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 6.75x | 3.72x | 7.37x | 4.45x | 10.77x | | 4.79x | |
| EV / LTM EBIT | 18.4x | 17.8x | 72.8x | 60.9x | 532.4x | | 60.9x | |
| Price / LTM Sales | 6.79x | 3.17x | 7.94x | 3.97x | 11.64x | | 5.12x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.72x | 6.75x | 10.77x | | | | | |
| Historical EV / LTM Revenue | 4.29x | 4.89x | 34.35x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 6.59x | 6.94x | 7.29x | | | | | |
| (x) LTM Revenue | 2,977 | 2,977 | 2,977 | | | | | |
| (=) Implied Enterprise Value | 19,626 | 20,659 | 21,692 | | | | | |
| (-) Non-shareholder Claims * | 988 | 988 | 988 | | | | | |
| (=) Equity Value | 20,614 | 21,647 | 22,680 | | | | | |
| (/) Shares Outstanding | 202.5 | 202.5 | 202.5 | | | | | |
| Implied Value Range | 101.82 | 106.92 | 112.02 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 101.82 | 106.92 | 112.02 | | 77.49 | | | |
| Upside / (Downside) | 31.4% | 38.0% | 44.6% | | | | | |