| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| TSSI | APLD | CISO | KD | UPYY | | BBAI | |
| NasdaqCM:TSSI | NasdaqGS:APLD | NasdaqCM:CISO | NYSE:KD | OTCPK:UPYY | | NYSE:BBAI | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 19.5% | NM- | 145.4% | -4.6% | 4.9% | | 16.5% | |
| 3Y CAGR | 6.5% | NM- | 99.0% | -4.9% | 7.9% | | 2.8% | |
| Latest Twelve Months | 199.3% | 84.6% | 34.9% | -8.2% | -35.0% | | 2.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 1.0% | -200.6% | -68.7% | -2.6% | -24.7% | | -26.3% | |
| Prior Fiscal Year | 3.0% | -79.5% | -71.2% | -2.0% | -6.6% | | -22.9% | |
| Latest Fiscal Year | 3.2% | -49.1% | -57.1% | 0.7% | -48.9% | | -22.9% | |
| Latest Twelve Months | 5.3% | -47.9% | -48.8% | 2.7% | -73.6% | | -22.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.79x | 10.78x | 0.32x | 0.71x | 12.88x | | 6.46x | |
| EV / LTM EBIT | 33.8x | -22.5x | -0.6x | 26.0x | -17.5x | | -28.2x | |
| Price / LTM Sales | 2.14x | 8.09x | 0.09x | 0.54x | 12.50x | | 5.86x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.32x | 1.79x | 12.88x | | | | | |
| Historical EV / LTM Revenue | 1.73x | 4.73x | 6.46x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.96x | 4.16x | 4.37x | | | | | |
| (x) LTM Revenue | 158 | 158 | 158 | | | | | |
| (=) Implied Enterprise Value | 626 | 659 | 692 | | | | | |
| (-) Non-shareholder Claims * | (95) | (95) | (95) | | | | | |
| (=) Equity Value | 531 | 564 | 597 | | | | | |
| (/) Shares Outstanding | 251.6 | 251.6 | 251.6 | | | | | |
| Implied Value Range | 2.11 | 2.24 | 2.37 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 2.11 | 2.24 | 2.37 | | 3.54 | | | |
| Upside / (Downside) | -40.4% | -36.7% | -33.0% | | | | | |