| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| MSFT | CRM | ORCL | EGAN | WDAY | | PEGA | |
| NasdaqGS:MSFT | NYSE:CRM | NYSE:ORCL | NasdaqCM:EGAN | NasdaqGS:WDAY | | NasdaqGS:PEGA | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 14.3% | 17.3% | 6.0% | 6.7% | 18.4% | | 10.4% | |
| 3Y CAGR | 13.4% | 12.7% | 9.4% | 5.8% | 18.0% | | 7.3% | |
| Latest Twelve Months | 15.0% | 8.7% | 6.2% | -6.9% | 16.4% | | 4.5% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 41.7% | 8.1% | 33.6% | 4.8% | -1.8% | | -4.4% | |
| Prior Fiscal Year | 41.8% | 17.2% | 27.4% | 1.4% | 2.5% | | 7.2% | |
| Latest Fiscal Year | 44.6% | 20.2% | 29.8% | 6.4% | 5.9% | | 10.7% | |
| Latest Twelve Months | 45.0% | 20.2% | 31.4% | 3.7% | 5.9% | | 10.7% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 11.15x | 6.91x | 9.15x | 0.76x | 7.15x | | 4.00x | |
| EV / LTM EBIT | 24.8x | 34.1x | 29.1x | 20.4x | 121.0x | | 37.3x | |
| Price / LTM Sales | 11.03x | 7.09x | 7.50x | 1.50x | 7.70x | | 4.13x | |
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| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.76x | 7.15x | 11.15x | | | | | |
| Historical EV / LTM Revenue | 2.60x | 4.00x | 10.92x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 4.92x | 5.18x | 5.43x | | | | | |
| (x) LTM Revenue | 1,497 | 1,497 | 1,497 | | | | | |
| (=) Implied Enterprise Value | 7,362 | 7,749 | 8,137 | | | | | |
| (-) Non-shareholder Claims * | 212 | 212 | 212 | | | | | |
| (=) Equity Value | 7,573 | 7,961 | 8,348 | | | | | |
| (/) Shares Outstanding | 85.9 | 85.9 | 85.9 | | | | | |
| Implied Value Range | 88.17 | 92.68 | 97.19 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 88.17 | 92.68 | 97.19 | | 71.99 | | | |
| Upside / (Downside) | 22.5% | 28.7% | 35.0% | | | | | |