| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| SPSC | SPT | PANW | QTWO | WK | | QLYS | |
| NasdaqGS:SPSC | NasdaqCM:SPT | NasdaqGS:PANW | NYSE:QTWO | NYSE:WK | | NasdaqGS:QLYS | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 18.0% | 31.6% | 22.6% | 17.2% | 19.9% | | 13.6% | |
| 3Y CAGR | 18.3% | 29.3% | 23.6% | 11.8% | 18.6% | | 13.9% | |
| Latest Twelve Months | 18.8% | 21.7% | 13.9% | 11.5% | 17.2% | | 9.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 14.8% | -22.0% | 0.6% | -15.7% | -11.4% | | 27.8% | |
| Prior Fiscal Year | 14.4% | -19.5% | 5.6% | -13.8% | -12.0% | | 29.4% | |
| Latest Fiscal Year | 13.9% | -14.1% | 11.1% | -6.1% | -9.8% | | 30.8% | |
| Latest Twelve Months | 13.9% | -14.1% | 13.1% | -6.1% | -9.8% | | 30.8% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 7.74x | 3.36x | 13.49x | 7.33x | 6.33x | | 6.88x | |
| EV / LTM EBIT | 55.5x | -23.8x | 103.2x | -120.8x | -64.7x | | 22.3x | |
| Price / LTM Sales | 8.10x | 3.47x | 14.29x | 7.20x | 6.36x | | 7.75x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 3.36x | 7.33x | 13.49x | | | | | |
| Historical EV / LTM Revenue | 6.88x | 12.36x | 12.56x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 7.17x | 7.55x | 7.93x | | | | | |
| (x) LTM Revenue | 608 | 608 | 608 | | | | | |
| (=) Implied Enterprise Value | 4,358 | 4,587 | 4,817 | | | | | |
| (-) Non-shareholder Claims * | 528 | 528 | 528 | | | | | |
| (=) Equity Value | 4,886 | 5,115 | 5,345 | | | | | |
| (/) Shares Outstanding | 36.5 | 36.5 | 36.5 | | | | | |
| Implied Value Range | 133.95 | 140.24 | 146.52 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 133.95 | 140.24 | 146.52 | | 129.06 | | | |
| Upside / (Downside) | 3.8% | 8.7% | 13.5% | | | | | |