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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 27.3x - 30.2x | 28.8x |
| Selected Fwd EBIT Multiple | 7.4x - 8.1x | 7.8x |
| Fair Value | €20.53 - €24.32 | €22.42 |
| Upside | 28.7% - 52.5% | 40.6% |
| Benchmarks | Ticker | Full Ticker |
| EPAM Systems, Inc. | EPAM | NYSE:EPAM |
| Grid Dynamics Holdings, Inc. | GDYN | NasdaqCM:GDYN |
| Kyndryl Holdings, Inc. | KD | NYSE:KD |
| Rackspace Technology, Inc. | RXT | NasdaqGS:RXT |
| Amdocs Limited | DOX | NasdaqGS:DOX |
| DXC Technology Company | 2XT | DB:2XT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EPAM | GDYN | KD | RXT | DOX | 2XT | ||
| NYSE:EPAM | NasdaqCM:GDYN | NYSE:KD | NasdaqGS:RXT | NasdaqGS:DOX | DB:2XT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 14.8% | -26.6% | NM- | NM- | 5.9% | -38.9% | |
| 3Y CAGR | 3.4% | 52.0% | NM- | NM- | 8.3% | 106.1% | |
| Latest Twelve Months | 2.3% | 370.3% | 560.0% | -61.7% | 6.3% | 131.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 13.7% | -2.0% | -2.6% | 3.0% | 14.6% | 2.4% | |
| Prior Fiscal Year | 12.6% | -0.4% | -2.0% | -2.3% | 14.8% | -5.5% | |
| Latest Fiscal Year | 12.8% | 1.0% | 0.7% | -4.1% | 15.2% | 1.3% | |
| Latest Twelve Months | 12.8% | 1.0% | 2.7% | -4.1% | 16.0% | 1.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.80x | 2.86x | 0.65x | 1.30x | 2.19x | 0.47x | |
| EV / LTM EBITDA | 12.2x | 57.1x | 9.4x | 19.3x | 11.0x | 4.4x | |
| EV / LTM EBIT | 14.0x | 300.9x | 23.8x | -31.7x | 13.7x | 24.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -31.7x | 14.0x | 300.9x | ||||
| Historical EV / LTM EBIT | -9.9x | 7.3x | 36.9x | ||||
| Selected EV / LTM EBIT | 27.3x | 28.8x | 30.2x | ||||
| (x) LTM EBIT | 252 | 252 | 252 | ||||
| (=) Implied Enterprise Value | 6,885 | 7,248 | 7,610 | ||||
| (-) Non-shareholder Claims * | (3,040) | (3,040) | (3,040) | ||||
| (=) Equity Value | 3,845 | 4,208 | 4,570 | ||||
| (/) Shares Outstanding | 181.0 | 181.0 | 181.0 | ||||
| Implied Value Range | 21.24 | 23.24 | 25.24 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.62 | 21.47 | 23.32 | 15.95 | |||
| Upside / (Downside) | 23.1% | 34.7% | 46.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EPAM | GDYN | KD | RXT | DOX | 2XT | |
| Enterprise Value | 8,449 | 1,003 | 9,849 | 3,543 | 10,688 | 6,165 | |
| (+) Cash & Short Term Investments | 1,288 | 335 | 1,501 | 184 | 349 | 1,723 | |
| (+) Investments & Other | 39 | 0 | 0 | 7 | 0 | 0 | |
| (-) Debt | (163) | (13) | (3,952) | (3,341) | (794) | (4,501) | |
| (-) Other Liabilities | (2) | 0 | (110) | 0 | (42) | (262) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,610 | 1,325 | 7,288 | 392 | 10,201 | 3,125 | |
| (/) Shares Outstanding | 56.9 | 83.8 | 232.7 | 237.3 | 112.2 | 181.0 | |
| Implied Stock Price | 168.93 | 15.81 | 31.32 | 1.65 | 90.95 | 17.26 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 168.93 | 15.81 | 31.32 | 1.65 | 90.95 | 15.95 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |