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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.1x - 24.5x | 23.3x |
| Selected Fwd EBIT Multiple | 10.3x - 11.4x | 10.9x |
| Fair Value | $7.96 - $8.72 | $8.34 |
| Upside | -11.7% - -3.4% | -7.5% |
| Benchmarks | Ticker | Full Ticker |
| LendingTree, Inc. | TREE | NasdaqGS:TREE |
| Block, Inc. | XYZ | NYSE:XYZ |
| World Acceptance Corporation | WRLD | NasdaqGS:WRLD |
| Encore Capital Group, Inc. | ECPG | NasdaqGS:ECPG |
| PRA Group, Inc. | PRAA | NasdaqGS:PRAA |
| NerdWallet, Inc. | NRDS | NasdaqGM:NRDS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TREE | XYZ | WRLD | ECPG | PRAA | NRDS | ||
| NasdaqGS:TREE | NYSE:XYZ | NasdaqGS:WRLD | NasdaqGS:ECPG | NasdaqGS:PRAA | NasdaqGM:NRDS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -9.4% | 108.2% | 6.5% | -9.6% | 6.5% | -7.0% | |
| 3Y CAGR | 499.6% | 86.1% | 1.7% | -24.1% | -3.2% | NM- | |
| Latest Twelve Months | 476.0% | 1387.2% | 12.1% | 1.1% | 221.3% | 450.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 0.9% | 0.0% | 19.2% | 31.4% | 27.7% | -1.8% | |
| Prior Fiscal Year | 1.3% | -0.4% | 11.8% | 22.4% | 13.2% | 0.6% | |
| Latest Fiscal Year | 5.4% | 4.3% | 25.7% | 21.0% | 30.5% | 2.9% | |
| Latest Twelve Months | 5.4% | 4.3% | 26.2% | 21.0% | 30.5% | 2.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.25x | 1.36x | 2.31x | 3.32x | 3.64x | 0.89x | |
| EV / LTM EBITDA | 18.9x | 24.5x | 8.2x | 14.2x | 11.6x | 17.2x | |
| EV / LTM EBIT | 23.0x | 31.7x | 8.8x | 15.8x | 11.9x | 30.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.8x | 15.8x | 31.7x | ||||
| Historical EV / LTM EBIT | -44.8x | -2.1x | 137.4x | ||||
| Selected EV / LTM EBIT | 22.1x | 23.3x | 24.5x | ||||
| (x) LTM EBIT | 20 | 20 | 20 | ||||
| (=) Implied Enterprise Value | 438 | 461 | 484 | ||||
| (-) Non-shareholder Claims * | 60 | 60 | 60 | ||||
| (=) Equity Value | 498 | 521 | 544 | ||||
| (/) Shares Outstanding | 74.1 | 74.1 | 74.1 | ||||
| Implied Value Range | 6.72 | 7.03 | 7.34 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.72 | 7.03 | 7.34 | 9.02 | |||
| Upside / (Downside) | -25.5% | -22.1% | -18.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TREE | XYZ | WRLD | ECPG | PRAA | NRDS | |
| Enterprise Value | 1,124 | 32,919 | 1,292 | 4,373 | 4,056 | 609 | |
| (+) Cash & Short Term Investments | 107 | 8,567 | 16 | 200 | 114 | 69 | |
| (+) Investments & Other | 2 | 718 | 19 | 0 | 66 | 0 | |
| (-) Debt | (544) | (7,919) | (641) | (3,761) | (3,368) | (9) | |
| (-) Other Liabilities | 0 | 33 | 0 | 0 | (59) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 689 | 34,317 | 685 | 812 | 811 | 668 | |
| (/) Shares Outstanding | 13.4 | 620.2 | 5.4 | 23.7 | 39.5 | 74.1 | |
| Implied Stock Price | 51.41 | 55.33 | 127.01 | 34.26 | 20.52 | 9.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 51.41 | 55.33 | 127.01 | 34.26 | 20.52 | 9.02 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |