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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.0x - -0.1x | 0.0x |
| Selected Fwd Revenue Multiple | 0.0x - -0.1x | -0.1x |
| Fair Value | $12.65 - $12.57 | $12.61 |
| Upside | 85.8% - 84.6% | 85.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| VSee Health, Inc. | VSEE | NasdaqCM:VSEE |
| Teladoc Health, Inc. | TDOC | NYSE:TDOC |
| Doximity, Inc. | DOCS | NYSE:DOCS |
| GoodRx Holdings, Inc. | GDRX | NasdaqGS:GDRX |
| Option Care Health, Inc. | OPCH | NasdaqGS:OPCH |
| American Well Corporation | AMWL | NYSE:AMWL |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| VSEE | TDOC | DOCS | GDRX | OPCH | AMWL | |||
| NasdaqCM:VSEE | NYSE:TDOC | NYSE:DOCS | NasdaqGS:GDRX | NasdaqGS:OPCH | NYSE:AMWL | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 35.9% | 40.9% | 15.3% | 16.7% | 11.3% | ||
| 3Y CAGR | -5.0% | 8.1% | 32.0% | 2.1% | 13.3% | 0.2% | ||
| Latest Twelve Months | 37.4% | -1.3% | 17.5% | 5.6% | 16.2% | -1.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -17.5% | -14.0% | 32.0% | -2.1% | 5.4% | -87.7% | ||
| Prior Fiscal Year | -23.0% | -8.1% | 30.0% | 6.7% | 7.3% | -98.7% | ||
| Latest Fiscal Year | -25.2% | -8.1% | 36.3% | 10.9% | 6.4% | -77.3% | ||
| Latest Twelve Months | -19.7% | -8.1% | 40.7% | 10.9% | 6.4% | -77.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.24x | 0.60x | 15.92x | 2.11x | 1.27x | -0.42x | ||
| EV / LTM EBIT | -16.5x | -7.4x | 39.1x | 19.4x | 19.7x | 0.5x | ||
| Price / LTM Sales | 2.21x | 0.49x | 17.43x | 1.99x | 1.11x | 0.40x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.60x | 2.11x | 15.92x | |||||
| Historical EV / LTM Revenue | -0.42x | 0.86x | 21.30x | |||||
| Selected EV / LTM Revenue | -0.05x | -0.05x | -0.05x | |||||
| (x) LTM Revenue | 254 | 254 | 254 | |||||
| (=) Implied Enterprise Value | (12) | (12) | (13) | |||||
| (-) Non-shareholder Claims * | 210 | 210 | 210 | |||||
| (=) Equity Value | 198 | 198 | 197 | |||||
| (/) Shares Outstanding | 15.6 | 15.6 | 15.6 | |||||
| Implied Value Range | 12.70 | 12.66 | 12.62 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 12.70 | 12.66 | 12.62 | 6.81 | ||||
| Upside / (Downside) | 86.5% | 86.0% | 85.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VSEE | TDOC | DOCS | GDRX | OPCH | AMWL | |
| Enterprise Value | 27 | 1,594 | 9,409 | 1,726 | 6,542 | (104) | |
| (+) Cash & Short Term Investments | 2 | 1,298 | 845 | 448 | 421 | 228 | |
| (+) Investments & Other | 0 | 0 | 0 | 15 | 31 | 2 | |
| (-) Debt | (11) | (1,585) | (13) | (543) | (1,218) | (8) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (11) | |
| (-) Preferred Stock | (0) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19 | 1,308 | 10,241 | 1,646 | 5,776 | 106 | |
| (/) Shares Outstanding | 15.7 | 173.7 | 187.6 | 383.6 | 165.3 | 15.6 | |
| Implied Stock Price | 1.19 | 7.53 | 54.58 | 4.29 | 34.94 | 6.81 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.19 | 7.53 | 54.58 | 4.29 | 34.94 | 6.81 | |
| 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 | |