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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.5x - 1.7x | 1.6x |
| Selected Fwd Ps Multiple | 1.5x - 1.6x | 1.6x |
| Fair Value | $2.97 - $3.29 | $3.13 |
| Upside | 39.0% - 53.7% | 46.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Manhattan Associates, Inc. | - | NasdaqGS:MANH |
| SPS Commerce, Inc. | - | NasdaqGS:SPSC |
| Oracle Corporation | - | NYSE:ORCL |
| ReposiTrak, Inc. | - | NYSE:TRAK |
| The Descartes Systems Group Inc. | - | NasdaqGS:DSGX |
| E2open Parent Holdings, Inc. | - | NYSE:ETWO |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| MANH | SPSC | ORCL | TRAK | DSGX | ETWO | |||
| NasdaqGS:MANH | NasdaqGS:SPSC | NYSE:ORCL | NYSE:TRAK | NasdaqGS:DSGX | NYSE:ETWO | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 11.0% | 18.0% | 6.0% | -0.7% | 14.8% | NM- | ||
| 3Y CAGR | 16.2% | 18.3% | 9.4% | -0.9% | 15.3% | 35.3% | ||
| Latest Twelve Months | 12.2% | 18.8% | 6.2% | 7.0% | 13.6% | -4.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 17.1% | 12.6% | 22.3% | 22.2% | 19.0% | -97.6% | ||
| Prior Fiscal Year | 19.0% | 12.3% | 17.0% | 26.2% | 20.2% | -99.5% | ||
| Latest Fiscal Year | 20.9% | 12.1% | 19.8% | 26.4% | 22.0% | -168.6% | ||
| Latest Twelve Months | 20.9% | 12.1% | 21.8% | 27.8% | 22.0% | -74.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 38.8x | 37.0x | 21.2x | 55.4x | 31.7x | 10.8x | ||
| Price / LTM Sales | 10.2x | 8.0x | 7.1x | 17.7x | 13.2x | 1.2x | ||
| LTM P/E Ratio | 48.6x | 66.0x | 32.5x | 63.6x | 59.9x | -1.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 7.1x | 10.2x | 17.7x | |||||
| Historical LTM P/S Ratio | 2.2x | 2.8x | 3.3x | |||||
| Selected Price / Sales Multiple | 1.5x | 1.6x | 1.7x | |||||
| (x) LTM Sales | 613 | 613 | 613 | |||||
| (=) Equity Value | 932 | 981 | 1,030 | |||||
| (/) Shares Outstanding | 309.2 | 309.2 | 309.2 | |||||
| Implied Value Range | 3.02 | 3.17 | 3.33 | |||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.02 | 3.17 | 3.33 | 2.14 | ||||
| Upside / (Downside) | 40.9% | 48.3% | 55.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MANH | SPSC | ORCL | TRAK | DSGX | ETWO | |
| Value of Common Equity | 10,604 | 5,083 | 395,032 | 375 | 8,581 | 662 | |
| (/) Shares Outstanding | 61.1 | 38.1 | 2,804.2 | 18.3 | 85.6 | 309.2 | |
| Implied Stock Price | 173.48 | 133.50 | 140.87 | 20.50 | 100.24 | 2.14 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 173.48 | 133.50 | 140.87 | 20.50 | 100.24 | 2.14 | |
| 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 | |