| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FTNT | ZS | PANW | RPD | CRWD | | 7B0 | |
| NasdaqGS:FTNT | NasdaqGS:ZS | NasdaqGS:PANW | NasdaqGM:RPD | NasdaqGS:CRWD | | DB:7B0 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 22.5% | 44.0% | 22.0% | 20.9% | 52.4% | | 77.6% | |
| 3Y CAGR | 21.2% | 34.8% | 18.8% | 16.4% | 39.7% | | 58.9% | |
| Latest Twelve Months | 14.8% | 23.3% | 15.3% | 3.1% | 23.5% | | 25.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 23.5% | -18.7% | 3.1% | -9.5% | -6.2% | | -86.5% | |
| Prior Fiscal Year | 23.3% | -5.6% | 11.1% | -4.0% | -0.1% | | -59.7% | |
| Latest Fiscal Year | 30.2% | -4.6% | 11.6% | 4.2% | -1.5% | | -40.1% | |
| Latest Twelve Months | 30.9% | -4.6% | 11.7% | 2.1% | -6.2% | | -36.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 8.64x | 15.62x | 12.32x | 1.45x | 27.42x | | 4.54x | |
| EV / LTM EBIT | 28.0x | -341.7x | 105.4x | 69.6x | -439.4x | | -12.4x | |
| Price / LTM Sales | 8.95x | 16.29x | 13.34x | 1.06x | 28.37x | | 5.80x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.45x | 12.32x | 27.42x | | | | | |
| Historical EV / LTM Revenue | 8.56x | 10.36x | 60.99x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 6.34x | 6.68x | 7.01x | | | | | |
| (x) LTM Revenue | 907 | 907 | 907 | | | | | |
| (=) Implied Enterprise Value | 5,755 | 6,058 | 6,361 | | | | | |
| (-) Non-shareholder Claims * | 1,146 | 1,146 | 1,146 | | | | | |
| (=) Equity Value | 6,901 | 7,204 | 7,507 | | | | | |
| (/) Shares Outstanding | 335.2 | 335.2 | 335.2 | | | | | |
| Implied Value Range | 20.59 | 21.49 | 22.40 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 17.88 | 18.67 | 19.45 | | 13.60 | | | |
| Upside / (Downside) | 31.5% | 37.2% | 43.0% | | | | | |