| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| III | IBM | DOX | CTSH | GDYN | | CSA | |
| NasdaqGM:III | NYSE:IBM | NasdaqGS:DOX | NasdaqGS:CTSH | NasdaqCM:GDYN | | DB:CSA | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -1.4% | 1.7% | 4.1% | 3.3% | 24.3% | | 8.5% | |
| 3Y CAGR | -3.8% | 3.0% | 5.3% | 2.2% | 18.4% | | 8.7% | |
| Latest Twelve Months | -12.3% | 1.2% | -4.4% | 4.1% | 18.7% | | 6.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 6.6% | 11.1% | 14.7% | 15.2% | -2.2% | | 15.5% | |
| Prior Fiscal Year | 5.1% | 16.0% | 14.8% | 15.2% | -0.4% | | 15.8% | |
| Latest Fiscal Year | 2.3% | 15.6% | 15.2% | 15.3% | 1.0% | | 15.4% | |
| Latest Twelve Months | 4.7% | 16.1% | 16.6% | 15.4% | 1.8% | | 15.4% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.10x | 4.98x | 2.24x | 1.87x | 1.81x | | 2.69x | |
| EV / LTM EBIT | 23.1x | 30.9x | 13.5x | 12.1x | 101.7x | | 17.5x | |
| Price / LTM Sales | 0.92x | 4.19x | 2.13x | 1.91x | 2.66x | | 2.70x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.10x | 1.87x | 4.98x | | | | | |
| Historical EV / LTM Revenue | 3.02x | 3.32x | 4.33x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.64x | 2.78x | 2.92x | | | | | |
| (x) LTM Revenue | 68,483 | 68,483 | 68,483 | | | | | |
| (=) Implied Enterprise Value | 181,059 | 190,588 | 200,118 | | | | | |
| (-) Non-shareholder Claims * | 1,071 | 1,071 | 1,071 | | | | | |
| (=) Equity Value | 182,130 | 191,659 | 201,189 | | | | | |
| (/) Shares Outstanding | 626.0 | 626.0 | 626.0 | | | | | |
| Implied Value Range | 290.93 | 306.15 | 321.37 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 248.54 | 261.55 | 274.55 | | 251.90 | | | |
| Upside / (Downside) | -1.3% | 3.8% | 9.0% | | | | | |