| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| III | IBM | DOX | CTSH | GIB | | CSA | |
| NasdaqGM:III | NYSE:IBM | NasdaqGS:DOX | NasdaqGS:CTSH | NYSE:GIB | | DB:CSA | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -1.4% | 1.7% | 4.1% | 3.3% | 3.9% | | 8.5% | |
| 3Y CAGR | -3.8% | 3.0% | 5.3% | 2.2% | 6.6% | | 8.7% | |
| Latest Twelve Months | -9.9% | 2.7% | -6.8% | 6.3% | 7.1% | | 6.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 6.6% | 12.8% | 14.8% | 15.1% | 16.2% | | 15.5% | |
| Prior Fiscal Year | 5.1% | 16.0% | 14.8% | 15.2% | 16.2% | | 15.8% | |
| Latest Fiscal Year | 2.3% | 15.6% | 15.2% | 15.3% | 16.5% | | 15.4% | |
| Latest Twelve Months | 5.2% | 17.0% | 17.3% | 15.5% | 16.4% | | 15.4% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.23x | 4.71x | 2.10x | 1.60x | 2.02x | | 2.17x | |
| EV / LTM EBIT | 23.5x | 27.7x | 12.2x | 10.3x | 12.3x | | 14.1x | |
| Price / LTM Sales | 1.07x | 3.89x | 1.98x | 1.63x | 1.81x | | 2.18x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.23x | 2.02x | 4.71x | | | | | |
| Historical EV / LTM Revenue | 3.02x | 3.32x | 4.33x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.33x | 2.46x | 2.58x | | | | | |
| (x) LTM Revenue | 68,483 | 68,483 | 68,483 | | | | | |
| (=) Implied Enterprise Value | 159,838 | 168,250 | 176,663 | | | | | |
| (-) Non-shareholder Claims * | 1,071 | 1,071 | 1,071 | | | | | |
| (=) Equity Value | 160,908 | 169,321 | 177,734 | | | | | |
| (/) Shares Outstanding | 622.9 | 622.9 | 622.9 | | | | | |
| Implied Value Range | 258.34 | 271.85 | 285.35 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 219.87 | 231.37 | 242.86 | | 203.35 | | | |
| Upside / (Downside) | 8.1% | 13.8% | 19.4% | | | | | |