| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| RYAN | GSHD | HGTY | BWIN | BRO | | EI2 | |
| NYSE:RYAN | NasdaqGS:GSHD | NYSE:HGTY | NasdaqGS:BWIN | NYSE:BRO | | DB:EI2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 26.5% | 32.5% | 24.7% | 58.7% | 14.6% | | 8.9% | |
| 3Y CAGR | 19.7% | 27.8% | 24.7% | 34.8% | 15.6% | | 12.9% | |
| Latest Twelve Months | 22.5% | 21.9% | 18.4% | 12.1% | 12.2% | | 14.9% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 18.9% | 10.6% | 0.3% | 2.9% | 27.6% | | 14.7% | |
| Prior Fiscal Year | 18.8% | 13.5% | 2.3% | 3.0% | 27.6% | | 16.9% | |
| Latest Fiscal Year | 20.3% | 19.3% | 5.5% | 4.4% | 29.2% | | 18.7% | |
| Latest Twelve Months | 19.3% | 20.1% | 6.4% | 5.5% | 29.5% | | 18.4% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 4.82x | 8.73x | 0.63x | 3.31x | 7.85x | | 4.44x | |
| EV / LTM EBIT | 25.0x | 43.4x | 9.8x | 60.2x | 26.6x | | 24.1x | |
| Price / LTM Sales | 3.21x | 8.04x | 0.69x | 1.94x | 7.15x | | 4.81x | |
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| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.63x | 4.82x | 8.73x | | | | | |
| Historical EV / LTM Revenue | 3.42x | 4.65x | 5.48x | | | | | |
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| Selected EV / LTM Revenue | 4.08x | 4.30x | 4.51x | | | | | |
| (x) LTM Revenue | 3,904 | 3,904 | 3,904 | | | | | |
| (=) Implied Enterprise Value | 15,934 | 16,772 | 17,611 | | | | | |
| (-) Non-shareholder Claims * | 1,422 | 1,422 | 1,422 | | | | | |
| (=) Equity Value | 17,356 | 18,194 | 19,033 | | | | | |
| (/) Shares Outstanding | 52.3 | 52.3 | 52.3 | | | | | |
| Implied Value Range | 331.91 | 347.95 | 363.99 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 287.50 | 301.39 | 315.29 | | 302.00 | | | |
| Upside / (Downside) | -4.8% | -0.2% | 4.4% | | | | | |