| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FDS | MSCI | NDAQ | MORN | SPGI | | IC2 | |
| NYSE:FDS | NYSE:MSCI | NasdaqGS:NDAQ | NasdaqGS:MORN | NYSE:SPGI | | DB:IC2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 8.9% | 12.9% | 11.7% | 14.1% | 16.2% | | 12.3% | |
| 3Y CAGR | 11.4% | 11.8% | 7.9% | 10.2% | 19.6% | | 9.1% | |
| Latest Twelve Months | 4.7% | 11.7% | 26.0% | 10.1% | 13.0% | | 12.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 30.7% | 53.5% | 27.3% | 14.5% | 44.1% | | 50.1% | |
| Prior Fiscal Year | 31.4% | 54.8% | 30.3% | 11.3% | 36.6% | | 49.7% | |
| Latest Fiscal Year | 32.0% | 53.7% | 27.1% | 18.5% | 40.8% | | 47.7% | |
| Latest Twelve Months | 31.6% | 53.7% | 27.1% | 19.1% | 41.2% | | 48.4% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 8.32x | 16.42x | 7.30x | 5.82x | 11.76x | | 13.00x | |
| EV / LTM EBIT | 26.4x | 30.6x | 26.9x | 30.5x | 28.6x | | 26.9x | |
| Price / LTM Sales | 7.71x | 14.93x | 6.14x | 5.63x | 10.85x | | 10.90x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 5.82x | 8.32x | 16.42x | | | | | |
| Historical EV / LTM Revenue | 10.12x | 12.75x | 14.46x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 11.39x | 11.99x | 12.59x | | | | | |
| (x) LTM Revenue | 9,462 | 9,462 | 9,462 | | | | | |
| (=) Implied Enterprise Value | 107,799 | 113,472 | 119,146 | | | | | |
| (-) Non-shareholder Claims * | (19,424) | (19,424) | (19,424) | | | | | |
| (=) Equity Value | 88,375 | 94,048 | 99,722 | | | | | |
| (/) Shares Outstanding | 573.6 | 573.6 | 573.6 | | | | | |
| Implied Value Range | 154.06 | 163.95 | 173.84 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 135.70 | 144.41 | 153.12 | | 158.56 | | | |
| Upside / (Downside) | -14.4% | -8.9% | -3.4% | | | | | |