| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| RYAN | GSHD | HGTY | BWIN | MMC | | EI2 | |
| NYSE:RYAN | NasdaqGS:GSHD | NYSE:HGTY | NasdaqGS:BWIN | NYSE:MMC | | DB:EI2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 26.5% | 32.5% | 24.7% | 58.7% | 8.0% | | 8.9% | |
| 3Y CAGR | 19.7% | 27.8% | 24.7% | 34.8% | 7.3% | | 12.9% | |
| Latest Twelve Months | 21.2% | 20.7% | 20.0% | 14.0% | 7.6% | | 16.1% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 18.8% | 9.7% | 0.0% | 2.8% | 24.1% | | 14.5% | |
| Prior Fiscal Year | 18.8% | 13.5% | 2.3% | 3.0% | 25.8% | | 16.9% | |
| Latest Fiscal Year | 20.3% | 19.3% | 5.5% | 4.4% | 26.5% | | 18.7% | |
| Latest Twelve Months | 20.3% | 19.3% | 5.5% | 4.4% | 26.5% | | 18.7% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 4.81x | 9.05x | 0.57x | 3.28x | 5.25x | | 5.06x | |
| EV / LTM EBIT | 23.7x | 46.9x | 10.4x | 74.1x | 19.8x | | 27.0x | |
| Price / LTM Sales | 3.43x | 13.21x | 2.43x | 3.45x | 4.45x | | 5.43x | |
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| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.57x | 4.81x | 9.05x | | | | | |
| Historical EV / LTM Revenue | 3.42x | 4.65x | 5.21x | | | | | |
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| Selected EV / LTM Revenue | 4.01x | 4.23x | 4.44x | | | | | |
| (x) LTM Revenue | 3,795 | 3,795 | 3,795 | | | | | |
| (=) Implied Enterprise Value | 15,233 | 16,035 | 16,837 | | | | | |
| (-) Non-shareholder Claims * | 1,402 | 1,402 | 1,402 | | | | | |
| (=) Equity Value | 16,635 | 17,437 | 18,239 | | | | | |
| (/) Shares Outstanding | 52.3 | 52.3 | 52.3 | | | | | |
| Implied Value Range | 318.13 | 333.47 | 348.80 | | | | | |
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 288.32 | 302.22 | 316.12 | | 350.00 | | | |
| Upside / (Downside) | -17.6% | -13.7% | -9.7% | | | | | |