| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| QLYS | SPSC | WK | TENB | CXM | | SPT | |
| NasdaqGS:QLYS | NasdaqGS:SPSC | NYSE:WK | NasdaqGS:TENB | NYSE:CXM | | NasdaqCM:SPT | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 13.6% | 18.0% | 19.9% | 20.5% | 19.7% | | 31.6% | |
| 3Y CAGR | 13.9% | 18.3% | 18.6% | 18.5% | 17.4% | | 29.3% | |
| Latest Twelve Months | 9.6% | 18.8% | 17.2% | 12.7% | 8.7% | | 21.7% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 27.8% | 14.8% | -11.4% | -7.7% | -5.7% | | -22.0% | |
| Prior Fiscal Year | 29.4% | 14.4% | -12.0% | -4.8% | 5.2% | | -19.5% | |
| Latest Fiscal Year | 30.8% | 13.9% | -9.8% | 0.1% | 3.4% | | -14.1% | |
| Latest Twelve Months | 30.8% | 13.9% | -9.8% | 0.1% | 3.4% | | -14.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 6.25x | 7.29x | 5.11x | 4.11x | 1.77x | | 2.76x | |
| EV / LTM EBIT | 20.3x | 52.3x | -52.2x | 3225.1x | 52.6x | | -19.6x | |
| Price / LTM Sales | 7.12x | 7.65x | 5.14x | 4.28x | 2.31x | | 2.88x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.77x | 5.11x | 7.29x | | | | | |
| Historical EV / LTM Revenue | 2.76x | 12.37x | 27.61x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 4.56x | 4.80x | 5.04x | | | | | |
| (x) LTM Revenue | 406 | 406 | 406 | | | | | |
| (=) Implied Enterprise Value | 1,852 | 1,950 | 2,047 | | | | | |
| (-) Non-shareholder Claims * | 47 | 47 | 47 | | | | | |
| (=) Equity Value | 1,899 | 1,997 | 2,094 | | | | | |
| (/) Shares Outstanding | 57.8 | 57.8 | 57.8 | | | | | |
| Implied Value Range | 32.88 | 34.57 | 36.25 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 32.88 | 34.57 | 36.25 | | 20.73 | | | |
| Upside / (Downside) | 58.6% | 66.7% | 74.9% | | | | | |