| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| HLNE | ARES | APAM | VRTS | AAMI | | BRDG | |
| NasdaqGS:HLNE | NYSE:ARES | NYSE:APAM | NYSE:VRTS | NYSE:AAMI | | NYSE:BRDG | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 17.0% | 17.1% | 6.8% | 10.0% | -3.0% | | 5.2% | |
| 3Y CAGR | 17.5% | -2.7% | -3.2% | -2.5% | -1.4% | | -14.2% | |
| Latest Twelve Months | 41.2% | 7.0% | 14.0% | 7.3% | 18.5% | | 61.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 45.0% | 21.6% | 36.8% | 24.0% | 31.8% | | 30.4% | |
| Prior Fiscal Year | 45.4% | 25.3% | 31.1% | 17.4% | 27.1% | | -20.7% | |
| Latest Fiscal Year | 44.4% | 25.6% | 33.1% | 19.7% | 27.0% | | 9.8% | |
| Latest Twelve Months | 45.7% | 25.6% | 33.1% | 19.7% | 27.0% | | 9.8% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 8.37x | 7.32x | 2.21x | 1.35x | 2.20x | | 1.64x | |
| EV / LTM EBIT | 18.3x | 28.6x | 6.7x | 6.8x | 8.1x | | 16.7x | |
| Price / LTM Sales | 11.91x | 11.76x | 2.83x | 1.33x | 1.92x | | 3.07x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.35x | 2.21x | 8.37x | | | | | |
| Historical EV / LTM Revenue | 0.55x | 1.40x | 2.85x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.59x | 1.68x | 1.76x | | | | | |
| (x) LTM Revenue | 419 | 419 | 419 | | | | | |
| (=) Implied Enterprise Value | 667 | 702 | 738 | | | | | |
| (-) Non-shareholder Claims * | (258) | (258) | (258) | | | | | |
| (=) Equity Value | 409 | 445 | 480 | | | | | |
| (/) Shares Outstanding | 44.7 | 44.7 | 44.7 | | | | | |
| Implied Value Range | 9.16 | 9.94 | 10.73 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 9.16 | 9.94 | 10.73 | | 9.64 | | | |
| Upside / (Downside) | -5.0% | 3.2% | 11.3% | | | | | |