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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13.5x - 14.9x | 14.2x |
| Selected Fwd EBIT Multiple | 6.4x - 7.1x | 6.7x |
| Fair Value | $4.24 - $4.54 | $4.39 |
| Upside | -20.8% - -15.2% | -18.0% |
| Benchmarks | Ticker | Full Ticker |
| Leidos Holdings, Inc. | LDOS | NYSE:LDOS |
| Korn Ferry | KFY | NYSE:KFY |
| Kforce Inc. | KFRC | NYSE:KFRC |
| Barrett Business Services, Inc. | BBSI | NasdaqGS:BBSI |
| ManpowerGroup Inc. | MAN | NYSE:MAN |
| Resources Connection, Inc. | RGP | NasdaqGS:RGP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| LDOS | KFY | KFRC | BBSI | MAN | RGP | ||
| NYSE:LDOS | NYSE:KFY | NYSE:KFRC | NasdaqGS:BBSI | NYSE:MAN | NasdaqGS:RGP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 15.1% | 2.3% | -1.8% | 3.4% | -12.9% | -9.3% | |
| 3Y CAGR | 16.0% | 14.7% | -13.2% | 10.8% | -16.5% | -5.2% | |
| Latest Twelve Months | 39.4% | 19.4% | -20.0% | -1.4% | -21.5% | -81.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.6% | 12.5% | 6.1% | 5.0% | 2.7% | 6.9% | |
| Prior Fiscal Year | 8.4% | 12.7% | 5.7% | 5.7% | 2.4% | 9.7% | |
| Latest Fiscal Year | 10.9% | 9.8% | 5.0% | 5.2% | 2.0% | 4.8% | |
| Latest Twelve Months | 10.9% | 11.6% | 5.0% | 5.2% | 2.0% | 1.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.36x | 1.13x | 0.62x | 0.81x | 0.17x | 0.23x | |
| EV / LTM EBITDA | 10.8x | 8.5x | 12.0x | 14.6x | 7.2x | 8.6x | |
| EV / LTM EBIT | 12.5x | 9.7x | 12.6x | 15.5x | 8.6x | 17.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.6x | 12.5x | 15.5x | ||||
| Historical EV / LTM EBIT | 4.9x | 8.3x | 15.2x | ||||
| Selected EV / LTM EBIT | 13.5x | 14.2x | 14.9x | ||||
| (x) LTM EBIT | 7 | 7 | 7 | ||||
| (=) Implied Enterprise Value | 99 | 104 | 109 | ||||
| (-) Non-shareholder Claims * | 46 | 46 | 46 | ||||
| (=) Equity Value | 145 | 150 | 155 | ||||
| (/) Shares Outstanding | 33.1 | 33.1 | 33.1 | ||||
| Implied Value Range | 4.38 | 4.54 | 4.70 | ||||
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.38 | 4.54 | 4.70 | 5.35 | |||
| Upside / (Downside) | -18.0% | -15.1% | -12.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LDOS | KFY | KFRC | BBSI | MAN | RGP | |
| Enterprise Value | 22,710 | 3,030 | 877 | 929 | 3,107 | 131 | |
| (+) Cash & Short Term Investments | 943 | 805 | 0 | 122 | 509 | 72 | |
| (+) Investments & Other | 0 | 41 | 0 | 0 | 104 | 0 | |
| (-) Debt | (5,414) | (568) | (48) | (21) | (1,330) | (27) | |
| (-) Other Liabilities | (48) | (5) | 0 | 0 | (2) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 18,191 | 3,303 | 829 | 1,029 | 2,388 | 177 | |
| (/) Shares Outstanding | 128.2 | 51.6 | 18.2 | 25.8 | 46.7 | 33.1 | |
| Implied Stock Price | 141.88 | 63.96 | 45.57 | 39.84 | 51.10 | 5.35 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 141.88 | 63.96 | 45.57 | 39.84 | 51.10 | 5.35 | |
| Trading Currency | USD | USD | USD | USD | USD | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |