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Margin % Growth % Multiples
IT & IT-ENABLED OUTSOURCED SERVICES GM EBITDA Revenue 5 Yr EPS EV/Revenue EV/EBITDA P/E
IT Services - North America 31.5% 14.0% - 0.1% 12.0% 1.27x 13.8x 18.3x
IT Services - Europe 19.3 14.1 1.2 13.2 1.18 9.4 19.8
IT Services - India 25.9 15.6 0.3 6.8 1.72 8.5 14.5
IT Services - China 29.8 7.5 18.1 21.3 1.80 27.7 35.3
IT Staff Augmentation 27.0 7.5 -4.8 10.7 0.67 11.9 21.4
IT SUPPLY CHAIN SERVICES
IT Solution Providers - North America 16.3% 4.2% 3.6% 9.6% 0.37x 9.1x 14.7x
IT Solution Providers - Europe 14.2 5.0 8.3 11.6 0.64 10.8 24.1
IT Products Distributors 10.7 3.1 -8.3 9.4 0.29 8.0 11.1
SOFTWARE
SaaS 70.6% 11.0% 13.3% 21.8% 8.08x 29.2x 43.2x
Enterprise Applications 75.6 27.8 5.5 13.4 6.55 19.6 28.2 Cyber Security 74.4 10.0 8.3 14.5 6.07 18.9 28.9
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
IT Services - North America '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Accenture Plc Class A $215.41 98.9% $137,043 $136,606 $44,547 $44,720 $7,575 $8,068 2.9% 31.5% 17.0% 3.07x 3.05x 18.0x 16.9x 28.2x 27.7x 8.9%
CGI Inc. Class A 62.80 72.1 14,454 19,509 9,051 8,952 1,727 1,746 -1.5 13.9 17.7 2.16x 2.18x 11.3 11.2 18.4 17.7 6.1
EPAM Systems, Inc. 253.59 98.3 14,110 14,103 2,424 2,571 436 455 12.1 33.4 18.1 5.82x 5.49x 32.3 31.0 51.4 46.1 19.5
Booz Allen Hamilton Holding Corporation Class A79.98 97.3 11,046 13,059 7,464 7,940 805 799 9.4 22.8 10.8 1.75x 1.64x 16.2 16.3 23.5 22.9 15.0
Genpact Limited 36.90 81.6 7,026 8,789 3,627 3,576 546 592 1.6 32.9 15.0 2.42x 2.46x 16.1 14.8 21.9 20.1 9.0
CACI International Inc Class A 219.51 76.1 5,507 7,413 5,598 5,895 554 600 10.4 33.0 10.2 1.32x 1.26x 13.4 12.4 20.1 16.6 11.1
DXC Technology Co. 16.19 28.3 4,108 12,344 19,577 17,985 3,034 2,733 -9.3 13.6 15.5 0.63x 0.69x 4.1 4.5 NA 4.5 NA
ManTech International Corporation Class A 68.86 73.3 1,864 2,946 2,332 2,408 219 212 8.4 12.7 10.4 1.26x 1.22x 13.5 13.9 22.9 25.6 7.7
ICF International, Inc. 65.32 68.6 1,230 1,875 1,496 1,478 155 131 -0.1 33.3 10.9 1.25x 1.27x 12.1 14.3 19.5 18.3 15.8
Perficient, Inc. 35.95 66.9 1,189 1,310 577 586 81 96 3.7 33.8 14.0 2.27x 2.23x 16.2 13.6 29.8 17.9 12.0
Virtusa Corporation 31.61 59.8 952 1,324 1,312 1,255 110 111 -3.0 26.7 8.4 1.01x 1.06x 12.0 11.9 22.2 17.9 NA
Unisys Corporation 10.55 58.2 664 109 2,768 2,006 401 267 -32.0 23.5 14.5 0.04x 0.05x 0.3 0.4 NA 17.6 NA
Hackett Group, Inc. 13.49 71.3 404 421 285 246 40 28 -12.8 32.8 14.2 1.48x 1.71x 10.6 15.1 20.1 22.8 13.5
Information Services Group, Inc. 2.11 56.1 100 173 265 235 20 23 -11.7 39.6 7.6 0.65x 0.74x 8.6 7.5 36.0 NA 14.0
RCM Technologies, Inc. 1.36 37.7 15 56 185 156 7 NA -18.3 24.6 3.6 0.30x 0.36x 8.4 NA NA NA NA
Median -0.1% 31.5% 14.0% 1.32x 1.27x 12.1x 13.8x 22.6x 18.3x 12.0%Mean -2.7% 27.2% 12.5% 1.70x 1.69x 12.9x 13.1x 26.2x 21.2x 12.1%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
IT Services - Europe '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Amadeus IT Group SA Class A $52.89 60.5% $23,828 $26,106 $5,840 $3,522 $2,257 $829 -42.5% 30.3% 38.4% 4.47x 7.41x 11.6x 31.5x 21.4x NA NA
Capgemini SE 114.52 85.9 19,406 21,177 15,904 17,672 2,492 2,586 15.3 26.7 15.7 1.33x 1.20x 8.5 8.2 19.7 16.6 13.4
Sage Group plc 8.34 80.3 9,100 9,454 2,447 2,288 668 569 -6.3 87.3 27.3 3.86x 4.13x 14.2 16.6 21.6 26.5 2.7
Atos SE 86.06 95.2 9,397 12,649 13,048 12,693 2,029 1,639 1.5 22.3 15.6 0.97x 1.00x 6.2 7.7 17.6 10.9 6.3
Globant SA 152.71 99.8 6,041 5,874 705 761 121 137 15.4 33.0 20.2 8.34x 7.72x 48.6 43.0 NA 65.7 NA
TietoEVRY Oyj 27.81 81.5 3,294 4,466 2,331 3,140 351 464 67.0 18.5 15.8 1.92x 1.42x 12.7 9.6 25.1 13.7 NA
Reply S.p.A. 81.70 90.9 3,056 2,942 1,331 1,371 189 210 4.7 48.2 14.2 2.21x 2.15x 15.5 14.0 23.8 26.5 NA
Netcompany Group A/S 68.03 98.2 3,401 3,476 385 431 105 122 19.5 34.8 27.2 9.02x 8.07x 33.1 28.6 57.8 39.5 16.5
Alten SA 83.56 63.3 2,854 2,948 2,955 2,740 356 223 -3.2 16.4 12.0 1.00x 1.08x 8.3 13.2 15.1 22.6 2.8
Sopra Steria Group SA 127.36 72.4 2,616 3,608 4,993 4,853 552 445 0.8 15.5 11.1 0.72x 0.74x 6.5 8.1 14.3 15.5 13.2Indra Sistemas, S.A. Class A 7.88 62.5 1,393 2,247 3,607 3,501 370 339 -0.5 20.0 10.2 0.62x 0.64x 6.1 6.6 11.3 12.9 6.4Kainos Group PLC 9.34 79.4 1,141 1,104 224 223 31 34 4.7 47.0 14.0 4.93x 4.95x 35.3 32.8 48.3 47.0 NA
Endava Plc Sponsored ADR Class A 47.60 83.9 885 2,637 428 463 49 94 18.1 27.8 12.0 6.16x 5.69x NA 28.0 85.8 39.8 17.3
Devoteam SA 83.33 66.1 694 698 858 836 108 80 -2.7 14.4 12.6 0.81x 0.83x 6.5 8.7 14.5 26.0 NA Neurones SA 22.75 88.5 551 377 574 529 72 52 -7.4 11.1 12.5 0.66x 0.71x 5.3 7.2 15.9 22.5 NA Wavestone SA 22.14 69.1 447 513 475 444 75 54 -3.9 14.3 15.7 1.08x 1.16x 6.9 9.5 12.5 18.1 NA NNIT A/S 17.65 90.8 441 513 458 429 75 67 -4.8 15.4 16.5 1.12x 1.20x 6.9 7.7 16.2 19.1 NA Aubay SA 31.53 80.5 416 432 470 470 57 46 2.2 10.9 12.0 0.92x 0.92x 7.6 9.4 14.0 19.8 NA
Allgeier SE 38.29 91.1 426 646 896 907 84 87 6.4 13.0 8.2 0.72x 0.71x 7.7 7.4 22.6 19.7 66.3
Columbus A/S 1.16 60.6 145 169 292 279 24 28 -0.2 15.7 7.8 0.58x 0.61x 7.0 6.1 46.4 8.6 NA Prodware SA 6.15 67.5 48 195 211 - 40 - NA NA NA 0.92x NA 4.9 NA 4.0 NA NA
Median 1.2% 19.3% 14.1% 1.08x 1.18x 7.7x 9.4x 18.7x 19.8x 13.2%Mean 4.2% 26.1% 15.9% 2.49x 2.62x 13.0x 15.2x 25.4x 24.8x 16.1%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
IT Services - India '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Tata Consultancy Services Limited $27.68 84.2% $103,863 $100,293 $20,720 $20,862 $5,559 $5,512 1.8% 33.5% 26.8% 4.84x 4.81x 18.0x 18.2x 24.3x 24.8x 5.2%
Infosys Limited 9.69 82.0 41,268 38,668 11,986 12,389 2,990 2,959 -1.0 28.4 24.9 3.23x 3.12x 12.9 13.1 18.8 18.9 7.1
Cognizant Technology Solutions Corporation Class A56.78 79.4 30,691 30,116 16,898 16,084 3,294 2,776 -4.2 33.0 19.5 1.78x 1.87x 9.1 10.8 17.8 16.9 12.4
HCL Technologies Limited 7.29 83.3 19,796 19,236 9,330 9,807 2,286 2,275 1.8 28.4 24.5 2.06x 1.96x 8.4 8.5 13.6 13.4 6.4
Wipro Limited 2.90 69.7 16,550 13,830 8,056 8,025 1,614 1,554 -0.6 28.5 20.0 1.72x 1.72x 8.6 8.9 13.2 13.9 5.7
Tech Mahindra Limited 7.22 61.2 6,977 5,724 4,867 4,929 756 743 0.2 30.3 15.5 1.18x 1.16x 7.6 7.7 11.8 12.6 5.6
Larsen & Toubro Infotech Ltd 25.52 88.8 4,446 4,238 1,436 1,527 274 283 7.9 23.7 19.1 2.95x 2.78x 15.5 15.0 22.1 21.7 10.2
Oracle Financial Services Software Limited 37.77 75.5 3,247 2,676 642 642 294 298 -2.4 51.3 45.8 4.17x 4.17x 9.1 9.0 16.8 15.9 NA
Mindtree Limited 12.22 82.7 2,011 1,917 1,025 1,050 144 156 3.6 27.4 14.0 1.87x 1.83x 13.3 12.3 24.1 21.6 NA
Mphasis Limited 11.70 80.2 2,182 2,089 1,167 1,214 221 218 3.5 24.7 18.9 1.79x 1.72x 9.5 9.6 13.9 14.4 2.6
L&T Technology Services Ltd. 17.19 67.0 1,797 1,755 742 744 151 141 0.4 26.3 20.3 2.37x 2.36x 11.6 12.4 16.6 17.8 15.0
NIIT Technologies Limited 18.32 63.5 1,145 1,026 552 584 95 101 7.1 33.4 17.3 1.86x 1.76x 10.7 10.2 19.4 18.6 8.0
Persistent Systems Limited 8.43 81.2 644 528 469 486 66 67 2.9 18.3 14.1 1.13x 1.09x 8.0 7.9 14.4 14.6 NA Sonda S.A. 0.66 45.0 577 778 1,089 1,049 106 99 -2.5 16.2 9.7 0.71x 0.74x 7.3 7.9 17.4 79.4 NACyient Limited 3.70 45.7 407 370 584 541 78 70 -10.2 30.9 13.3 0.63x 0.68x 4.8 5.3 9.0 9.1 NA
Sonata Software Limited 3.16 59.9 332 286 494 434 49 48 -4.9 16.8 10.0 0.58x 0.66x 5.8 5.9 9.0 9.8 NA
Birlasoft Limited 1.16 79.0 322 257 434 451 52 55 NA 9.4 11.9 0.59x 0.57x 5.0 4.7 10.8 10.3 NA
Zensar Technologies Limited 1.65 43.4 372 370 552 537 67 66 -3.5 19.9 12.1 0.67x 0.69x 5.5 5.6 10.7 10.3 NA
KPIT Technologies Limited 0.82 52.1 224 190 285 274 41 34 -9.5 28.3 14.4 0.67x 0.70x 4.6 5.5 11.3 11.2 NA
Mastek Limited 5.18 73.5 126 144 141 176 17 26 23.1 11.9 11.9 1.02x 0.82x 8.6 5.5 8.7 8.1 NA
Sasken Technologies Ltd 6.32 58.7 95 84 65 69 12 12 3.1 15.6 17.9 1.29x 1.22x 7.2 7.1 9.9 NA NA Xchanging Solutions Limited 0.61 64.7 67 24 24 - 6 - NA NA 26.4 1.02x NA 3.9 NA 9.3 NA NA 3i Infotech Limited 0.04 77.1 62 158 151 - 24 - NA 25.6 15.6 1.05x NA 6.7 NA 7.0 NA NA
Rolta India Limited 0.09 86.9 15 1,071 196 - NA - NA -15.8 -267.4 5.45x NA NA NA NA NA NA
Allied Digital Services Limited 0.22 59.4 11 16 44 - 6 - NA 20.5 14.4 0.38x NA 2.6 NA 4.3 NA NA
Median 0.3% 25.9% 15.6% 1.29x 1.72x 8.2x 8.5x 13.4x 14.5x 6.8%Mean 0.8% 23.6% 6.9% 1.80x 1.73x 8.5x 9.1x 13.9x 18.2x 7.8%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
IT Professional Services - China '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Inspur Electronic Information Industry Co., Ltd. Class A$5.29 79.4% $7,617 $7,999 $7,494 $9,070 $158 $289 24.1% 12.2% 2.2% 1.07x 0.88x NA 27.7x 53.9x 39.8x 21.3%
Wonders Information Co., Ltd. Class A 3.00 85.4 3,521 3,762 286 343 NA 106 14.2 30.5 -42.9 13.14x 10.98x NA 35.6 NA 72.0 NA
Beijing Thunisoft Corporation Limited Class A3.86 79.6 3,126 2,885 460 598 101 125 20.8 39.8 20.5 6.28x 4.82x 28.6 23.0 44.2 30.8 NA
Shanghai 2345 Network Holding Group Co., Ltd. Class A0.40 67.6 2,270 1,610 209 - 137 - NA 88.6 40.0 7.70x NA 11.7 NA 38.1 NA NA
Beijing Teamsun Technology Co., Ltd. Class A1.94 84.0 2,133 2,237 612 - 13 - NA 19.9 2.0 3.66x NA NA NA 65.6 NA NA
Neusoft Corporation Class A 1.72 77.0 2,131 2,129 1,110 1,184 52 48 0.2 26.2 4.5 1.92x 1.80x 40.7 44.4 NA NA NA
Chinasoft International Ltd. 0.55 73.2 1,436 1,495 1,762 2,003 174 184 18.1 29.8 9.9 0.85x 0.75x 8.6 8.1 12.2 11.3 NA
Insigma Technology Co. Ltd. Class A 1.17 65.6 1,227 1,239 498 - 56 - NA 31.7 10.7 2.49x NA 22.0 NA NA NA NA
Shenzhen Forms Syntron Information Co., Ltd. Class A3.26 70.4 923 551 73 - 14 - NA 49.0 19.0 7.57x NA 39.3 NA 48.6 NA NA
Beyondsoft Corporation Class A 1.34 71.6 706 557 528 - 42 - NA 20.2 8.1 1.06x NA 13.3 NA 22.9 NA NA
UEC Group Ltd. Class A 0.94 80.7 620 620 417 - 26 - NA 16.4 5.7 1.49x NA 23.6 NA NA NA NA
Wiscom System Co., Ltd. Class A 1.19 66.4 480 622 264 - 18 - NA 25.7 6.5 2.36x NA 34.2 NA 45.0 NA NA
Bringspring Science & Technology Co., Ltd. Class A0.89 69.6 511 505 96 - 8 - NA 36.0 7.5 5.28x NA NA NA NA NA NA
Median 18.1% 29.8% 7.5% 2.49x 1.80x 23.6x 27.7x 44.6x 35.3x 21.3%Mean 15.5% 32.8% 7.2% 4.22x 3.84x 24.7x 27.8x 41.3x 38.5x 21.3%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
IT Staff Augmentation '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Robert Half International Inc. $51.61 80.7% $5,915 $5,903 $6,113 $5,108 $671 $430 -15.9% 40.4% 11.0% 0.97x 1.16x 8.8x 13.7x 13.7x 21.6x 2.7%
ManpowerGroup Inc. 67.74 67.1 3,932 4,390 20,438 16,839 738 364 -19.3 16.1 3.6 0.21x 0.26x 6.0 12.0 9.8 23.0 1.5
ASGN Inc 65.95 90.8 3,462 4,619 3,991 3,798 422 376 -3.2 27.0 10.4 1.16x 1.22x 10.9 12.3 19.2 17.1 7.8
Insperity, Inc. 64.59 44.6 2,504 2,482 4,391 4,148 216 223 -3.9 16.2 4.9 0.57x 0.60x 11.5 11.1 18.9 19.1 15.0
TechnoPro Holdings Inc. 55.34 74.2 2,000 2,012 1,460 1,541 164 150 9.1 25.4 11.2 1.38x 1.31x 12.3 13.5 19.0 20.8 10.3
PageGroup PLC 4.67 63.7 1,536 1,542 2,071 1,525 258 134 -28.7 49.5 12.5 0.74x 1.01x 6.0 11.5 11.6 50.0 NA
Kforce Inc. 28.58 67.0 627 712 1,356 1,283 84 61 -4.8 28.8 6.2 0.53x 0.56x 8.5 11.7 19.2 17.9 15.0
Kelly Services, Inc. Class A 14.70 50.8 578 621 5,234 4,636 137 38 -13.4 17.9 2.6 0.12x 0.13x 4.5 16.3 NA 25.7 10.0
Heidrick & Struggles International, Inc. 21.04 63.4 406 372 724 560 80 57 -20.8 30.0 10.9 0.51x 0.67x 4.7 6.5 9.5 21.3 11.0
Mastech Digital, Inc. 23.69 79.0 265 300 199 198 15 - 2.2 23.7 7.5 1.51x 1.52x 20.0 NA 22.2 25.9 20.0
Hudson Global, Inc. 8.88 67.8 24 1 102 100 NA 1 7.0 43.1 -0.1 0.01x 0.01x NA 1.9 68.9 NA 20.0
Median -4.8% 27.0% 7.5% 0.57x 0.67x 8.6x 11.9x 19.0x 21.4x 10.7%Mean -8.3% 28.9% 7.3% 0.70x 0.77x 9.3x 11.1x 21.2x 24.2x 11.3%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
IT Solution Provider - North America '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
CDW Corp. $116.23 79.6% $16,542 $20,574 $18,464 $17,654 $1,445 $1,383 -2.1% 16.9% 7.8% 1.11x 1.17x 14.2x 14.9x 22.7x 20.9x 9.6%
Insight Enterprises, Inc. 47.59 65.0 1,668 2,733 8,190 8,261 312 298 6.9 14.2 3.8 0.33x 0.33x 8.8 9.2 11.1 10.3 NA
PC Connection, Inc. 47.37 84.1 1,237 1,157 2,899 2,829 128 120 0.3 15.6 4.4 0.40x 0.41x 9.0 9.6 14.9 16.1 10.0
ePlus inc. 69.88 70.1 943 936 1,567 1,508 93 104 -1.6 22.7 6.0 0.60x 0.62x 10.0 9.0 13.6 13.4 8.7
Converge Technology Solutions Corp. 1.00 76.3 70 179 553 718 23 38 47.3 21.4 4.0 0.32x 0.25x 7.8 4.7 NA 20.9 NA
Pivot Technology Solutions, Inc. 1.28 85.4 49 196 1,181 1,602 27 37 31.5 12.6 2.3 0.17x 0.12x 7.3 5.3 2.9 8.0 NA
Median 3.6% 16.3% 4.2% 0.37x 0.37x 8.9x 9.1x 13.6x 14.7x 9.6%Mean 13.7% 17.2% 4.7% 0.49x 0.48x 9.5x 8.8x 13.0x 14.9x 9.4%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
IT Solution Provider - Europe '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Bechtle AG $177.81 96.1% $7,468 $7,630 $6,182 $6,412 $347 $382 11.5% 13.6% 5.6% 1.23x 1.19x 22.0x 20.0x 37.8x 36.8x 11.6%
SoftwareONE Holding Ltd. 24.50 90.0 3,885 3,439 7,998 8,157 197 280 3.7 2.9 2.5 0.43x 0.42x 17.5 12.3 28.5 28.5 1.7
Softcat Plc 13.87 82.6 2,755 2,705 1,355 1,424 117 119 8.2 21.1 8.7 2.00x 1.90x 23.1 22.7 29.6 29.7 NA
CANCOM SE 52.81 80.0 2,036 1,717 1,839 1,852 130 145 8.4 6.5 7.1 0.93x 0.93x 13.2 11.8 45.8 33.5 21.2
Computacenter Plc 20.62 81.8 2,353 2,327 6,328 6,254 295 246 -1.3 13.0 4.7 0.37x 0.37x 7.9 9.5 18.2 19.1 NA
Asseco Poland S.A. 17.19 89.5 1,426 2,121 2,821 2,787 424 346 12.3 21.4 15.0 0.75x 0.76x 5.0 6.1 17.3 16.2 NA
Atea ASA 10.08 66.4 1,109 1,308 3,837 4,029 140 147 1.3 4.1 3.6 0.34x 0.32x 9.3 8.9 23.1 19.6 NA
Dustin Group AB 5.75 60.1 510 750 1,434 1,438 73 77 9.7 14.6 5.0 0.52x 0.52x 10.3 9.7 16.8 12.5 NA
Crayon Group Holding ASA 6.39 79.2 519 503 1,598 1,839 27 35 24.1 1.0 1.8 0.31x 0.27x 18.9 14.3 NA 49.8 NA
Comarch S.A. 54.60 97.1 444 417 374 390 67 50 5.4 30.8 17.9 1.11x 1.07x 6.2 8.3 14.3 23.8 NA
Datatec Limited 1.51 57.1 305 510 3,666 - 137 - NA 15.5 3.7 0.14x NA 3.7 NA 27.3 24.1 NA
Plaisio Computers SA 3.21 65.3 71 77 357 - 13 - NA 20.3 3.6 0.22x NA 6.1 NA 32.3 NA NA
Byte Computer ABEE 0.88 55.4 14 14 33 - 2 - NA 14.2 6.5 0.41x NA 6.3 NA 20.5 NA NA
Median 8.3% 14.2% 5.0% 0.43x 0.64x 9.3x 10.8x 25.2x 24.1x 11.6%Mean 8.3% 13.8% 6.6% 0.67x 0.78x 11.5x 12.4x 26.0x 26.7x 11.5%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
IT Distributors '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Arrow Electronics, Inc. $66.26 77.2% $5,213 $7,828 $28,142 $26,281 $983 $955 -8.3% 10.5% 3.5% 0.28x 0.30x 8.0x 8.2x NA 11.3x 3.9%
Tech Data Corporation 144.90 95.7 - 5,833 36,767 - 760 - NA 6.3 2.1 0.16x NA 7.7 NA 14.2 NA NA
SYNNEX Corporation 118.01 77.1 6,001 7,716 23,582 22,509 1,153 1,076 -4.8 10.7 4.9 0.33x 0.34x 6.7 7.2 12.7 10.8 9.4
Anixter International Inc. 97.85 98.5 - 4,693 8,809 - 451 - NA 19.7 5.1 0.53x NA 10.4 NA 13.0 NA NA
Avnet, Inc. 27.09 58.4 2,675 4,189 18,156 16,923 562 427 -8.2 12.0 3.1 0.23x 0.25x 7.5 9.8 NA 18.8 NA
ScanSource, Inc. 23.26 59.6 590 908 3,830 3,187 112 115 -8.9 10.4 3.0 0.24x 0.29x 8.1 7.9 16.4 10.0 10.0
TESSCO Technologies Incorporated 5.38 27.9 46 85 540 504 NA NA -9.2 17.0 -2.2 0.16x 0.17x NA NA NA NA NA
Median -8.3% 10.7% 3.1% 0.24x 0.29x 7.8x 8.0x 13.6x 11.1x 9.4%Mean -7.9% 12.4% 2.8% 0.27x 0.27x 8.0x 8.3x 14.1x 12.7x 7.8%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
SaaS '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
salesforce.com, inc. $192.48 98.3% $173,119 $171,360 $18,226 $19,843 $3,423 $5,863 18.3% 67.7% 13.9% 9.40x 8.64x 50.1x 29.2x NM 65.2x 13.5%
ServiceNow, Inc. 417.37 99.9 79,594 82,227 3,718 4,343 421 1,315 25.5 71.7 14.6 NA 18.93x 195.1 62.6 122.3 98.7 30.7
Workday, Inc. Class A 192.12 84.7 33,429 44,131 3,810 4,134 NA 878 16.1 70.4 -4.2 11.58x 10.68x NM 50.3 NM 86.5 22.9
Splunk Inc. 204.50 99.8 32,488 32,595 2,368 2,427 NA 49 5.0 80.1 -13.6 13.76x 13.43x NM NM NM NM 21.6
Twilio, Inc. Class A 228.04 99.7 29,356 30,388 1,266 1,520 NA 97 34.0 50.4 -17.7 NA 19.99x NM NM NM NM 37.6
Paycom Software, Inc. 321.99 94.1 18,493 17,588 780 825 298 333 11.8 82.9 38.2 NA NA 59.0 52.8 95.9 90.2 25.0
SS&C Technologies Holdings, Inc. 56.77 85.1 14,567 22,333 4,669 4,598 1,720 1,772 -1.5 44.2 37.2 4.78x 4.86x 13.0 12.6 32.9 14.6 8.5
Slack Technologies, Inc. Class A 31.15 77.7 13,475 16,695 697 851 NA NA 39.3 85.1 -78.9 NA 19.62x NM NM NM NM 30.0
Coupa Software, Inc. 288.18 99.6 19,329 18,879 428 483 NA 60 27.6 61.9 -2.1 NA NA NM NM NM NM 30.2
NICE Ltd 190.82 95.2 11,907 12,599 1,640 1,674 430 549 6.1 NA NA 7.68x 7.53x 29.3 23.0 59.8 33.5 10.0
Fair Isaac Corporation 426.15 97.6 12,360 13,723 1,226 1,221 324 376 4.2 70.6 26.8 11.19x 11.24x 42.4 36.5 55.5 51.4 10.0
Zendesk, Inc. 89.56 94.4 10,230 10,211 870 1,009 NA 93 23.6 72.8 -13.2 11.73x 10.12x NM 109.7 NM NM 43.3
Sage Group plc 8.34 80.3 9,100 9,454 2,447 2,288 668 569 -6.3 87.3 27.3 3.86x 4.13x 14.2 16.6 21.6 26.5 2.7
HubSpot, Inc. 233.18 99.7 10,173 9,732 722 806 NA 70 19.5 80.8 -2.8 13.48x 12.07x NM 138.7 NM NM 22.5
Xero Limited 62.86 98.4 8,929 8,975 471 511 90 108 24.1 71.5 19.0 19.06x 17.56x 100.2 83.2 NM NM NA
Paylocity Holding Corp. 151.78 99.9 8,148 8,395 551 590 109 155 15.2 67.7 19.9 15.23x 14.23x 77.3 54.3 121.6 92.3 20.0
LogMeIn, Inc. 85.42 98.6 4,166 4,269 1,275 1,322 340 399 4.8 62.2 26.7 3.35x 3.23x 12.6 10.7 NM 16.9 NA
Envestnet, Inc. 75.13 85.6 4,020 4,610 947 953 98 204 4.8 14.6 11.0 4.87x 4.84x 47.0 22.6 NM 36.4 NA
New Relic, Inc. 72.04 74.7 4,311 3,911 600 653 NA 71 14.9 82.8 -0.8 6.52x 5.99x NM 55.0 NM NM 20.0
Software AG 40.52 99.4 2,998 2,706 1,009 959 274 220 -2.1 75.2 27.2 2.68x 2.82x 9.9 12.3 18.3 20.7 NA
Cloudera, Inc. 12.50 89.7 3,691 3,490 817 835 NA 168 8.8 64.1 -18.1 4.27x 4.18x NM 20.8 NM 51.3 22.0
Cornerstone Ondemand, Inc. 39.20 60.8 2,502 2,327 587 726 57 186 25.9 73.2 9.8 3.97x 3.21x 40.5 12.5 NM 43.2 NA
Zuora, Inc. Class A 12.99 77.5 1,297 1,399 286 292 NA NA 7.0 53.0 -20.6 4.89x 4.79x NM NM NM NM NA
Blucora, Inc. 11.47 37.2 549 851 755 743 86 98 3.5 40.9 11.7 1.13x 1.14x 9.9 8.7 NM 10.4 15.0
Median 13.3% 70.6% 11.0% 6.52x 8.08x 41.4x 29.2x 57.6x 43.2x 21.8%Mean 13.8% 66.6% 4.9% 8.08x 9.24x 50.0x 42.7x 66.0x 49.2x 21.4%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
Enterprise Applications '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Microsoft Corporation $206.07 99.9% $1,562,695 $1,525,645 $138,604 $149,052 $64,078 $68,875 11.7% 68.1% 46.2% 11.01x 10.24x 23.8x 22.2x 34.3x 34.5x 14.8%
Adobe Inc. 441.07 98.9 211,566 214,265 12,011 12,916 4,453 6,182 14.3 84.2 38.0 17.84x 16.59x 48.1 34.7 58.2 44.6 15.5
Oracle Corporation 55.72 92.1 170,987 214,800 39,068 38,904 17,181 18,777 -0.7 75.6 44.0 5.50x 5.52x 12.5 11.4 18.1 14.1 8.9
SAP SE 139.48 96.3 171,350 176,989 31,508 31,462 9,037 10,453 3.5 70.1 28.6 5.62x 5.63x 19.6 16.9 34.7 24.6 11.2
International Business Machines Corporation119.10 75.0 105,743 164,160 76,537 72,864 16,190 16,414 -5.6 45.8 21.3 2.14x 2.25x 10.1 10.0 11.8 10.8 3.4
Intuit Inc. 304.38 99.2 79,374 77,048 6,857 7,641 1,813 2,769 8.6 80.4 26.4 11.24x 10.08x 42.5 27.8 60.1 40.3 14.1
Veeva Systems Inc Class A 241.72 99.0 32,629 37,220 1,196 1,365 328 518 26.0 71.4 28.0 NA NA NA NA NA 96.0 17.1
Citrix Systems, Inc. 149.73 96.5 18,484 20,735 3,152 3,177 875 1,060 5.5 83.5 27.8 6.58x 6.53x 23.7 19.6 26.2 26.6 7.0
VMware, Inc. Class A 154.85 84.4 17,317 67,905 10,702 11,442 2,361 4,033 7.4 82.9 18.9 6.35x 5.93x 28.8 16.8 10.3 25.2 14.8
Hewlett Packard Enterprise Co. 9.47 53.8 12,160 24,106 27,208 25,520 4,442 4,400 -10.5 31.3 16.3 0.89x 0.94x 5.4 5.5 NA 7.6 NA
Aspen Technology, Inc. 104.39 73.1 7,057 7,427 587 583 262 287 0.3 89.4 44.7 12.66x 12.73x 28.4 25.9 31.2 29.7 12.7
Manhattan Associates, Inc. 93.44 98.1 5,933 5,973 623 554 120 136 -10.4 51.7 19.3 9.58x 10.79x 49.7 43.9 69.3 60.7 NA
Tenable Holdings, Inc. 30.22 94.1 3,024 2,806 377 427 NA NA 20.5 82.4 -20.7 7.44x 6.56x NA NA NA NA NA
Median 5.5% 75.6% 27.8% 7.01x 6.55x 23.8x 19.6x 32.7x 28.2x 13.4%Mean 5.4% 70.5% 26.1% 8.07x 7.82x 26.6x 21.3x 35.4x 34.6x 11.9%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
Cyber Security '19 - '20E
As of July 1, 2020 Revenue Gross EBITDA Valuation Multiples EPS
$ in millions except per share data Current % of 52 Market Value Revenue EBITDA Growth Margin Margin EV/Rev EV/EBITDA P/E Growth
Company Price Wk. High Equity Enterprise LTM 2020E LTM 2020E Rate LTM LTM LTM 2020E LTM 2020E LTM 2020E Rate
Fortinet, Inc. $139.46 93.2% $22,544 $22,936 $2,261 $2,496 $436 $683 15.8% 76.8% 19.3% 10.15x 9.19x NA 33.6x 65.6x 49.6x 14.0%
Palo Alto Networks, Inc. 230.44 91.8 22,230 22,012 3,264 3,625 222 825 17.1 70.9 1.9 6.74x 6.07x NA 26.7 NA 44.3 22.3
Okta, Inc. Class A 211.33 99.7 24,543 25,496 644 761 NA NA 33.5 71.8 -25.2 NA NA NA NA NA NA 25.0
Akamai Technologies, Inc. 106.36 98.3 17,260 18,831 2,951 3,106 1,038 1,338 7.3 61.5 35.2 6.38x 6.06x 18.1 14.1 35.4 21.6 9.3
Check Point Software Technologies Ltd. 108.12 89.4 15,727 13,977 2,009 2,011 901 989 0.8 89.0 44.9 6.96x 6.95x 15.5 14.1 19.4 17.0 7.3
NortonLifeLock Inc. 19.77 68.9 11,642 14,768 2,490 2,456 892 1,216 -19.3 81.0 35.8 5.93x 6.01x 16.6 12.1 22.1 18.1 4.5
Zscaler, Inc. 111.57 96.9 14,562 14,009 391 480 NA 51 35.9 78.7 -8.1 NA NA NA NA NA NA 73.4
F5 Networks, Inc. 137.77 89.5 8,390 8,350 2,307 2,352 516 791 4.0 83.6 22.4 3.62x 3.55x 16.2 10.6 24.5 14.9 8.4
CrowdStrike Holdings, Inc. Class A 103.35 95.4 15,628 21,215 563 746 NA 24 61.5 71.7 -20.6 NA NA NA NA NA NA 25.0
Trend Micro Incorporated 55.52 94.9 7,802 6,291 1,560 1,612 512 474 8.3 80.4 32.8 4.03x 3.90x 12.3 13.3 27.8 28.9 NA
Proofpoint, Inc. 113.83 85.2 6,523 6,352 935 1,021 NA 140 15.0 71.6 -1.0 6.79x 6.22x NA 45.3 NA 75.6 23.7
Avast Plc 6.68 92.5 6,844 7,681 855 893 448 501 2.3 74.3 52.4 8.98x 8.60x 17.1 15.3 26.6 20.2 5.6
SolarWinds Corp. 18.19 84.0 5,670 7,472 964 1,010 404 467 8.3 65.5 41.7 7.75x 7.40x 18.5 16.0 NA 21.0 6.6
Aisino Corp. Class A 2.31 62.6 4,291 3,731 4,571 4,854 391 453 1.5 15.5 NA 0.82x 0.77x 9.6 8.2 62.1 20.1 NA
CyberArk Software Ltd. 102.94 69.2 3,987 3,446 445 456 62 92 5.0 83.8 13.8 7.75x 7.56x NA 37.5 77.8 55.7 13.4
Qualys, Inc. 104.08 87.3 4,055 3,969 333 357 110 152 11.1 78.8 33.7 11.94x 11.10x 36.0 26.2 57.2 41.8 12.9
Tenable Holdings, Inc. 30.22 94.1 3,024 2,806 377 427 NA NA 20.5 82.4 -20.7 7.44x 6.56x NA NA NA NA NA
FireEye, Inc. 12.47 68.0 2,779 2,846 903 889 NA 81 0.0 62.4 -9.8 3.15x 3.20x NA 35.1 NA NA 31.0
Mimecast Limited 43.54 80.0 2,742 2,756 427 468 70 91 15.6 74.4 16.4 6.46x 5.89x 39.4 30.2 NA 71.2 26.0
Rapid7 Inc. 52.97 80.2 2,675 2,683 348 391 NA 11 19.7 69.3 -10.6 7.71x 6.86x NA NA NA NA NA
Varonis Systems, Inc. 93.74 98.0 2,950 2,832 252 254 NA NA 0.1 85.3 -27.8 11.24x 11.13x NA NA NA NA NA
SailPoint Technologies Holdings, Inc. 28.58 97.8 2,578 2,455 303 317 11 16 9.7 75.6 3.0 8.09x 7.76x NA NA NA NA 15.0
ForeScout Technologies, Inc. 21.28 53.1 1,048 993 318 328 NA NA -2.5 74.9 -33.9 3.12x 3.02x NA NA NA NA NA
Radware Ltd. 23.62 87.5 1,095 995 251 247 25 32 -1.9 82.1 10.0 3.97x 4.03x 39.6 31.1 53.3 36.2 17.8
F-Secure Oyj 3.36 88.9 534 546 246 245 23 29 3.7 69.0 9.1 2.21x 2.22x 24.1 18.9 69.6 79.3 NA
Zix Corporation 7.05 67.0 401 668 197 213 28 51 23.0 46.5 12.5 3.40x 3.13x 23.5 13.2 NA 12.4 NA
SecureWorks Corp. Class A 11.72 64.3 142 816 561 561 NA 16 2.0 52.4 -1.0 1.45x 1.45x NA 49.7 NA NA NA
Techpoint, Inc. 4.65 56.5 29 63 32 - 3 - NA 48.8 10.5 1.96x NA 18.6 NA 37.4 NA NA
Median 8.3% 74.4% 10.0% 6.46x 6.07x 18.3x 18.9x 37.4x 28.9x 14.5%Mean 11.0% 70.7% 8.8% 5.92x 5.78x 21.8x 23.7x 44.5x 36.9x 19.0%
Source: FactSet; based on consensus estimates.
Please forward any questions to Patrick Jeffries (Analyst) at [email protected] Data Provided by FactSet
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