Broadridge Financial Solutions, Inc. (0HPW.L)

Industry: Software - Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
0R2Y.L	1	Adobe Inc.	23,181	21.62	19.21	15.87	13.73	17.49	15.42
0QZ5.L	2	Cognizant Technolo	20,857	15.32	14.23	7.97	7.46	9.07	8.88
0L5N.L	3	ServiceNow, Inc.	12,667	110.58	92.29	66.98	48.14	83.52	71.20
J	4	Jacobs Solutions I	12,027	62.42	69.65	20.75	19.53	22.72	19.70
0IW7.L	5	Global Payments In	8,892	11.39	8.88	7.54	6.78	12.73	12.29
CSC	6	Computer Sciences	7,607	-	-	17.68	22.79	-	-
0HPW.L	7	Broadridge Financi	7,056	30.84	26.96	18.78	16.78	41.62	22.08
0LBP.L	8	Synopsys, Inc.	7,054	76.18	66.28	43.58	34.87	708.87	116.67
0HJF.L	9	Autodesk, Inc.	6,882	57.77	47.75	38.90	32.44	34.17	34.91
0IR9.L	10	Fortinet, Inc.	6,555	34.17	25.80	27.37	20.27	28.86	22.93
0M3F.L	11	Zendesk, Inc.	6,322	161.07	187.86	16.05	15.61	34.96	40.17
0L1G.L	12	SS&C Technologies	6,148	25.50	23.53	13.21	12.68	19.24	18.30
0HS2.L	13	Cadence Design Sys	5,213	89.77	90.03	52.77	43.81	55.81	52.75
0A1O.L	14	Zoom Communication	4,806	16.07	12.35	18.69	15.08	19.68	19.87
0HBQ.L	15	Akamai Technologie	4,133	21.52	21.97	11.31	10.63	22.90	24.24
0K6O.L	16	Farfetch Limited	3,144	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	25.50	23.53	16.87	15.35	22.72	19.87
Full Range Median Multiple	34.17	25.80	18.18	17.57	22.90	22.93
Industry Multiple	54.11	52.30	25.62	21.70	82.31	35.18
Market Implied Multiple	27.83	24.33	17.12	15.30	37.93	20.12
Company (0HPW.L) Multiple	30.84	26.96	18.78	16.78	41.62	22.08
(*) Net Income / EBITDA / Revenue	925	1,058	1,673	1,873	755	1,424
Winsorized Enterprise Value	N/A	N/A	28,228	28,742	17,162	28,289
Full Range Median Enterprise Value	N/A	N/A	30,430	32,906	17,295	32,651
(-) Net Debt	2,898	2,898	2,898	2,898	2,898	2,898
Winsorized Equity Value	23,593	24,900	25,330	25,845	14,264	25,392
Full Range Median Equity Value	31,612	27,305	27,532	30,008	14,397	29,753
(/) Shares Outstanding	117	117	117	117	117	117
Winsorized Fair Value	$200.96	$212.09	$215.76	$220.14	$121.50	$216.28
Full Range Median Fair Value	$269.27	$232.58	$234.52	$255.61	$122.64	$253.43
Current Price	$219.32	$219.32	$219.32	$219.32	$219.32	$219.32
Upside / Downside	-8.37%	-3.30%	-1.62%	0.38%	-44.60%	-1.38%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$140.67	$148.47	$151.03	$154.10	$85.05	$151.40
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy