Box, Inc. (BOX)

Industry: Software - Infrastructure 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
DARK.L	54	Darktrace plc	1,472	27.98	27.98	19.31	19.31	14.79	30.09
OVH.PA	55	OVH Groupe S.A.	1,225	119.11	119.11	5.72	5.72	19.83	28.24
CSGS	56	CSG Systems Intern	1,217	21.82	20.95	10.64	10.26	15.52	15.61
RBRK	57	Rubrik, Inc.	1,197	-	-	-	-	-	-
601360.SS	58	360 Security Techn	1,193	-	-	-	-	-	-
0RUL.L	59	Software AG	1,175	-	-	18.97	21.16	18.33	33.93
KVYO	60	Klaviyo, Inc.	1,154	-	-	-	-	-	-
BOX	61	Box, Inc.	1,151	20.45	20.45	32.53	19.60	42.73	61.26
JCOM	62	Ziff Davis, Inc.	1,150	199.30	273.80	280.39	494.97	55.46	-
FIVN	63	Five9, Inc.	1,127	59.98	59.98	23.71	15.75	35.11	167.01
CFLT	64	Confluent, Inc.	1,113	-	-	-	-	-	-
5036.T	65	Japan Business Sys	1,109	12.39	12.39	10.61	10.61	13.98	11.92
SQSP	66	Squarespace, Inc.	1,106	-	-	49.38	49.38	94.17	133.48
PAYO	67	Payoneer Global In	1,040	30.79	30.79	10.69	10.69	12.40	14.43
CCCS	68	CCC Intelligent So	1,026	-	-	30.14	30.14	47.76	88.29
SAIL	69	SailPoint, Inc.	1,017	-	-	262.02	262.02	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	27.98	27.98	18.97	15.75	18.33	28.24
Full Range Median Multiple	30.79	30.79	19.31	19.31	19.08	30.09
Industry Multiple	67.34	77.86	65.60	84.55	32.73	58.11
Market Implied Multiple	16.48	16.48	25.68	15.47	33.73	48.36
Company (BOX) Multiple	20.45	20.45	32.53	19.60	42.73	61.26
(*) Net Income / EBITDA / Revenue	227	227	132	218	100	70
Winsorized Enterprise Value	N/A	N/A	2,498	3,441	1,838	1,974
Full Range Median Enterprise Value	N/A	N/A	2,543	4,219	1,913	2,104
(-) Net Debt	-356	-356	-356	-356	-356	-356
Winsorized Equity Value	6,347	6,347	2,854	3,797	2,194	2,330
Full Range Median Equity Value	6,983	6,983	2,899	4,575	2,269	2,460
(/) Shares Outstanding	145	145	145	145	145	145
Winsorized Fair Value	$43.90	$43.90	$19.74	$26.27	$15.18	$16.12
Full Range Median Fair Value	$48.30	$48.30	$20.05	$31.64	$15.69	$17.01
Current Price	$25.85	$25.85	$25.85	$25.85	$25.85	$25.85
Upside / Downside	69.83%	69.83%	-23.63%	1.61%	-41.29%	-37.64%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$30.73	$30.73	$13.82	$18.39	$10.62	$11.28
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy