Shift4 Payments, Inc. (FOUR)

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
CPAY	23	Corpay, Inc.	4,315	19.27	17.91	10.78	9.64	11.77	11.27
FLT	24	FLEETCOR Technolog	4,315	19.97	18.56	11.10	9.94	12.12	11.61
CRWV	25	CoreWeave, Inc. Cl	4,307	-	-	38.33	38.33	408.72	542.48
SPLK	26	Splunk Inc.	4,216	98.33	98.33	59.71	59.71	14.20	94.11
EEFT	27	Euronet Worldwide,	4,183	12.93	8.28	7.44	6.41	6.69	6.78
KLAR	28	Klarna Group plc	4,016	-	-	37.19	37.19	-	-
PLTR	29	Palantir Technolog	3,896	393.66	393.66	446.32	446.32	273.25	505.87
FOUR	30	Shift4 Payments, I	3,878	45.41	45.41	12.41	5.61	20.91	31.01
BKKT	31	Bakkt Holdings, In	3,852	-	-	-	-	-	-
PAGS	32	PagSeguro Digital	3,536	7.01	6.30	6.29	4.68	7.41	5.87
AFRM	33	Affirm Holdings, I	3,459	103.53	103.53	37.58	37.58	120.42	281.29
FFIV	34	F5, Inc.	3,088	26.91	22.88	19.92	17.77	21.30	20.01
OKTA	35	Okta, Inc.	2,840	82.33	82.33	50.10	50.10	172.09	142.63
RXT	36	Rackspace Technolo	2,689	-	-	21.38	27.12	-	-
WEX	37	WEX Inc.	2,625	19.09	13.21	6.45	5.53	8.05	7.19
DBX	38	Dropbox, Inc.	2,528	15.84	11.04	13.23	10.28	15.00	10.68

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.27	17.91	16.58	14.03	13.16	11.44
Full Range Median Multiple	19.97	18.56	20.65	22.44	14.60	15.81
Industry Multiple	72.62	70.55	54.70	54.33	89.25	136.65
Market Implied Multiple	22.42	22.42	6.61	2.99	11.14	16.52
Company (FOUR) Multiple	45.41	45.41	12.41	5.61	20.91	31.01
(*) Net Income / EBITDA / Revenue	195	195	772	1,708	458	309
Winsorized Enterprise Value	N/A	N/A	12,805	23,958	6,033	3,535
Full Range Median Enterprise Value	N/A	N/A	15,951	38,339	6,692	4,886
(-) Net Debt	739	739	739	739	739	739
Winsorized Equity Value	3,753	3,489	12,065	23,219	5,294	2,796
Full Range Median Equity Value	3,890	3,616	15,212	37,599	5,953	4,147
(/) Shares Outstanding	68	68	68	68	68	68
Winsorized Fair Value	$55.36	$51.46	$177.95	$342.45	$78.08	$41.24
Full Range Median Fair Value	$57.37	$53.33	$224.36	$554.55	$87.80	$61.16
Current Price	$64.41	$64.41	$64.41	$64.41	$64.41	$64.41
Upside / Downside	-14.06%	-20.10%	176.28%	431.67%	21.22%	-35.97%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$38.75	$36.02	$124.57	$239.71	$54.66	$28.87
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy