Alphabet Inc. (GOOG)

Industry: Internet Content & Information 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
GOOG	1	Alphabet Inc.	385,477	23.65	18.43	17.17	13.60	23.61	18.43
META	2	Meta Platforms, In	189,457	31.58	26.70	18.47	14.99	23.00	18.71
VKCO.IL	3	VK Company Limited	139,315	3.61	2.01	2.92	2.20	-	8.02
NNND.F	4	Tencent Holdings L	99,942	20.26	17.63	14.79	12.79	18.48	18.24
1024.HK	5	Kuaishou Technolog	19,043	15.28	15.28	11.34	11.34	12.80	15.99
B1C.F	6	Baidu, Inc.	18,517	284.06	344.60	89.43	87.31	-	-
0A28.L	7	Prosus N.V.	13,714	3.82	3.82	10.63	10.63	547.88	-
4689.T	8	LY Corporation	12,768	15.95	13.09	8.65	7.71	13.92	12.74
DASH	9	DoorDash, Inc.	12,635	135.18	135.18	89.38	89.38	113.02	168.31
035420.KS	10	NAVER Corporation	7,656	20.41	16.60	5.47	3.84	19.27	15.94
SNAP	11	Snap Inc.	5,772	-	-	-	-	-	-
YNDX	12	Yandex N.V.	5,531	0.41	0.43	0.07	0.06	-	0.57
035720.KS	13	Kakao Corp.	5,264	123.66	123.66	8.62	8.62	33.20	45.59
TWLO	14	Twilio Inc.	4,896	228.00	228.00	53.07	53.07	95.77	136.60
1698.HK	15	Tencent Music Ente	4,502	19.58	16.05	15.89	12.92	19.07	13.01
PINS	16	Pinterest, Inc.	4,057	10.97	10.97	57.56	57.56	89.20	74.49

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.77	15.67	10.99	10.99	19.27	15.97
Full Range Median Multiple	19.92	16.33	13.07	12.06	23.00	17.11
Industry Multiple	65.20	68.14	27.59	26.60	89.60	44.02
Market Implied Multiple	32.13	25.04	23.31	18.46	32.05	25.03
Company (GOOG) Multiple	23.65	18.43	17.17	13.60	23.61	18.43
(*) Net Income / EBITDA / Revenue	124,251	159,439	171,744	216,798	124,912	159,962
Winsorized Enterprise Value	N/A	N/A	1,886,631	2,381,558	2,406,768	2,553,908
Full Range Median Enterprise Value	N/A	N/A	2,243,872	2,615,411	2,873,109	2,737,585
(-) Net Debt	10,623	10,623	10,623	10,623	10,623	10,623
Winsorized Equity Value	2,207,350	2,497,786	1,876,008	2,370,935	2,396,145	2,543,285
Full Range Median Equity Value	2,475,133	2,602,916	2,233,249	2,604,788	2,862,486	2,726,962
(/) Shares Outstanding	12,086	12,086	12,086	12,086	12,086	12,086
Winsorized Fair Value	$182.64	$206.67	$155.22	$196.17	$198.26	$210.43
Full Range Median Fair Value	$204.79	$215.37	$184.78	$215.52	$236.84	$225.63
Current Price	$330.34	$330.34	$330.34	$330.34	$330.34	$330.34
Upside / Downside	-44.71%	-37.44%	-53.01%	-40.62%	-39.98%	-36.30%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$127.85	$144.67	$108.66	$137.32	$138.78	$147.30
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy