HealthStream, Inc. (HSTM)

Industry: Medical - Healthcare Information 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
CNVY	38	Convey Health Solu	366	-	-	86.48	86.48	-	241.84
TBRG	39	TruBridge, Inc.	350	52.36	52.36	5.43	5.43	17.94	11.67
CPSI	40	Computer Programs	348	-	-	-	-	7.29	5.11
INDGN.BO	41	Indegene Limited	337	30.16	30.16	20.18	20.18	28.16	26.96
IKS.BO	42	Inventurus Knowled	321	39.85	39.85	26.12	26.12	25.70	30.93
HCAT	43	Health Catalyst, I	316	-	-	-	-	-	-
300253.SZ	44	Winning Health Tec	307	-	-	-	-	-	-
HSTM	45	HealthStream, Inc.	299	41.14	39.48	12.30	11.50	26.87	34.54
4483.T	46	JMDC Inc.	293	39.26	30.19	24.73	19.69	31.13	27.39
3733.T	47	Software Service,	272	11.73	9.69	5.95	4.85	5.48	5.51
AMWL	48	American Well Corp	265	-	-	-	-	-	-
SDGR	49	Schrödinger, Inc.	257	-	-	-	-	-	-
PME.AX	50	Pro Medicus Limite	247	150.42	71.26	100.17	46.32	84.35	50.78
DH	51	Definitive Healthc	242	-	-	-	-	-	-
OMDA	52	Omada Health	232	-	-	-	-	-	-
2158.HK	53	Yidu Tech Inc.	216	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	34.71	30.17	20.18	19.69	17.94	19.32
Full Range Median Multiple	39.56	35.02	24.73	20.18	25.70	27.18
Industry Multiple	53.96	38.92	38.44	29.87	28.58	50.02
Market Implied Multiple	31.77	30.49	9.37	8.76	20.46	26.30
Company (HSTM) Multiple	41.14	39.48	12.30	11.50	26.87	34.54
(*) Net Income / EBITDA / Revenue	21	22	66	71	30	24
Winsorized Enterprise Value	N/A	N/A	1,334	1,392	543	455
Full Range Median Enterprise Value	N/A	N/A	1,635	1,427	778	640
(-) Net Debt	-38	-38	-38	-38	-38	-38
Winsorized Equity Value	718	651	1,372	1,431	581	493
Full Range Median Equity Value	819	755	1,673	1,465	816	678
(/) Shares Outstanding	30	30	30	30	30	30
Winsorized Fair Value	$23.83	$21.58	$45.52	$47.45	$19.28	$16.35
Full Range Median Fair Value	$27.15	$25.05	$55.49	$48.59	$27.07	$22.49
Current Price	$21.81	$21.81	$21.81	$21.81	$21.81	$21.81
Upside / Downside	9.25%	-1.05%	108.70%	117.54%	-11.61%	-25.02%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$16.68	$15.11	$31.86	$33.21	$13.50	$11.45
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	Don’t Buy	Don’t Buy