Microsoft Corporation (MSFT)

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
BLSH	1	Bullish	300,743	-	-	-	-	116.03	232.39
MSFT	2	Microsoft Corporat	293,812	36.70	31.32	22.83	19.20	25.56	23.93
ALFIW	3	Alfi, Inc.	63,303	-	-	-	-	-	-
ORCL	4	Oracle Corporation	61,016	37.06	34.24	29.99	28.50	35.77	34.96
075130.KS	5	PLANTYNET Co Ltd	45,202	15.32	15.40	1.35	0.97	68.03	6.71
SQ	6	Block, Inc.	23,974	11.13	7.01	14.63	7.04	17.19	22.78
STNE	7	StoneCo Ltd.	16,492	-	-	4.96	3.62	4.77	4.03
VMW	8	VMware, Inc.	13,611	47.76	48.81	27.84	27.01	33.15	38.49
ECSC.L	9	ECSC Group plc	13,285	0.10	0.02	-	-	0.10	0.01
NEXI.MI	10	Nexi S.p.A.	13,078	-	-	2.83	2.83	3.03	31.03
WLN.PA	11	Worldline S.A.	10,809	-	-	79.66	127.12	9.87	5.06
PANW	12	Palo Alto Networks	9,557	133.86	133.86	77.28	44.20	118.79	116.03
QIWI.ME	13	QIWI plc	8,460	8.16	8.59	6.64	7.83	-	-
KKS.F	14	Joint Stock Compan	7,046	7.74	5.73	5.32	3.85	3.34	3.16
TOST	15	Toast, Inc.	5,858	78.24	78.24	61.41	61.41	59.58	83.76
WPS.L	16	W.A.G payment solu	5,782	-	-	4.42	4.42	9.35	11.29

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	11.13	8.59	5.98	5.73	9.87	11.29
Full Range Median Multiple	15.32	15.40	10.63	7.43	17.19	22.78
Industry Multiple	37.71	36.88	26.36	26.57	36.85	45.36
Market Implied Multiple	32.58	27.81	20.29	17.07	22.72	21.26
Company (MSFT) Multiple	36.70	31.32	22.83	19.20	25.56	23.93
(*) Net Income / EBITDA / Revenue	104,912	122,930	169,991	202,146	151,844	162,232
Winsorized Enterprise Value	N/A	N/A	1,016,777	1,158,573	1,498,585	1,831,002
Full Range Median Enterprise Value	N/A	N/A	1,807,609	1,502,943	2,610,076	3,694,938
(-) Net Debt	31,707	31,707	31,707	31,707	31,707	31,707
Winsorized Equity Value	1,168,108	1,055,852	985,070	1,126,866	1,466,878	1,799,295
Full Range Median Equity Value	1,607,270	1,893,576	1,775,902	1,471,236	2,578,369	3,663,231
(/) Shares Outstanding	7,433	7,433	7,433	7,433	7,433	7,433
Winsorized Fair Value	$157.15	$142.05	$132.53	$151.60	$197.35	$242.07
Full Range Median Fair Value	$216.23	$254.75	$238.92	$197.93	$346.88	$492.83
Current Price	$459.86	$459.86	$459.86	$459.86	$459.86	$459.86
Upside / Downside	-65.83%	-69.11%	-71.18%	-67.03%	-57.09%	-47.36%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$110.01	$99.43	$92.77	$106.12	$138.14	$169.45
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy