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Multiples Valuation: OneSpan Inc.

OneSpan Inc. (OSPN)

Industry: Software - Infrastructure Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $26.57 — $124.00
Selected (Average) $56.49
Upside to Live 378.36%
Full Range Fair Value
Range (Low - High) $31.91 — $145.08
Selected (Average) $68.27
Upside to Live 478.11%
Live Price $11.81

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
9959.HK 154 Linklogis Inc. 267 - - - - - -
LWSA3.SA 155 Locaweb Serviços 266 - - - - - -
002315.SZ 156 Focus Technology C 265 30.09 22.87 25.60 20.22 28.38 18.95
LLNW 157 Limelight Networks 250 - - - - - -
YUBICO.ST 158 Yubico AB 247 49.29 49.29 39.11 39.11 34.58 39.11
FORG 159 ForgeRock, Inc. 243 - - - - - -
002090.SZ 160 Wiscom System Co., 243 55.62 45.45 49.90 53.57 385.28 43.05
OSPN 161 OneSpan Inc. 241 10.42 4.91 8.85 6.70 16.01 6.21
ODD 162 Oddity Tech Ltd. 241 32.43 32.43 21.38 21.38 43.26 24.79
4434.T 163 Serverworks Co.,Lt 239 - - - - - 16.77
GTK.AX 164 Gentrack Group Lim 237 70.74 63.72 39.89 37.99 24.75 84.55
214180.KQ 165 Hecto Innovation C 237 5.80 5.15 -0.81 -0.62 -2.19 -1.93
ZFOXW 166 ZeroFox Holdings, 233 - - - - - -
IIIV 167 i3 Verticals, Inc. 232 44.22 44.22 17.09 14.95 143.38 280.22
BASE 168 Couchbase, Inc. 221 - - - - - -
ERD.AX 169 EROAD Limited 217 164.21 179.58 3.63 2.43 3.32 7.49

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple38.3238.3221.3820.2228.3821.87
Full Range Median Multiple46.7544.8325.6021.3834.5831.95
Industry Multiple56.5555.3428.0927.0994.7164.36
Market Implied Multiple7.753.656.244.7211.284.37
Company (OSPN) Multiple10.424.918.856.7016.016.21
(*) Net Income / EBITDA / Revenue5812360793385
Winsorized Enterprise ValueN/AN/A1,2731,5909341,857
Full Range Median Enterprise ValueN/AN/A1,5241,6801,1382,713
(-) Net Debt-79-79-79-79-79-79
Winsorized Equity Value2,2284,7291,3521,6691,0131,936
Full Range Median Equity Value2,7195,5331,6031,7591,2172,792
(/) Shares Outstanding383838383838
Winsorized Fair Value$58.43$124.00$35.45$43.76$26.57$50.76
Full Range Median Fair Value$71.29$145.08$42.03$46.14$31.91$73.20
Current Price$11.81$11.81$11.81$11.81$11.81$11.81
Upside / Downside394.75%949.95%200.14%270.51%124.96%329.82%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$40.90$86.80$24.81$30.63$18.60$35.53
Buy / Don't BuyBUYBUYBUYBUYBUYBUY