ePlus inc. (PLUS)

Industry: Software - Application 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
RNG	34	RingCentral, Inc.	2,486	194.61	194.61	8.43	8.43	24.79	32.59
AVYA	35	Avaya Holdings Cor	2,424	-	-	22.15	29.49	-	-
0OA4.L	36	VusionGroup	2,337	-	-	21.62	13.69	55.43	131.16
0596.HK	37	Inspur Digital Ent	2,331	11.06	6.35	10.60	10.60	15.52	12.89
TYL	38	Tyler Technologies	2,298	71.45	64.39	42.35	36.63	57.02	54.42
PTRN	39	Pattern Group Inc.	2,294	-	-	236.99	236.99	-	94.79
ALIT	40	Alight, Inc.	2,289	-	-	-	-	-	-
PLUS	41	ePlus inc.	2,255	15.36	13.75	7.75	7.06	7.52	9.12
XRO.AX	42	Xero Limited	2,200	59.77	59.77	30.89	30.89	31.04	37.31
035080.KQ	43	Gradiant Corporati	2,090	-	-	2.01	1.89	-	-
PAYC	44	Paycom Software, I	2,001	25.76	21.04	14.56	11.69	25.28	16.77
FICO	45	Fair Isaac Corpora	1,991	54.88	44.80	42.49	34.67	39.02	32.87
1675.HK	46	Asiainfo Technolog	1,966	11.03	11.03	6.48	6.48	-	7.06
002065.SZ	47	DHC Software Co.,L	1,934	95.90	100.06	70.26	74.37	61.16	93.71
CDAY	48	Dayforce Inc.	1,893	-	-	105.13	99.76	92.80	70.27
DT	49	Dynatrace, Inc.	1,853	28.86	19.89	49.51	42.29	46.16	46.18

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	28.86	21.04	21.89	21.59	39.02	35.09
Full Range Median Multiple	54.88	44.80	26.52	30.19	42.59	41.75
Industry Multiple	61.48	58.00	47.39	45.56	44.82	52.50
Market Implied Multiple	18.95	16.96	10.07	9.17	9.77	11.84
Company (PLUS) Multiple	15.36	13.75	7.75	7.06	7.52	9.12
(*) Net Income / EBITDA / Revenue	122	136	190	208	195	161
Winsorized Enterprise Value	N/A	N/A	4,148	4,492	7,622	5,656
Full Range Median Enterprise Value	N/A	N/A	5,026	6,281	8,319	6,729
(-) Net Debt	-402	-402	-402	-402	-402	-402
Winsorized Equity Value	3,517	2,865	4,550	4,894	8,025	6,058
Full Range Median Equity Value	6,689	6,101	5,428	6,683	8,722	7,131
(/) Shares Outstanding	26	26	26	26	26	26
Winsorized Fair Value	$133.43	$108.67	$172.60	$185.63	$304.40	$229.81
Full Range Median Fair Value	$253.74	$231.45	$205.92	$253.51	$330.84	$270.50
Current Price	$87.62	$87.62	$87.62	$87.62	$87.62	$87.62
Upside / Downside	52.28%	24.02%	96.99%	111.86%	247.41%	162.27%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$93.40	$76.07	$120.82	$129.94	$213.08	$160.86
Buy / Don't Buy	BUY	Don’t Buy	BUY	BUY	BUY	BUY