Progress Software Corporation (PRGS)

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
ALRM	96	Alarm.com Holdings	992	20.66	18.56	11.90	10.54	17.72	17.35
603927.SS	97	Sinosoft Co.,Ltd	988	72.67	81.79	81.84	96.74	61.22	73.72
WORK	98	Slack Technologies	974	-	-	-	-	-	-
300496.SZ	99	Thunder Software T	971	73.67	69.97	114.92	123.36	209.06	64.38
AYX	100	Alteryx, Inc.	970	-	-	-	-	14.41	-
FIG	101	Figma, Inc.	969	-	-	-	-	-	-
DUOL	102	Duolingo, Inc.	964	38.03	38.03	104.65	104.65	97.88	129.86
PRGS	103	Progress Software	940	41.00	42.39	9.72	8.21	15.51	18.07
CALX	104	Calix, Inc.	934	-	-	278.00	314.83	55.70	-
IDCC	105	InterDigital, Inc.	929	17.93	11.74	12.43	9.48	28.21	9.95
TTAN	106	ServiceTitan, Inc.	916	-	-	-	-	-	-
VCSA	107	Vacasa, Inc.	910	-	-	-	-	-	-
APPF	108	AppFolio, Inc.	906	48.56	46.46	60.79	46.55	70.28	46.55
GTLB	109	GitLab Inc.	906	-	-	-	-	-	-
CLDR	110	Cloudera, Inc.	905	-	-	-	-	-	-
600271.SS	111	Aisino Corporation	870	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	29.35	28.29	60.79	46.55	41.95	31.95
Full Range Median Multiple	43.29	42.24	81.84	96.74	58.46	55.46
Industry Multiple	45.25	44.42	94.93	100.88	69.31	56.97
Market Implied Multiple	35.51	36.71	8.77	7.40	13.99	16.30
Company (PRGS) Multiple	41.00	42.39	9.72	8.21	15.51	18.07
(*) Net Income / EBITDA / Revenue	49	47	280	332	175	151
Winsorized Enterprise Value	N/A	N/A	17,024	15,436	7,363	4,811
Full Range Median Enterprise Value	N/A	N/A	22,919	32,078	10,259	8,352
(-) Net Debt	732	732	732	732	732	732
Winsorized Equity Value	1,424	1,328	16,292	14,704	6,631	4,079
Full Range Median Equity Value	2,101	1,983	22,188	31,346	9,527	7,621
(/) Shares Outstanding	43	43	43	43	43	43
Winsorized Fair Value	$33.13	$30.90	$379.00	$342.06	$154.25	$94.90
Full Range Median Fair Value	$48.88	$46.13	$516.13	$729.18	$221.63	$177.27
Current Price	$40.09	$40.09	$40.09	$40.09	$40.09	$40.09
Upside / Downside	-17.36%	-22.93%	845.36%	753.23%	284.76%	136.71%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$23.19	$21.63	$265.30	$239.44	$107.97	$66.43
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY