Red Violet, Inc. (RDVT)

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
603383.SS	432	Fujian Apex Softwa	89	44.08	40.69	43.24	39.00	50.45	40.92
002095.SZ	433	Zhejiang NetSun Co	89	-	-	-	-	-	-
ENTER.AT	434	Entersoft S.A.	88	16.06	16.06	9.52	9.52	10.78	12.80
2576.HK	435	Zhejiang Taimei Me	88	-	-	-	-	-	-
ELCO.L	436	Eleco Plc	87	20.26	20.26	8.59	6.57	16.09	12.10
SPZ.AX	437	Smart Parking Limi	87	38.91	38.91	12.36	12.36	3.20	6.41
PBEE.L	438	PensionBee Group p	87	-	-	-	-	-	-
RDVT	439	Red Violet, Inc.	86	61.57	61.57	32.04	32.04	35.72	54.90
002908.SZ	440	Guangdong Tecsun S	85	277.38	387.48	164.58	204.17	-	215.10
WKME	441	WalkMe Ltd.	84	-	-	-	-	-	-
EINC.TO	442	E Automotive Inc.	84	-	-	-	-	-	-
PX1.NZ	443	Plexure Group Limi	83	-	-	-	-	9.23	-
V3S.DE	444	Vectron Systems AG	82	-	-	50.80	55.76	-	-
0DWV.L	445	cBrain A/S	80	37.09	26.14	22.84	16.10	32.93	19.05
DJCO	446	Daily Journal Corp	79	6.01	6.01	4.45	4.45	45.67	88.52
EVS.AX	447	Envirosuite Limite	79	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	20.26	20.26	10.94	10.94	10.78	12.80
Full Range Median Multiple	37.09	26.14	17.60	14.23	16.09	19.05
Industry Multiple	62.83	76.51	39.55	43.49	24.05	56.41
Market Implied Multiple	62.82	62.82	32.73	32.73	36.48	56.08
Company (RDVT) Multiple	61.57	61.57	32.04	32.04	35.72	54.90
(*) Net Income / EBITDA / Revenue	11	11	20	20	18	12
Winsorized Enterprise Value	N/A	N/A	223	223	197	152
Full Range Median Enterprise Value	N/A	N/A	359	290	295	227
(-) Net Debt	-36	-36	-36	-36	-36	-36
Winsorized Equity Value	227	227	259	259	233	188
Full Range Median Equity Value	416	293	395	326	330	263
(/) Shares Outstanding	14	14	14	14	14	14
Winsorized Fair Value	$16.19	$16.19	$18.48	$18.48	$16.64	$13.44
Full Range Median Fair Value	$29.64	$20.88	$28.18	$23.27	$23.57	$18.74
Current Price	$50.20	$50.20	$50.20	$50.20	$50.20	$50.20
Upside / Downside	-67.74%	-67.74%	-63.18%	-63.18%	-66.86%	-73.23%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$11.33	$11.33	$12.94	$12.94	$11.64	$9.41
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy