TriplePoint Venture Growth BDC Corp. (TPVG)

Industry: Asset Management 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
BUI	537	BlackRock Utilitie	69	5.16	5.16	5.16	5.16	2.06	5.16
STS.L	538	STS Global Income	68	6.44	3.94	8.12	8.12	12.93	4.22
TAALA.HE	539	Taaleri Oyj	68	9.64	8.16	5.79	4.66	2.89	4.53
PFESX	540	PFG BR Target Allo	67	-	-	10.64	10.64	1.99	1.85
PQTAX	541	PIMCO TRENDS Manag	67	-	-	10.64	10.64	1.99	1.85
9257.T	542	YCP Holdings (Glob	67	21.69	21.69	7.20	7.20	9.80	15.80
TCPC	543	BlackRock TCP Capi	67	-	-	-	-	5.62	-
TPVG	544	TriplePoint Ventur	66	6.86	6.95	6.27	6.35	3.49	6.35
MQY	545	BlackRock MuniYiel	66	65.07	87.97	-	-	25.51	22.48
SMMCX	546	Western Asset Mana	66	10.73	10.73	14.53	14.53	12.77	11.31
0033.HK	547	International Geni	66	-	-	-	-	69.32	-
AEDVX	548	Emerging Markets D	65	7.33	7.33	55.04	55.04	13.24	14.23
DIAX	549	Nuveen Dow 30 Dyna	64	5.50	4.63	8.53	8.53	52.34	5.53
VNH.L	550	VietNam Holding Li	64	3.09	3.15	612.30	612.30	9.58	2.86
ASG	551	Liberty All-Star G	63	4.78	4.12	5.07	4.47	-	7.07
7342.T	552	WealthNavi Inc.	62	281.02	281.02	72.19	72.19	55.34	85.36

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	6.44	5.16	8.33	8.33	9.69	5.16
Full Range Median Multiple	7.33	7.33	9.58	9.58	11.29	5.53
Industry Multiple	38.22	39.81	67.93	67.79	19.67	14.02
Market Implied Multiple	7.82	7.93	7.23	7.33	4.03	7.33
Company (TPVG) Multiple	6.86	6.95	6.27	6.35	3.49	6.35
(*) Net Income / EBITDA / Revenue	34	33	34	33	61	33
Winsorized Enterprise Value	N/A	N/A	282	279	591	173
Full Range Median Enterprise Value	N/A	N/A	325	321	688	185
(-) Net Debt	-20	-20	-20	-20	-20	-20
Winsorized Equity Value	219	173	302	299	611	193
Full Range Median Equity Value	249	245	345	341	708	205
(/) Shares Outstanding	40	40	40	40	40	40
Winsorized Fair Value	$5.42	$4.29	$7.50	$7.41	$15.14	$4.78
Full Range Median Fair Value	$6.17	$6.09	$8.56	$8.45	$17.55	$5.08
Current Price	$6.58	$6.58	$6.58	$6.58	$6.58	$6.58
Upside / Downside	-17.63%	-34.86%	13.98%	12.61%	130.12%	-27.35%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$3.79	$3.00	$5.25	$5.19	$10.60	$3.35
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	BUY	Don’t Buy