Verisk Analytics, Inc. (VRSK)

Industry: Consulting Services 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
BVI.PA	2	Bureau Veritas S.A	14,668	11.14	9.90	5.91	5.42	8.46	7.86
BAH	3	Booz Allen Hamilto	11,706	14.96	13.62	9.19	8.30	10.45	9.80
EFX	4	Equifax Inc.	5,943	47.95	44.53	19.96	18.16	34.24	28.73
IPS.PA	5	Ipsos S.A.	5,074	5.93	5.12	3.09	2.67	13.69	3.80
TRU	6	TransUnion	4,442	38.81	36.85	14.80	13.65	24.38	23.24
FCN	7	FTI Consulting, In	3,693	19.13	17.78	13.86	13.06	12.07	15.38
ALQ.AX	8	ALS Limited	3,606	27.94	27.94	7.66	6.67	6.33	6.26
VRSK	9	Verisk Analytics,	3,030	38.08	35.72	22.87	21.92	27.37	26.43
ICFI	10	ICF International,	1,926	17.31	15.74	11.16	10.12	15.16	13.83
HURN	11	Huron Consulting G	1,628	23.48	23.48	15.10	12.84	14.19	7.30
1568.HK	12	Sundart Holdings L	1,492	2.25	2.03	-0.37	-0.33	-0.54	-0.35
RCDO.L	13	Ricardo plc	1,172	8.48	8.88	4.26	4.18	9.15	9.32
300012.SZ	14	Centre Testing Int	907	21.85	19.18	16.96	15.46	15.07	17.78
6532.T	15	BayCurrent Consult	838	36.49	26.91	23.76	17.63	27.43	18.65
RPS.L	16	RPS Group plc	828	81.50	109.59	13.46	14.63	55.58	37.05
YK6B.F	17	GlobalData Plc	747	19.94	10.07	7.47	4.48	11.18	5.07

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	19.13	15.74	10.17	9.21	12.88	9.56
Full Range Median Multiple	19.94	17.78	12.31	11.48	13.94	11.82
Industry Multiple	25.14	24.77	11.90	10.52	18.38	14.58
Market Implied Multiple	33.37	31.30	20.25	19.41	24.23	23.40
Company (VRSK) Multiple	38.08	35.72	22.87	21.92	27.37	26.43
(*) Net Income / EBITDA / Revenue	921	982	1,656	1,727	1,384	1,433
Winsorized Enterprise Value	N/A	N/A	16,847	15,904	17,821	13,698
Full Range Median Enterprise Value	N/A	N/A	20,387	19,825	19,290	16,932
(-) Net Debt	2,781	2,781	2,781	2,781	2,781	2,781
Winsorized Equity Value	17,629	15,463	14,067	13,123	15,040	10,917
Full Range Median Equity Value	18,375	17,463	17,606	17,044	16,509	14,151
(/) Shares Outstanding	140	140	140	140	140	140
Winsorized Fair Value	$126.37	$110.84	$100.83	$94.06	$107.81	$78.25
Full Range Median Fair Value	$131.71	$125.17	$126.20	$122.17	$118.34	$101.44
Current Price	$220.41	$220.41	$220.41	$220.41	$220.41	$220.41
Upside / Downside	-42.67%	-49.71%	-54.25%	-57.32%	-51.09%	-64.50%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$88.46	$77.59	$70.58	$65.85	$75.46	$54.78
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy