VeriSign, Inc. (VRSN)

Industry: Software - Infrastructure 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
SFTL.IL	42	Softline Holding P	1,973	41.45	41.45	-3.11	-3.11	-64.44	-5.10
MCFE	43	McAfee Corp.	1,920	4.71	4.71	12.74	12.74	19.73	15.12
CIEL3.SA	44	Cielo S.A.	1,889	8.35	8.88	3.68	3.69	8.89	7.37
4704.T	45	Trend Micro Incorp	1,752	30.62	28.56	11.40	10.82	13.40	14.87
ACIW	46	ACI Worldwide, Inc	1,731	18.37	13.74	11.45	10.53	10.86	13.72
INFA	47	Informatica Inc.	1,679	723.05	723.05	19.37	19.37	25.77	39.70
TDC	48	Teradata Corporati	1,651	17.17	16.65	8.09	7.21	8.70	11.42
VRSN	49	VeriSign, Inc.	1,627	32.16	32.12	23.91	22.69	24.30	23.68
600850.SS	50	CETC Digital Techn	1,585	38.59	34.92	36.00	33.13	35.58	38.05
PATH	51	UiPath Inc.	1,553	37.21	37.21	303.59	303.59	150.61	780.98
RELY	52	Remitly Global, In	1,545	183.02	183.02	51.89	51.89	71.29	96.20
IOT	53	Samsara Inc.	1,521	-	-	3,714.71	3,714.71	-	-
DARK.L	54	Darktrace plc	1,472	27.98	27.98	19.31	19.31	14.79	30.09
OVH.PA	55	OVH Groupe S.A.	1,225	119.11	119.11	5.72	5.72	19.83	28.24
CSGS	56	CSG Systems Intern	1,217	21.82	20.95	10.64	10.26	15.52	15.61
RBRK	57	Rubrik, Inc.	1,197	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	27.98	27.98	11.45	10.82	15.15	15.36
Full Range Median Multiple	30.62	28.56	12.74	12.74	17.62	21.93
Industry Multiple	97.80	96.94	323.74	323.31	32.91	90.95
Market Implied Multiple	28.70	28.66	21.48	20.39	21.83	21.27
Company (VRSN) Multiple	32.16	32.12	23.91	22.69	24.30	23.68
(*) Net Income / EBITDA / Revenue	811	812	1,156	1,218	1,137	1,167
Winsorized Enterprise Value	N/A	N/A	13,231	13,174	17,231	17,932
Full Range Median Enterprise Value	N/A	N/A	14,721	15,514	20,040	25,588
(-) Net Debt	1,552	1,552	1,552	1,552	1,552	1,552
Winsorized Equity Value	22,692	22,721	11,679	11,622	15,679	16,380
Full Range Median Equity Value	24,835	23,190	13,169	13,962	18,488	24,036
(/) Shares Outstanding	93	93	93	93	93	93
Winsorized Fair Value	$243.22	$243.53	$125.18	$124.56	$168.05	$175.56
Full Range Median Fair Value	$266.19	$248.55	$141.15	$149.64	$198.16	$257.62
Current Price	$249.47	$249.47	$249.47	$249.47	$249.47	$249.47
Upside / Downside	-2.51%	-2.38%	-49.82%	-50.07%	-32.64%	-29.63%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$170.25	$170.47	$87.62	$87.19	$117.63	$122.89
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy