UL Solutions Inc. (ULS)

Industry: Specialty Business 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
600861.SS	23	FESCO Group Co., L	6,197	9.20	9.20	7.91	4.24	4.44	2.11
CAV1V.HE	24	Caverion Oyj	5,785	14.45	11.41	4.70	5.56	8.53	6.84
MMS	25	Maximus, Inc.	5,431	16.14	14.91	7.54	6.80	10.12	7.71
TRI	26	Thomson Reuters Co	5,350	39.76	40.32	21.99	19.95	30.11	27.02
RBA	27	RB Global, Inc.	4,529	46.00	38.21	17.75	13.69	37.76	26.10
0IX0.L	28	GL Events S.A.	3,820	5.29	4.04	3.90	3.23	4.43	4.55
CRN	29	GEO Reentry, Inc.	3,678	-	-	-0.08	-0.08	-	-0.11
ULS	30	UL Solutions Inc.	3,003	42.01	42.01	21.46	21.46	23.60	28.37
PAE	31	PAE Incorporated	2,973	10.87	10.87	8.11	8.11	14.12	14.22
CBZ	32	CBIZ, Inc.	2,676	32.35	30.47	8.53	6.66	16.14	15.32
BV	33	BrightView Holding	2,673	22.79	22.79	4.93	4.41	5.80	5.87
QUAD	34	Quad/Graphics, Inc	2,498	14.43	14.43	5.21	5.62	6.23	6.67
UNF	35	UniFirst Corporati	2,432	21.18	20.82	9.01	8.70	15.18	16.10
122900.KS	36	iMarketKorea Inc.	2,075	11.15	10.19	3.47	3.15	10.18	9.39
TCL-A.TO	37	Transcontinental I	2,002	9.15	9.32	4.92	5.04	10.46	8.92
RWS.L	38	RWS Holdings plc	1,913	-	-	2.02	1.42	-	8.43

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.43	11.41	5.07	5.30	10.12	8.07
Full Range Median Multiple	14.45	14.43	6.38	5.59	10.18	8.68
Industry Multiple	19.44	18.23	7.86	6.90	13.35	11.38
Market Implied Multiple	44.47	44.47	22.68	22.68	24.93	29.97
Company (ULS) Multiple	42.01	42.01	21.46	21.46	23.60	28.37
(*) Net Income / EBITDA / Revenue	339	339	686	686	624	519
Winsorized Enterprise Value	N/A	N/A	3,477	3,637	6,312	4,188
Full Range Median Enterprise Value	N/A	N/A	4,375	3,834	6,350	4,504
(-) Net Debt	481	481	481	481	481	481
Winsorized Equity Value	4,893	3,869	2,996	3,156	5,831	3,707
Full Range Median Equity Value	4,898	4,893	3,894	3,353	5,869	4,023
(/) Shares Outstanding	201	201	201	201	201	201
Winsorized Fair Value	$24.34	$19.25	$14.90	$15.70	$29.01	$18.44
Full Range Median Fair Value	$24.37	$24.34	$19.37	$16.68	$29.20	$20.01
Current Price	$75.00	$75.00	$75.00	$75.00	$75.00	$75.00
Upside / Downside	-67.54%	-74.33%	-80.13%	-79.06%	-61.32%	-75.41%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$17.04	$13.48	$10.43	$10.99	$20.31	$12.91
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy