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1/x Thesis: ticker to follow Mkt Cap: ~$1bn EV: ~$1.2bn 7.5x NTM EBITDA What multiple do you pay for a mid-high end consumer / tech hardware manufacturing business with 50%+ GMs, 35%+ EBITDA margins, growing top-line HSD-LDD and EBITDA low-mid teens, ...
New!! What’s a Mature SaaS Company at $240m ARR Really Worth? Maybe 3.6x ARR https://t.co/f9SxU07Y30
New! "What’s a Mature SaaS Company at $240m ARR Really Worth? Maybe 3.6x ARR" https://t.co/jaiHY1bLbT
Adobe Inc. ($ADBE) has been trading between 17-45x next twelve months (NTM) free cash flow per share (FCF/shr) over the past several years, currently trading at approximately 24x. The peak of 45x occurred during the tech blowoff in Fall 2021, while the low of 17x was seen in Fall 2022 ahead of the Federal Reserve's tightening cycle. Analysts suggest that a range of 20-30x is reasonable, with the lower end reflecting AI concerns and the higher end reflecting franchise value and margins. Additionally, the median software multiple for 2024 estimates remains unchanged at 5.2x, with high growth software at 9.0x, mid growth software at 8.3x, and low growth software at 3.8x. The 10-year yield is at 3.7%.