J.P.Morgan Software Investment Banking
Illustrative valuation at various prices
Premium to current
Premium to 90-day VWAP
FV/ Revenue
2021E Revenue
2022E Revenue
FV/ EBITDA (no synergies)
2021E EBITDA
2022E EBITDA
Metric (Smm)
$761
$875
$271
$321
FV/PF EBITDA ($50mm illustrative synergies)
2021E PF EBITDA
$321
Current
$29.78
$5,591
17%
7.4x
6.4x
20.6x
17.4x
17.4x
$40.00
$7,250
34%
57%
2022E PF EBITDA
$371
15.1x
Source: Company filings; FactSet as of 4/29/21; Based on adjusted street case; Note: Firm values rounded to the nearest $25mm;
Reflects fully diluted firm value
J.P.Morgan
9.5x
8.3x
26.8x
22.6x
22.6x
19.5x
$42.00
$7,575
41%
65%
10.0x
8.7x
28.0x
23.6x
23.6x
20.4x
Share price
$44.00
Firm value (Smm)¹
$7,875
48%
72%
10.4x
9.0x
29.1x
24.5×
24.6x
$46.00
21.2x
$8,200
54%
80%
10.8x
9.4x
30.3x
25.6x
25.6x
22.1x
$48.00
$8,525
61%
88%
11.2x
9.7x
31.5x
26.6x
26.6x
23.0x
$50.00
$8,850
68%
96%
11.6x
10.1x
32.7x
27.6x
27.6x
23.9x
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