| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| ML | DAVE | LC | TREE | WRLD | | UPST | |
| NYSE:ML | NasdaqGM:DAVE | NYSE:LC | NasdaqGS:TREE | NasdaqGS:WRLD | | NasdaqGS:UPST | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 55.8% | 35.4% | 3.0% | -4.0% | 1.0% | | 28.8% | |
| 3Y CAGR | 47.2% | 31.4% | 9.2% | -6.4% | 2.6% | | -7.4% | |
| Latest Twelve Months | 28.9% | 34.0% | 2.2% | 33.9% | -2.9% | | 23.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -16.6% | -26.7% | 7.2% | 0.9% | 19.2% | | -10.3% | |
| Prior Fiscal Year | -1.3% | -16.3% | 5.2% | 1.3% | 11.8% | | -40.4% | |
| Latest Fiscal Year | 4.9% | 10.0% | 5.7% | 5.4% | 25.7% | | -19.6% | |
| Latest Twelve Months | 4.9% | 10.0% | 5.7% | 5.4% | 26.2% | | -19.6% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.80x | 3.45x | 0.30x | 1.30x | 2.35x | | 8.42x | |
| EV / LTM EBIT | 37.0x | 34.6x | 5.3x | 23.9x | 8.9x | | -43.0x | |
| Price / LTM Sales | 1.82x | 3.49x | 1.10x | 0.81x | 1.26x | | 7.32x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.30x | 1.80x | 3.45x | | | | | |
| Historical EV / LTM Revenue | 1.41x | 8.42x | 19.04x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 7.72x | 8.13x | 8.53x | | | | | |
| (x) LTM Revenue | 677 | 677 | 677 | | | | | |
| (=) Implied Enterprise Value | 5,226 | 5,501 | 5,776 | | | | | |
| (-) Non-shareholder Claims * | (703) | (703) | (703) | | | | | |
| (=) Equity Value | 4,523 | 4,798 | 5,073 | | | | | |
| (/) Shares Outstanding | 93.7 | 93.7 | 93.7 | | | | | |
| Implied Value Range | 48.26 | 51.20 | 54.13 | | | | | |
| FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 48.26 | 51.20 | 54.13 | | 52.87 | | | |
| Upside / (Downside) | -8.7% | -3.2% | 2.4% | | | | | |