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									                                                                                                                                            29 December 2013
                                                                                                                                         Americas/United States
                                                                                                                                              Equity Research
                                                                                                                                                       Software




                                                               Textura Corp (TXTR)
                                                                 SMALL & MID CAP RESEARCH


                                                               Can't Disprove a Negative; Reiterate
                                                               Outperform and $50 TP
                                                               ■ Negative 'report' creates a buying opportunity. A short report on Textura
                                                                 (TXTR) was publicized last Thursday, which coincided with eggnog
                                                                 hangovers and the typical skeleton staffs of Wall Street trading desks the
                                                                 day after Christmas, causing a -21.7% decline in TXTR shares last Thursday
                                                                 and Friday. After thoroughly reviewing the profanity-laced report, we see no
                                                                 merits to any of the 'work' and advise investors to continue to purchase
                                                                 shares of TXTR. We believe the report alluded to incorrect innuendo and
Rating                                OUTPERFORM* [V]
                                                                 false assumptions that suggest TXTR management misled investors, which
Price (27 Dec 13, US$)                           29.54           we believe to be untrue.
Target price (US$)                              50.00¹
52-week price range                      45.63 - 20.35         ■ We reiterate our Outperform rating and $50 target price. We base our
Market cap. (US$ m)                            727.55            opinion on our own research, performed over the last few days, as much of
*Stock ratings are relative to the coverage universe in each     the innuendo that suggests impropriety is based on publicly available
analyst's or each team's respective sector.
¹Target price is for 12 months.                                  information that anyone can find using Google. We believe that Textura's
[V] = Stock considered volatile (see Disclosure Appendix).       management team is the right group to lead the company over the next
                                      Research Analysts
                                                                 several years and it is our opinion that they appropriately disclosed in their
                                        Michael Nemeroff
                                                                 public filings all of the material items that investors need to make an
                                                                 informed investment decision on TXTR shares.
                                       Michael Anderson
                                                               ■ Valuation. Our $50 TP implies a C2014 EV/Sales multiple of 17.3x.

                                                  Kyle Chen



                                                               Financial and valuation metrics
                                                               Year                                            09/13A          09/14E         09/15E       09/16E
                                                               EPS - (Excl. ESO) (US$)                           -1.69           -0.38           0.21           —
                                                               EPS (CS adj.) (US$)                               -1.69           -0.38           0.21           —
                                                               Prev. EPS (CS adj.) (US$)                            —               —              —            —
                                                               P/E (CS adj., x)                                  -17.4           -78.6          142.2           —
                                                               P/E rel. (CS adj., %)                             -99.2          -473.5          941.5           —
                                                               Revenue (US$ m)                                    35.5            59.4           94.5           —
                                                               EBITDA (US$ m)                                    -16.7            -6.2           12.6           —
                                                               Net debt (US$ m)                                   -118             -77            -97           —
                                                               OCFPS (US$)                                       -0.89           -0.07           0.84           —
                                                               P/OCF (x)                                         -48.4          -427.5           35.0           —
                                                               Number of shares (m)                            24.63     Price/sales(x)                      12.6
                                                               BV/share (Next Qtr., US$)                          —      P/BVPS (x)                            3.2
                                                               Net debt (Next Qtr., US$ m)                     -73.6     Dividend (current, US$)                —
                                                               Dividend yield (%)                                 —
                                                               Source: Company data, Credit Suisse estimates



 DISCLOSURE APPENDIX AT THE BACK OF THIS REPORT CONTAINS IMPORTANT DISCLOSURES, ANALYST
 CERTIFICATIONS, AND THE STATUS OF NON-US ANALYSTS. US Disclosure: Credit Suisse does and seeks to do
 business with companies covered in its research reports. As a result, investors should be aware that the Firm may have a
 conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in
 making their investment decision.

 CREDIT SUISSE SECURITIES RESEARCH & ANALYTICS                                                                                      BEYOND INFORMATION®
                                                                                                                    Client-Driven Solutions, Insights, and Access
                                                                                                                                                                                                                                                                      29 December 2013




Financial Model and Estimates
Exhibit 1: Historical and Projected Income Statement and Growth Analysis
US$ in millions, unless otherwise stated
                                              Fiscal 2012 by Quarter              Fiscal 2013 by Quarter              Fiscal 2014 by Quarter                                                                                                     Fiscal Year Ends December
                                      Dec '11A Mar '12A Jun '12A Sep '12A Dec '12A Mar '13A Jun '13A Sep '13A Dec '13E Mar '14E Jun '14E Sep '14E                                                                                    F2011A       F2012A     F2013E   F2014E                        2015E
Total Revenue                         $       4.5     $       5.2     $       5.7     $       6.3     $       6.8     $       8.5     $       9.4     $     10.9     $     11.8     $    14.1      $     15.3     $     18.1     $      10.5     $      21.7     $      35.5    $      59.4     $    94.5

 Activity Driven Revenue                      4.0             4.5             5.0             5.6             6.0             6.8             7.0            8.4            9.2          11.2           11.6           13.9              9.9           19.1            28.1           45.9           72.7
 % of revenue                              88.6%           87.1%           87.7%           88.3%           88.4%           79.2%           74.9%          77.0%          77.8%          79.2%          76.2%          76.6%           93.9%           87.9%           79.2%          77.4%          76.9%

 Organization Driven Revenue                  0.5             0.7             0.7             0.7             0.8             1.8             2.3            2.5            2.6            2.9            3.6            4.2              0.6            2.6             7.4          13.4           21.8
 % of revenue                              11.4%           12.9%           12.3%           11.7%           11.6%           20.8%           25.1%          23.0%          22.2%          20.8%          23.8%          23.4%             6.1%          12.1%           20.8%          22.6%          23.1%

Total Cost of Revenue                         1.2             1.5             1.5             1.7             1.6             1.7             2.5            2.6            2.4            2.7            2.9            3.2             4.2             5.9             8.5          11.2           16.0
Gross Profit                                  3.3             3.7             4.2             4.6             5.1             6.8             6.8            8.2            9.4          11.4           12.4           14.9              6.3           15.7            27.0           48.1           78.4
 • Gross Margin                            72.9%           71.4%           73.4%           72.5%           75.7%           79.7%           73.1%          75.9%          79.5%          80.8%          81.0%          82.3%           59.8%           72.6%           76.0%          81.0%          83.0%

Operating expenses:
 Sales and Marketing                          1.0             1.4             1.6             1.8             1.7             2.2             3.5            3.0            3.4            3.5            4.0            4.3             2.7             5.7           10.5           15.1           21.8
 % of revenue                              23.0%           26.2%           27.4%           27.7%           25.6%           25.8%           37.3%          27.9%          29.0%          24.6%          26.0%          23.5%           25.3%           26.3%           29.4%          25.5%          23.1%

 Research and Development                     2.5             2.7             2.8             2.6             2.9             3.3             4.4            4.3            4.7            4.5            4.7            4.9             5.8           10.5            14.8           18.9           20.8
 % of revenue                              55.4%           51.2%           49.0%           41.3%           43.0%           38.2%           46.9%          39.3%          40.0%          32.0%          31.0%          27.0%           54.9%           48.6%           41.8%          31.8%          22.0%

 General and Administrative                   2.0             2.3             2.2             2.5             3.1             4.0             5.9            5.4            4.9            4.9            5.0            5.4             5.9             9.0           18.4           20.3           23.2
 % of revenue                              43.6%           44.4%           39.1%           40.3%           45.8%           47.2%           62.6%          49.7%          41.0%          35.0%          33.0%          30.0%           56.0%           41.6%           51.7%          34.2%          24.5%

Total Operating Expenses                       5.7             6.6             6.8             7.2             8.0             9.9           14.2        13.2           13.5           13.6           14.5              15.4            15.2            26.3            45.3           57.1          71.3
Operating Income                              (2.5)           (2.9)           (2.6)           (2.6)           (2.9)           (3.1)           (7.4)       (5.0)          (4.1)          (2.2)          (2.1)             (0.5)           (8.9)         (10.6)          (18.3)           (9.0)          7.1
 • Operating Margin %                     (54.7)%         (55.3)%         (46.5)%         (40.9)%         (42.4)%         (35.9)%         (78.7)%     (45.8)%        (34.7)%        (15.6)%        (14.0)%            (2.9)%         (85.0)%         (48.7)%         (51.4)%        (15.1)%          7.5%

 Stock options compensation expense           0.7             0.7             0.7              0.6             0.7             0.5          10.1             1.4            0.8            1.1             1.1           1.2             1.5             2.7           12.6              4.3           5.4
 % of revenue                              14.7%           13.4%           12.7%             9.5%            9.8%            5.6%         107.8%          12.9%           7.1%           8.0%            7.5%          6.4%           14.0%           12.3%           35.5%            7.2%          5.7%

 Interest and other, net                      (0.5)           (0.5)           (0.5)           (0.5)           (1.8)           (0.3)           (1.9)          (0.2)          (0.1)         (0.1)           (0.1)         (0.1)            (7.3)           (2.0)          (4.2)           (0.4)         (0.3)
Pretax income                                 (2.9)           (3.4)           (3.2)           (3.1)           (4.7)           (3.4)           (9.3)          (5.2)          (4.2)         (2.3)           (2.2)         (0.6)          (16.2)          (12.6)          (22.5)           (9.4)          6.8
 Pro forma taxes                                -               -               -               -              0.0             0.0             0.1            0.1            0.0           0.0             0.0           0.0               -               -             0.3             0.1           0.1
 Effective tax rate                          0.0%            0.0%            0.0%            0.0%           -0.7%           -1.5%           -1.5%          -1.3%          -0.8%         -1.5%           -1.6%         -5.7%             0.0%            0.0%          -1.3%           -1.5%          2.1%

Pro forma net income                  $    (2.9) $    (3.4) $    (3.2) $    (3.1) $    (4.7) $    (3.4) $  (9.4) $    (5.2) $    (4.2) $    (2.3) $    (2.3) $    (0.7)                                                          $ (16.2) $ (12.6) $ (22.8) $     (9.5) $                              6.6
 Pro forma net margin                  (65.6)%    (65.0)%    (55.5)%    (49.1)%    (69.7)%    (40.0)% (100.9)%    (48.2)%    (35.8)%    (16.5)%    (14.8)%     (3.6)%                                                            (154.1)%  (58.0)%  (64.2)%   (16.0)%                                7.0%

Pro forma EPS (fully-diluted)              ($0.34)         ($0.39)         ($0.37)         ($0.36)         ($0.55)         ($0.35)         ($0.75)        ($0.23)        ($0.17)        ($0.09)        ($0.09)        ($0.03)         ($2.19)         ($1.47)         ($1.69)        ($0.38)        $0.21

                                              Fiscal 2012 by Quarter              Fiscal 2013 by Quarter              Fiscal 2014 by Quarter                                                                                                     Fiscal Year Ends December
                                      Dec '11A Mar '12A Jun '12A Sep '12A Dec '12A Mar '13A Jun '13A Sep '13A Dec '13E Mar '14E Jun '14E Sep '14E                                                                                    F2011A       F2012A     F2013E   F2014E                        2015E
Sequential growth
Revenue                                    36.7%           15.5%             9.7%           11.1%            7.2%          26.2%             9.5%          15.9%           9.2%         19.0%            8.4%         18.5%           74.7%          106.2%           63.9%           67.0%         59.2%
 Activity Driven Revenue                   25.4%           13.6%            10.4%           11.9%            7.3%          13.1%             3.6%          19.2%          10.3%         21.2%            4.2%         19.2%           73.1%           93.1%           47.6%           63.2%         58.3%
 Organization Driven Revenue              353.7%           30.5%             5.1%            5.3%            6.4%         126.2%            32.2%           6.2%           5.5%         11.4%           24.1%         16.5%          102.8%          309.5%          182.8%           81.5%         62.3%
Gross profit                               46.4%           13.3%            12.8%            9.6%           12.0%          32.8%             0.5%          20.4%          14.3%         21.0%            8.6%         20.4%          206.1%          150.1%           71.8%           78.0%         63.0%

 Sales and marketing                          -----          -----            -----           -----           -----           -----           -----          -----          -----          -----          -----          -----           -----          -----           -----           -----         -----
 Research and development                   55.3%           6.9%             5.0%          (6.5)%           11.7%           12.2%           34.5%         (2.9)%         11.0%          (4.8)%           5.0%           3.2%           29.6%          82.6%           40.9%           27.2%          9.9%
 General and administrative                 31.2%          17.6%           (3.5)%          14.5%            21.8%           30.1%           45.4%         (8.1)%         (9.9)%           1.6%           2.2%           7.8%           33.8%          53.2%          103.7%           10.3%         14.4%
Total operating expenses                    47.7%          14.8%             3.8%            5.0%           11.7%           23.5%           43.9%         (7.1)%           2.5%           0.5%           6.8%           6.3%            6.9%          72.6%           72.3%           26.0%         24.9%

Operating income                               NM              NM              NM              NM              NM              NM              NM             NM             NM             NM             NM             NM              NM              NM             NM              NM            NM

Pro forma pretax income                        NM              NM              NM              NM              NM              NM              NM             NM             NM             NM             NM             NM              NM              NM             NM              NM            NM

Pro forma net income                           NM              NM              NM              NM              NM              NM              NM             NM             NM             NM             NM             NM              NM              NM             NM              NM            NM

Pro forma EPS (fully-diluted)                  NM              NM              NM              NM              NM              NM              NM             NM             NM             NM             NM             NM              NM              NM             NM              NM            NM

Year-over-year growth
Revenue                                   109.9%          119.1%          108.7%           92.4%            50.9%          64.9%           64.6%           71.8%          75.0%         65.0%           63.2%         66.9%
 Activity Driven Revenue                  110.3%          107.5%           89.3%           76.0%            50.5%          49.9%           40.6%           49.8%          54.0%         65.0%           66.0%         66.0%
 Organization Driven Revenue              107.1%          253.5%          670.5%          555.4%            53.6%         166.3%          234.9%          237.6%         235.0%         65.0%           55.0%         70.0%
Gross profit                              191.8%          182.7%          157.1%          105.0%            56.8%          83.9%           63.8%           79.9%          83.7%         67.3%           80.9%         81.0%

 Sales and marketing                        37.7%          85.8%          146.8%          219.3%            68.3%           62.4%         123.6%           73.1%          98.0%         57.5%            13.9%        40.5%
 Research and development                   92.3%          89.0%           89.4%           62.9%            17.2%           23.0%          57.6%           63.8%          62.7%         38.1%             7.8%        14.6%
 General and administrative                 27.9%          67.9%           48.2%           70.5%            58.2%           75.2%         163.9%          111.9%          56.8%         22.4%          (14.0)%         0.8%
Total operating expenses                    50.6%          76.2%           78.7%           84.7%            39.7%           50.2%         108.4%           84.4%          69.2%         37.7%             2.1%        16.9%

Operating income                               NM              NM              NM              NM              NM              NM              NM             NM             NM             NM             NM             NM

Pro forma pretax income                        NM              NM              NM              NM              NM              NM              NM             NM             NM             NM             NM             NM

Pro forma net income                           NM              NM              NM              NM              NM              NM              NM             NM             NM             NM             NM             NM

Pro forma EPS (fully-diluted)                  NM              NM              NM              NM              NM              NM              NM             NM             NM             NM             NM             NM


Source: Company data, Credit Suisse estimates.




Textura Corp (TXTR)                                                                                                                                                                                                                                                                                     2
                                                                                                                                                                                           29 December 2013



Exhibit 2: Historical and Projected Cash Flow Statement
US$ in millions, unless otherwise stated
                                                               Fiscal 2012 by Quarter              Fiscal 2013 by Quarter              Fiscal 2014 by Quarter                   Fiscal Year Ends December
                                                       Dec '11A Mar '12A Jun '12A Sep '12A Dec '12A Mar '13A Jun '13A Sep '13A Dec '13E Mar '14E Jun '14E Sep '14E    F2011A     F2012A     F2013E   F2014E   2015E

CASH FLOWS FROM OPERATING ACTIVITIES:
 Net Income (GAAP)                                        (4.6)    (4.9)    (4.8)    (4.5)    (6.0)    (4.9)   (20.4)    (8.3)     (5.8)    (4.2)    (4.2)    (2.6)    (18.9)     (18.8)    (39.6)   (16.7)    (0.8)
 Depreciation and amortization                             0.9      1.1      1.1      1.1      0.8      1.1      1.3      1.4       1.3      1.5      1.6      1.7       2.2        4.1       4.5      6.0      7.7
 Stock-based compensation                                  0.7      0.7      0.7      0.6      0.7      0.5     10.1      1.4       0.8      1.1      1.1      1.2       1.5        2.7      12.6      4.3      5.4
 Amortization of debt discount                             0.1      0.1      0.1      0.1       -        -        -        -         -        -        -        -        0.5        0.4        -        -        -
 Interest expense on convertible debentures                0.3      0.3      0.3      0.3      1.9      0.2      1.5      0.0        -        -        -        -        6.0        1.2       3.7       -        -
 Deferred tax assets                                        -        -        -        -        -        -        -       0.1        -        -        -        -         -          -        0.1       -        -
 Excess tax benefits from employee stock plan               -        -        -        -        -        -        -        -         -        -        -        -         -          -         -        -        -
 Change in fair value of conversion option liability      (0.0)    (0.0)    (0.0)    (0.0)    (0.3)    (0.1)    (0.1)      -         -        -        -        -         -        (0.2)     (0.4)      -        -
 Changes in working capital                                1.9      1.1      2.1      2.3      0.9      1.1      0.5      4.5      (3.7)     2.6      2.0      3.8       6.8        7.3       7.0      4.7     14.6
Cash Flow from Operations                                 (0.8)    (1.8)    (0.6)    (0.2)    (2.1)    (2.1)    (7.0)    (0.8)     (7.4)     1.0      0.6      4.0      (1.9)      (3.4)    (12.0)    (1.7)    26.9

CASH FLOWS FROM INVESTING ACTIVITIES:
  Capital Expenditures                                    (0.3)    (0.0)      -      (0.0)    (0.0)    (0.1)    (0.7)    (1.0)     (1.5)    (1.1)    (0.6)    (0.7)     (0.3)      (0.4)     (1.8)    (3.9)    (6.7)
  Capitalized software                                      -        -        -        -        -        -        -        -         -        -        -        -         -          -         -        -        -
Free Cash Flow                                            (1.2)    (1.8)    (0.6)    (0.3)    (2.1)    (2.2)    (7.7)    (1.8)     (8.9)    (0.1)    (0.0)     3.3      (2.2)      (3.8)    (13.8)    (5.6)    20.3
 Purchases of short-term investments                        -        -        -        -        -        -        -        -        -         -        -        -         -          -         -        -        -
 Redemption of short-term investments                       -        -        -        -        -        -        -        -        -         -        -        -         -          -         -        -        -
 Proceeds from sale of PPE                                  -        -        -        -        -        -        -        -        -         -        -        -         -          -         -        -        -
 Acquisitions, net of cash                               (12.3)      -        -        -        -      (1.0)      -        -     (35.0)       -        -        -         -       (12.3)     (1.0)   (35.0)      -
 Other                                                      -      (0.1)      -        -       0.2       -      (0.0)    (0.3)      -         -        -        -       (0.1)      (0.1)     (0.1)      -        -
Cash Flow from Investing                                 (12.7)    (0.1)      -      (0.0)     0.2     (1.1)    (0.7)    (1.3)   (36.5)     (1.1)    (0.6)    (0.7)     (0.4)     (12.8)     (2.9)   (38.9)    (6.7)

CASH FLOWS FROM FINANCING ACTIVITIES:
 Debt borrowing                                           13.0       -        -        -        -       6.5       -        -         -        -        -        -        4.8       13.0      6.5        -        -
 Debt repayment                                             -      (0.3)      -      (0.3)      -      (0.3)    (8.1)    (0.3)       -      (0.3)      -      (0.3)     (0.2)      (0.5)    (8.6)     (0.5)    (0.5)
 Proceeds from exercise of stock options                    -        -        -        -        -        -        -        -         -        -        -        -         -          -        -         -        -
 Proceeds from issuance of warrants                        1.7       -        -       0.3       -       0.5      0.4      1.8        -        -        -        -        0.6        2.0      2.7        -        -
 Proceeds from initial public offering, net                 -        -        -        -        -        -      79.7     59.7        -        -        -        -         -          -     139.3        -        -
 Repurchase of common stock                                 -        -        -        -        -        -      (0.6)      -         -        -        -        -         -          -      (0.6)       -        -
 Other financing activity                                   -        -        -      (0.0)    (0.4)    (0.4)    (0.0)    (0.2)       -        -        -        -       (0.1)      (0.0)    (0.9)       -        -
 Prinicpal payments on capital lease obligations            -        -        -        -        -        -        -        -         -        -        -        -         -          -        -         -        -
Cash Flow from Financing                                  14.7     (0.3)      -       0.1     (0.4)     6.3     71.4     61.1        -      (0.3)      -      (0.3)      5.2       14.5    138.3      (0.5)    (0.5)
Foreign currency exchange rate impact on cash               -        -        -        -        -        -      (0.0)     0.0        -        -        -        -        0.0         -       (0.0)      -        -
Net Increase in Cash and Cash Equivalents                  1.1     (2.1)    (0.6)    (0.2)    (2.3)     3.1     63.6     59.0    (43.9)     (0.3)    (0.0)     3.1       2.9       (1.8)   123.4     (41.1)    19.8
Cash and Cash Equivalents, beginning of period             5.9      7.1      5.0      4.4      4.2      1.9      5.0     68.6    127.6      83.7     83.4     83.4       3.3        5.9      4.2     127.6     86.5
Cash and Cash Equivalents, end of period                   7.1      5.0      4.4      4.2      1.9      5.0     68.6    127.6     83.7      83.4     83.4     86.5       5.9        4.2    127.6      86.5    106.2


Source: Company data, Credit Suisse estimates.


Exhibit 3: Historical and Projected Balance Sheet
US$ in millions, unless otherwise stated
                                                               Fiscal 2012 by Quarter              Fiscal 2013 by Quarter              Fiscal 2014 by Quarter                   Fiscal Year Ends December
                                                       Dec '11A Mar '12A Jun '12A Sep '12A Dec '12A Mar '13A Jun '13A Sep '13A Dec '13E Mar '14E Jun '14E Sep '14E    F2011A     F2012A     F2013E   F2014E   2015E
Current assets
 Cash and cash equivalents                                 7.1      5.0      4.4      4.2      1.9      5.0     68.6    127.7     83.8      83.5     83.5     86.6       5.9        4.2    127.7      86.6    106.4
 Short-term investments in marketable securities            -        -        -        -        -        -        -        -        -         -        -        -         -          -        -         -        -
 Accounts receivable, net                                  1.2      1.5      1.5      1.6      1.6      2.4      2.7      3.7      3.9       4.7      4.2      5.0       0.3        1.6      3.7       5.0      7.6
 Deferred tax assets, net                                   -        -        -        -        -        -        -        -        -         -        -        -         -          -        -         -        -
 Prepaid expenses and other current assets                 0.5      0.8      0.7      0.7      0.9      1.2      1.3      1.5      1.9       1.2      1.3      1.5       0.3        0.7      1.5       1.5      1.5
Total current assets                                       8.7      7.2      6.6      6.5      4.4      8.6     72.7    132.9     89.6      89.4     89.1     93.2       6.6        6.5    132.9      93.2    115.5

Long-term investments
 Property and equipment, net                              19.3     18.8     18.2     17.8     17.9     18.1     18.7     19.8     20.8      21.2     21.1     20.9     19.5        17.8     19.8      20.9     22.1
 Goodwill                                                 17.9     17.9     17.9     17.9     17.9     23.9     23.9     23.9     58.9      58.9     58.9     58.9       -         17.9     23.9      58.9     58.9
 Intangible Assets, net                                    9.2      8.7      8.2      7.7      7.2     11.0     10.2      9.4      8.6       7.8      7.0      6.2       -          7.7      9.4       6.2      4.0
 Restricted cash                                           1.0      1.0      1.0      1.0      1.0      1.0      1.2      1.5      1.5       1.5      1.5      1.5      1.0         1.0      1.5       1.5      1.5
 Other assets, net                                         0.2      0.2      0.2      0.2      1.2      1.8      0.3      0.4      0.4       0.4      0.4      0.4      0.2         0.2      0.4       0.4      0.4
Total assets                                              56.4     53.8     52.1     51.1     49.7     64.5    127.0    188.0    179.9     179.3    178.0    181.1     27.3        51.1    188.0     181.1    202.4

Current liabilities
 Accounts payable                                          2.0      1.4      0.9      1.1      1.7      2.7      2.1      1.8      2.2       2.4      2.4      2.3      0.8         1.1      1.8       2.3      3.4
 Accrued expenses                                          5.5      5.4      6.4      6.9      8.0      7.0      7.1     10.1      8.0       6.5      7.4     10.2      4.6         6.9     10.1      10.2     10.3
 Other accrued liabilities                                  -        -        -        -        -        -        -        -        -         -        -        -        -           -        -         -        -
 Current portion of capital lease obligations               -        -        -       0.1      0.3      0.5      0.6      0.9      0.9       0.9      0.9      0.9       -          0.1      0.9       0.9      0.9
 Loan payable to related party                             0.5      0.5      0.5      0.5      0.5      1.7      0.5      0.5      0.5       0.5      0.5      0.5      0.5         0.5      0.5       0.5      0.5
 Current portion of deferred revenue                       5.8      8.9     11.1     12.8     12.8     15.7     17.1     19.9     19.2      23.3     23.7     25.4      4.7        12.8     19.9      25.4     41.5
Total current liabilities                                 13.8     16.2     18.8     21.3     23.3     27.6     27.3     33.2     30.8      33.5     34.8     39.3     10.6        21.3     33.2      39.3     56.5

Long-term liabilities
 Capital lease obligations, noncurrent                      -        -        -        -       0.2      0.4      0.7      0.7      0.7       0.7      0.7      0.7       -           -       0.7       0.7      0.7
 Deferred revenue, noncurrent                              2.8      1.9      1.4      1.4      1.3      1.2      1.7      2.0      1.3       1.2      1.7      2.0      0.5         1.4      2.0       2.0      2.0
 Loan payable to related party, long-term                 10.7     10.5     10.5     10.2     10.2     16.4     10.0      9.7      9.7       9.5      9.5      9.2     10.7        10.2      9.7       9.2      8.7
 Conversion option liability                               0.6      0.5      0.5      0.4      0.2       -        -        -        -         -        -        -       0.2         0.4       -         -        -
 Deferred tax liabilities                                   -        -        -       0.2      0.2      0.8      0.4      0.5      0.5       0.5      0.5      0.5       -          0.2      0.5       0.5      0.5
 Convertible debentures                                   14.7     15.1     15.5     15.9      5.4      5.6       -        -        -         -        -        -       2.0        15.9       -         -        -
Total liabilities                                         42.6     44.3     46.6     49.4     40.8     52.1     40.1     46.2     43.1      45.5     47.3     51.7     24.0        49.4     46.2      51.7     68.4

Total stockholders' equity                               (26.3)   (30.7)   (34.9)   (41.4)   (34.3)   (40.0)    86.9    141.8    136.8     133.7    130.7    129.3     (36.4)     (41.4)   141.8     129.3    133.9

Total liabilities and stockholders' equity                56.4     53.8     52.1     51.1     49.7     64.5    127.0    188.0    179.9     179.3    178.0    181.1     27.3        51.1    188.0     181.1    202.4


Source: Company data, Credit Suisse estimates.




Textura Corp (TXTR)                                                                                                                                                                                                  3
                                                                                                                                                                               29 December 2013



Discounted Cash Flow
Exhibit 4: Discounted Cash Flow
US$ in millions, unless otherwise stated
                                                      F2013      F2014E        F2015E     F2016E        F2017E     F2018E      F2019E       F2020E      F2021E      F2022E       F2023E

Total revenue                                          $35.5      $59.4          $94.5     $146.4        $219.7     $307.5      $399.8       $479.7      $551.7      $634.4       $729.6    35.3%
% growth y-o-y                                                   67.0%          59.2%      55.0%         50.0%      40.0%       30.0%        20.0%       15.0%       15.0%        15.0%

EBITDA                                                -$13.7        -$3.0        $14.8      $22.3          $37.3     $55.4       $78.0       $105.5      $129.6      $165.0       $255.4    41.6%
EBITDA margin                                        -38.7%        -5.0%        15.7%      15.3%          17.0%     18.0%       19.5%        22.0%       23.5%       26.0%        35.0%
% growth y-o-y                                                   -78.4%       -600.5%      50.6%          67.1%     48.2%       40.8%        35.4%       22.8%       27.2%        54.8%

EBIT                                                  -$18.3        -$9.0         $7.1      $13.2          $22.0     $33.8       $54.0        $76.8      $102.1      $133.2       $218.9    49.4%
Operating margin                                     -51.4%       -15.1%         7.5%       9.0%          10.0%     11.0%       13.5%        16.0%       18.5%       21.0%        30.0%
% growth y-o-y                                                   -50.9%       -179.3%      84.9%          67.0%     54.0%       59.5%        42.2%       33.0%       30.5%        64.3%

Cash tax rate                                         -1.3%       -1.5%          2.1%      10.0%          10.0%     15.0%       20.0%        25.0%       30.0%       35.0%        35.0%

EBIT * (1-Tax)                                          -$18          -$9            $7       $12            $20       $29         $43          $58         $71         $87         $142    42.6%
+ D&A                                                    4.5         6.0           7.7        9.2          15.4      21.5        24.0         28.8        27.6        31.7         36.5
  % of revenue                                        12.7%       10.1%          8.2%       8.0%           7.0%      7.0%        6.0%         6.0%        5.0%        5.0%         5.0%
- CapEx                                                    (2)         (4)          (7)        (9)          (18)      (23)        (28)         (29)         (30)        (32)         (36)
  % of revenue                                         5.0%        6.6%          7.1%       8.0%           8.0%      7.5%        7.0%         6.0%        5.5%        5.0%         5.0%
+ ∆ WC                                                      7           5           15         46            22        28          32           34           33          32           36
  % of revenue                                        19.6%        7.9%         15.5%      12.0%          10.0%      9.0%        8.0%         7.0%        6.0%        5.0%         5.0%
uFCF                                                      -$9         -$2          $23        $58            $40       $55         $71          $91        $102        $118         $179    17.4%
% growth y-o-y                                                   -74.9%      -1153.7%     157.6%         -32.2%     38.8%       29.6%        28.1%       11.7%       16.2%        51.1%
Shares                                                   13           25            32         33            34        36          37           38           39          41           42
% growth y-o-y (dilution rate)                        37.9%       42.5%         33.8%      22.6%          15.7%     11.6%        9.2%         8.0%        7.1%        6.4%         5.7%
UFCF/share                                            -$0.63      -$0.09         $0.71      $1.76          $1.15     $1.54       $1.93        $2.39       $2.58       $2.91        $4.26    13.5%
% growth y-o-y                                                   -86.6%       -934.2%     147.8%         -34.7%     33.9%       25.2%        23.9%        8.1%       12.7%        46.5%

                                                                 F2014E        F2015E     F2016E        F2017E     F2018E        F2019E      F2020E     F2021E      F2022E       F2023E
Last Reported Quarter                 F2013 FQ4                                                          Discount multiplier with WACC = 11.1%
Quarter                               December        100%       0.9740         0.8767     0.7891        0.7103     0.6393        0.5754      0.5179     0.4662      0.4196       0.3777
Quarter                                 March         100%       0.9487         0.8539     0.7686        0.6918     0.6227        0.5605      0.5045     0.4541      0.4087       0.3679
Quarter                                  June         100%       0.9241         0.8318     0.7486        0.6738     0.6065        0.5459      0.4914     0.4423      0.3981       0.3583
Quarter                               September                  0.9001         0.8102     0.7292        0.6563     0.5908        0.5317      0.4786     0.4308      0.3877       0.3490
Year                                                        0         1              2          3             4            5           6           7          8           9           10
PV of uFCF                                                          -$2            $19        $44           $27         $34          $39         $45        $46         $48          $65

Price Per Share                                   F2013 FQ4                                           Valuation Sensitivity              Short Term Discount Rate - WACC
Total PV of Projected FCF                              $365                                                          $50.38   9.10%       10.10%      11.10%      12.10%        13.10%
PV of Terminal Value                                   $662                                                        2.00%      54.92        51.13       47.67       44.50         41.61
Total PV of Operations (Enterprise Value)            $1,027                                                        2.50%      56.46        52.54       48.96       45.69         42.69
                                                                                                         Growth




Plus: Cash (Post-IPO)                                    $93                                                       3.00%      58.15        54.08       50.38       46.99         43.89
Less: Debt (Post-IPO)                                   -$10                                                       3.50%      60.01        55.79       51.94       48.42         45.21
Equity Value                                         $1,110                                                        4.00%      62.08        57.69       53.68       50.02         46.67
Shares Outstanding (post-IPO)                           24.5        22.9
Current Value Per Share                              $45.31                                              Risk / Reward         9.10%      10.10%       11.10%      12.10%       13.10%
12-month Price Per Share                                         $50.38                                            2.00%       85.9%      73.1%         61.4%      50.7%        40.9%
                                                                                                     Downside to
                                                                                                      % Upside /




Current Share Price                                  $29.54      $29.54                                            2.50%       91.1%      77.9%         65.7%      54.7%        44.5%
                                                                                                       Current
                                                                                                        Price




Discount / Premium to Current Value                  53.4%       70.5%                                             3.00%       96.8%       83.1%        70.5%       59.1%        48.6%
                                                                                                                   3.50%      103.1%      88.9%         75.8%      63.9%        53.0%
Cost of Equity                                    F2013 FQ4      F2023E                                            4.00%      110.2%      95.3%         81.7%      69.3%        58.0%
Risk Free Rate                                        0.18%       2.60%
Beta                                                    1.10        1.05
Risk Premium                                         10.00%      10.00%
Cost of Equity                                       11.18%      13.10%

WACC                                              F2013 FQ4      F2023E
Equity Value (M)                                       $724
Debt                                                     $10
Debt / Equity                                            1%       0.00%
Cost of Debt                                          5.50%       7.00%
Tax Rate                                              -1.3%       35.0%
Net Cost of Debt                                      5.57%       4.55%
WACC                                                 11.10%      13.10%

Terminal Multiple                                    F2023E
Perpetual Growth Rate                                 3.00%       3.00%
WACC                                                 13.10%
Terminal Multiple (1/(WACC-g))                          9.9x

Source: Company data, Credit Suisse estimates.




Textura Corp (TXTR)                                                                                                                                                                            4
Textura Corp (TXTR)




                      Multiples Analysis and Sensitivity
                      Exhibit 5: Multiples Analysis and Sensitivity
                                                                                                                                                                                               TXTR Valuation Sensitivity Analysis Based on Target Multiple
                        Dollars and Shares in Millions                                         2012              2013             2014      2015                                                                                             Target Multiple:          17.3x       Multiple Price:   $50.00
                                                                                                                      Valuation @                                 Valuation @                                                                               C2014E EV / Revenue Multiple
                                                                                                                Current Price $29.54                  12- Month Target Multiple Price $50.00                                              15.8x    16.3x     16.8x     17.3x    17.8x      18.3x     18.8x
                                                                                             C2012A            C2013A         C2014E       C2015E     C2013A         C2014E          C2015E                        +30%: $85.9            $58.73   $60.48    $62.24    $63.99   $65.74     $67.50    $69.25




                                                                                                                                                                                                C2014E Revenue
                        Price                                                                $29.54            $29.54         $29.54       $29.54     $50.00         $50.00          $50.00                        +20% $79.3             $54.47   $56.09    $57.71    $59.33   $60.95     $62.56    $64.18
                        Fully Diluted Shares (CY)                                              8.6              24.5           24.5         24.5       24.5           24.5            24.5                         +10%: $72.7            $50.21   $51.69    $53.18    $54.66   $56.15     $57.63    $59.12
                        Market Capitalization                                                $253.4            $723.5         $723.5       $723.5    $1,224.7       $1,224.7        $1,224.7                     CS Revenue Est.: $66.1   $45.95   $47.30    $48.65    $50.00   $51.35     $52.70    $54.05
                                                                                                                                                                                                                   -10%: $59.5            $41.69   $42.91    $44.12    $45.34   $46.55     $47.77    $48.98
                        Less: Net Cash (CY)                                                     8.8              (82.5)          (82.5)    (82.5)     (82.5)          (82.5)         (82.5)                        -20%: $52.9            $37.44   $38.51    $39.59    $40.67   $41.75     $42.83    $43.91
                        • Net Cash / Share                                                     $0.00             ($3.37)         ($3.37)   ($3.37)    ($3.37)        ($3.37)         ($3.37)                       -30%: $46.3            $33.18   $34.12    $35.07    $36.01   $36.96     $37.90    $38.84
                        Enterprise Value                                                     $262.2             $641.0           $641.0    $641.0    $1,142.1       $1,142.1       $1,142.1                      *Revenue in $Ms
                        • EV / Share                                                          $30.57            $26.17           $26.17    $26.17     $46.63         $46.63          $46.63
                                                                                                                                                                                               TXTR Valuation Sensitivity Analysis Based on Target Price
                        Revenue                                                               $24.0             $40.6            $66.6     $103.7     $40.6          $66.1          $103.7                                                                                          Target Price: $50.00
                                                                                                                69.5%            64.0%     55.7%                                                                                                                C2014E Target Price
                        EV / Revenue                                                           10.9x            15.8x             9.6x      6.2x      28.1x           17.3x          11.0x                                                $35.00   $40.00    $45.00  $50.00    $55.00   $60.00    $65.00
                                                                                                                                                                                                                   +30%: $85.9             9.0x    10.4x      11.9x    13.3x    14.7x      16.1x     17.6x




                                                                                                                                                                                                C2014E Revenue
                        Recurring Revenue                                                     $21.1             $31.4            $51.3     $79.7      $31.4          $51.3           $79.7                         +20% $79.3              9.8x    11.3x      12.9x    14.4x    15.9x      17.5x     19.0x
                                                                                                                                                                                                                   +10%: $72.7            10.7x    12.3x      14.0x    15.7x    17.4x      19.1x     20.8x
                        EV / Recurring Revenue                                                 12.4x             20.4x           12.5x      8.0x      36.4x           22.3x          14.3x                       CS Revenue Est.: $66.1   11.7x    13.6x      15.4x    17.3x    19.1x      21.0x     22.8x
                                                                                                                                                                                                                   -10%: $59.5            13.0x    15.1x      17.1x    19.2x    21.3x      23.3x     25.4x
                        EBITDA                                                                ($9.5)            ($14.5)          ($1.7)    $16.2      ($14.5)         ($1.7)         $16.2                         -20%: $52.9            14.7x    17.0x      19.3x    21.6x    23.9x      26.2x     28.5x
                                                                                                                                                                                                                   -30%: $46.3            16.7x    19.4x      22.0x    24.7x    27.3x      30.0x     32.6x
                        EV / EBITDA                                                            Nmf                Nmf             Nmf      39.5x       Nmf            Nmf            70.4x                       *Revenue in $Ms

                        EPS (Pro-forma)                                                       ($1.68)           ($1.50)          ($0.21)   $0.29      ($1.50)        ($0.21)         $0.29

                        P/E Multiple                                                           Nmf                Nmf             Nmf      101.7x      Nmf            Nmf            172.2x

                        PEG Ratio                                                              Nmf                Nmf             Nmf       (0.4)x     Nmf            Nmf            (0.7)x

                        Operating Cash Flow                                                   ($4.7)            ($17.4)           $2.3     $43.4      ($17.4)         $2.3           $43.4
                          • Operating Cash Flow / Share                                       ($0.54)            ($0.71)         $0.10     $1.77      ($0.71)         $0.10          $1.77


                        EV / Operating Cash Flow                                               Nmf                Nmf            275.3x    14.8x       Nmf           490.5x          26.3x

                        Free Cash Flow                                                        ($4.7)            ($20.6)          ($1.7)    $37.0      ($20.6)         ($1.7)         $37.0
                        • Free Cash Flow / Share                                              ($0.55)            ($0.84)         ($0.07)   $1.51      ($0.84)        ($0.07)         $1.51


                        EV / Free Cash Flow                                                    Nmf                Nmf             Nmf      17.3x       Nmf            Nmf            30.9x
                        EV / Free Cash Flow / Growth                                           Nmf                Nmf             Nmf      (0.0)x      Nmf            Nmf            (0.0)x
                        FCF Yield                                                              Nmf               Nmf              Nmf      5.1%        Nmf            Nmf            3.0%
                        Total Cost of Revenue                                                  $6.4              $9.3            $12.1     $17.7
                        Note: Pro forma, excluding stock compensation expense, amortization of acquired intangibles, and other




                                                                                                                                                                                                                                                                                                              29 December 2013
                      Source: FactSet. Company data, Credit Suisse estimates.
5
Textura Corp (TXTR)




                      Comparables
                      Exhibit 6: Subscription Software Comparables
                                                                                                       Cornerstone                                                                                                                                                                                                                       The Ultimate
                                      TXTR                   Callidus Software                Concur    Ondemand     Constant Contact    Covisint Corp.   Demandware, Inc.   Ellie Mae   Guidewire       Jive     LogMeIn      LivePerson   NetSuite    RealPage    Responsys    salesforce.com   SolarWinds    Synchronoss   Textura   Software Group   Vocus   Workday
                                                                    CALD                      CNQR       CSOD             CTCT               COVS              DWRE            ELLI       GWRE          JIVE       LOGM          LPSN          N          RP          MKTG           CRM             SWI           SNCR        TXTR          ULTI        VOCS     WDAY
                      Rating                                         NR             OUTPERFORM OUTPERFORM              NEUTRAL          OUTPERFORM              NR             NR          NR        OUTPERFORM    NR       UNDERPERFORM OUTPERFORM* UNDERPERFORM   NEUTRAL     OUTPERFORM*          NR        OUTPERFORM OUTPERFORM OUTPERFORM           NR      NR
                      Target Price                                   NR               $120.00     $57.00                $24.00             $18.00               NR             NR          NR           $16.00     NR           $9.00      $125.00       $20.00      $27.00        $65.00            NR           $46.00     $50.00    $177.00            NR      NR
                      Year End                                       Dec                Sep        Dec                   Dec                 Mar                Dec            Dec         Jul           Dec       Dec           Dec         Dec          Dec         Dec            Jan             Dec           Dec        Sep        Dec              Dec     Jan

                      Shares Outstanding (M)                        38.6                       59.0       51.5            31.3               37.4              30.7           28.6         58.6         68.2       24.2          55.2        74.4        76.3         55.5           600.5          76.5           40.1       24.5          29.1         20.2     185.7
                      Market Cap (M)                                510                       5,919      2,722            941                466              1,962           798         2,846         760        795           811        7,381       1,728        1,517          32,695         2,874          1,245       724          4,454         225     15,239

                      Net Cash - MRQ (M)                           ($27.8)                $832.8        $289.5           $107.2             $69.5             $110.1         $65.1       $528.9        $107.1     $199.4        $77.4       $467.1      $88.4        $107.7       ($1,171.2)       $206.1         $45.0       $82.5        $108.9        $34.5   $804.0
                      Net Cash per Share (MRQ)                     ($0.72)                $14.11         $5.62            $3.42             $1.86              $3.59         $2.28        $9.02         $1.57      $8.22        $1.40        $6.28      $1.16         $1.94         ($1.95)         $2.70         $1.12       $3.37         $3.74        $1.71    $4.33

                      Enterprise Value (M)                           538                      5,086      2,432            834                397              1,852            733        2,317         653        595           733        6,914       1,640        1,410          33,867         2,667          1,200        641         4,345         190     14,435

                      2011 Price Change                              27%                      (2%)        40%             (25%)              Nmf                Nmf            (6%)        Nmf           33%       (13%)         11%         62%         (18%)       (26%)           (23%)           45%           13%         Nmf          34%          (20%)    Nmf
                      2012 Price Change                             (29%)                     33%         62%             (39%)              Nmf                71%           391%        129%           (9%)      (42%)          5%         66%         (15%)       (33%)            66%            88%          (30%)        Nmf          45%          (21%)    95%
                      2013 Price Change to Date                     191%                      48%         79%             111%               25%               134%             1%         63%          (23%)       46%          12%         47%          5%         359%             30%           (28%)          47%         97%          62%          (36%)    51%

                      Calendar Year                                CALD                       CNQR       CSOD            CTCT               COVS              DWRE            ELLI       GWRE           JIVE      LOGM           LPSN          N          RP         MKTG            CRM            SWI           SNCR        TXTR          ULTI         VOCS    WDAY      Average

                      2013E Revenue (M)                              111                      579         186             285                101               101             128         317          146        165           178         411         387          202           3,968           330            351         41           409          185      448
                      2014E Revenue (M)                              127                      739         262             323                122               138             152         359          180        190           202         532         460          244           5,105           405            438         67           503          190      683

                      2013E Revenue Growth Yr/Yr                   16.7%                      25.2%      55.7%           13.1%              17.2%             27.6%          25.6%        21.3%         28.3%     18.9%         12.9%       33.1%       20.0%        24.3%          33.0%          22.5%          27.4%       69.5%        23.1%         8.2%    63.8%     26.2%
                      2014E Revenue Growth Yr/Yr                   14.6%                      27.7%      41.0%           13.2%              20.2%             36.4%          18.4%        13.4%         23.4%     15.3%         14.0%       29.6%       19.1%        20.5%          28.6%          22.9%          25.0%       64.0%        23.0%         2.6%    52.3%     23.6%

                      2013E EV/Sales Multiple**                      4.9x                      8.8x      13.1x            2.9x               3.9x              18.3x           5.7x        7.3x         4.5x       3.6x          4.1x        16.8x       4.2x         7.0x           8.5x           8.1x           3.4x       15.8x         10.6x        1.0x     32.2x     7.6x
                      2014E EV/Sales Multiple**                      4.2x                      6.9x       9.3x            2.6x               3.3x              13.4x           4.8x        6.5x         3.6x       3.1x          3.6x        13.0x       3.6x         5.8x           6.6x           6.6x           2.7x        9.6x          8.6x        1.0x     21.1x     5.9x

                      2013E Rec Revenue Gr Yr/Yr                   16.7%                      25.2%      55.7%           13.1%              18.0%             82.6%          25.6%        21.3%         30.8%     18.9%         12.9%       33.1%       21.0%        22.6%          33.0%          22.5%          26.7%       48.8%        25.2%         8.2%    63.8%     28.1%
                      2014E Rec Revenue Gr Yr/Yr                   14.6%                      27.7%      41.0%           13.2%              23.1%             36.4%          18.4%        13.4%         24.8%     15.3%         14.0%       29.6%       20.0%        21.8%          28.6%          22.9%          26.3%       63.6%        25.0%         2.6%    52.3%     24.1%

                      2013E EV/Recurring Sales                       5.7x                      9.3x      16.4x            3.7x               6.2x              21.5x           6.7x        8.6x         5.0x       4.2x          4.7x        19.8x       4.4x        10.1x           10.0x          9.5x           3.5x       20.4x         13.0x        1.2x     37.9x     9.2x
                      2014E EV/Recurring Sales                       5.0x                      7.2x      11.6x            3.2x               5.1x              15.7x           5.7x        7.6x         4.0x       3.7x          4.2x        15.3x       3.7x         8.3x            7.8x          7.7x           2.7x       12.5x         10.4x        1.2x     24.9x     7.1x

                      2013E EV/EBITDA Multiple                      48.9x                     44.8x       Nmf             18.1x              Nmf               Nmf            18.8x       47.1x         Nmf        18.8x         36.9x       Nmf         18.1x       54.4x           50.5x          14.7x          9.9x        Nmf          48.4x        9.4x     Nmf       31.4x
                      2014E EV/EBITDA Multiple                      32.7x                     40.0x       Nmf             14.2x              Nmf               Nmf            15.9x       50.5x         Nmf        14.7x         25.7x       Nmf         14.4x       43.1x           37.0x          13.8x          7.5x        Nmf          37.5x        8.4x     Nmf       25.4x

                      2013E EV/OCF Multiple                         52.2x                     71.6x       Nmf             19.7x              Nmf               Nmf            27.8x       66.8x          Nmf       19.5x         43.6x      115.9x       21.0x       70.4x           40.6x          16.4x         17.3x        Nmf          66.4x        19.3x    Nmf       44.6x
                      2014E EV/OCF Multiple                         35.0x                     62.7x      79.3x            15.4x              Nmf               Nmf            23.3x       52.6x         81.2x      15.4x         27.9x       78.0x       17.4x       50.9x           31.1x          15.9x         11.7x        Nmf          48.6x        14.4x    Nmf       38.9x

                      2013E EV/FCF Multiple                         71.1x                      Nmf        Nmf             37.4x              Nmf               Nmf            36.7x       105.8x        Nmf        30.2x        108.6x       Nmf         34.4x        Nmf            59.7x          17.1x          Nmf         Nmf         122.0x        60.0x    Nmf       62.1x
                      2014E EV/FCF Multiple                         48.9x                      Nmf        Nmf             29.6x              Nmf               Nmf            30.8x        Nmf          Nmf        20.5x         51.3x      106.9x       27.3x       79.7x           43.5x          16.6x         17.9x        Nmf          86.2x        30.8x    Nmf       45.4x

                      2013E FCF Yield                               1.5%                      0.3%       0.1%             2.4%               Nmf               0.1%           2.5%        0.8%          Nmf        2.5%          0.8%        0.5%        2.8%         0.0%           1.7%           5.4%           Nmf         Nmf          0.8%         1.4%     Nmf       1.5%
                      2014E FCF Yield                               2.2%                      0.3%       0.1%             3.0%               Nmf               Nmf            3.0%        0.6%          Nmf        3.7%          1.8%        0.9%        3.5%         1.2%           2.4%           5.6%           5.4%        Nmf          1.1%         2.7%     Nmf       2.3%
                      Source: Credit Suisse estimates, company filings, and FactSet
                      * rated names use consensus estimates and are covered by Phil Winslow
                      **Excludes copmanies with EV/Sales >15x




                                                                                                                                                                                                                                                                                                                                                                                     29 December 2013
                      Source: FactSet. Company data, Credit Suisse estimates.
6
                                                                                                                                                      29 December 2013


Companies Mentioned (Price as of 27-Dec-2013)
Callidus Software Inc. (CALD.OQ, $13.19)
Concur Technologies Inc. (CNQR.OQ, $100.26)
Constant Contact (CTCT.OQ, $30.05)
Cornerstone OnDemand, Inc. (CSOD.OQ, $52.8)
Covisint Inc. (COVS.OQ, $12.47)
Demandware (DWRE.N, $63.88)
Ellie Mae (ELLI.N, $27.89)
Guidewire Soft (GWRE.N, $48.53)
Jive Software, Inc. (JIVE.OQ, $11.15)
LivePerson (LPSN.OQ, $14.69)
LogMeIn (LOGM.OQ, $32.78)
NetSuite Inc. (N.N, $99.24)
RealPage, Inc. (RP.OQ, $22.64)
Responsys, Inc. (MKTG.OQ, $27.36)
Salesforce.com Inc. (CRM.N, $54.45)
SolarWinds (SWI.N, $37.58)
Synchronoss Technologies, Inc. (SNCR.OQ, $31.07)
Textura Corp (TXTR.N, $29.54, OUTPERFORM[V], TP $50.0)
The Ultimate Software Group, Inc. (ULTI.OQ, $153.09)
Vocus (VOCS.OQ, $11.15)
Workday (WDAY.N, $82.06)




                                                                      Disclosure Appendix
Important Global Disclosures
I, Michael Nemeroff, certify that (1) the views expressed in this report accurately reflect my personal views about all of the subject companies and
securities and (2) no part of my compensation was, is or will be directly or indirectly related to the specific recommendations or views expressed in
this report.
3-Year Price and Rating History for Textura Corp (TXTR.N)


TXTR.N              Closing Price     Target Price
Date                       (US$)            (US$)            Rating
02-Jul-13                  28.85            33.00               O*
07-Aug-13                  30.65            36.00
10-Sep-13                  40.32                                 R
20-Sep-13                  43.59            36.00                O
30-Sep-13                  43.08            50.00
* Asterisk signifies initiation or assumption of coverage.




                                                                         O U T PERFO RM
                                                                           REST RICT ED


The analyst(s) responsible for preparing this research report received Compensation that is based upon various factors including Credit Suisse's
total revenues, a portion of which are generated by Credit Suisse's investment banking activities

As of December 10, 2012 Analysts’ stock rating are defined as follows:
Outperform (O) : The stock’s total return is expected to outperform the relevant benchmark*over the next 12 months.
Neutral (N) : The stock’s total return is expected to be in line with the relevant benchmark* over the next 12 months.
Underperform (U) : The stock’s total return is expected to underperform the relevant benchmark* over the next 12 months.
 *Relevant benchmark by region: As of 10th December 2012, Japanese ratings are based on a stock’s total return relative to the analyst's coverage universe which
consists of all companies covered by the analyst within the relevant sector, with Outperforms representing the most attractiv e, Neutrals the less attractive, and
Underperforms the least attractive investment opportunities. As of 2nd October 2012, U.S. and Canadian as well as European ra tings are based on a stock’s total
return relative to the analyst's coverage universe which consists of a ll companies covered by the analyst within the relevant sector, with Outperforms representing the
most attractive, Neutrals the less attractive, and Underperforms the least attractive investment opportunities. For Latin Ame rican and non-Japan Asia stocks, ratings
are based on a stock’s total return relative to the average total return of the relevant country or regional benchmark; Austr alia, New Zealand are, and prior to 2nd
October 2012 U.S. and Canadian ratings were based on (1) a stock’s absolute total r eturn potential to its current share price and (2) the relative attractiveness of a
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return calculation and a 15% and a 7.5% threshold replace the 10-15% level in the Outperform and Underperform stock rating definitions, respectively. The 15% and
7.5% thresholds replace the +10-15% and -10-15% levels in the Neutral stock rating definition, respectively. Prior to 10th December 2012, Japanese ratings were
based on a stock’s total return relative to the average total return of the relevant country or regional benchmark.




Textura Corp (TXTR)                                                                                                                                                     7
                                                                                                                                                     29 December 2013



Restricted (R) : In certain circumstances, Credit Suisse policy and/or applicable law and regulations preclude certain types of communications,
including an investment recommendation, during the course of Credit Suisse's engagement in an investment banking transaction and in certain other
circumstances.

Volatility Indicator [V] : A stock is defined as volatile if the stock price has moved up or down by 20% or more in a month in at least 8 of the past 24
months or the analyst expects significant volatility going forward.

Analysts’ sector weightings are distinct from analysts’ stock ratings and are based on the analyst’s expectations for the fundamentals and/or
valuation of the sector* relative to the group’s historic fundamentals and/or valuation:
Overweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is favorable over the next 12 months.
Market Weight : The analyst’s expectation for the sector’s fundamentals and/or valuation is neutral over the next 12 months.
Underweight : The analyst’s expectation for the sector’s fundamentals and/or valuation is cautious over the next 12 months.
*An analyst’s coverage sector consists of all companies covered by the analyst within the relevant sector. An analyst may cov er multiple sectors.

Credit Suisse's distribution of stock ratings (and banking clients) is:

Global Ratings Distribution
Rating                                                                                    Versus universe (%)                            Of which banking clients (%)
Outperform/Buy*                                                                                             43%                                      (53% banking clients)
Neutral/Hold*                                                                                               40%                                      (50% banking clients)
Underperform/Sell*                                                                                          15%                                      (43% banking clients)
Restricted                                                                                                   3%
*For purposes of the NYSE and NASD ratings distribution disclosure requirements, our stock ratings of Outperform, Neutral, and Underperform most closely
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Price Target: (12 months) for Textura Corp (TXTR.N)
Method: Our $50 target price for TXTR is the average of our discounted cash flow (DCF) and relative comparable multiple to its peers. For our
        DCF, we use a weighted average cost of capital (WACC) of 13.10%. For multiples, we use 17.3 times our estimated C2014 sales versus
        the peer group average 5.6x, reflecting the company's large and highly under-penetrated total addressable market, the company’s
        leadership status (fast growing software as a service category leaders typically trade at or above 6-9+ times revenue), and our
        expectations for 60% revenue growth.
Risk:      We see several risks to TXTR’s achievement of our $50 target price: (1) downturn in commercial construction industry, (2) high customer
           concentration, (3) international expansion risk, (4) uncertainty in the macroeconomic environment affecting commercial construction, and
           (5) integration of acquisitions.

Please refer to the firm's disclosure website at https://rave.credit-suisse.com/disclosures for the definitions of abbreviations typically used in the
target price method and risk sections.
See the Companies Mentioned section for full company names
The subject company (TXTR.N, CSOD.OQ, RP.OQ, LPSN.OQ, CNQR.OQ, SNCR.OQ, CALD.OQ, CTCT.OQ, JIVE.OQ) currently is, or was during
the 12-month period preceding the date of distribution of this report, a client of Credit Suisse.
Credit Suisse provided investment banking services to the subject company (TXTR.N, CSOD.OQ, RP.OQ, CNQR.OQ) within the past 12 months.
Credit Suisse provided non-investment banking services to the subject company (CSOD.OQ) within the past 12 months
Credit Suisse has managed or co-managed a public offering of securities for the subject company (TXTR.N, CSOD.OQ, CNQR.OQ) within the past
12 months.
Credit Suisse has received investment banking related compensation from the subject company (TXTR.N, CSOD.OQ, RP.OQ, CNQR.OQ) within
the past 12 months




Textura Corp (TXTR)                                                                                                                                                     8
                                                                                                                                           29 December 2013



Credit Suisse expects to receive or intends to seek investment banking related compensation from the subject company (TXTR.N, CSOD.OQ,
RP.OQ, LPSN.OQ, CNQR.OQ, SNCR.OQ, CALD.OQ, CRM.N, CTCT.OQ, JIVE.OQ) within the next 3 months.
Credit Suisse has received compensation for products and services other than investment banking services from the subject company (CSOD.OQ)
within the past 12 months
As of the date of this report, Credit Suisse makes a market in the following subject companies (TXTR.N, CSOD.OQ, RP.OQ, LPSN.OQ, CNQR.OQ,
SNCR.OQ, CALD.OQ, CRM.N, N.N, CTCT.OQ, JIVE.OQ, ULTI.OQ, MKTG.OQ).
As of the end of the preceding month, Credit Suisse beneficially own 1% or more of a class of common equity securities of (CSOD.OQ).

Important Regional Disclosures
Singapore recipients should contact Credit Suisse AG, Singapore Branch for any matters arising from this research report.
The analyst(s) involved in the preparation of this report have not visited the material operations of the subject company (TXTR.N, CSOD.OQ, RP.OQ,
LPSN.OQ, CNQR.OQ, SNCR.OQ, CRM.N, N.N, CTCT.OQ, JIVE.OQ, ULTI.OQ, MKTG.OQ) within the past 12 months
Restrictions on certain Canadian securities are indicated by the following abbreviations: NVS--Non-Voting shares; RVS--Restricted Voting Shares;
SVS--Subordinate Voting Shares.
Individuals receiving this report from a Canadian investment dealer that is not affiliated with Credit Suisse should be advised that this report may not
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http://www.csfb.com/legal_terms/canada_research_policy.shtml.
Credit Suisse has acted as lead manager or syndicate member in a public offering of securities for the subject company (TXTR.N, CSOD.OQ,
RP.OQ, CNQR.OQ, MKTG.OQ) within the past 3 years.
As of the date of this report, Credit Suisse acts as a market maker or liquidity provider in the equities securities that are the subject of this report.
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For Credit Suisse disclosure information on other companies mentioned in this report, please visit the website at https://rave.credit-
suisse.com/disclosures or call +1 (877) 291-2683.




Textura Corp (TXTR)                                                                                                                                         9
                                                                                                                                                                                                        29 December 2013



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Investment principal on bonds can be eroded depending on sale price or market price. In addition, there are bonds on which investment principal can
be eroded due to changes in redemption amounts. Care is required when investing in such instruments.
When you purchase non-listed Japanese fixed income securities (Japanese government bonds, Japanese municipal bonds, Japanese government guaranteed bonds, Japanese corporate bonds) from CS
as a seller, you will be requested to pay the purchase price only.




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