Software valuation benchmarks by startupcfo

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									    SoftwareEqui                                    SEG Software Index: All Categories
                                                                                                                                                        TTM                                                  Forward         YoY Stock
                                                                                                                       TTM Gross    TTM EBITDA        Revenue                       EV/         Forward        EV/            Market
 Category Name                                                          Market Cap       EV             TTM Revenue     Margin        Margin          Growth      EV/ Revenue     EBITDA       EV/ Revenue   EBITDA           Return
 SEG Software Index                                                        $522.85           $457.77        $215.23         68.5%           15.9%         -0.2%      2.1x          13.8x           2.2x       10.9x               64.3%
   Billing & Service Management                                            $999.69           $840.50        $375.03         49.5%           18.8%         -1.8%      1.6x           7.5x          1.6x        7.0x                59.9%
     Business Intelligence                                                 $634.68           $498.37        $191.67         77.6%           17.1%         -2.0%      2.4x           14.5x         2.2x        9.4x               101.0%
     Content/Document Management                                             $68.42           $77.71          $82.60        71.5%           22.5%         -9.4%      2.1x           8.3x          4.3x        12.7x               59.8%
     CRM, Marketing & Sales Software                                       $155.29           $102.96          $81.06        54.3%           -1.8%        -16.1%      1.3x           18.0x         0.8x        16.3x               87.8%
     Database & File Management                                           $1.613.91     $1,297.19           $500.69         84.1%           22.9%         2.1%       1.9x           9.1x          2.1x        7.5x               40.3%
     Dev Tools, OS & Application Testing Software                           $704.26          $585.55        $283.37         71.2%           17.5%         -2.4%      1.7x           9.8x          2.7x        13.3x               71.3%
     eCommerce Enablement Software                                         $672.34           $593.30        $179.38         66.0%           14.5%         6.8%       3.6x          19.2x          3.3x        13.6x               49.6%
     Education & eLearning                                                 $138.13           $113.77        $105.50         70.6%           10.1%        15.8%       1.7x          15.6x          2.1x        12.9x              111.1%
     Electronic Design Automation                                          $852.21           $979.08        $802.73         80.2%            3.9%         -0.8%      1.7x          22.5x          1.5x        12.0x              80.6%
     Engineering, PLM & CAD/CAM Software                                  $1,265.04     $1,511.54           $516.89         81.2%           12.9%         -6.3%      2.0x          16.6x          1.9x        12.0x              76.9%
     Enterprise Application Integration                                   $1,786.89     $1,550.21           $643.54        71.3%            21.3%         1.9%       2.4x          10.5x          2.3x        7.6x               53.9%
     Enterprise Resource Planning                                          $584.12           $647.09        $320.12        57.4%            18.4%         -8.1%      1.8x          11.3x          1.9x        9.4x               48.8%
     Entertainment                                                        $1,723.82     $1,007.42           $314.03        61.2%            13.0%       -11.6%       0.9x          7.4x           0.7x        8.1x               22.0%
     Financial Services Software                                           $912.54      $1,068.85           $249.29        59.0%            20.5%         2.2%       2.7x          14.1x          2.5x        11.6x              55.0%
     Healthcare                                                            $455.48          $411.19         $213.26        56.7%            19.7%         6.8%       2.1x          16.4x          2.7x        13.6x              52.2%
     Messaging, Conferencing & Communications                              $185.36          $158.98          $96.05        65.2%            10.2%         4.6%       1.8x          14.6x          1.7x        10.5x             116.4%
     Multimedia, Graphics, Digital Media                                   $585.90          $402.80         $422.08        68.7%            10.6%       -10.3%       2.9x          18.7x          2.1x        10.0x              65.4%
     Networking & Connectivity                                           $1,776.21      $1,237.72           $466.61        78.4%            22.1%        -0.5%       2.9x          13.2x          2.4x       14.3x              108.1%
     Security                                                              $934.86        $714.84            $183.01       77.4%            16.1%         8.3%       3.5x          14.7x          2.9x        8.8x               57.9%
     Storage & Systems Management Software                               $9,077.12      $7,588.59          $1,961.57       80.3%            16.8%         1.7%       2.5x          11.9x          2.3x       12.0x               51.9%
    Supply Chain Management & Logistics                                    $387.42       $297.78            $214.46        56.9%            11.6%        -9.3%       1.6x          15.2x          2.0x       11.2x               60.5%
    Wireless                                                               $295.08       $249.22            $192.17        46.6%            11.9%        -3.7%       1.7x          11.6x          1.7x       10.9x               53.3%




                  Income Statement Analysis (Median)
                                                                                                                                    SEG SW Index Stock Market Return: Jan-Mar 2010
TTM Revenue Growth                                                           -0.2%
                                                                                      10%
TTM EBITDA Growth                                                            12.6%
TTM Earnings Growth                                                          18.7%
Gross Profit Margin                                                          68.5%
                                                                                      8%
EBITDA Margin                                                                15.9%
Net Income Margin                                                             6.6%    6%                                                                                                                               s

SG&A Expenses as a % of Total Revenue                                        37.9%
R&D Expenses as a % of Total Revenue                                         15.0%    4%       -                                                                                                                       ...

                     Balance Sheet Analysis (Median)
                                                                                                .....
Current Ratio                                                                   1.9
Quick Ratio                                                                     1.7
Cash as Percent of Market Cap                                                19.8%
Avg Days Outstanding: Accounts Receivable                                       72    - 2%                                          ,       AI                    AINLVI"..
Avg Days Outstanding: Accounts Payable                                          38
Working Capital to TTM Operating Expense Ratio                                 0.4
                                                                                      -4%
                                                                                                                                        V            lite
                                                                                                                                                   !Woe
               Cash Flow Statement Analysis (Median)
                                                                                      -6%
Levered FCF Margin                                                            9.6%
Cash from Operations Growth (YoY)                                             7.1%
Cash from Investing Growth (YoY)                                            -16.8%
                                                                                      -8%
Cash from Financing Growth (YoY)                                            46.7%
                                                                                                                                    1 -.....DOW   -.S&P 500       NASDAQ        SEG SW Index
Levered FCF Growth (YoY)                                                     14.9%

Copyright C 2010 by Software Equity Group, L.L,C.. AN Rights Reserved
                                                                                                                                                                                     April 2010 Monthly Flash Report

								
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