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Workiva Inc. (NYSE:WK) could also be value $117/share based mostly on latest offers for Anaplan and Avalara (AVLR), based on a Truist analyst.
Truist analyst Joe Meares highlighted that Anaplan was just lately bought for 11.0x EV/gross sales on CY23E income and Avalara (AVLR) was just lately taken out for 8.0x EV/gross sales on CY23E. The multiples in these transaction suggest a possible takeout vary of $98 to $135, or $117 on common, for Workiva (WK).
The observe comes after Workiva (WK) soared greater than 18% on Wednesday after a Bloomberg report indicated that personal fairness companies Thoma Bravo and TPG have been eyeing an acquisition of the Iowa-based software-as-a-service firm.
Workiva (WK) produces software program within the regulatory, monetary and environmental, social and governance areas. Workiva has a market cap of $4 billion.
“… We imagine the corporate does have a singular set of property and area of interest market management serving end-markets that may doubtless stay demand resilient,” Meares, who has a purchase score and $90 value goal on Workiva (WV) wrote in a observe on Thursday. “Notably, Workiva is <10% penetrated in all product markets exterior of SEC, these merchandise symbolize ~55% of whole firm income.”
Vista Fairness agreed to pay $93.50/share in all cash-transaction for Avalara (AVLR) final month, which represented a 27% premium to Avalara’s closing value on July 6, the final buying and selling previous to media stories a couple of potential transaction.
Whilst some shareholders have come out towards the Avalara (AVLR) sale, which is scheduled for a holder vote on Oct. 14, influential proxy from ISS on Friday really useful holders vote in favor of the deal.
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