ABCDEFGHIJKLMNOPQRSTUVWXYZAAABACADAEAFAGAHAIAJAKALAMANAOAPAQARASATAUAVAWAXAYAZBABBBCBDBEBFBGBHBIBJBKBL
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Model Introduction
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Key Inputs1
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Units ($ in thousands)
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Company nameModel N
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TickerMODN
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Sector
Revenue Management
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LBO date4/24/2023
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Latest 10Q Shares Outstanding-
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Latest 10K Share Outstanding38,763,859
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Fiscal year end9/30/2023
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Date of latest 10K filing11/17/2024
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Date of latest 10Q filing-
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WACC Information (Not used in this analysis)
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After tax cost of debtNA
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Cost of equityNA
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Weighted average cost of capitalNA
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Exit
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Proposed entry EV/EBITDA28.1 X
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Proposed exit EV/EBITDA30.0 X
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IRR at exitNM
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Cash on cash multipleNM
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Other assumptions
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Effective tax rate of Model N as of the latest filing
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Marginal tax rate
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Use growth or margins?
(Not utilized in this valuation)
Margins
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Circuit BreakerOff
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Stock Based Compensation Growth Assumption
2.00%
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Background and operations of Model N:
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Model N is an industry leading provider of revenue management services within the life sciences and high tech companies.
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Company's products and services allow companies such Johnson & Johnson, AstraZeneca, Stryker, Seagate Technology
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and Boradcom in driving mission critical processes such as pricing, quoting, contracting, rebates, and icnentives. Model N's
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deep industry experience and its leading cloud-based technology have led to the firm's monumental success over the years.
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Case Manager
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Active CaseBase Case
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Divident RecapPIK
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Additional
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Share price as of the LBO analysis
 $ 29.78
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Share price as of March 15, 2024
 $ 25.42
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Share price as of February 15, 2024
 $ 27.47
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Additional notes:
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The numbers are in thousands because that is how the company presents its numbers, and for the sake of understanding and
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simplicity, I have stuck to their convention. Additionally, some rows or columns may be hidden.
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