Tribeca Strategic Acquisition Corp. (BID) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

—

Levered DCF

—

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

24.98

Safe zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
P/E	18.75×	22.93×	30.66×	40.25×	25.25×	28×	21.01×	11.19×
P/B	4.62×	4.41×	4.5×	2.18×	3.4×	3.19×	2.29×	2.12×
P/S	1.97×	2.75×	2.82×	1.83×	3.18×	4.26×	2.96×	2.31×
EV / EBITDA	12.25×	15.51×	15.49×	6.68×	11.09×	13.46×	9.44×	4.98×
Gross margin	82.2%	91.7%	90.9%	90.4%	90.8%	90.1%	91.5%	91.6%
Operating margin	17.5%	17.2%	15.2%	21.0%	24.1%	26.1%	27.9%	32.6%
Net margin	10.5%	12.0%	9.2%	4.5%	12.6%	15.2%	14.1%	20.6%
Current ratio	1.08×	1.25×	1.71×	1.76×	1.43×	1.73×	1.73×	1.76×
Debt / equity	1.48×	1.56×	1.2×	0.77×	0.59×	0.46×	0.7×	0.52×
Interest coverage	4.54×	5.29×	4.05×	6.16×	6.42×	5.21×	4.83×	6.54×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Return on equity	24.6%	19.3%	14.7%	5.4%	13.4%	11.4%	10.9%	19.0%
Return on invested capital	9.9%	7.4%	5.1%	2.2%	7.1%	8.9%	8.4%	14.0%
Return on assets	4.0%	3.8%	3.0%	1.3%	3.8%	4.5%	4.2%	7.1%
Free cash flow yield	-3.8%	13.5%	7.0%	8.8%	1.5%	6.5%	-2.9%	21.0%
Earnings yield	5.3%	4.4%	3.3%	2.5%	4.0%	3.6%	4.8%	8.9%
Enterprise value	$2.5B	$3.1B	$2.4B	$1.5B	$2.8B	$3.4B	$2.2B	$1.5B
Net debt / EBITDA	2.31×	2.07×	0.71×	-0.99×	-0.69×	-0.79×	-0.31×	-1.38×
Cash conversion cycle (days)	230	223	560	423	801	773	360	503