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General information
Adobe Inc. develops, markets, and supports computer software products and technologies. The Company"s products allow users to express and use information across all print and electronic media. Adobe offers a line of application software products, type products, and content for creating, distributing, and managing information.
  • Good financial results growth rate 19.6% (average between last period year over year growth for revenue and EBITDA), there is slowdown compared to average historical growth rates (24.4%)
  • Dividend yield for the last twelve months 0.0%
  • Free cash flow yield 1.7% (LTM)
  • Share price is 172.8% higher than minimum and 14.4% lower than maximum for the last 3 years
  • The company is overvalued by EV / LTM EBITDA multiple compared to target level (44.9x vs 44.9x)
  • Fundamental value created in LTM (estimate) 14.1%
Key Financials
Ticker: ADBE
Share price, USD: 456.97
Common stocks: 484 078 609
Dividend Yield:  0.0%
FCF Yield LTM: 1.7%
EV / LTM EBITDA: 44.9x
Last revenue growth (y/y):  13.8%
Last growth of EBITDA (y/y):  25.5%
Historical revenue growth:  21.8%
Historical growth of EBITDA:  26.9%
Target EV / EBITDA (hist 75% percentile): 44.9x
Express share price potential: 2.2%
Fundamental value created in LTM: 14.1%
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 221 209
Net Debt ($m): -538
EV (Enterprise Value): 220 671
EBITDA LTM ($m): 4 913
EV / LTM EBITDA: 44.9x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

Free Cash Flow ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends

Share price

Payment USD per share

Multiple and potential

EV / LTM EBITDA and 75% percentile

Potential dynamics

Value Creation

Fundamental Value Creation is calculated as ratio of value created in the last period to current market cap of the company.

The fundamental value can be created in two ways:
• cash generation in form of dividend payments or debt reduction or share buybacks
• growth of the company enterprise value through improving financial results

The growth of enterprise value in the last period is estimated as product of:
• annualized increase of EBITDA in the last reporting period year over year
• relevant EV/EBITDA multiple (average between actual EV/EBITDA for the company and average general level of 10.0x is applied)

Parameter
#
Formula
Value
    
    
            EBITDA (pre LTM Q)
(1)
1 004
            EBITDA (last Q)
(2)
1 260
            EBITDA LTM
(3)
4 913
    
    
        EBITDA LTM / last Q
(4)
(3) / (2)
3.899
    Gain of EBITDA (mln $)
(5)
( (2)-(1) ) * (4)
998
    
    
            EV
(6)
220 671
        Mult
(7)
(6) / (3)
44.9x
        Mult common
(8)
const
10.0x
    Mult avg
(9)
avgerage
27.5x
    
    
    Equity+
(10)
(5) * (9)
27 408
    FCF LTM
(11)
3 781
    
    
Value+
(12)
(10) + (11)
31 189
Cap
(13)
221 209
    
    
Fundamental value creation
(14)
(12) / (13)
14.1%

Potential

EBITDA LTM       4 913
 
EBITDA E       5 016
Mult aim       44.9x
 
EV E       225 135
NetDebt corr       -838
 
Cap E       225 973
Cap       221 209
Growth potential            2.2%

Website traffic (visits bln/month) adobe.com

Three months progress: 8.2%