Endurance updated its SEC filings last week to include an estimated offering range for their upcoming IPO. At the midpoint of this range ($15/share) and their estimated Q3 EBITDA ($47-$48 million), the valuation of Endurance would be approximately 14.4x annualized EBITDA.
Please treat this as a very preliminary estimate as there are a number of assumptions in this calculation that can have a meaningful impact on the final valuation. (In particular, the valuation does not include exercise of the underwriters 15% overallotment option, the Directi acquisition or the impact of outstanding Employee options.) As we get more information we will update our estimates.
Please feel free to contact us if you have any comments, or questions.
Cheval Capital, Inc.
Disclaimer: This post is for general information purposes and is not meant to be taken as financial advice, a recommendation to buy or sell the stocks mentioned above, a comprehensive discussion of valuation or how to do the calculations discussed. Please be sure to consult your financial advisors when valuing your company, considering the sale of your business or making other financial decisions.