Rational Investing

	Total Market Capitalization of All Firms	$350,150 mm
	Average Market Capitalization	$18,429 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.3
	Standard Deviation of MM Ratio	0.6
	Average Beta	1.1
	Average EV To Revenue	5.5
	Average EV To EBITDAM	23.6
	Average Price To Free Cash Flow	36.3

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
GWRE	Guidewire Software, Inc	2.52	9,487	12.8	98.6	40	3	1.3	Apr 21
FICO	Fair Isaac Corporation	2.42	14,784	11.2	43.8	31.4	8	1.2	Mar 21
MSTR	Microstrategy Inc	2.26	4,656	9.8	99	40	9	1.4	Mar 21
PEGA	Pegasystems Inc.	1.85	10,968	9.1	69.1	40	19	1.2	Mar 21
ADP	Automatic Data Processing Inc	1.60	84,751	5.8	39.6	25.6	2	0.8	Mar 21
DOX	Amdocs Ltd	1.57	10,296	2.6	24.0	18.9	3	0.8	Mar 21
CTSH	Cognizant Technology Solutions	1.54	37,415	2.2	22.7	12.5	5	1.1	Mar 21
JKHY	Jack Henry & Associates Inc.	1.49	12,426	7.1	47.2	31.1	3	0.7	Mar 21
WIT	Wipro Ltd	1.31	45,044	5.4	8.3	21.7	5	0.7	Mar 21
SPSC	Sps Commerce, Inc.	1.22	3,529	9.3	45.0	27.8	21	0.9	Mar 21
BLKB	Blackbaud Inc.	1.15	3,729	4.6	21.7	17.0	0	1.1	Mar 21
GIB	Cgi Group Inc.	1.01	20,148	2.4	21.7	14.4	6	1.0	Mar 21
EBIX	Ebix Inc.	0.96	1,102	2.6	35.6	49.6	62	2.5	Mar 21
ING.PA	Ingenico Group SA	0.82	9,704	3.9	29.8	21.1	-7	1.0	Jun 20
MANT	Mantech International Corp.	0.78	2,465	0.9	32.4	11.6	10	0.8	Mar 21
VRNT	Verint Systems Inc	0.67	3,013	2.9	12.5	11.3	4	0.9	Jan 21
FISV	Fiserv Inc	0.66	72,751	6.2	17.6	15.6	2	0.9	Mar 21
NTCT	Netscout Systems Inc.	0.60	2,386	3.2	11.2	9.5	4	0.8	Mar 21
CSGS	Csg Systems International Inc	0.58	1,494	1.8	10.3	9.7	4	0.9	Mar 21