Rational Investing

	Total Market Capitalization of All Firms	$300,398 mm
	Average Market Capitalization	$14,305 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	0.9
	Standard Deviation of MM Ratio	0.4
	Average Beta	0.9
	Average EV To Revenue	4.3
	Average EV To EBITDAM	19.4
	Average Price To Free Cash Flow	35.4

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
MSTR	Microstrategy Inc	2.07	1,558	3.4	99	30	-4	0.7	Jun 20
FICO	Fair Isaac Corporation	1.84	12,299	10.7	40.0	30.3	6	1.1	Jun 20
PEGA	Pegasystems Inc.	1.37	9,476	9.2	99	30	13	1.2	Jun 20
GWRE	Guidewire Software, Inc	1.11	8,542	10.9	61.2	46.7	10	1.2	Jul 20
FISV	Fiserv Inc	1.03	67,370	5.9	99	18.4	52	0.8	Jun 20
ING.PA	Ingenico Group SA	1.00	10,422	4.1	33.8	22.5	-7	0.9	Jun 20
NTCT	Netscout Systems Inc.	0.90	1,653	2.4	14.0	15.6	0	1.0	Jun 20
BLKB	Blackbaud Inc.	0.86	2,835	3.5	35.7	16.9	4	1.1	Jun 20
SPSC	Sps Commerce, Inc.	0.86	2,617	8.5	40.1	28.8	11	0.9	Jun 20
GIB	Cgi Group Inc.	0.80	16,486	2.1	21.3	12.5	-2	1.1	Jun 20
JKHY	Jack Henry & Associates Inc.	0.80	12,291	6.7	43.1	30.1	8	0.7	Jun 20
ADP	Automatic Data Processing Inc	0.77	71,476	5.0	33.6	25.8	1	0.8	Jun 20
CTSH	Cognizant Technology Solutions	0.70	38,364	2.3	25.2	13.3	0	1.2	Jun 20
MANT	Mantech International Corp.	0.66	2,793	1.1	32.5	14.5	20	0.7	Jun 20
WIT	Wipro Ltd	0.65	28,414	3.7	4.7	19.2	-2	0.7	Jun 20
DOX	Amdocs Ltd	0.63	8,140	2.0	13.8	12.7	1	0.7	Jun 20
VRNT	Verint Systems Inc	0.60	3,063	3.1	21.9	13.6	-4	0.8	Jul 20
CSGS	Csg Systems International Inc	0.55	1,334	1.7	9.3	8.2	0	0.9	Jun 20
EBIX	Ebix Inc.	0.53	614	2.6	9.4	7.3	-11	1.9	Jun 20
SEAC	Seachange International Inc.	0.45	30	0.4	2	3.7	0	0.5	Oct 18
TIVO	Tivo Corporation	0.36	620	2.3	4.5	7.0	4	0.6	Dec 19