Rational Investing

	Total Market Capitalization of All Firms	$279,449 mm
	Average Market Capitalization	$13,972 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.1
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.0
	Average EV To Revenue	4.5
	Average EV To EBITDAM	20.1
	Average Price To Free Cash Flow	36.9

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	2.47	9,165	13.3	99	30	-1	1.3	Apr 20
JKHY	Jack Henry & Associates Inc.	1.85	14,244	8.2	58.1	37.5	12	0.7	Mar 20
NTCT	Netscout Systems Inc.	1.50	2,000	2.8	15.2	16.0	-1	1.1	Mar 20
VRNT	Verint Systems Inc	1.50	2,950	3.0	25.2	17.1	-2	1.0	Apr 20
MSTR	Microstrategy Inc	1.24	1,202	2.6	24.6	30	-2	0.7	Mar 20
EBIX	Ebix Inc.	1.19	680	2.3	5.8	8.6	4	2.0	Mar 20
FICO	Fair Isaac Corporation	1.14	12,140	10.1	36.5	28.9	11	1.1	Mar 20
CTSH	Cognizant Technology Solutions	1.05	31,925	1.9	16.4	11.0	2	1.1	Mar 20
PEGA	Pegasystems Inc.	1.03	8,128	7.7	96.4	30	16	1.2	Mar 20
FISV	Fiserv Inc	1.00	66,450	5.4	98.3	15.6	63	1.1	Mar 20
SPSC	Sps Commerce, Inc.	0.99	2,756	8.9	54.9	37.8	11	0.9	Mar 20
GIB	Cgi Group Inc.	0.97	15,623	1.9	21.8	14.8	2	0.9	Mar 20
ING.PA	Ingenico Group SA	0.95	10,339	3.2	26.5	18.6	18	0.9	Dec 19
BLKB	Blackbaud Inc.	0.87	2,884	3.5	58.6	22.6	5	1.1	Mar 20
WIT	Wipro Ltd	0.86	20,184	2.6	3.4	17.5	2	0.6	Mar 20
ADP	Automatic Data Processing Inc	0.77	65,520	4.5	32.1	21.0	5	1.1	Mar 20
DOX	Amdocs Ltd	0.73	8,378	2.0	16.5	14.4	3	0.7	Mar 20
MANT	Mantech International Corp.	0.73	2,751	1.1	34.9	13.8	21	0.8	Mar 20
CSGS	Csg Systems International Inc	0.60	1,368	1.8	10.1	8.7	3	0.9	Mar 20
TIVO	Tivo Corporation	0.36	761	2.5	4.5	7.6	4	0.6	Dec 19