Rational Investing

	Total Market Capitalization of All Firms	$342,669 mm
	Average Market Capitalization	$16,318 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.3
	Standard Deviation of MM Ratio	0.9
	Average Beta	1.0
	Average EV To Revenue	5.4
	Average EV To EBITDAM	20.6
	Average Price To Free Cash Flow	43.0

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
MSTR	Microstrategy Inc	4.75	5,909	11.4	99	30	8	1.5	Sep 20
PEGA	Pegasystems Inc.	2.35	11,311	11.5	99	30	8	1.2	Sep 20
GWRE	Guidewire Software, Inc	1.85	10,071	12.9	99	30	9	1.3	Oct 20
WIT	Wipro Ltd	1.63	39,347	5.2	6.6	24.6	-6	0.7	Dec 20
GIB	Cgi Group Inc.	1.59	19,371	2.5	31.3	15.9	0	1.1	Sep 20
BLKB	Blackbaud Inc.	1.39	3,249	4.1	66	27.3	2	1.2	Sep 20
SPSC	Sps Commerce, Inc.	1.36	3,930	12.3	63.6	43.7	14	0.9	Sep 20
MANT	Mantech International Corp.	1.33	4,036	1.6	41.9	21.0	16	0.8	Sep 20
JKHY	Jack Henry & Associates Inc.	1.14	11,696	6.6	43.2	29.0	5	0.7	Sep 20
TIVO	Tivo Corporation	1.00	761	2.5	4.5	7.6	4	0.6	Mar 20
CTSH	Cognizant Technology Solutions	0.99	45,861	2.7	50	18.4	2	1.2	Sep 20
FICO	Fair Isaac Corporation	0.90	14,384	10.1	30.0	21.9	16	1.2	Sep 20
EBIX	Ebix Inc.	0.89	1,437	3.7	23.6	12.5	0	2.5	Sep 20
ING.PA	Ingenico Group SA	0.82	9,753	3.9	29.8	21.1	-7	1.0	Jun 20
VRNT	Verint Systems Inc	0.79	4,716	4.3	34.6	18.4	0	0.9	Oct 20
ADP	Automatic Data Processing Inc	0.74	70,499	5.0	32.6	22.2	0	0.8	Sep 20
DOX	Amdocs Ltd	0.73	9,879	2.4	19.5	14.1	4	0.8	Sep 20
CSGS	Csg Systems International Inc	0.72	1,521	1.8	11.7	9.5	3	1.0	Sep 20
SEAC	Seachange International Inc.	0.59	39	0.5	2	4.9	0	0.5	Oct 18
NTCT	Netscout Systems Inc.	0.57	2,343	3.2	16.3	15.8	-1	0.9	Sep 20
FISV	Fiserv Inc	0.50	72,558	5.9	99	15.3	58	0.9	Sep 20