Rational Investing

Information Technology Services

	Total Market Capitalization of All Firms	$631,681 mm
	Average Market Capitalization	$17,547 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.1
	Standard Deviation of MM Ratio	0.4
	Average Beta	1.0
	Average EV To Revenue	3.7
	Average EV To EBITDAM	24.9
	Average Price To Free Cash Flow	37.5

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
MSCI	Msci Inc	1.92	29,685	19.3	48.4	35.1	9	0.8	Jun 20
6702	Fujitsu Ltd.	1.91	26,958	0.2	45.5	30	-5	1.1	Jun 20
9613	Ntt Data Corporation	1.74	17,322	0.4	16.3	40.7	1	1.0	Jun 20
6701	NEC Corporation	1.64	13,936	0.3	99	30	-3	0.8	Jun 20
BC8.DE	Bechtle AG	1.60	7,631	1.4	99	30	9	0.9	Jun 20
TYL	Tyler Technologies Inc.	1.55	16,750	14.9	77.7	30	4	0.7	Jun 20
NCR	Ncr Corp	1.53	2,849	1.2	19.5	16.6	-7	1.5	Jun 20
SYNA	Synaptics Inc.	1.44	2,804	2.7	15.1	12.3	-6	1.2	Jun 20
CPU.AX	Computershare Limited	1.43	4,984	3.3	12.9	30	-4	1.4	Jun 20
NSIT	Insight Enterprises Inc.	1.40	2,236	0.4	62.5	15.3	10	1.6	Jun 20
4684	OBIC Co., Ltd.	1.37	16,595	0.3	52.5	42.3	5	0.8	Jun 20
AZPN	Aspen Technology, Inc	1.34	8,930	16.6	34.5	28.7	-5	1.3	Jun 20
SOW.DE	Software AG	1.25	2,981	3.8	15.9	13.0	-1	0.8	Jun 20
ENV	Envestnet, Inc.	1.11	4,523	5.1	84.1	25.7	12	1.5	Jun 20
G	Genpact Ltd.	1.07	7,029	2.3	27.2	21.2	8	1.2	Jun 20
HCLTECH.NS	HCL Technologies Ltd	1.07	31,703	3.2	99	30	2	0.8	Sep 20
7518	Net One Systems Co., Ltd	1.05	3,519	0.1	29.6	20.5	-2	0.9	Jun 20
AVV.L	Aveva Group	1.04	9,678	10.9	46	30	7	1.2	Mar 20
ALT.PA	Altran Technologies SA	1.00	4,489	1.9	14.8	48.8	3	0.7	Dec 19
2327	NS Solutions Corporation	0.98	2,800	0.1	15.9	13.4	-17	1.3	Jun 20
NLSN	Nielsen Hldg NV	0.95	5,041	2.1	7.0	12.8	-4	1.2	Jun 20
BKI	Black Knight, Inc.	0.92	13,985	13.0	48.5	29.4	2	0.8	Jun 20
RAMP	Liveramp Holdings Inc	0.91	3,707	6.6	46.7	30	-35	1.4	Dec 18
018260.KS	SAMSUNG SDS CO LTD ORD	0.82	11,799	0.1	22.2	17.1	-4	1.1	Jun 20
CCC.L	Computacenter Plc	0.73	3,591	0.7	24.1	30	8	1.0	Jun 20
ACN	Accenture plc	0.72	154,007	3.5	24.1	19.6	0	1.0	Aug 20
4689	Z Holdings Corporation	0.66	35,474	0.9	44.8	32.0	17	1.2	Jun 20
WKL.AS	WOLTERS KLUWER	0.65	23,599	5.5	26.9	25.9	6	0.7	Jun 20
4307	Nomura Research Institute,ltd.	0.62	21,627	0.3	25.6	27.9	2	0.9	Jun 20
IBM	International Business Machine	0.62	102,850	2.6	16.3	11.2	-3	1.2	Sep 20
4704	Trend Micro Incorporated	0.61	8,196	0.1	30.4	23.9	5	0.8	Jun 20
4739	Itochu Techno-solutions	0.61	8,320	0.1	28.3	26.0	7	0.6	Jun 20
GIB-A.TO	CGI Group Inc	0.59	15,920	1.5	24.8	13.8	0	0.9	Jun 20
UIS	Unisys Corp	0.55	760	1.6	12.1	25.4	-31	0.7	Jun 20
CSOD	Cornerstone OnDemand, Inc.	0.54	2,382	4.8	39.2	14.1	26	1.2	Jun 20
SOP.PA	Sopra Steria Group SA	0.49	3,019	0.9	12.7	12.4	3	1.4	Jun 20