Rational Investing

Information Technology Services

	Total Market Capitalization of All Firms	$700,992 mm
	Average Market Capitalization	$20,028 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.2
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.1
	Average EV To Revenue	4.1
	Average EV To EBITDAM	24.0
	Average Price To Free Cash Flow	41.9

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
ENV	Envestnet, Inc.	2.35	4,581	5.2	85.2	23.8	9	1.4	Sep 20
TYL	Tyler Technologies Inc.	2.25	17,492	15.0	99	30	7	0.7	Sep 20
SYNA	Synaptics Inc.	2.10	3,483	3.1	99	15.0	-1	1.1	Sep 20
NCR	Ncr Corp	1.85	4,340	1.3	33.9	17.3	-4	1.7	Sep 20
4684	OBIC Co., Ltd.	1.79	20,551	0.3	63.5	30	5	0.8	Sep 20
BKI	Black Knight, Inc.	1.71	12,699	11.8	84.7	29.1	3	0.8	Sep 20
CPU.AX	Computershare Limited	1.57	5,909	3.6	14.2	40.1	-1	1.4	Jun 20
NLSN	Nielsen Hldg NV	1.57	7,867	2.5	12.1	12.2	-2	1.4	Sep 20
NSIT	Insight Enterprises Inc.	1.47	2,829	0.6	79.1	26.3	6	1.7	Sep 20
SOW.DE	Software AG	1.38	2,845	3.9	21.8	19.0	-9	1.0	Sep 20
MSCI	Msci Inc	1.36	35,168	22.0	48.7	39.0	11	0.9	Sep 20
AZPN	Aspen Technology, Inc	1.22	9,779	14.9	34.9	29.8	16	1.4	Jun 20
ACN	Accenture plc	1.17	170,065	3.7	24.2	19.3	4	1.1	Nov 20
AVV.L	Aveva Group	1.17	14,863	19.7	38.1	30	-9	0.9	Sep 20
BC8.DE	Bechtle AG	1.12	8,667	1.5	99	30	11	1.0	Sep 20
4739	Itochu Techno-solutions	1.08	8,762	0.1	35.5	30.8	2	0.6	Sep 20
HCLTECH.NS	HCL Technologies Ltd	1.07	37,249	3.7	99	30	4	0.7	Sep 20
GIB-A.TO	CGI Group Inc	1.02	18,737	1.8	33.7	16.8	0	1.0	Sep 20
4307	Nomura Research Institute,ltd.	1.01	28,240	0.3	30.8	31.4	4	0.9	Sep 20
WKL.AS	WOLTERS KLUWER	1.01	23,690	5.5	22.0	18.7	5	0.7	Jun 20
ALT.PA	Altran Technologies SA	1.00	4,586	1.9	14.8	48.8	3	0.7	Dec 19
7518	Net One Systems Co., Ltd	0.99	3,020	0.1	25.2	17.6	-2	1.0	Jun 20
G	Genpact Ltd.	0.95	7,785	2.5	41	22.2	7	1.3	Sep 20
9613	Ntt Data Corporation	0.94	19,968	0.4	19.5	16.1	2	1.1	Sep 20
4689	Z Holdings Corporation	0.92	35,601	1.0	51.1	36.4	11	1.0	Sep 20
RAMP	Liveramp Holdings Inc	0.91	3,707	6.6	46.7	30	-35	1.4	Dec 18
UIS	Unisys Corp	0.89	1,510	1.7	22.5	12.9	-20	0.7	Sep 20
2327	NS Solutions Corporation	0.85	3,010	0.1	16.6	13.8	-10	1.1	Sep 20
018260.KS	SAMSUNG SDS CO LTD ORD	0.82	14,267	0.0	30.5	21.7	3	1.0	Sep 20
CSOD	Cornerstone OnDemand, Inc.	0.78	2,636	5.2	43.4	20.1	29	1.3	Sep 20
CCC.L	Computacenter Plc	0.77	3,639	0.7	23.5	30	8	0.8	Jun 20
6702	Fujitsu Ltd.	0.74	31,795	0.2	23.4	13.2	-15	1.1	Sep 20
IBM	International Business Machine	0.73	113,836	2.6	17.4	11.1	-1	1.2	Sep 20
6701	NEC Corporation	0.58	14,452	0.3	19.8	15.3	-5	0.8	Sep 20
SOP.PA	Sopra Steria Group SA	0.57	3,363	1.0	14.2	13.3	4	1.4	Jun 20