Rational Investing

Information Technology Services

	Total Market Capitalization of All Firms	$629,367 mm
	Average Market Capitalization	$17,482 mm
	Average Market to Model Ratio Weighted by Log of Market Cap	1.2
	Standard Deviation of MM Ratio	0.5
	Average Beta	1.0
	Average EV To Revenue	3.5
	Average EV To EBITDAM	25.6
	Average Price To Free Cash Flow	35.0

Ticker	Company Name	Market To Model	Market Cap ($ mm)	EV to Revenue	Price To FCF	EV/EBITDAM	% Growth	Beta	As Of
AZPN	Aspen Technology, Inc	2.80	8,697	15.5	37.6	33.8	-4	1.3	Mar 20
MSCI	Msci Inc	2.22	30,474	19.7	49.4	35.8	9	1.0	Jun 20
BKI	Black Knight, Inc.	2.12	11,885	11.0	45.7	30.7	4	0.9	Mar 20
6702	Fujitsu Ltd.	2.00	27,674	0.2	44.1	30	-5	1.2	Jun 20
BC8.DE	Bechtle AG	1.81	8,189	1.4	99	30	15	0.8	Mar 20
TYL	Tyler Technologies Inc.	1.78	14,012	11.2	80.9	41.6	15	1.1	Jun 20
4684	OBIC Co., Ltd.	1.74	17,605	0.3	56.7	45.7	5	0.9	Jun 20
NSIT	Insight Enterprises Inc.	1.62	1,929	0.3	54	30.0	10	1.4	Jun 20
NCR	Ncr Corp	1.56	2,703	1.1	21.1	21.1	-7	1.6	Jun 20
9613	Ntt Data Corporation	1.26	16,733	0.3	27.6	35.9	4	0.9	Mar 20
ENV	Envestnet, Inc.	1.24	4,394	4.5	84.7	20.8	21	1.7	Mar 20
UIS	Unisys Corp	1.19	757	1.4	7.4	19.2	-22	0.7	Mar 20
WKL.AS	WOLTERS KLUWER	1.18	23,315	5.4	44.9	45.3	6	0.7	Dec 19
AVV.L	Aveva Group	1.17	9,608	10.8	45.6	30	6	0.9	Mar 20
SYNA	Synaptics Inc.	1.15	2,959	2.8	14.4	13.4	-6	1.1	Jun 20
HCLTECH.NS	HCL Technologies Ltd	1.12	26,617	2.7	99	30	4	0.7	Jun 20
2327	NS Solutions Corporation	1.10	2,707	0.1	15.6	13.2	-17	1.1	Jun 20
SOW.DE	Software AG	1.09	3,625	4.5	19.5	15.6	-1	0.7	Jun 20
ALT.PA	Altran Technologies SA	1.07	4,486	1.9	14.8	48.8	3	0.7	Dec 19
CPU.AX	Computershare Limited	1.02	5,076	3.0	13.1	24.5	1	1.4	Dec 19
018260.KS	SAMSUNG SDS CO LTD ORD	1.01	11,079	0.0	25.1	15.5	1	1.2	Mar 20
ACN	Accenture plc	1.01	155,368	3.5	24.0	21.2	3	0.9	May 20
GIB-A.TO	CGI Group Inc	0.98	16,774	1.5	25.5	15.1	3	0.9	Mar 20
NLSN	Nielsen Hldg NV	0.98	5,642	2.2	7.6	14.5	-4	1.1	Jun 20
G	Genpact Ltd.	0.95	7,969	2.5	27.2	20.4	8	1.2	Jun 20
CCC.L	Computacenter Plc	0.93	3,040	0.6	17.7	30	9	1.0	Dec 19
RAMP	Liveramp Holdings Inc	0.91	3,707	6.6	46.7	30	-35	1.4	Dec 18
4704	Trend Micro Incorporated	0.82	8,580	0.1	32.4	29.2	5	0.8	Mar 20
7518	Net One Systems Co., Ltd	0.76	3,498	0.1	30.2	21.0	-2	1.1	Jun 20
IBM	International Business Machine	0.70	110,857	2.7	15.5	11.6	-4	1.2	Jun 20
6701	NEC Corporation	0.64	13,475	0.3	11.4	12.7	6	0.8	Mar 20
CSOD	Cornerstone OnDemand, Inc.	0.64	2,212	4.0	15.6	13.4	8	1.3	Mar 20
4307	Nomura Research Institute,ltd.	0.61	20,162	0.2	24.1	26.3	2	0.8	Jun 20
SOP.PA	Sopra Steria Group SA	0.61	3,279	0.9	14.5	14.1	4	1.2	Dec 19
4739	Itochu Techno-solutions	0.59	8,896	0.1	27.0	20.6	8	0.7	Mar 20
4689	Z Holdings Corporation	0.57	31,383	0.9	40.8	29.7	17	1.1	Jun 20