Hi all,
I'm currently valuing TEAM and pursuing a sell recommendation (university case competition). I'm presenting in 20 days and am trying to work out how SBC affects broker recommendation. From the sell-side reports I've read, it seems that Wall Street is valuing TEAM on a 19-21x EV/FY27FCF multiple. What I'm trying to figure out is how does impounding SBC into the FCF provide a distorted final share price. Is it because future value of dilution is not being accounted for?
Thank you