Using the industry peer median P/E multiple (trailing + forward), Tyler Technologies, Inc. (TYL) has a fair value of $179.40 based on 4 comparable companies in the Software - Application industry.
USD in millions except Fair Price. Subject company highlighted.
| Mkt Cap ($M) | Trailing P/E | Forward P/E | |
|---|---|---|---|
| Tyler Technologies, Inc.TYL | 15,013 | 47.6x | 35.9x |
| PTC Inc.PTC | 17,233 | 23.8x | 29.0x |
| CDW CorporationCDW | 15,830 | 15.0x | 12.3x |
| Trimble Inc.TRMB | 15,577 | 37.4x | 23.0x |
| The Trade Desk, Inc.TTD | 10,391 | 24.0x | 19.5x |
| Industry Median | 23.9x | 21.3x | |
| (*) Profit after tax | 316 | 418 | |
| Equity Value | 7,544 | 8,176 | |
| (/) Outstanding shares | 44 | 44 | |
| Fair Price | $172 | $187 | |
This P/E relative valuation uses the industry peer median Price-to-Earnings ratio to estimate fair value. Both trailing (last 12 months) and forward (next fiscal year analyst estimates) P/E multiples are computed independently.
The industry median trailing P/E is applied to the company's TTM net income, and the forward P/E to analyst-estimated net income. Each produces an equity value divided by shares outstanding to yield a fair price per share. The selected fair value is the average of the trailing and forward legs.