APX 1.51% $1.96 appen limited

Appen Strategic Valuation, page-25

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    Telus acquired Lionbridge AI for $1.2 billion USD in late 2020. Lionbridge AI posted 2019 revenue of about $260 million USD (up 29% YoY) and has an EBITDA margin of circa 20%, consistent with Telus Internationals. So for that particular deal, it transacted at approximately 23x EV/EBITDA. If you apply the same multiple for Appen, one arrives at a fair value share price of ~$21 per share.
 
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