TP Stock DCF Valuation & Research (Ticketplus)

Intrinsic Valuation Summary

Ticketplus Ltd. (TP) 3-Scenario DCF Valuation Range

WACC: 10.0% · Term Growth: 2.5% · Shares: 164.7M

bear Case DCFSensitivity

$10.16B

Implied Enterprise Value:$9.29B

base Case DCFPrimary Benchmark

$23.22B

Implied Enterprise Value:$22.35B

bull Case DCFSensitivity

$41.83B

Implied Enterprise Value:$40.95B

Interactive What-If DCF SandboxSim Rule of 40: 43.7%

Stress-test TP's 5-year growth, target FCF margin, WACC, terminal methodology, and SBC/dilution friction in real time.

Seed Custom Drivers in /model

1-Click Regimes:

3-Stage R&D Efficiency SimulatorR&D Capital Return & Operating Leverage Thesis for TP

Simulate how autonomous code velocity and R&D capital efficiency expand TP's operating leverage, 5-year FCF margin, DCF enterprise value, and 2x2 R&D Return Quadrant.

Modeled Gross / FCF Margin

75.6% GM · 21.6% FCF

Implied DCF EV (Stage 1)

$22.35B (Eq: $23.22B)

R&D Return 2x2 Trajectory

SEC R&D Benchmark Coverage

Plot on 2x2 Benchmark Open in /model

5Y Revenue CAGR22.1%

2%Hist: 22.1%60%

Target FCF Margin21.6%

2%Base: 21.6%65%

WACC Discount Rate10.0%

5%Base: 10%18%

Terminal Growth (g)2.5%

0.5%Implies 13.7× Y5 FCF5.0%

Accounting Lens:

Simulated Enterprise Value$22.35B

Simulated Equity Value$23.22B

Effective FCF Margin21.6%

Simulated 5-Year Cash Flow Trajectory (Unlevered FCF vs. Discounted PV)Cumulative 5Y PV: $5.16B

Year 1$4.22B

FCF:$911.3M

PV:$828.5M

Year 2$5.15B

FCF:$1.11B

PV:$919.6M

Year 3$6.29B

FCF:$1.36B

PV:$1.02B

Year 4$7.68B

FCF:$1.66B

PV:$1.13B

Year 5$9.38B

FCF:$2.03B

PV:$1.26B

Enterprise Value Composition Bridge$22.35B

Split between 5-Year Explicit Cash Flows and Discounted Terminal Value

5Y Explicit PV: $5.16B (23.1%)Terminal PV: $17.19B (76.9%)

(+) Balance Sheet Cash & Equivalents+$1.79B

(−) Total Debt Obligations−$922.6M

(=) Implied Equity Value (164.7M shs)$23.22B

2D Institutional Valuation Sensitivity Heatmap

Implied DCF sensitivity across 25 valuation states.

WACC \ Terminal	1.5%	2.0%	2.5%	3.0%	3.5%
8.5%	$25.80B +11%	$27.40B +18%	$29.28B +26%	$31.49B +36%	$34.15B +47%
9.3%	$23.19B -0%	$24.45B +5%	$25.91B +12%	$27.59B +19%	$29.57B +27%
10.0%	$21.05B -9%	$22.07B -5%	$23.22B +0%	$24.54B +6%	$26.06B +12%
10.8%	$19.26B -17%	$20.09B -13%	$21.02B -9%	$22.08B -5%	$23.27B +0%
11.5%	$17.74B -24%	$18.43B -21%	$19.20B -17%	$20.05B -14%	$21.02B -9%

5-Year Financial Forecast

Ticketplus Ltd. (TP) 5-Year Fundamental Forecast

Customize in Live Engine

Statement Line Item	TTM Reported Base	TTM	Y1	Y2	Y3	Y4	Y5
Revenue	$3.46B	$3.46B	$4.22B	$5.15B	$6.29B	$7.68B	$9.38B
Gross Profit	$2.61B	$2.61B	$3.19B	$3.89B	$4.76B	$5.81B	$7.09B
Operating Income (EBIT)	$376.6M	$376.6M	$459.9M	$561.5M	$685.6M	$837.1M	$1.02B
Stock-Based Compensation (SBC)	$393.9M	$393.9M	$481.0M	$587.3M	$717.1M	$875.5M	$1.07B
Unlevered Free Cash Flow (FCF)	$746.4M	$746.4M	$911.3M	$1.11B	$1.36B	$1.66B	$2.03B
SBC-Adjusted True Cash Flow	$352.5M	$352.5M	$430.3M	$525.4M	$641.6M	$783.4M	$956.5M

Fundamental Quality Breakdown

Software Quality Scorecard (83/100 · Grade A)

High-Quality Compounder

Strong fundamentals, above-average cash generation, and robust competitive positioning.

Cash Conversion25 / 25

Actual: 198% of EBITTarget: Target: ≥100%

Elite deferred revenue float; FCF exceeds operating income by >20%

Dilution Friction16 / 25

Actual: 11.4% of RevTarget: Target: ≤8%

Standard software SBC dilution; modest equity transfer to employees

Unit Economics20 / 25

Actual: 76% GM / R40: 44%Target: Target: ≥75% GM / ≥40% R40

High-quality software margins with healthy balanced growth and profitability

Balance Sheet22 / 25

Actual: +$870.8M Net CashTarget: Target: Net Cash > 0

Positive net cash cushion; self-funding operations with zero insolvency risk

Core Investment Strengths & Moats

High-grade cash conversion: FCF is 198% of EBIT driven by upfront annual collections
Healthy unit economics: 75.6% gross margin
Net cash positive: $870.8M balance sheet buffer

Key Operational & Dilution Risks

Expectations Investing

Reverse-DCF Solver: What Growth is Priced Into TP?

Fairly Priced to Fundamentals

Market implies 25.7% annual revenue growth over next 5 years (37.0% dilution-adjusted), in line with company run-rate.

Implied 5-Year Revenue CAGR

25.7%

Required to justify $25.57B EV

Historical Run-Rate CAGR

22.1%

Reported multi-year top-line trajectory

Growth Hurdle Spread

+3.6%

Implied hurdle minus historical growth

Implied FCF Margin @ Hist. Growth

24.7%

Steady-state FCF margin needed at current CAGR

Dilution-Adjusted Hurdle Lens

Headline Reverse-DCF ignores Stock-Based Compensation (11.4% of revenue) and annual share dilution (1.8%/yr). Accounting for both requires 37.0% 5-year revenue CAGR to justify $25.57B EV on a true economic cash flow basis.

True Economic Hurdle37.0%

SBC & Dilution Hurdle Tax+11.2% / yr

Section 5 · Relative Valuation Multiples & Regression

Software - Application Peer Comparables & Rule of 40 Regression

Click any peer node or ticker to open its dedicated equity research report

Rule of 40 vs. EV / Revenue Multiple Regression

OLS Fit: EV/Rev = 7.2 + 0.05 × (Rule of 40) · R² = 12%

Stocks below the gold regression line trade at a discount relative to their Rule of 40 compounding efficiency.

TP Actual vs. Reg. Multiple7.4× vs 9.4× fair

Peer Multiple Spread21.5% Discount

TPTicketplus Ltd.·Rule of 40: 43.7%·Actual EV/Rev: 7.4×·Regression Fair Multiple: 9.4×

21.5% Below Trendline (Attractive)Open TP Report

Company	Ticker	Market Cap	TTM Revenue	Gross Margin	FCF Margin	Rule of 40	SBC % Rev	EV / Rev
Ticketplus Ltd.	TP	$26.44B	$3.46B	75.6%	21.6%	43.7%	11.4%	7.4×
Grab Holdings Limited	GRAB	$20.18B	$2.80B	42.0%	27.7%	84.0%	10.0%	6.3×
Figma, Inc.	FIG	$18.07B	$749.0M	88.3%	-9.2%	39.1%	126.5%	23.5×
Full Truck Alliance Co. Ltd.	YMM	$71.73B	$11.24B	86.6%	25.8%	70.2%	4.4%	5.9×
ServiceTitan, Inc.	TTAN	$9.97B	$771.9M	64.9%	2.0%	30.5%	21.2%	12.5×
InterDigital, Inc.	IDCC	$8.65B	$868.5M	80.5%	30.6%	55.3%	5.3%	9.9×
OPEN TEXT CORP	OTEX	$8.11B	$5.30B	63.5%	13.0%	23.8%	2.0%	2.6×
Peer Cohort Median Benchmark (N=6)				72.7%	19.4%	47.2%	7.6%	8.1×

Downside Protection & Multiple Sensitivity

EV / Revenue Multiple Compression Stress Test

Multiple Scenario	EV / Revenue	Implied Enterprise Value	Implied Equity Value	Delta vs Base
Current Multiple	7.4×	$25.57B	$26.44B	0.0%
-20% Multiple Compression	5.9×	$20.46B	$21.33B	-20.0%
-35% Multiple Compression	4.8×	$16.62B	$17.49B	-35.0%
Software Baseline Floor (5.0× EV/Rev)	5.0×	$17.28B	$18.15B	-32.4%

Investor Diligence FAQ

Frequently Asked Questions: Ticketplus Ltd. (TP) Valuation

What is Ticketplus Ltd. (TP)'s intrinsic 5-year DCF valuation?

Based on modeled estimates (SEC filing data not yet available) and a 5-year 3-statement discounted cash flow (DCF) model, Ticketplus Ltd. (TP) has a Base Case 5-year DCF Enterprise Value of $22.35B and an implied Equity Value of $23.22B (ranging from $10.16B in the Bear Case to $41.83B in the Bull Case). The model discounts projected free cash flows at a 10.0% WACC and a 2.5% terminal growth rate.

What is Ticketplus Ltd. (TP)'s Rule of 40 score and Free Cash Flow margin?

Ticketplus Ltd. achieves a Rule of 40 score of 43.7%, combining a 22.1% revenue growth run-rate with a 21.6% TTM free cash flow margin on $3.46B in trailing twelve-month revenue. In the Software - Application peer cohort, the median Rule of 40 benchmark is 47.2%.

What revenue growth rate is required under TP's Reverse-DCF analysis?

At a 5-year DCF Enterprise Value of $25.57B, our Reverse-DCF solver indicates a 5-year implied revenue CAGR hurdle of 25.7%, compared to Ticketplus Ltd.'s historical CAGR of 22.1%. Overall expectations are rated as "Fairly Priced to Fundamentals".

What is Ticketplus Ltd. (TP)'s R&D Return Score and innovation productivity?

Ticketplus Ltd. (TP) R&D productivity is evaluated alongside 174 ranked software companies on the Golden Door R&D Return Benchmark.

How does Ticketplus Ltd. compare to Software - Application peers?

Ticketplus Ltd. (TP) earns an institutional Software Quality Score of 83/100 (Grade A — High-Quality Compounder). Across its Software - Application peer group (GRAB, FIG, YMM, TTAN, IDCC), the cohort trades at a median EV/TTM Revenue multiple of 8.1× and a median gross margin of 72.7%.

How does Stock-Based Compensation (SBC) impact Ticketplus Ltd. (TP)'s valuation?

Ticketplus Ltd. recorded $393.9M in TTM stock-based compensation (11.4% of revenue). When treating SBC as a cash-equivalent compensation expense, Ticketplus Ltd.'s SBC-adjusted free cash flow yield is 1.3%, scoring 16/25 on our Shareholder Dilution Friction pillar.

Sector Coverage Universe

View All Coverage

GRABGrab Holdings Limited

DCF Valuation, Rule of 40 & SEC Filing Teardown

FIGFigma, Inc.

DCF Valuation, Rule of 40 & SEC Filing Teardown

YMMFull Truck Alliance Co. Ltd.

DCF Valuation, Rule of 40 & SEC Filing Teardown

TTANServiceTitan, Inc.

DCF Valuation, Rule of 40 & SEC Filing Teardown

IDCCInterDigital, Inc.

DCF Valuation, Rule of 40 & SEC Filing Teardown