Mar. 7 at 3:38 PM
$AIP my fair value is around 20$:
FY2025 actual revenue =
$70.6M (22% growth)
FY2026 guided revenue =
$91M midpoint (28–30% growth)
I value on forward 2026 revenue — appropriate for an accelerating growth company
Gross margins = 91% non-GAAP — IP-like, warrants premium multiple
RPO backlog =
$116.8M — 1.3x annual revenue, high visibility
Royalties up 50% YoY in Q4 2025 — inflection is happening now
Base multiple = 9x forward EV/Sales → 9 ×
$91M =
$819M EV
Bull multiple = 13x forward EV/Sales → 13 ×
$91M =
$1,183M EV
Net cash estimated at ~
$45M (post-Cycuity acquisition, no debt)
Base equity value =
$819M +
$45M =
$864M
Bull equity value =
$1,183M +
$45M =
$1,228M
Shares outstanding (diluted) = ~45.5M
Base fair value =
$864M ÷ 45.5M ≈
$19/share
Bull fair value =
$1,228M ÷ 45.5M ≈
$27/share
If someone has good info on the stock let me know, thanks
