Aug. 4 at 8:10 PM
$CXDO Updated KIRF valuation
I would modestly increase our range:
Case Fair value Rationale
Bear
$7.00–
$8.00 ESI growth slows, software remains single digit, margins stagnate
Base
$11.50–
$13.00 Revenue reaches roughly
$110–
$120M, EBITDA margin reaches 18–20%, platform migrations build
Bull
$16–
$19 Logo wins convert strongly, AI contributes in 2027, software growth accelerates and margins exceed 21%
My central fair value moves to approximately
$12.25, from our prior near-term
$12 target. I would not radically lift it based only on acquisition-driven Q2 growth, but the probability of reaching the base case has increased.