Expanding Agentic Commerce Ecosystem - Spring Edition '26

Research evidence excerpt

Expanding Agentic Commerce Ecosystem - Spring Edition '26

TD Cowen Shopify Inc.

Global Research June 18, 2026

VALUATION METHODOLOGY AND RISKS

Valuation Methodology

Technology

Our valuation methodology is primarily based on comparable company multiples, such as

EV/EBITDA, P/E, EV/FCF, EV/Revenue; Discounted Cash Flow; and sum-of-the-parts. We make

investment recommendations on certain early stage, pre-revenue companies based upon

an assessment of their business model, technology, probability of market success, and the

potential market opportunity, balanced by an assessment of applicable risks. Such companies

may not be assigned a price target.

Investment Risks

Companies in our coverage face the risk of competition from new innovations and technology

risks, including operational and cybersecurity risks. They are also affected by economic

activity, including enterprise and government (IT) spending and consumer spending patterns.

Changes to technological standards and/or legal/regulatory/compliance frameworks could

negatively impact our covered companies. Goods and labour-related cost pressures, as well as

supply chain disruptions, can impact the performance of our covered companies. Our covered

companies operate internationally, exposing them to currency fluctuations and other factors

associated with operating in a foreign territory.

Risks To The Price Target

Ecommerce spending could decelerate if the economy and same-store sales growth deteriorate

and also lead to multiple contraction; competitive losses or pricing pressure; failure to attract

and retain talent; technology risks, including operational and cybersecurity risk; sector-wide

share multiple contraction; and foreign exchange exposure.

2 TDSecurities.com