US Business Services "June Access Events" Chan

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US Business Services "June Access Events" Chan

FIX

Our $1,992 price target is based on a 26X NTM EV/EBITDA multiple applied to our NTM

+1 (twelve months ended March 2028) EBITDA estimate of approximately $2.59B.

Risks include macro environment, price-cost dynamics, fragmented competition, ability

to source and/or integrate acquisitions, employee availability and cost.

FVRR

Our $13 price target is based on a 3X NTM EV/EBITDA multiple applied to our NTM+1

(twelve months ended March 2028) adjusted EBITDA estimate of $78m.

Risks include macro environment, relatively nascent freelancing market, presence of

alternate platforms, and AI impact.

IT

Our $170 price target is based on a 7.5X NTM EV/EBITDA multiple applied to our NTM+1

EBITDA estimate of $1.69B.

Risks include macro environment, accuracy and relevance of product, employee

availability and cost, and impact on conferences.

KLC

Our $5 price target is based on a 6x NTM EV/EBITDA multiple applied to our NTM+1

EBITDA estimate of $239m.

Risks include capital intensity, industry competitiveness, labor availability and cost,

government funding and/or policies, macro sensitivity, seasonality, ability to source and/

or integrate acquisitions, litigations/insurance/regulations, limited public company

history, moderate leverage, and large shareholder.

KFRC

Our $47 price target is based on a 9X NTM EV/EBITDA multiple applied to our NTM+1

(12 months ended March 2028E) EBITDA estimate of approximately $96m.

Risks include macro environment, staffing availability and cost, limited visibility, and

competitive end markets.

KFY

Our $70 price target is based on a 6X NTM EV/EBITDA multiple applied to our NTM+1

EBITDA estimate of approximately $536m

Risks include cyclicality of end markets, relatively low barriers to entry, growth by