CHUB: Relative Valuation Relative Valuation at a Glance: SaaS Comments Retail Vertical 1 CHUB metrics include both core Dropshipping Business and Brands Relative Valuation: SaaS Retail Vertical Initiative business. Players 2 CHUB trades at a higher EV/Revenue multiple, which is well deserved give its 50.0x 41.4x higher EBITDAmargin. 40.0x 37.4x 30.0x 28.1x 22.5x CHUBtrades a 10x – 20x turn discount on 20.0x 17.5x 3 EV/EBITDA. We adjusted CHUB 10.0x 6.6x 4.1x 2.0x EBITDAforcapitalized software expenses. 0.0x -10.0x EV / 2017E REVENUE EV / 2017E ADJ EBITDA EV / (2017E EBITDA 4 CHUB trades at a massive 15x+ turn -20.0x MINUS SBC) discount on EV/(EBITDA minus SBC). -30.0x -31.1x -40.0x 5 CHUB is growing its revenue at a rate CHUB SPSC ECOM comparablele to SPSCand ECOM. Source: Interviews with catalogue sellers Caro-Kann Capital LLC 61