OPENLANE, Inc.

OPLN

Consumer CyclicalAuto - DealershipsNYSE

$37.89

Market Cap: $4.01B

OPENLANE, Inc. (OPLN) Valuation Summary

Updated May 11, 2026 02:41

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	—	N/A	—
Growth Exit 10Y	$2.43 – $92.98	$16.71	-55.9%
EBITDA Exit 5Y	$13.71 – $54.12	$32.20	-15.0%
EBITDA Exit 10Y	$13.54 – $61.69	$33.92	-10.5%
▸ Trading Multiples
P/E	$25.11 – $40.43	$21.34	-43.7%
EV/EBITDA	$16.37 – $28.90	$20.16	-46.8%
EV/Revenue	$2.06 – $27.18	$5.15	-86.4%
▸ PEG
PEG Fair Value	—	N/A	—
▸ Earnings Power Value
Earnings Power Value	$15.87 – $31.27	$21.89	-42.2%
▸ Dividend Discount
Dividend Discount	—	N/A	—

Valuation History

DCF Analysis

Fair Value

$16.71

Market Price

$37.89

Upside / Downside

-55.9%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project OPENLANE, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 9.3% to 3.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 595, DPO 247, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (94% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $16.71 per share, suggesting OPLN is overvalued by 55.9% at the current price of $37.89.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	280	300	315	339	364	389	412	433	453	470	482
(−) Net Interest	97	104	109	117	126	135	143	150	157	163	167
(+) D&A	66	62	68	77	87	99	105	112	120	127	130
EBITDA	443	465	492	533	578	622	660	696	729	759	778

(−) Tax	119	127	134	144	154	165	174	184	192	199	204
(−) CapEx	86	93	97	105	113	120	127	134	140	145	149
(−) ΔWC	764	203	156	239	256	248	235	218	197	172	176
Free Cash Flow (FCFF)	-526	43	106	46	55	89	123	160	201	243	249

Terminal Value											5,674
WACC / Discount Rate	6.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-509	39	89	37	40	62	80	97	114	129	2,913

Enterprise Value	3,091
Projection Period	178	5.8%
Terminal Value	2,913	94.2%

(−) Current Net Debt	1,282

Equity Value	1,809
(/) Outstanding Shares	108

Fair Price	$16.71

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.9%	$33	$40	$50	$66	$93
5.9%	$20	$24	$28	$35	$44
6.9%	$12	$14	$17	$20	$25
7.9%	$6	$8	$9	$11	$14
8.9%	$2	$3	$5	$6	$7

Current price: $37.89. Green = undervalued, Red = overvalued.

Fair Value

$32.21

Market Price

$37.89

Upside / Downside

-15.0%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project OPENLANE, Inc.'s cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 9.3% to 7.5% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 595, DPO 247, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (106% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.0x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $32.20 per share, suggesting OPLN is overvalued by 15.0% at the current price of $37.89.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

EV/EBITDA Exit Multiple

11.96x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	280	300	315	339	364	373
(−) Net Interest	97	104	109	117	126	129
(+) D&A	66	62	68	77	87	90
EBITDA	443	465	492	533	578	592

(−) Tax	119	127	134	144	154	—
(−) CapEx	86	93	97	105	113	—
(−) ΔWC	764	203	156	239	256	—
Free Cash Flow (FCF)	-526	43	106	46	55	—

Peers' EBITDA Multiple						12.0x
Terminal Value						7,081
WACC / Discount Rate	6.89%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-509	39	89	37	40	5,074

Enterprise Value	4,770
Projection Period	-303	-6.4%
Terminal Value	5,074	106.4%

(−) Current Net Debt	1,282
Equity Value	3,489
(÷) Outstanding Shares	108M
Fair Price	$32	-15.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.0x	10.0x	12.0x	14.0x	16.0x
4.9%	$20	$28	$37	$46	$54
5.9%	$18	$26	$34	$43	$51
6.9%	$17	$24	$32	$40	$48
7.9%	$15	$23	$30	$38	$45
8.9%	$14	$21	$28	$35	$42

Current price: $37.89. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$33.93

Market Price

$37.89

Upside / Downside

-10.4%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project OPENLANE, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 9.3% to 3.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 595, DPO 247, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (96% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.0x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $33.92 per share, suggesting OPLN is fairly valued by 10.5% at the current price of $37.89.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

EV/EBITDA Exit Multiple

11.96x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	280	300	315	339	364	389	412	433	453	470	482
(−) Net Interest	97	104	109	117	126	135	143	150	157	163	167
(+) D&A	66	62	68	77	87	99	105	112	120	127	130
EBITDA	443	465	492	533	578	622	660	696	729	759	778

(−) Tax	119	127	134	144	154	165	174	184	192	199	—
(−) CapEx	86	93	97	105	113	120	127	134	140	145	—
(−) ΔWC	764	203	156	239	256	248	235	218	197	172	—
Free Cash Flow (FCF)	-526	43	106	46	55	89	123	160	201	243	—

Peers' EBITDA Multiple											12.0x
Terminal Value											9,307
WACC / Discount Rate	6.89%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-509	39	89	37	40	62	80	97	114	129	4,778

Enterprise Value	4,957
Projection Period	178	3.6%
Terminal Value	4,778	96.4%

(−) Current Net Debt	1,282
Equity Value	3,675
(÷) Outstanding Shares	108M
Fair Price	$34	-10.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.0x	10.0x	12.0x	14.0x	16.0x
4.9%	$26	$35	$44	$53	$62
5.9%	$22	$31	$39	$47	$55
6.9%	$19	$27	$34	$41	$49
7.9%	$16	$23	$30	$36	$43
8.9%	$14	$20	$26	$32	$38

Current price: $37.89. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$21.34

Market Price

$37.89

Upside / Downside

-43.7%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), OPENLANE, Inc. (OPLN) has a fair value of $21.34 based on 8 comparable companies in the Auto - Dealerships industry.

P/E Valuation — Auto - Dealerships

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
OPENLANE, Inc.OPLN	4,103	—	44.8x
Dana IncorporatedDAN	4,639	54.2x	13.7x
Victoria's Secret & Co.VSCO	3,826	24.6x	20.1x
CarGurus, Inc.CARG	3,434	22.4x	13.8x
Greif, Inc.GEF	3,141	4.5x	16.1x
Visteon CorporationVC	2,999	15.4x	13.0x
American Eagle Outfitters, Inc.AEO	2,780	15.3x	9.8x
Sonic Automotive, Inc.SAH	2,718	23.4x	14.5x
The Buckle, Inc.BKE	2,700	12.7x	14.0x
Industry Median		18.9x	13.9x
(*) Profit after tax		178	92
Equity Value		3,363	1,259
(/) Outstanding shares		108	108
Fair Price		$31	$12

Selected Fair Value (avg of trailing + forward)

$21.34

-43.7%

Fair Value

$20.16

Market Price

$37.89

Upside / Downside

-46.8%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), OPENLANE, Inc. (OPLN) has a fair value of $20.16 based on 8 comparable companies in the Auto - Dealerships industry.

EV/EBITDA Valuation — Auto - Dealerships

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
OPENLANE, Inc.OPLN	4,103	17.8x	20.1x
Dana IncorporatedDAN	4,639	13.5x	13.3x
Victoria's Secret & Co.VSCO	3,826	20.7x	21.9x
CarGurus, Inc.CARG	3,434	14.6x	13.5x
Greif, Inc.GEF	3,141	10.1x	8.0x
Visteon CorporationVC	2,999	6.1x	6.2x
American Eagle Outfitters, Inc.AEO	2,780	7.9x	8.2x
Sonic Automotive, Inc.SAH	2,718	13.1x	14.2x
The Buckle, Inc.BKE	2,700	10.8x	11.6x
Industry Median		12.0x	12.4x
(*) EBITDA		302	267
= Enterprise Value		3,611	3,320
(-) Net Debt		1,282	1,282
Equity Value		2,329	2,038
(/) Outstanding shares		108	108
Fair Price		$22	$19

Selected Fair Value (avg of trailing + forward)

$20.16

-46.8%

Fair Value

$5.15

Market Price

$37.89

Upside / Downside

-86.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), OPENLANE, Inc. (OPLN) has a fair value of $5.15 based on 9 comparable companies in the Auto - Dealerships industry.

EV/Revenue Valuation — Auto - Dealerships

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
OPENLANE, Inc.OPLN	4,103	2.8x	3.1x
Dana IncorporatedDAN	4,639	1.0x	1.0x
Victoria's Secret & Co.VSCO	3,826	0.9x	1.0x
CarGurus, Inc.CARG	3,434	3.7x	3.4x
Greif, Inc.GEF	3,141	1.0x	0.8x
Visteon CorporationVC	2,999	0.7x	0.7x
American Eagle Outfitters, Inc.AEO	2,780	0.8x	0.8x
Sonic Automotive, Inc.SAH	2,718	0.5x	0.5x
The Buckle, Inc.BKE	2,700	2.2x	2.3x
Driven Brands Holdings Inc.DRVN	2,205	2.6x	3.1x
Industry Median		1.0x	1.0x
(*) Revenue		1,935	1,713
= Enterprise Value		1,981	1,698
(-) Net Debt		1,282	1,282
Equity Value		700	417
(/) Outstanding shares		108	108
Fair Price		$6	$4

Selected Fair Value (avg of trailing + forward)

$5.15

-86.4%

Earnings Power Value

Fair Value

$21.89

Market Price

$37.89

Upside / Downside

-42.2%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 6.9% and normalized earnings of $251.8M, the company has a fair value of $21.89 per share. The EPV range is $15.87 – $31.27 based on WACC sensitivity (5.4% – 8.4%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	252	252	252
(/) WACC	8.4%	6.9%	5.4%
Enterprise Value	3,000	3,653	4,669
(-) Net debt	1,282	1,282	1,282
Equity Value	1,718	2,371	3,387
(/) Outstanding shares	108	108	108
Fair Price	$15.87	$21.89	$31.27

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

OPENLANE, Inc. (OPLN) Valuation Summary

Updated May 11, 2026 02:41

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	—	N/A	—
Growth Exit 10Y	$2.43 – $92.98	$16.71	-55.9%
EBITDA Exit 5Y	$13.71 – $54.12	$32.20	-15.0%
EBITDA Exit 10Y	$13.54 – $61.69	$33.92	-10.5%
▸ Trading Multiples
P/E	$25.11 – $40.43	$21.34	-43.7%
EV/EBITDA	$16.37 – $28.90	$20.16	-46.8%
EV/Revenue	$2.06 – $27.18	$5.15	-86.4%
▸ PEG
PEG Fair Value	—	N/A	—
▸ Earnings Power Value
Earnings Power Value	$15.87 – $31.27	$21.89	-42.2%
▸ Dividend Discount
Dividend Discount	—	N/A	—

Valuation History

DCF Analysis

Fair Value

$16.71

Market Price

$37.89

Upside / Downside

-55.9%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	280	300	315	339	364	389	412	433	453	470	482
(−) Net Interest	97	104	109	117	126	135	143	150	157	163	167
(+) D&A	66	62	68	77	87	99	105	112	120	127	130
EBITDA	443	465	492	533	578	622	660	696	729	759	778

(−) Tax	119	127	134	144	154	165	174	184	192	199	204
(−) CapEx	86	93	97	105	113	120	127	134	140	145	149
(−) ΔWC	764	203	156	239	256	248	235	218	197	172	176
Free Cash Flow (FCFF)	-526	43	106	46	55	89	123	160	201	243	249

Terminal Value											5,674
WACC / Discount Rate	6.9%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-509	39	89	37	40	62	80	97	114	129	2,913

Enterprise Value	3,091
Projection Period	178	5.8%
Terminal Value	2,913	94.2%

(−) Current Net Debt	1,282

Equity Value	1,809
(/) Outstanding Shares	108

Fair Price	$16.71

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.9%	$33	$40	$50	$66	$93
5.9%	$20	$24	$28	$35	$44
6.9%	$12	$14	$17	$20	$25
7.9%	$6	$8	$9	$11	$14
8.9%	$2	$3	$5	$6	$7

Current price: $37.89. Green = undervalued, Red = overvalued.

Fair Value

$32.21

Market Price

$37.89

Upside / Downside

-15.0%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

EV/EBITDA Exit Multiple

11.96x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	280	300	315	339	364	373
(−) Net Interest	97	104	109	117	126	129
(+) D&A	66	62	68	77	87	90
EBITDA	443	465	492	533	578	592

(−) Tax	119	127	134	144	154	—
(−) CapEx	86	93	97	105	113	—
(−) ΔWC	764	203	156	239	256	—
Free Cash Flow (FCF)	-526	43	106	46	55	—

Peers' EBITDA Multiple						12.0x
Terminal Value						7,081
WACC / Discount Rate	6.89%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	-509	39	89	37	40	5,074

Enterprise Value	4,770
Projection Period	-303	-6.4%
Terminal Value	5,074	106.4%

(−) Current Net Debt	1,282
Equity Value	3,489
(÷) Outstanding Shares	108M
Fair Price	$32	-15.0%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.0x	10.0x	12.0x	14.0x	16.0x
4.9%	$20	$28	$37	$46	$54
5.9%	$18	$26	$34	$43	$51
6.9%	$17	$24	$32	$40	$48
7.9%	$15	$23	$30	$38	$45
8.9%	$14	$21	$28	$35	$42

Current price: $37.89. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$33.93

Market Price

$37.89

Upside / Downside

-10.4%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project OPENLANE, Inc.'s cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 9.3% to 3.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 595, DPO 247, DIO 60). At a 6.9% WACC with mid-year discounting, the terminal value (96% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.0x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $33.92 per share, suggesting OPLN is fairly valued by 10.5% at the current price of $37.89.

FCFF Present Value Calculation

WACC

6.89%

3% – 20%

EV/EBITDA Exit Multiple

11.96x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	280	300	315	339	364	389	412	433	453	470	482
(−) Net Interest	97	104	109	117	126	135	143	150	157	163	167
(+) D&A	66	62	68	77	87	99	105	112	120	127	130
EBITDA	443	465	492	533	578	622	660	696	729	759	778

(−) Tax	119	127	134	144	154	165	174	184	192	199	—
(−) CapEx	86	93	97	105	113	120	127	134	140	145	—
(−) ΔWC	764	203	156	239	256	248	235	218	197	172	—
Free Cash Flow (FCF)	-526	43	106	46	55	89	123	160	201	243	—

Peers' EBITDA Multiple											12.0x
Terminal Value											9,307
WACC / Discount Rate	6.89%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	-509	39	89	37	40	62	80	97	114	129	4,778

Enterprise Value	4,957
Projection Period	178	3.6%
Terminal Value	4,778	96.4%

(−) Current Net Debt	1,282
Equity Value	3,675
(÷) Outstanding Shares	108M
Fair Price	$34	-10.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.0x	10.0x	12.0x	14.0x	16.0x
4.9%	$26	$35	$44	$53	$62
5.9%	$22	$31	$39	$47	$55
6.9%	$19	$27	$34	$41	$49
7.9%	$16	$23	$30	$36	$43
8.9%	$14	$20	$26	$32	$38

Current price: $37.89. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$21.34

Market Price

$37.89

Upside / Downside

-43.7%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), OPENLANE, Inc. (OPLN) has a fair value of $21.34 based on 8 comparable companies in the Auto - Dealerships industry.

P/E Valuation — Auto - Dealerships

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
OPENLANE, Inc.OPLN	4,103	—	44.8x
Dana IncorporatedDAN	4,639	54.2x	13.7x
Victoria's Secret & Co.VSCO	3,826	24.6x	20.1x
CarGurus, Inc.CARG	3,434	22.4x	13.8x
Greif, Inc.GEF	3,141	4.5x	16.1x
Visteon CorporationVC	2,999	15.4x	13.0x
American Eagle Outfitters, Inc.AEO	2,780	15.3x	9.8x
Sonic Automotive, Inc.SAH	2,718	23.4x	14.5x
The Buckle, Inc.BKE	2,700	12.7x	14.0x
Industry Median		18.9x	13.9x
(*) Profit after tax		178	92
Equity Value		3,363	1,259
(/) Outstanding shares		108	108
Fair Price		$31	$12

Selected Fair Value (avg of trailing + forward)

$21.34

-43.7%

Fair Value

$20.16

Market Price

$37.89

Upside / Downside

-46.8%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), OPENLANE, Inc. (OPLN) has a fair value of $20.16 based on 8 comparable companies in the Auto - Dealerships industry.

EV/EBITDA Valuation — Auto - Dealerships

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
OPENLANE, Inc.OPLN	4,103	17.8x	20.1x
Dana IncorporatedDAN	4,639	13.5x	13.3x
Victoria's Secret & Co.VSCO	3,826	20.7x	21.9x
CarGurus, Inc.CARG	3,434	14.6x	13.5x
Greif, Inc.GEF	3,141	10.1x	8.0x
Visteon CorporationVC	2,999	6.1x	6.2x
American Eagle Outfitters, Inc.AEO	2,780	7.9x	8.2x
Sonic Automotive, Inc.SAH	2,718	13.1x	14.2x
The Buckle, Inc.BKE	2,700	10.8x	11.6x
Industry Median		12.0x	12.4x
(*) EBITDA		302	267
= Enterprise Value		3,611	3,320
(-) Net Debt		1,282	1,282
Equity Value		2,329	2,038
(/) Outstanding shares		108	108
Fair Price		$22	$19

Selected Fair Value (avg of trailing + forward)

$20.16

-46.8%

Fair Value

$5.15

Market Price

$37.89

Upside / Downside

-86.4%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), OPENLANE, Inc. (OPLN) has a fair value of $5.15 based on 9 comparable companies in the Auto - Dealerships industry.

EV/Revenue Valuation — Auto - Dealerships

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
OPENLANE, Inc.OPLN	4,103	2.8x	3.1x
Dana IncorporatedDAN	4,639	1.0x	1.0x
Victoria's Secret & Co.VSCO	3,826	0.9x	1.0x
CarGurus, Inc.CARG	3,434	3.7x	3.4x
Greif, Inc.GEF	3,141	1.0x	0.8x
Visteon CorporationVC	2,999	0.7x	0.7x
American Eagle Outfitters, Inc.AEO	2,780	0.8x	0.8x
Sonic Automotive, Inc.SAH	2,718	0.5x	0.5x
The Buckle, Inc.BKE	2,700	2.2x	2.3x
Driven Brands Holdings Inc.DRVN	2,205	2.6x	3.1x
Industry Median		1.0x	1.0x
(*) Revenue		1,935	1,713
= Enterprise Value		1,981	1,698
(-) Net Debt		1,282	1,282
Equity Value		700	417
(/) Outstanding shares		108	108
Fair Price		$6	$4

Selected Fair Value (avg of trailing + forward)

$5.15

-86.4%

Earnings Power Value

Fair Value

$21.89

Market Price

$37.89

Upside / Downside

-42.2%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	252	252	252
(/) WACC	8.4%	6.9%	5.4%
Enterprise Value	3,000	3,653	4,669
(-) Net debt	1,282	1,282	1,282
Equity Value	1,718	2,371	3,387
(/) Outstanding shares	108	108	108
Fair Price	$15.87	$21.89	$31.27