The following information relates to Questions 1922 The Level I exam uses only independent questions This minicase is intended as a learning exercise

Boris Duarte, CFA, covers initial public offerings for Zellweger Analytics, an independent research firm specializing in global small-cap equities. He has been asked to evaluate the upcoming new issue of TagOn, a U.S.-based business intelligence software company. The industry has grown at 26 percent per year for the previous three years. Large companies dominate the market, but sizable "pure-play" companies such as Relevant, Ltd., ABJ, Inc., and Opus Software Pvt. Ltd also compete. Each of these competitors is domiciled in a different country, but they all have shares of stock that trade on the U.S. NASDAQ. The debt ratio of the industry has risen slightly in recent years.


Relevant Ltd. ABJ, Inc.

Opus Software Pvt. Ltd.

Sales in Millions ($)

Equity in Billions ($)

Debt in Millions ($)

Equity Beta

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