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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -29.1x - -32.1x | -30.6x |
| Selected Fwd EBITDA Multiple | 8.2x - 9.0x | 8.6x |
| Fair Value | €7.42 - €7.64 | €7.53 |
| Upside | -21.4% - -19.1% | -20.2% |
| Benchmarks | Ticker | Full Ticker |
| McPhy Energy S.A. | M6P | DB:M6P |
| AHT Syngas Technology N.V. | 3SQ1 | XTRA:3SQ1 |
| TREVI - Finanziaria Industriale S.p.A. | TV92 | DB:TV92 |
| Obrascón Huarte Lain, S.A. | HUA | DB:HUA |
| HOCHTIEF Aktiengesellschaft | HOT | XTRA:HOT |
| thyssenkrupp nucera AG & Co. KGaA | NCH2D | BATS-CHIXE:NCH2D |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| M6P | 3SQ1 | TV92 | HUA | HOT | NCH2D | ||
| DB:M6P | XTRA:3SQ1 | DB:TV92 | DB:HUA | XTRA:HOT | BATS-CHIXE:NCH2D | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 497.9% | 24.9% | 29.9% | -7.3% | NM- | |
| 3Y CAGR | NM- | 124.5% | 33.9% | 22.4% | 18.3% | NM- | |
| Latest Twelve Months | 9.4% | NM | 8.4% | 0.1% | 29.4% | -144.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -181.9% | 0.6% | 8.5% | 3.0% | 2.1% | 2.9% | |
| Prior Fiscal Year | -255.8% | -19.0% | 11.9% | 4.8% | 2.7% | 3.9% | |
| Latest Fiscal Year | -329.5% | 10.2% | 11.2% | 4.1% | 2.9% | -1.6% | |
| Latest Twelve Months | -329.5% | 9.4% | 11.2% | 4.1% | 2.9% | -0.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.22x | 0.83x | 0.40x | 0.09x | 0.33x | 0.39x | |
| EV / LTM EBITDA | -0.4x | 8.8x | 3.6x | 2.3x | 11.6x | -60.3x | |
| EV / LTM EBIT | -0.3x | 9.9x | 5.9x | 4.6x | 19.6x | -32.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.4x | 3.6x | 11.6x | ||||
| Historical EV / LTM EBITDA | -64.9x | 18.8x | 102.6x | ||||
| Selected EV / LTM EBITDA | -29.1x | -30.6x | -32.1x | ||||
| (x) LTM EBITDA | (6) | (6) | (6) | ||||
| (=) Implied Enterprise Value | 174 | 184 | 193 | ||||
| (-) Non-shareholder Claims * | 683 | 683 | 683 | ||||
| (=) Equity Value | 857 | 867 | 876 | ||||
| (/) Shares Outstanding | 126.3 | 126.3 | 126.3 | ||||
| Implied Value Range | 6.79 | 6.86 | 6.93 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.79 | 6.86 | 6.93 | 9.44 | |||
| Upside / (Downside) | -28.1% | -27.3% | -26.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | M6P | 3SQ1 | TV92 | HUA | HOT | NCH2D | |
| Enterprise Value | 17 | 15 | 276 | 333 | 11,097 | 509 | |
| (+) Cash & Short Term Investments | 40 | 1 | 113 | 707 | 6,529 | 709 | |
| (+) Investments & Other | 0 | 0 | 0 | 28 | 1,744 | 0 | |
| (-) Debt | (41) | (0) | (312) | (694) | (8,224) | (26) | |
| (-) Other Liabilities | 0 | 0 | 2 | (5) | (124) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16 | 16 | 80 | 370 | 11,021 | 1,192 | |
| (/) Shares Outstanding | 29.1 | 2.3 | 312.2 | 1,190.1 | 75.2 | 126.3 | |
| Implied Stock Price | 0.54 | 6.85 | 0.26 | 0.31 | 146.50 | 9.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.54 | 6.85 | 0.26 | 0.31 | 146.50 | 9.44 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |