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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.4x - 5.9x | 5.6x |
| Selected Fwd EBITDA Multiple | 3.0x - 3.4x | 3.2x |
| Fair Value | €1.79 - €1.98 | €1.89 |
| Upside | 20.7% - 33.3% | 27.0% |
| Benchmarks | Ticker | Full Ticker |
| Edil San Felice S.p.A. | ESF | BIT:ESF |
| Palingeo S.p.A. | PAL | BIT:PAL |
| EdiliziAcrobatica S.p.A. | EDAC | BIT:EDAC |
| Reway Group S.p.A. | RWY | BIT:RWY |
| TREVI - Finanziaria Industriale S.p.A. | TFIN | BIT:TFIN |
| ESI S.p.A. | ESIGM | BIT:ESIGM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ESF | PAL | EDAC | RWY | TFIN | ESIGM | ||
| BIT:ESF | BIT:PAL | BIT:EDAC | BIT:RWY | BIT:TFIN | BIT:ESIGM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 4.3% | NM- | 24.9% | 30.7% | |
| 3Y CAGR | 28.7% | 59.2% | -37.9% | NM- | 33.9% | NM- | |
| Latest Twelve Months | -18.7% | 30.4% | -71.2% | 65.5% | 8.4% | 254.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.2% | 18.0% | 15.1% | 18.5% | 8.5% | 4.2% | |
| Prior Fiscal Year | 27.1% | 18.8% | 12.4% | 19.6% | 11.9% | -4.8% | |
| Latest Fiscal Year | 23.4% | 22.2% | 3.7% | 19.6% | 11.2% | 13.8% | |
| Latest Twelve Months | 23.4% | 22.2% | 3.7% | 19.6% | 11.2% | 13.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.91x | 0.67x | 0.54x | 1.54x | 0.40x | 0.63x | |
| EV / LTM EBITDA | 8.2x | 3.0x | 14.7x | 7.9x | 3.5x | 4.5x | |
| EV / LTM EBIT | 9.5x | 3.9x | 27.5x | 10.2x | 5.9x | 5.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.0x | 7.9x | 14.7x | ||||
| Historical EV / LTM EBITDA | 4.5x | 12.3x | 20.0x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.6x | 5.9x | ||||
| (x) LTM EBITDA | 2 | 2 | 2 | ||||
| (=) Implied Enterprise Value | 13 | 14 | 15 | ||||
| (-) Non-shareholder Claims * | 0 | 0 | 0 | ||||
| (=) Equity Value | 13 | 14 | 15 | ||||
| (/) Shares Outstanding | 7.5 | 7.5 | 7.5 | ||||
| Implied Value Range | 1.76 | 1.85 | 1.94 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.76 | 1.85 | 1.94 | 1.49 | |||
| Upside / (Downside) | 18.6% | 24.8% | 30.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ESF | PAL | EDAC | RWY | TFIN | ESIGM | |
| Enterprise Value | 77 | 44 | 83 | 331 | 269 | 11 | |
| (+) Cash & Short Term Investments | 9 | 9 | 25 | 21 | 113 | 3 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (5) | (15) | (59) | (88) | (312) | (3) | |
| (-) Other Liabilities | 0 | 0 | 0 | (0) | 2 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 81 | 38 | 50 | 264 | 73 | 11 | |
| (/) Shares Outstanding | 19.2 | 6.9 | 8.4 | 38.8 | 312.2 | 7.5 | |
| Implied Stock Price | 4.20 | 5.52 | 5.92 | 6.80 | 0.23 | 1.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.20 | 5.52 | 5.92 | 6.80 | 0.23 | 1.49 | |
| 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 | |