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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -44.8x - -49.5x | -47.2x |
| Selected Fwd EBITDA Multiple | 6.0x - 6.7x | 6.4x |
| Fair Value | €1.52 - €1.74 | €1.63 |
| Upside | -35.0% - -25.4% | -30.2% |
| Benchmarks | Ticker | Full Ticker |
| Eurotech S.p.A. | ETH | BIT:ETH |
| VNE S.p.A. | VNE | BIT:VNE |
| Matica Fintec S.p.A. | MFT | BIT:MFT |
| Archos S.A. | ALJXR | ENXTPA:ALJXR |
| Cherry SE | C3RY | XTRA:C3RY |
| Seco S.p.A. | IOT | BIT:IOT |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ETH | VNE | MFT | ALJXR | C3RY | IOT | ||
| BIT:ETH | BIT:VNE | BIT:MFT | ENXTPA:ALJXR | XTRA:C3RY | BIT:IOT | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 25.2% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | 85.8% | 21.4% | 72.8% | NM- | NM- | |
| Latest Twelve Months | -160.5% | 544.6% | -10.9% | 190.7% | 42.2% | -113.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -1.6% | 7.5% | 14.4% | -13.8% | -9.5% | 15.5% | |
| Prior Fiscal Year | 0.6% | 1.9% | 19.7% | -6.2% | -43.9% | 21.2% | |
| Latest Fiscal Year | -12.8% | 11.6% | 18.6% | 3.5% | -26.1% | -2.3% | |
| Latest Twelve Months | -15.7% | 11.6% | 18.6% | 3.5% | -29.1% | -3.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.93x | 0.79x | 0.95x | 0.57x | 0.55x | 2.12x | |
| EV / LTM EBITDA | -5.9x | 6.9x | 5.1x | 16.1x | -1.9x | -67.1x | |
| EV / LTM EBIT | -6.1x | 69.8x | 5.7x | 16.9x | -1.6x | -21.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.9x | 5.1x | 16.1x | ||||
| Historical EV / LTM EBITDA | 12.2x | 18.3x | 52.2x | ||||
| Selected EV / LTM EBITDA | -44.8x | -47.2x | -49.5x | ||||
| (x) LTM EBITDA | (6) | (6) | (6) | ||||
| (=) Implied Enterprise Value | 261 | 275 | 289 | ||||
| (-) Non-shareholder Claims * | (82) | (82) | (82) | ||||
| (=) Equity Value | 179 | 193 | 207 | ||||
| (/) Shares Outstanding | 132.5 | 132.5 | 132.5 | ||||
| Implied Value Range | 1.36 | 1.46 | 1.56 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.36 | 1.46 | 1.56 | 2.34 | |||
| Upside / (Downside) | -42.0% | -37.5% | -33.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ETH | VNE | MFT | ALJXR | C3RY | IOT | |
| Enterprise Value | 52 | 11 | 21 | 18 | 58 | 391 | |
| (+) Cash & Short Term Investments | 5 | 3 | 4 | 10 | 7 | 62 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (24) | (6) | (7) | (8) | (43) | (123) | |
| (-) Other Liabilities | 0 | 0 | 0 | (6) | 0 | (20) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 33 | 8 | 18 | 14 | 22 | 309 | |
| (/) Shares Outstanding | 35.3 | 3.7 | 10.9 | 58.1 | 23.2 | 132.5 | |
| Implied Stock Price | 0.95 | 2.20 | 1.67 | 0.25 | 0.94 | 2.34 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.95 | 2.20 | 1.67 | 0.25 | 0.94 | 2.34 | |
| 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 | |