Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.8x - 13.0x | 12.4x |
| Selected Fwd EBIT Multiple | 11.4x - 12.6x | 12.0x |
| Fair Value | €1.16 - €1.29 | €1.23 |
| Upside | -36.3% - -29.1% | -32.7% |
| Benchmarks | Ticker | Full Ticker |
| VNE S.p.A. | VNE | BIT:VNE |
| Eurotech S.p.A. | ETH | BIT:ETH |
| Seco S.p.A. | IOT | BIT:IOT |
| Austriacard Holdings AG | ACAG | WBAG:ACAG |
| Cellularline S.p.A. | CELL | BIT:CELL |
| Matica Fintec S.p.A. | MFT | BIT:MFT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VNE | ETH | IOT | ACAG | CELL | MFT | ||
| BIT:VNE | BIT:ETH | BIT:IOT | WBAG:ACAG | BIT:CELL | BIT:MFT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 45.4% | -18.9% | 29.9% | |
| 3Y CAGR | 21.3% | NM- | NM- | 155.3% | NM- | 20.8% | |
| Latest Twelve Months | 122.8% | -71.1% | -185.7% | -7.9% | 59.3% | 4.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -0.7% | -2.7% | 6.9% | 5.7% | 3.7% | 13.2% | |
| Prior Fiscal Year | -5.3% | -0.1% | 11.5% | 7.6% | 2.6% | 15.0% | |
| Latest Fiscal Year | 1.1% | -13.9% | -8.7% | 7.4% | 4.0% | 16.6% | |
| Latest Twelve Months | 1.1% | -15.3% | -9.9% | 6.7% | 4.0% | 16.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.84x | 0.96x | 2.17x | 0.80x | 0.53x | 3.04x | |
| EV / LTM EBITDA | 7.3x | -6.1x | -68.8x | 7.7x | 5.1x | 16.3x | |
| EV / LTM EBIT | 73.8x | -6.3x | -22.0x | 11.9x | 13.2x | 18.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -22.0x | 11.9x | 73.8x | ||||
| Historical EV / LTM EBIT | 5.0x | 16.3x | 22.7x | ||||
| Selected EV / LTM EBIT | 11.8x | 12.4x | 13.0x | ||||
| (x) LTM EBIT | 4 | 4 | 4 | ||||
| (=) Implied Enterprise Value | 44 | 46 | 48 | ||||
| (-) Non-shareholder Claims * | (3) | (3) | (3) | ||||
| (=) Equity Value | 41 | 43 | 45 | ||||
| (/) Shares Outstanding | 34.6 | 34.6 | 34.6 | ||||
| Implied Value Range | 1.18 | 1.24 | 1.31 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.18 | 1.24 | 1.31 | 1.83 | |||
| Upside / (Downside) | -35.6% | -31.9% | -28.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VNE | ETH | IOT | ACAG | CELL | MFT | |
| Enterprise Value | 12 | 54 | 397 | 310 | 88 | 66 | |
| (+) Cash & Short Term Investments | 3 | 5 | 62 | 19 | 21 | 4 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (6) | (24) | (123) | (117) | (43) | (7) | |
| (-) Other Liabilities | 0 | 0 | (20) | (3) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9 | 35 | 315 | 209 | 66 | 63 | |
| (/) Shares Outstanding | 3.7 | 38.4 | 132.5 | 35.9 | 21.1 | 34.6 | |
| Implied Stock Price | 2.42 | 0.92 | 2.38 | 5.82 | 3.12 | 1.83 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.42 | 0.92 | 2.38 | 5.82 | 3.12 | 1.83 | |
| 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 | |