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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 0.5x - 0.6x | 0.5x |
| Selected Fwd EBIT Multiple | 7.4x - 8.2x | 7.8x |
| Fair Value | €2.49 - €2.70 | €2.59 |
| Upside | 14.2% - 23.7% | 18.9% |
| Benchmarks | Ticker | Full Ticker |
| Eurotech S.p.A. | ETH | BIT:ETH |
| Seco S.p.A. | IOT | BIT:IOT |
| VNE S.p.A. | VNE | BIT:VNE |
| Matica Fintec S.p.A. | MFT | BIT:MFT |
| Guillemot Corporation S.A. | GUI | ENXTPA:GUI |
| Olidata S.p.A. | OLI | BIT:OLI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ETH | IOT | VNE | MFT | GUI | OLI | ||
| BIT:ETH | BIT:IOT | BIT:VNE | BIT:MFT | ENXTPA:GUI | BIT:OLI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 29.9% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | 41.0% | 20.8% | -51.7% | NM- | |
| Latest Twelve Months | -71.1% | -185.7% | 135.8% | 4.9% | 47.6% | 120.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -2.7% | 6.9% | -0.6% | 13.2% | 12.2% | 49.4% | |
| Prior Fiscal Year | -0.1% | 11.5% | -5.3% | 15.0% | 2.1% | 82.7% | |
| Latest Fiscal Year | -13.9% | -8.7% | 1.7% | 16.6% | 3.0% | 87.4% | |
| Latest Twelve Months | -15.3% | -9.9% | 1.7% | 16.6% | 3.0% | 67.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.83x | 2.17x | 0.72x | 0.97x | 0.33x | 0.23x | |
| EV / LTM EBITDA | -5.3x | -68.7x | 6.1x | 5.2x | 8.0x | 0.3x | |
| EV / LTM EBIT | -5.4x | -21.9x | 41.5x | 5.8x | 11.1x | 0.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -21.9x | 5.8x | 41.5x | ||||
| Historical EV / LTM EBIT | 0.8x | 0.8x | 0.8x | ||||
| Selected EV / LTM EBIT | 0.5x | 0.5x | 0.6x | ||||
| (x) LTM EBIT | 92 | 92 | 92 | ||||
| (=) Implied Enterprise Value | 47 | 50 | 52 | ||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | ||||
| (=) Equity Value | 58 | 60 | 63 | ||||
| (/) Shares Outstanding | 19.3 | 19.3 | 19.3 | ||||
| Implied Value Range | 2.99 | 3.12 | 3.25 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.99 | 3.12 | 3.25 | 2.18 | |||
| Upside / (Downside) | 37.0% | 42.9% | 48.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ETH | IOT | VNE | MFT | GUI | OLI | |
| Enterprise Value | 46 | 400 | 11 | 21 | 41 | 32 | |
| (+) Cash & Short Term Investments | 5 | 62 | 3 | 4 | 36 | 17 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 1 | 8 | |
| (-) Debt | (24) | (123) | (6) | (7) | (7) | (11) | |
| (-) Other Liabilities | 0 | (20) | 0 | 0 | 0 | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28 | 319 | 7 | 19 | 71 | 42 | |
| (/) Shares Outstanding | 35.3 | 132.5 | 3.7 | 10.9 | 15.0 | 19.3 | |
| Implied Stock Price | 0.79 | 2.41 | 2.00 | 1.70 | 4.75 | 2.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.79 | 2.41 | 2.00 | 1.70 | 4.75 | 2.18 | |
| 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 | |