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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.2x - 7.9x | 7.5x |
| Selected Fwd EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Fair Value | €6.13 - €6.95 | €6.54 |
| Upside | -21.9% - -11.6% | -16.8% |
| Benchmarks | Ticker | Full Ticker |
| EdiliziAcrobatica S.p.A. | EDAC | BIT:EDAC |
| ESI S.p.A. | ESIGM | BIT:ESIGM |
| Next Geosolutions Europe SpA | NXT | BIT:NXT |
| Palingeo S.p.A. | PAL | BIT:PAL |
| TREVI - Finanziaria Industriale S.p.A. | TFIN | BIT:TFIN |
| Reway Group S.p.A. | RWY | BIT:RWY |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EDAC | ESIGM | NXT | PAL | TFIN | RWY | ||
| BIT:EDAC | BIT:ESIGM | BIT:NXT | BIT:PAL | BIT:TFIN | BIT:RWY | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.3% | 30.7% | NM- | NM- | 23.5% | NM- | |
| 3Y CAGR | -35.0% | NM- | 88.1% | 56.8% | 31.3% | NM- | |
| Latest Twelve Months | -71.2% | 254.5% | 34.9% | 24.5% | -1.6% | 60.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.1% | 4.2% | 21.8% | 17.9% | 8.5% | 18.5% | |
| Prior Fiscal Year | 12.4% | -4.8% | 48.3% | 18.7% | 12.4% | 20.1% | |
| Latest Fiscal Year | 3.7% | 13.8% | 17.4% | 21.7% | 10.9% | 19.0% | |
| Latest Twelve Months | 3.7% | 13.8% | 17.4% | 21.7% | 10.9% | 19.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.54x | 0.62x | 1.09x | 0.69x | 0.47x | 1.72x | |
| EV / LTM EBITDA | 14.7x | 4.5x | 6.2x | 3.2x | 4.3x | 8.8x | |
| EV / LTM EBIT | 27.4x | 5.0x | 6.9x | 4.1x | 7.3x | 11.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.2x | 4.5x | 14.7x | ||||
| Historical EV / LTM EBITDA | 8.5x | 8.7x | 8.8x | ||||
| Selected EV / LTM EBITDA | 7.2x | 7.5x | 7.9x | ||||
| (x) LTM EBITDA | 42 | 42 | 42 | ||||
| (=) Implied Enterprise Value | 299 | 315 | 331 | ||||
| (-) Non-shareholder Claims * | (63) | (63) | (63) | ||||
| (=) Equity Value | 236 | 252 | 268 | ||||
| (/) Shares Outstanding | 38.8 | 38.8 | 38.8 | ||||
| Implied Value Range | 6.09 | 6.50 | 6.91 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.09 | 6.50 | 6.91 | 7.86 | |||
| Upside / (Downside) | -22.5% | -17.3% | -12.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EDAC | ESIGM | NXT | PAL | TFIN | RWY | |
| Enterprise Value | 83 | 11 | 332 | 44 | 307 | 368 | |
| (+) Cash & Short Term Investments | 25 | 3 | 88 | 9 | 113 | 20 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 1 | |
| (-) Debt | (59) | (3) | (22) | (15) | (312) | (84) | |
| (-) 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 | 50 | 11 | 398 | 39 | 111 | 305 | |
| (/) Shares Outstanding | 8.4 | 7.5 | 48.0 | 6.9 | 312.2 | 38.8 | |
| Implied Stock Price | 5.90 | 1.48 | 8.30 | 5.58 | 0.36 | 7.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.90 | 1.48 | 8.30 | 5.58 | 0.36 | 7.86 | |
| 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 | |