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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.2x - 11.2x | 10.7x |
| Selected Fwd EBITDA Multiple | 7.1x - 7.8x | 7.4x |
| Fair Value | €10.99 - €12.26 | €11.63 |
| Upside | 22.0% - 36.1% | 29.1% |
| Benchmarks | Ticker | Full Ticker |
| Saccheria F.lli Franceschetti S.p.A. | SAC | BIT:SAC |
| Groupe Guillin S.A. | ALGIL | ENXTPA:ALGIL |
| Huhtamäki Oyj | HUH1V | HLSE:HUH1V |
| Corticeira Amorim, S.G.P.S., S.A. | COR | ENXTLS:COR |
| SIG Group AG | SIGN | SWX:SIGN |
| Zignago Vetro S.p.A. | ZV | BIT:ZV |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SAC | ALGIL | HUH1V | COR | SIGN | ZV | ||
| BIT:SAC | ENXTPA:ALGIL | HLSE:HUH1V | ENXTLS:COR | SWX:SIGN | BIT:ZV | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 11.1% | 5.5% | 5.1% | 10.0% | 16.6% | |
| 3Y CAGR | 20.3% | 5.1% | 7.3% | 5.9% | 13.7% | 30.1% | |
| Latest Twelve Months | -24.2% | 3.4% | 3.2% | -10.1% | -3.2% | -38.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.5% | 15.1% | 12.6% | 16.5% | 24.0% | 24.2% | |
| Prior Fiscal Year | 10.1% | 11.7% | 12.5% | 17.8% | 23.9% | 20.5% | |
| Latest Fiscal Year | 11.9% | 15.4% | 13.1% | 16.8% | 22.5% | 29.3% | |
| Latest Twelve Months | 11.0% | 14.6% | 13.1% | 16.8% | 22.5% | 22.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.59x | 0.64x | 1.18x | 1.44x | 2.73x | 1.92x | |
| EV / LTM EBITDA | 5.4x | 4.4x | 9.0x | 8.6x | 12.2x | 8.6x | |
| EV / LTM EBIT | 6.4x | 6.1x | 13.9x | 13.4x | 24.2x | 16.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.4x | 8.6x | 12.2x | ||||
| Historical EV / LTM EBITDA | 7.9x | 17.8x | 20.3x | ||||
| Selected EV / LTM EBITDA | 10.2x | 10.7x | 11.2x | ||||
| (x) LTM EBITDA | 103 | 103 | 103 | ||||
| (=) Implied Enterprise Value | 1,050 | 1,106 | 1,161 | ||||
| (-) Non-shareholder Claims * | (96) | (96) | (96) | ||||
| (=) Equity Value | 955 | 1,010 | 1,065 | ||||
| (/) Shares Outstanding | 88.4 | 88.4 | 88.4 | ||||
| Implied Value Range | 10.80 | 11.43 | 12.05 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.80 | 11.43 | 12.05 | 9.01 | |||
| Upside / (Downside) | 19.9% | 26.8% | 33.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAC | ALGIL | HUH1V | COR | SIGN | ZV | |
| Enterprise Value | 10 | 553 | 4,872 | 1,351 | 9,101 | 892 | |
| (+) Cash & Short Term Investments | 4 | 71 | 317 | 0 | 303 | 59 | |
| (+) Investments & Other | 0 | 9 | 3 | 0 | 1 | 128 | |
| (-) Debt | (5) | (126) | (1,562) | (196) | (2,471) | (282) | |
| (-) Other Liabilities | 0 | (1) | (87) | (91) | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10 | 506 | 3,543 | 1,064 | 6,934 | 796 | |
| (/) Shares Outstanding | 8.8 | 18.5 | 104.8 | 133.0 | 382.2 | 88.4 | |
| Implied Stock Price | 1.10 | 27.35 | 33.82 | 8.00 | 18.14 | 9.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.05 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.10 | 27.35 | 33.82 | 8.00 | 17.29 | 9.01 | |
| Trading Currency | EUR | EUR | EUR | EUR | CHF | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.05 | 1.00 | |