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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 10.9x - 12.1x | 11.5x |
Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 4.9x |
Fair Value | lei 0.73 - lei 0.79 | lei 0.76 |
Upside | 17.5% - 26.5% | 22.0% |
Benchmarks | Ticker | Full Ticker |
Bittnet Systems SA | BNET | BVB:BNET |
A.P.N. Promise S.A. | PRO | WSE:PRO |
Tucows Inc. | TUQ1 | DB:TUQ1 |
BIPROGY Inc. | NIU | MUN:NIU |
Spyrosoft Spólka Akcyjna | SPR | WSE:SPR |
AROBS Transilvania Software S.A. | AROBS | BVB:AROBS |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
BNET | PRO | TUQ1 | NIU | SPR | AROBS | ||
BVB:BNET | WSE:PRO | DB:TUQ1 | MUN:NIU | WSE:SPR | BVB:AROBS | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 6.7% | -27.0% | 8.6% | 46.6% | NM- | |
3Y CAGR | 27.6% | 46.5% | -20.8% | 9.1% | 23.9% | -2.3% | |
Latest Twelve Months | 204.6% | 7.3% | 285.6% | 6.5% | 49.5% | -12.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 3.8% | 0.8% | 4.0% | 13.3% | 15.5% | 18.0% | |
Prior Fiscal Year | 2.7% | 1.1% | -3.6% | 14.0% | 10.0% | 15.4% | |
Latest Fiscal Year | 3.2% | 1.3% | 2.8% | 14.0% | 12.0% | 12.2% | |
Latest Twelve Months | 3.4% | 1.1% | 6.6% | 14.0% | 12.2% | 11.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.34x | 0.08x | 2.12x | 1.36x | 1.29x | 1.01x | |
EV / LTM EBITDA | 10.0x | 7.4x | 32.0x | 9.7x | 10.6x | 8.6x | |
EV / LTM EBIT | 13.8x | 8.9x | -38.3x | 14.2x | 12.9x | 18.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.4x | 10.0x | 32.0x | ||||
Historical EV / LTM EBITDA | 13.0x | 14.2x | 15.4x | ||||
Selected EV / LTM EBITDA | 10.9x | 11.5x | 12.1x | ||||
(x) LTM EBITDA | 51 | 51 | 51 | ||||
(=) Implied Enterprise Value | 553 | 583 | 612 | ||||
(-) Non-shareholder Claims * | 199 | 199 | 199 | ||||
(=) Equity Value | 752 | 782 | 811 | ||||
(/) Shares Outstanding | 1,013.5 | 1,013.5 | 1,013.5 | ||||
Implied Value Range | 0.74 | 0.77 | 0.80 | ||||
FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.74 | 0.77 | 0.80 | 0.62 | |||
Upside / (Downside) | 19.4% | 24.0% | 28.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BNET | PRO | TUQ1 | NIU | SPR | AROBS | |
Enterprise Value | 137 | 86 | 788 | 527,248 | 647 | 431 | |
(+) Cash & Short Term Investments | 26 | 16 | 38 | 68,743 | 57 | 280 | |
(+) Investments & Other | 1 | 11 | 2 | 54,535 | 2 | 4 | |
(-) Debt | (85) | (25) | (638) | (39,333) | (27) | (85) | |
(-) Other Liabilities | (7) | (1) | 0 | (1,944) | (42) | 1 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 72 | 88 | 191 | 609,249 | 636 | 630 | |
(/) Shares Outstanding | 634.2 | 11.4 | 11.1 | 98.0 | 1.1 | 1,013.5 | |
Implied Stock Price | 0.11 | 7.70 | 17.25 | 6,214.39 | 582.00 | 0.62 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.16 | 170.72 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.11 | 7.70 | 14.90 | 36.40 | 582.00 | 0.62 | |
Trading Currency | RON | PLN | EUR | EUR | PLN | RON | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.16 | 170.72 | 1.00 | 1.00 |