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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 27.4x - 30.3x | 28.8x |
| Selected Fwd P/E Multiple | 11.0x - 12.1x | 11.5x |
| Fair Value | lei 0.54 - lei 0.60 | lei 0.57 |
| Upside | -11.4% - -2.1% | -6.8% |
| Benchmarks | - | Full Ticker |
| Bittnet Systems SA | - | BVB:BNET |
| A.P.N. Promise S.A. | - | WSE:PRO |
| Tucows Inc. | - | DB:TUQ1 |
| BIPROGY Inc. | - | MUN:NIU |
| Spyrosoft Spólka Akcyjna | - | WSE:SPR |
| AROBS Transilvania Software S.A. | - | BVB:AROBS |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| BNET | PRO | TUQ1 | NIU | SPR | AROBS | |||
| BVB:BNET | WSE:PRO | DB:TUQ1 | MUN:NIU | WSE:SPR | BVB:AROBS | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | NM- | 23.5% | NM- | 8.2% | 47.6% | NM- | ||
| 3Y CAGR | NM- | 106.8% | NM- | 9.6% | 32.7% | -22.6% | ||
| Latest Twelve Months | 56.1% | -6.1% | 4.9% | 6.8% | 130.4% | -22.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 2.1% | 0.6% | -11.4% | 6.3% | 10.1% | 12.0% | ||
| Prior Fiscal Year | -2.4% | 0.4% | -28.3% | 6.8% | 4.7% | 7.5% | ||
| Latest Fiscal Year | -1.5% | 1.6% | -30.3% | 6.7% | 7.4% | 5.1% | ||
| Latest Twelve Months | -1.6% | 1.1% | -26.7% | 6.7% | 8.0% | 4.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 10.1x | 7.2x | 33.4x | 9.0x | 11.2x | 8.5x | ||
| Price / LTM Sales | 0.2x | 0.1x | 0.6x | 1.4x | 1.3x | 1.5x | ||
| LTM P/E Ratio | -11.4x | 7.7x | -2.2x | 21.5x | 16.8x | 31.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -11.4x | 7.7x | 21.5x | |||||
| Historical LTM P/E Ratio | 22.4x | 31.6x | 40.8x | |||||
| Selected P/E Multiple | 27.4x | 28.8x | 30.3x | |||||
| (x) LTM Net Income | 20 | 20 | 20 | |||||
| (=) Equity Value | 545 | 574 | 602 | |||||
| (/) Shares Outstanding | 1,013.5 | 1,013.5 | 1,013.5 | |||||
| Implied Value Range | 0.54 | 0.57 | 0.59 | |||||
| FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.54 | 0.57 | 0.59 | 0.62 | ||||
| Upside / (Downside) | -12.6% | -8.0% | -3.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BNET | PRO | TUQ1 | NIU | SPR | AROBS | |
| Value of Common Equity | 75 | 85 | 218 | 570,005 | 671 | 623 | |
| (/) Shares Outstanding | 634.2 | 11.4 | 11.1 | 98.0 | 1.1 | 1,013.5 | |
| Implied Stock Price | 0.12 | 7.45 | 19.73 | 5,814.10 | 614.00 | 0.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.15 | 171.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.12 | 7.45 | 17.10 | 34.00 | 614.00 | 0.62 | |
| Trading Currency | RON | PLN | EUR | EUR | PLN | RON | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.15 | 171.00 | 1.00 | 1.00 | |