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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.7x - 19.6x | 18.7x |
| Selected Fwd EBITDA Multiple | 17.1x - 18.9x | 18.0x |
| Fair Value | lei 32.94 - lei 35.50 | lei 34.22 |
| Upside | -23.2% - -17.2% | -20.2% |
| Benchmarks | Ticker | Full Ticker |
| Hellenic Exchanges - Athens Stock Exchange S.A. | EXAE | ATSE:EXAE |
| Gielda Papierów Wartosciowych w Warszawie S.A. | GPW | WSE:GPW |
| Deutsche Börse AG | DB1 | DB:DB1 |
| Bulgarian Stock Exchange AD | BSE | BUL:BSE |
| Euronext N.V. | ENX | ENXTPA:ENX |
| Bursa de Valori Bucuresti SA | BVB | BVB:BVB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EXAE | GPW | DB1 | BSE | ENX | BVB | ||
| ATSE:EXAE | WSE:GPW | DB:DB1 | BUL:BSE | ENXTPA:ENX | BVB:BVB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.9% | -7.9% | 13.1% | 14.7% | 19.9% | 18.1% | |
| 3Y CAGR | 24.1% | -15.9% | 18.7% | -3.4% | 9.4% | 35.0% | |
| Latest Twelve Months | 24.9% | -18.6% | 7.9% | 0.9% | 17.3% | -56.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.9% | 44.6% | 44.4% | 39.0% | 54.2% | 21.2% | |
| Prior Fiscal Year | 36.3% | 34.5% | 44.8% | 39.6% | 53.5% | 33.3% | |
| Latest Fiscal Year | 39.9% | 26.9% | 43.7% | 36.2% | 56.9% | 19.1% | |
| Latest Twelve Months | 41.6% | 26.9% | 43.5% | 35.4% | 58.2% | 16.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.28x | 3.32x | 6.92x | 0.77x | 9.38x | 3.88x | |
| EV / LTM EBITDA | 12.7x | 12.3x | 15.9x | 2.2x | 16.1x | 23.8x | |
| EV / LTM EBIT | 12.7x | 16.5x | 16.9x | 2.4x | 17.7x | 46.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.2x | 12.7x | 16.1x | ||||
| Historical EV / LTM EBITDA | 9.3x | 15.4x | 34.8x | ||||
| Selected EV / LTM EBITDA | 17.7x | 18.7x | 19.6x | ||||
| (x) LTM EBITDA | 13 | 13 | 13 | ||||
| (=) Implied Enterprise Value | 225 | 237 | 249 | ||||
| (-) Non-shareholder Claims * | 76 | 76 | 76 | ||||
| (=) Equity Value | 301 | 313 | 325 | ||||
| (/) Shares Outstanding | 8.8 | 8.8 | 8.8 | ||||
| Implied Value Range | 34.17 | 35.52 | 36.86 | ||||
| FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.17 | 35.52 | 36.86 | 42.90 | |||
| Upside / (Downside) | -20.3% | -17.2% | -14.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EXAE | GPW | DB1 | BSE | ENX | BVB | |
| Enterprise Value | 311 | 1,541 | 49,853 | 15 | 16,285 | 302 | |
| (+) Cash & Short Term Investments | 75 | 395 | 1,739 | 88 | 979 | 97 | |
| (+) Investments & Other | 16 | 324 | 1,553 | 13 | 407 | 55 | |
| (-) Debt | (0) | (27) | (6,222) | (0) | (3,006) | (20) | |
| (-) Other Liabilities | 0 | (9) | (463) | 0 | (144) | (55) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 402 | 2,225 | 46,460 | 116 | 14,520 | 378 | |
| (/) Shares Outstanding | 57.9 | 42.0 | 183.3 | 12.9 | 102.8 | 8.8 | |
| Implied Stock Price | 6.95 | 53.00 | 253.50 | 9.00 | 141.30 | 42.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.95 | 53.00 | 253.50 | 9.00 | 141.30 | 42.90 | |
| Trading Currency | EUR | PLN | EUR | BGN | EUR | RON | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |