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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 28.5x - 31.5x | 30.0x |
| Selected Fwd P/E Multiple | 14.2x - 15.7x | 14.9x |
| Fair Value | lei 34.82 - lei 38.48 | lei 36.65 |
| Upside | -18.8% - -10.3% | -14.6% |
| Benchmarks | - | Full Ticker |
| Hellenic Exchanges - Athens Stock Exchange S.A. | - | ATSE:EXAE |
| Gielda Papierów Wartosciowych w Warszawie S.A. | - | WSE:GPW |
| Deutsche Börse AG | - | DB:DB1 |
| Bulgarian Stock Exchange AD | - | BUL:BSE |
| Euronext N.V. | - | ENXTPA:ENX |
| Bursa de Valori Bucuresti SA | - | BVB:BVB |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| EXAE | GPW | DB1 | BSE | ENX | BVB | |||
| ATSE:EXAE | WSE:GPW | DB:DB1 | BUL:BSE | ENXTPA:ENX | BVB:BVB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 23.3% | 4.5% | 14.2% | 43.6% | 21.4% | 15.4% | ||
| 3Y CAGR | 28.3% | -2.7% | 17.2% | 36.8% | 12.3% | 26.6% | ||
| Latest Twelve Months | 35.7% | -4.7% | 10.1% | 38.5% | 12.8% | -60.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 25.0% | 36.1% | 29.4% | 50.0% | 34.9% | 17.8% | ||
| Prior Fiscal Year | 28.8% | 35.1% | 28.3% | 70.5% | 34.8% | 29.8% | ||
| Latest Fiscal Year | 33.3% | 32.0% | 27.7% | 88.2% | 36.0% | 16.7% | ||
| Latest Twelve Months | 34.5% | 32.0% | 27.5% | 97.3% | 37.6% | 13.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 12.7x | 12.3x | 15.9x | 2.2x | 16.1x | 23.8x | ||
| Price / LTM Sales | 6.8x | 4.8x | 6.5x | 5.9x | 8.4x | 4.9x | ||
| LTM P/E Ratio | 18.7x | 15.0x | 23.5x | 6.1x | 22.2x | 37.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 6.1x | 18.7x | 23.5x | |||||
| Historical LTM P/E Ratio | 22.8x | 24.1x | 56.6x | |||||
| Selected P/E Multiple | 28.5x | 30.0x | 31.5x | |||||
| (x) LTM Net Income | 10 | 10 | 10 | |||||
| (=) Equity Value | 291 | 306 | 321 | |||||
| (/) Shares Outstanding | 8.8 | 8.8 | 8.8 | |||||
| Implied Value Range | 33.01 | 34.75 | 36.48 | |||||
| FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 33.01 | 34.75 | 36.48 | 42.90 | ||||
| Upside / (Downside) | -23.1% | -19.0% | -15.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | EXAE | GPW | DB1 | BSE | ENX | BVB | |
| 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 | |