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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.5x - 2.7x | 2.6x |
| Selected Fwd Revenue Multiple | 2.2x - 2.4x | 2.3x |
| Fair Value | kr309.94 - kr347.20 | kr328.57 |
| Upside | 26.6% - 41.8% | 34.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Trifork Group AG | TRIFOR | CPSE:TRIFOR |
| DXC Technology Company | 2XT | DB:2XT |
| EPAM Systems, Inc. | E3M | DB:E3M |
| CGI Inc. | CJ5A | DB:CJ5A |
| Dataproces Group A/S | DATA | CPSE:DATA |
| Netcompany Group A/S | NETC | CPSE:NETC |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TRIFOR | 2XT | E3M | CJ5A | DATA | NETC | |||
| CPSE:TRIFOR | DB:2XT | DB:E3M | DB:CJ5A | CPSE:DATA | CPSE:NETC | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 13.9% | -8.0% | 15.6% | 3.9% | 12.5% | 21.7% | ||
| 3Y CAGR | 9.1% | -7.5% | 8.0% | 6.6% | 19.4% | 21.7% | ||
| Latest Twelve Months | 2.2% | -5.8% | 4.7% | 4.6% | 30.2% | 9.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.3% | 2.4% | 13.7% | 16.1% | -14.0% | 16.2% | ||
| Prior Fiscal Year | 9.5% | 1.2% | 12.6% | 16.2% | 3.2% | 9.5% | ||
| Latest Fiscal Year | 3.9% | 6.9% | 12.8% | 16.5% | 16.5% | 12.1% | ||
| Latest Twelve Months | 4.4% | 6.9% | 12.2% | 16.4% | 16.5% | 12.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.09x | 0.43x | 1.75x | 2.20x | 4.35x | 2.04x | ||
| EV / LTM EBIT | 24.5x | 6.3x | 14.3x | 13.4x | 26.3x | 16.1x | ||
| Price / LTM Sales | 1.11x | 0.20x | 1.95x | 1.99x | 4.62x | 1.73x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.43x | 1.75x | 4.35x | |||||
| Historical EV / LTM Revenue | 2.24x | 3.17x | 11.40x | |||||
| Selected EV / LTM Revenue | 2.48x | 2.61x | 2.74x | |||||
| (x) LTM Revenue | 6,687 | 6,687 | 6,687 | |||||
| (=) Implied Enterprise Value | 16,604 | 17,478 | 18,352 | |||||
| (-) Non-shareholder Claims * | (2,075) | (2,075) | (2,075) | |||||
| (=) Equity Value | 14,530 | 15,404 | 16,278 | |||||
| (/) Shares Outstanding | 47.1 | 47.1 | 47.1 | |||||
| Implied Value Range | 308.35 | 326.90 | 345.44 | |||||
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 308.35 | 326.90 | 345.44 | 244.80 | ||||
| Upside / (Downside) | 26.0% | 33.5% | 41.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TRIFOR | 2XT | E3M | CJ5A | DATA | NETC | |
| Enterprise Value | 232 | 5,518 | 8,214 | 33,418 | 224 | 13,610 | |
| (+) Cash & Short Term Investments | 33 | 1,796 | 1,174 | 1,101 | 17 | 185 | |
| (+) Investments & Other | 83 | 0 | 36 | 39 | 0 | 205 | |
| (-) Debt | (110) | (4,547) | (158) | (4,406) | (3) | (2,465) | |
| (-) Other Liabilities | (1) | (261) | (1) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 237 | 2,506 | 9,265 | 30,152 | 237 | 11,535 | |
| (/) Shares Outstanding | 19.4 | 181.8 | 56.7 | 220.7 | 34.2 | 47.1 | |
| Implied Stock Price | 12.21 | 13.78 | 163.54 | 136.64 | 6.94 | 244.80 | |
| FX Conversion Rate to Trading Currency | 0.13 | 1.14 | 1.14 | 1.58 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 91.10 | 12.05 | 143.00 | 86.28 | 6.94 | 244.80 | |
| Trading Currency | DKK | EUR | EUR | EUR | DKK | DKK | |
| FX Rate to Reporting Currency | 0.13 | 1.14 | 1.14 | 1.58 | 1.00 | 1.00 | |