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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.4x - 9.3x | 8.9x |
| Selected Fwd EBITDA Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | kr69.29 - kr79.08 | kr74.18 |
| Upside | -6.9% - 6.3% | -0.3% |
| Benchmarks | Ticker | Full Ticker |
| Dantax A/S | DANT | CPSE:DANT |
| HusCompagniet A/S | HUSCO | CPSE:HUSCO |
| GN Store Nord A/S | GN | CPSE:GN |
| Bang & Olufsen A/S | BO | CPSE:BO |
| Cricut, Inc. | 398 | MUN:398 |
| TCM Group A/S | TCM | CPSE:TCM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DANT | HUSCO | GN | BO | 398 | TCM | ||
| CPSE:DANT | CPSE:HUSCO | CPSE:GN | CPSE:BO | MUN:398 | CPSE:TCM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 14.7% | -25.7% | -1.3% | 5.2% | 5.8% | -8.2% | |
| 3Y CAGR | 8.9% | -42.9% | -6.8% | 12.5% | -26.4% | -9.7% | |
| Latest Twelve Months | -63.3% | -9.4% | -6.0% | -28.9% | -16.9% | 28.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.5% | 6.3% | 14.0% | 1.4% | 15.1% | 11.3% | |
| Prior Fiscal Year | 11.0% | 3.1% | 10.2% | -0.8% | 11.9% | 7.4% | |
| Latest Fiscal Year | 6.6% | 2.9% | 12.9% | 5.8% | 11.8% | 9.1% | |
| Latest Twelve Months | 5.2% | 2.9% | 11.7% | 4.7% | 12.3% | 9.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.62x | 0.55x | 1.40x | 0.66x | 1.49x | 0.83x | |
| EV / LTM EBITDA | 69.0x | 18.6x | 11.9x | 14.2x | 12.1x | 9.1x | |
| EV / LTM EBIT | 91.7x | 22.6x | 14.9x | 50.7x | 12.9x | 12.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 11.9x | 14.2x | 69.0x | ||||
| Historical EV / LTM EBITDA | 7.5x | 8.4x | 10.9x | ||||
| Selected EV / LTM EBITDA | 8.4x | 8.9x | 9.3x | ||||
| (x) LTM EBITDA | 112 | 112 | 112 | ||||
| (=) Implied Enterprise Value | 939 | 989 | 1,038 | ||||
| (-) Non-shareholder Claims * | (246) | (246) | (246) | ||||
| (=) Equity Value | 694 | 743 | 793 | ||||
| (/) Shares Outstanding | 10.3 | 10.3 | 10.3 | ||||
| Implied Value Range | 67.18 | 71.97 | 76.76 | ||||
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 67.18 | 71.97 | 76.76 | 74.40 | |||
| Upside / (Downside) | -9.7% | -3.3% | 3.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DANT | HUSCO | GN | BO | 398 | TCM | |
| Enterprise Value | 89 | 1,255 | 24,491 | 1,661 | 924 | 1,014 | |
| (+) Cash & Short Term Investments | 69 | 301 | 787 | 512 | 357 | 34 | |
| (+) Investments & Other | 0 | 0 | 323 | 0 | 0 | 51 | |
| (-) Debt | (8) | (572) | (11,771) | (333) | (15) | (331) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 150 | 983 | 13,830 | 1,840 | 1,266 | 768 | |
| (/) Shares Outstanding | 0.3 | 21.4 | 145.6 | 145.6 | 118.3 | 10.3 | |
| Implied Stock Price | 500.00 | 46.00 | 94.98 | 12.64 | 10.70 | 74.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | 1.00 | |
| Implied Stock Price (Trading Cur) | 500.00 | 46.00 | 94.98 | 12.64 | 9.29 | 74.40 | |
| Trading Currency | DKK | DKK | DKK | DKK | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | 1.00 | |