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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 26.2x - 28.9x | 27.5x |
| Selected Fwd EBIT Multiple | 10.8x - 11.9x | 11.3x |
| Fair Value | kr98.98 - kr109.23 | kr104.10 |
| Upside | 3.1% - 13.8% | 8.4% |
| Benchmarks | Ticker | Full Ticker |
| Netcompany Group A/S | NETC | CPSE:NETC |
| Endava plc | 2Y5 | DB:2Y5 |
| EPAM Systems, Inc. | E3M | DB:E3M |
| TalkPool AG | TALK | OM:TALK |
| NCC Group plc | NZB | DB:NZB |
| Trifork Group AG | TRIFOR | CPSE:TRIFOR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NETC | 2Y5 | E3M | TALK | NZB | TRIFOR | ||
| CPSE:NETC | DB:2Y5 | DB:E3M | OM:TALK | DB:NZB | CPSE:TRIFOR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.9% | 0.8% | 14.8% | NM- | -6.3% | 11.3% | |
| 3Y CAGR | 2.0% | -20.0% | 3.4% | 37.4% | -17.7% | -15.8% | |
| Latest Twelve Months | 44.4% | -23.8% | 2.6% | -14.7% | 33.6% | -41.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 16.2% | 11.0% | 13.7% | 5.2% | 7.9% | 7.3% | |
| Prior Fiscal Year | 9.5% | 15.3% | 12.6% | 11.6% | 5.0% | 9.5% | |
| Latest Fiscal Year | 12.1% | 4.6% | 12.8% | 10.0% | 5.2% | 3.9% | |
| Latest Twelve Months | 12.7% | 4.9% | 12.2% | 11.1% | 4.2% | 4.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.37x | 0.97x | 1.71x | 0.43x | 1.52x | 1.16x | |
| EV / LTM EBITDA | 16.8x | 10.7x | 12.1x | NA | 17.8x | 15.8x | |
| EV / LTM EBIT | 18.7x | 19.8x | 14.1x | 3.9x | 35.8x | 26.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.9x | 18.7x | 35.8x | ||||
| Historical EV / LTM EBIT | 12.1x | 16.2x | 65.7x | ||||
| Selected EV / LTM EBIT | 26.2x | 27.5x | 28.9x | ||||
| (x) LTM EBIT | 9 | 9 | 9 | ||||
| (=) Implied Enterprise Value | 248 | 261 | 274 | ||||
| (-) Non-shareholder Claims * | 4 | 4 | 4 | ||||
| (=) Equity Value | 252 | 265 | 278 | ||||
| (/) Shares Outstanding | 19.4 | 19.4 | 19.4 | ||||
| Implied Value Range | 12.99 | 13.67 | 14.34 | ||||
| FX Rate: EUR/DKK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 96.95 | 101.97 | 106.99 | 96.00 | |||
| Upside / (Downside) | 1.0% | 6.2% | 11.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NETC | 2Y5 | E3M | TALK | NZB | TRIFOR | |
| Enterprise Value | 15,815 | 768 | 8,154 | 7 | 461 | 245 | |
| (+) Cash & Short Term Investments | 185 | 68 | 1,174 | 1 | 95 | 33 | |
| (+) Investments & Other | 205 | 0 | 36 | 0 | 0 | 83 | |
| (-) Debt | (2,465) | (186) | (158) | (2) | (120) | (110) | |
| (-) Other Liabilities | 0 | 0 | (1) | (0) | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,741 | 651 | 9,205 | 6 | 435 | 250 | |
| (/) Shares Outstanding | 47.1 | 59.4 | 56.7 | 6.8 | 306.2 | 19.4 | |
| Implied Stock Price | 291.60 | 10.97 | 162.48 | 0.91 | 1.42 | 12.87 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.86 | 1.15 | 0.09 | 0.86 | 0.13 | |
| Implied Stock Price (Trading Cur) | 291.60 | 12.80 | 141.05 | 10.10 | 1.66 | 96.00 | |
| Trading Currency | DKK | EUR | EUR | SEK | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 0.86 | 1.15 | 0.09 | 0.86 | 0.13 | |