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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 16.5x - 18.2x | 17.3x |
Selected Fwd EBITDA Multiple | 7.0x - 7.7x | 7.3x |
Fair Value | kr106 - kr116.99 | kr111.49 |
Upside | 17.3% - 29.4% | 23.3% |
Benchmarks | Ticker | Full Ticker |
Netcompany Group A/S | NETC | CPSE:NETC |
Endava plc | 2Y5 | DB:2Y5 |
EPAM Systems, Inc. | E3M | DB:E3M |
NCC Group plc | NZB | DB:NZB |
Cognizant Technology Solutions Corporation | COZ | DB:COZ |
Trifork Group AG | TRIFOR | CPSE:TRIFOR |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
NETC | 2Y5 | E3M | NZB | COZ | TRIFOR | ||
CPSE:NETC | DB:2Y5 | DB:E3M | DB:NZB | DB:COZ | CPSE:TRIFOR | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 7.2% | 8.1% | 14.8% | -4.4% | 1.3% | 14.7% | |
3Y CAGR | 2.4% | -9.1% | 3.3% | -9.6% | 1.5% | -8.8% | |
Latest Twelve Months | 30.9% | -4.8% | 3.4% | 10.6% | 6.6% | -27.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 19.0% | 14.0% | 15.7% | 12.3% | 17.9% | 10.3% | |
Prior Fiscal Year | 11.8% | 17.9% | 14.5% | 9.3% | 17.7% | 12.1% | |
Latest Fiscal Year | 13.5% | 8.0% | 14.7% | 9.4% | 17.8% | 6.9% | |
Latest Twelve Months | 14.1% | 9.0% | 14.2% | 8.5% | 18.0% | 7.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.96x | 0.84x | 1.57x | 1.49x | 1.66x | 1.08x | |
EV / LTM EBITDA | 13.9x | 9.4x | 11.1x | 17.5x | 9.2x | 14.6x | |
EV / LTM EBIT | 15.5x | 17.2x | 12.9x | 35.3x | 10.7x | 24.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 9.2x | 11.1x | 17.5x | ||||
Historical EV / LTM EBITDA | 7.7x | 12.4x | 46.7x | ||||
Selected EV / LTM EBITDA | 16.5x | 17.3x | 18.2x | ||||
(x) LTM EBITDA | 16 | 16 | 16 | ||||
(=) Implied Enterprise Value | 259 | 273 | 287 | ||||
(-) Non-shareholder Claims * | 4 | 4 | 4 | ||||
(=) Equity Value | 263 | 277 | 291 | ||||
(/) Shares Outstanding | 19.4 | 19.4 | 19.4 | ||||
Implied Value Range | 13.60 | 14.30 | 15.00 | ||||
FX Rate: EUR/DKK | 0.1 | 0.1 | 0.1 | Market Price | |||
Implied Value Range (Trading Cur) | 101.46 | 106.71 | 111.97 | 90.40 | |||
Upside / (Downside) | 12.2% | 18.0% | 23.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | NETC | 2Y5 | E3M | NZB | COZ | TRIFOR | |
Enterprise Value | 13,101 | 650 | 7,612 | 462 | 33,734 | 231 | |
(+) Cash & Short Term Investments | 185 | 68 | 1,174 | 95 | 1,808 | 33 | |
(+) Investments & Other | 205 | 0 | 36 | 0 | 110 | 83 | |
(-) Debt | (2,465) | (186) | (158) | (120) | (1,177) | (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 | 11,026 | 532 | 8,663 | 437 | 34,475 | 235 | |
(/) Shares Outstanding | 47.1 | 59.4 | 56.7 | 306.4 | 488.4 | 19.4 | |
Implied Stock Price | 234.00 | 8.96 | 152.91 | 1.43 | 70.59 | 12.11 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.87 | 1.16 | 0.87 | 1.16 | 0.13 | |
Implied Stock Price (Trading Cur) | 234.00 | 10.30 | 132.05 | 1.64 | 60.96 | 90.40 | |
Trading Currency | DKK | EUR | EUR | EUR | EUR | DKK | |
FX Rate to Reporting Currency | 1.00 | 0.87 | 1.16 | 0.87 | 1.16 | 0.13 |