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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.7x |
| Selected Fwd EBITDA Multiple | 7.1x - 7.8x | 7.5x |
| Fair Value | €0.71 - €0.85 | €0.78 |
| Upside | -20.0% - -4.3% | -12.2% |
| Benchmarks | Ticker | Full Ticker |
| Top Kinisis Travel Public Limited | TOP | CSE:TOP |
| Agros Development Company "Proodos" Public Ltd | AGRO | CSE:AGRO |
| Valamar Riviera d.d. | RIVP | ZGSE:RIVP |
| Arena Hospitality Group d.d. | ARNT | ZGSE:ARNT |
| Sodexo S.A. | SW | ENXTPA:SW |
| Lordos Hotels (Holdings) Public Limited | LHH | CSE:LHH |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TOP | AGRO | RIVP | ARNT | SW | LHH | ||
| CSE:TOP | CSE:AGRO | ZGSE:RIVP | ZGSE:ARNT | ENXTPA:SW | CSE:LHH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 28.5% | 1.3% | 3.7% | 1.4% | -2.5% | 14.2% | |
| 3Y CAGR | 88.2% | 9.1% | 13.1% | 17.5% | 15.4% | 31.2% | |
| Latest Twelve Months | -18.8% | -16.7% | 10.4% | 27.7% | 7.7% | -1.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -8.4% | 28.6% | 26.9% | 14.7% | 5.1% | 17.7% | |
| Prior Fiscal Year | 4.7% | 29.4% | 28.7% | 18.8% | 5.2% | 28.7% | |
| Latest Fiscal Year | 3.6% | 26.6% | 28.0% | 21.8% | 5.5% | 29.2% | |
| Latest Twelve Months | 3.6% | 26.6% | 27.3% | 22.0% | 5.6% | 29.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.12x | 3.23x | 2.81x | 2.62x | 0.47x | 2.16x | |
| EV / LTM EBITDA | 3.5x | 12.2x | 10.3x | 11.9x | 8.5x | 7.4x | |
| EV / LTM EBIT | 3.9x | 16.8x | 24.8x | 25.5x | 10.8x | 10.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.5x | 10.3x | 12.2x | ||||
| Historical EV / LTM EBITDA | 7.0x | 10.9x | 68.2x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.7x | 7.0x | ||||
| (x) LTM EBITDA | 7 | 7 | 7 | ||||
| (=) Implied Enterprise Value | 45 | 48 | 50 | ||||
| (-) Non-shareholder Claims * | (22) | (22) | (22) | ||||
| (=) Equity Value | 24 | 26 | 28 | ||||
| (/) Shares Outstanding | 35.0 | 35.0 | 35.0 | ||||
| Implied Value Range | 0.67 | 0.74 | 0.81 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.67 | 0.74 | 0.81 | 0.89 | |||
| Upside / (Downside) | -24.3% | -16.7% | -9.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TOP | AGRO | RIVP | ARNT | SW | LHH | |
| Enterprise Value | 3 | 13 | 1,182 | 372 | 11,419 | 53 | |
| (+) Cash & Short Term Investments | 1 | 1 | 12 | 17 | 1,478 | 4 | |
| (+) Investments & Other | 0 | 0 | 16 | 10 | 458 | 0 | |
| (-) Debt | (0) | (3) | (309) | (202) | (5,606) | (12) | |
| (-) Other Liabilities | (0) | 0 | (135) | 0 | (21) | (14) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3 | 10 | 766 | 197 | 7,728 | 31 | |
| (/) Shares Outstanding | 12.2 | 3.6 | 122.7 | 5.0 | 146.0 | 35.0 | |
| Implied Stock Price | 0.24 | 2.70 | 6.24 | 39.40 | 52.95 | 0.89 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.24 | 2.70 | 6.24 | 39.40 | 52.95 | 0.89 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |