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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.9x - 3.2x | 3.1x |
| Selected Fwd Revenue Multiple | 2.9x - 3.2x | 3.0x |
| Fair Value | €1.29 - €1.45 | €1.37 |
| Upside | 11.9% - 26.0% | 19.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| SSH Communications Security Oyj | SSH1V | HLSE:SSH1V |
| Logismos Information Systems S.A. | LOGISMOS | ATSE:LOGISMOS |
| Hybrid Software Group PLC | HYSG | ENXTBR:HYSG |
| Valuno Group AB (publ) | VALUNO | NGM:VALUNO |
| Tecnotree Oyj | TEM1V | HLSE:TEM1V |
| NETinfo Plc | NETIN | CSE:NETIN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| SSH1V | LOGISMOS | HYSG | VALUNO | TEM1V | NETIN | |||
| HLSE:SSH1V | ATSE:LOGISMOS | ENXTBR:HYSG | NGM:VALUNO | HLSE:TEM1V | CSE:NETIN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.0% | 5.2% | 22.8% | -16.9% | 8.8% | 9.5% | ||
| 3Y CAGR | 11.6% | 11.5% | 2.0% | -29.4% | 3.7% | 5.8% | ||
| Latest Twelve Months | 9.0% | 10.0% | 7.2% | 201.6% | -8.7% | 26.4% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -9.5% | -2.9% | 3.4% | -3.4% | 31.0% | 8.0% | ||
| Prior Fiscal Year | -8.1% | 2.7% | -2.4% | -5.5% | 30.4% | 7.9% | ||
| Latest Fiscal Year | -1.2% | 3.2% | 6.3% | -9.9% | 33.3% | 15.2% | ||
| Latest Twelve Months | -1.2% | 5.2% | 6.3% | -0.3% | 33.3% | 19.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.27x | 2.47x | 2.39x | 0.08x | 0.90x | 2.72x | ||
| EV / LTM EBIT | -192.1x | 47.5x | 38.1x | -24.5x | 2.7x | 14.2x | ||
| Price / LTM Sales | 2.01x | 2.36x | 2.41x | 0.11x | 0.76x | 2.23x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.08x | 2.27x | 2.47x | |||||
| Historical EV / LTM Revenue | 3.43x | 4.08x | 4.69x | |||||
| Selected EV / LTM Revenue | 2.90x | 3.06x | 3.21x | |||||
| (x) LTM Revenue | 7 | 7 | 7 | |||||
| (=) Implied Enterprise Value | 19 | 20 | 21 | |||||
| (-) Non-shareholder Claims * | (3) | (3) | (3) | |||||
| (=) Equity Value | 16 | 17 | 18 | |||||
| (/) Shares Outstanding | 12.8 | 12.8 | 12.8 | |||||
| Implied Value Range | 1.24 | 1.32 | 1.40 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.24 | 1.32 | 1.40 | 1.15 | ||||
| Upside / (Downside) | 8.1% | 15.0% | 21.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SSH1V | LOGISMOS | HYSG | VALUNO | TEM1V | NETIN | |
| Enterprise Value | 50 | 8 | 121 | 23 | 61 | 18 | |
| (+) Cash & Short Term Investments | 3 | 0 | 10 | 8 | 17 | 0 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (2) | (0) | (8) | (0) | (27) | (3) | |
| (-) Other Liabilities | (7) | 0 | 0 | 0 | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 44 | 8 | 122 | 31 | 51 | 15 | |
| (/) Shares Outstanding | 41.0 | 4.7 | 32.8 | 140.0 | 16.0 | 12.8 | |
| Implied Stock Price | 1.08 | 1.61 | 3.70 | 0.22 | 3.20 | 1.15 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.09 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.08 | 1.61 | 3.70 | 2.37 | 3.20 | 1.15 | |
| Trading Currency | EUR | EUR | EUR | SEK | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.09 | 1.00 | 1.00 | |