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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.3x - 11.4x | 10.8x |
| Selected Fwd EBITDA Multiple | 6.2x - 6.9x | 6.5x |
| Fair Value | €11.77 - €13.83 | €12.80 |
| Upside | 16.1% - 36.4% | 26.2% |
| Benchmarks | Ticker | Full Ticker |
| DigitalOcean Holdings, Inc. | 0SU | DB:0SU |
| Union Technologies Informatique Group S.A. | FPG | ENXTPA:FPG |
| HITECHPROS Société anonyme | ALHIT | ENXTPA:ALHIT |
| iomart Group plc | LYU | DB:LYU |
| Witbe S.A. | ALWIT | ENXTPA:ALWIT |
| OVH Groupe S.A. | 7U7 | DB:7U7 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 0SU | FPG | ALHIT | LYU | ALWIT | 7U7 | ||
| DB:0SU | ENXTPA:FPG | ENXTPA:ALHIT | DB:LYU | ENXTPA:ALWIT | DB:7U7 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 56.5% | NM- | -2.6% | -9.2% | NM- | 11.8% | |
| 3Y CAGR | 52.2% | NM- | -2.5% | -10.6% | NM- | 8.8% | |
| Latest Twelve Months | 14.5% | -11383.3% | -18.4% | -25.9% | -586.7% | -1.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.3% | 2.7% | 11.9% | 26.1% | -1.3% | 30.8% | |
| Prior Fiscal Year | 25.4% | -0.1% | 10.0% | 23.6% | -2.8% | 29.3% | |
| Latest Fiscal Year | 29.0% | -6.6% | 9.2% | 15.5% | -20.2% | 28.7% | |
| Latest Twelve Months | 30.5% | -6.6% | 9.2% | 15.5% | -20.2% | 27.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.88x | 0.37x | 0.74x | 0.90x | 0.41x | 2.64x | |
| EV / LTM EBITDA | 16.0x | -5.6x | 8.1x | 5.8x | -2.0x | 9.7x | |
| EV / LTM EBIT | 30.1x | -5.5x | 8.5x | 18.5x | -1.9x | 45.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -5.6x | 5.8x | 16.0x | ||||
| Historical EV / LTM EBITDA | 7.2x | 8.8x | 13.2x | ||||
| Selected EV / LTM EBITDA | 10.3x | 10.8x | 11.4x | ||||
| (x) LTM EBITDA | 284 | 284 | 284 | ||||
| (=) Implied Enterprise Value | 2,929 | 3,083 | 3,237 | ||||
| (-) Non-shareholder Claims * | (1,189) | (1,189) | (1,189) | ||||
| (=) Equity Value | 1,740 | 1,894 | 2,048 | ||||
| (/) Shares Outstanding | 151.7 | 151.7 | 151.7 | ||||
| Implied Value Range | 11.47 | 12.49 | 13.50 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 11.47 | 12.49 | 13.50 | 10.14 | |||
| Upside / (Downside) | 13.1% | 23.2% | 33.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 0SU | FPG | ALHIT | LYU | ALWIT | 7U7 | |
| Enterprise Value | 4,085 | 8 | 20 | 128 | 9 | 2,727 | |
| (+) Cash & Short Term Investments | 388 | 1 | 7 | 13 | 1 | 107 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 3 | |
| (-) Debt | (1,764) | (3) | (0) | (115) | (4) | (1,299) | |
| (-) 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 | 2,709 | 6 | 27 | 26 | 6 | 1,538 | |
| (/) Shares Outstanding | 91.0 | 63.6 | 1.6 | 112.8 | 4.1 | 151.7 | |
| Implied Stock Price | 29.75 | 0.10 | 16.60 | 0.23 | 1.50 | 10.14 | |
| FX Conversion Rate to Trading Currency | 1.17 | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.49 | 0.10 | 16.60 | 0.26 | 1.50 | 10.14 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.17 | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | |