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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 5.4x - 5.9x | 5.6x |
| Selected Fwd EBITDA Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | €26.73 - €30.48 | €28.60 |
| Upside | 12.1% - 27.8% | 19.9% |
| Benchmarks | Ticker | Full Ticker |
| RPC, Inc. | RES | NYSE:RES |
| Archrock, Inc. | AROC | NYSE:AROC |
| Liberty Energy Inc. | LBRT | NYSE:LBRT |
| ChampionX Corporation | CHX | NasdaqGS:CHX |
| TETRA Technologies, Inc. | TTI | NYSE:TTI |
| Noble Corporation plc | 85V1 | DB:85V1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| RES | AROC | LBRT | CHX | TTI | 85V1 | ||
| NYSE:RES | NYSE:AROC | NYSE:LBRT | NasdaqGS:CHX | NYSE:TTI | DB:85V1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.5% | 7.4% | 26.8% | 27.4% | 9.3% | 22.3% | |
| 3Y CAGR | 41.6% | 21.1% | 109.0% | 21.7% | 67.3% | 131.2% | |
| Latest Twelve Months | -29.5% | 35.3% | -25.8% | 1.0% | 22.8% | 42.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.5% | 42.4% | 14.2% | 15.8% | 6.1% | 28.3% | |
| Prior Fiscal Year | 22.4% | 42.9% | 24.8% | 19.9% | 12.7% | 32.9% | |
| Latest Fiscal Year | 15.7% | 48.4% | 20.6% | 21.0% | 14.3% | 36.5% | |
| Latest Twelve Months | 15.1% | 50.2% | 19.2% | 21.3% | 16.0% | 38.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.60x | 5.40x | 0.58x | 1.43x | 1.02x | 1.97x | |
| EV / LTM EBITDA | 4.0x | 10.7x | 3.0x | 6.7x | 6.4x | 5.1x | |
| EV / LTM EBIT | 12.0x | 16.2x | 8.0x | 9.9x | 10.2x | 7.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.0x | 6.4x | 10.7x | ||||
| Historical EV / LTM EBITDA | 7.1x | 9.3x | 23.1x | ||||
| Selected EV / LTM EBITDA | 5.4x | 5.6x | 5.9x | ||||
| (x) LTM EBITDA | 1,219 | 1,219 | 1,219 | ||||
| (=) Implied Enterprise Value | 6,531 | 6,875 | 7,219 | ||||
| (-) Non-shareholder Claims * | (1,675) | (1,675) | (1,675) | ||||
| (=) Equity Value | 4,856 | 5,200 | 5,544 | ||||
| (/) Shares Outstanding | 158.8 | 158.8 | 158.8 | ||||
| Implied Value Range | 30.58 | 32.75 | 34.91 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 25.97 | 27.81 | 29.65 | 23.85 | |||
| Upside / (Downside) | 8.9% | 16.6% | 24.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RES | AROC | LBRT | CHX | TTI | 85V1 | |
| Enterprise Value | 828 | 6,659 | 2,426 | 5,120 | 619 | 6,134 | |
| (+) Cash & Short Term Investments | 327 | 5 | 24 | 527 | 41 | 304 | |
| (+) Investments & Other | 0 | 13 | 69 | 0 | 10 | 0 | |
| (-) Debt | (31) | (2,310) | (564) | (655) | (218) | (1,979) | |
| (-) Other Liabilities | 0 | 0 | 0 | 12 | 1 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,123 | 4,367 | 1,956 | 5,004 | 452 | 4,459 | |
| (/) Shares Outstanding | 216.9 | 176.8 | 162.0 | 191.4 | 133.1 | 158.8 | |
| Implied Stock Price | 5.18 | 24.70 | 12.08 | 26.14 | 3.40 | 28.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
| Implied Stock Price (Trading Cur) | 5.18 | 24.70 | 12.08 | 26.14 | 3.40 | 23.85 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |