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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -0.4x - -0.5x | -0.5x |
| Selected Fwd EBIT Multiple | -0.7x - -0.7x | -0.7x |
| Fair Value | €1.76 - €1.79 | €1.77 |
| Upside | 11.6% - 13.1% | 12.3% |
| Benchmarks | Ticker | Full Ticker |
| Vinpai SAS | ALVIN | ENXTPA:ALVIN |
| Fermentalg SA | ALGAE | ENXTPA:ALGAE |
| Plastiques du Val de Loire | PVL | ENXTPA:PVL |
| Carbios SAS | ALCRB | ENXTPA:ALCRB |
| Encres Dubuit | ALDUB | ENXTPA:ALDUB |
| AFYREN SAS | 90N | DB:90N |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ALVIN | ALGAE | PVL | ALCRB | ALDUB | 90N | ||
| ENXTPA:ALVIN | ENXTPA:ALGAE | ENXTPA:PVL | ENXTPA:ALCRB | ENXTPA:ALDUB | DB:90N | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | -25.9% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | -24.0% | NM- | NM- | NM- | |
| Latest Twelve Months | -70.3% | 10.5% | -80.0% | -27.8% | -1.9% | -1.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -19.9% | -175.3% | 1.7% | -23176.3% | -1.0% | -135.3% | |
| Prior Fiscal Year | -19.1% | -299.1% | 5.8% | -37294.3% | 0.6% | -177.6% | |
| Latest Fiscal Year | -19.8% | -94.5% | 1.2% | -120362.5% | -11.2% | -212.4% | |
| Latest Twelve Months | -24.7% | -94.5% | 1.2% | -46267.5% | -6.6% | -212.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.86x | 1.73x | 0.32x | 12.69x | 0.26x | 0.80x | |
| EV / LTM EBITDA | -10.1x | -2.4x | 8.6x | 0.0x | -6.0x | -0.4x | |
| EV / LTM EBIT | -7.5x | -1.8x | 26.0x | 0.0x | -3.9x | -0.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -7.5x | -1.8x | 26.0x | ||||
| Historical EV / LTM EBIT | -108.9x | -8.1x | 1.9x | ||||
| Selected EV / LTM EBIT | -0.4x | -0.5x | -0.5x | ||||
| (x) LTM EBIT | (6) | (6) | (6) | ||||
| (=) Implied Enterprise Value | 3 | 3 | 3 | ||||
| (-) Non-shareholder Claims * | 40 | 40 | 40 | ||||
| (=) Equity Value | 43 | 43 | 43 | ||||
| (/) Shares Outstanding | 26.1 | 26.1 | 26.1 | ||||
| Implied Value Range | 1.64 | 1.65 | 1.65 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.64 | 1.65 | 1.65 | 1.58 | |||
| Upside / (Downside) | 4.1% | 4.4% | 4.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALVIN | ALGAE | PVL | ALCRB | ALDUB | 90N | |
| Enterprise Value | 17 | 20 | 228 | 1 | 5 | 1 | |
| (+) Cash & Short Term Investments | 0 | 21 | 70 | 121 | 4 | 34 | |
| (+) Investments & Other | 1 | 0 | 0 | 9 | 0 | 10 | |
| (-) Debt | (6) | (13) | (262) | (47) | (1) | (3) | |
| (-) Other Liabilities | 0 | 0 | (12) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12 | 28 | 25 | 84 | 8 | 41 | |
| (/) Shares Outstanding | 3.5 | 86.0 | 22.1 | 16.8 | 3.0 | 26.1 | |
| Implied Stock Price | 3.40 | 0.32 | 1.12 | 4.99 | 2.70 | 1.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.40 | 0.32 | 1.12 | 4.99 | 2.70 | 1.58 | |
| 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 | |