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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -2.9x - -3.3x | -3.1x |
| Selected Fwd EBIT Multiple | -1.1x - -1.2x | -1.2x |
| Fair Value | €2.17 - €2.23 | €2.20 |
| Upside | -14.3% - -11.7% | -13.0% |
| Benchmarks | Ticker | Full Ticker |
| Plastiques du Val de Loire | PVL | ENXTPA:PVL |
| SergeFerrari Group SA | SEFER | ENXTPA:SEFER |
| Amoéba S.A. | ALMIB | ENXTPA:ALMIB |
| Encres Dubuit | ALDUB | ENXTPA:ALDUB |
| Global Bioenergies SA | ALGBE | ENXTPA:ALGBE |
| AFYREN SAS | 90N | DB:90N |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| PVL | SEFER | ALMIB | ALDUB | ALGBE | 90N | ||
| ENXTPA:PVL | ENXTPA:SEFER | ENXTPA:ALMIB | ENXTPA:ALDUB | ENXTPA:ALGBE | DB:90N | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -25.9% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | -24.0% | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -80.0% | -103.8% | 59.7% | -2.1% | 30.6% | -1.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.7% | 4.2% | -5085.1% | -2.2% | -6565.8% | -135.3% | |
| Prior Fiscal Year | 5.8% | 2.8% | -2113.2% | -11.2% | -298.9% | -177.6% | |
| Latest Fiscal Year | 1.2% | -0.1% | -941.3% | -11.3% | -1869.9% | -212.4% | |
| Latest Twelve Months | 1.2% | -0.1% | -941.3% | -11.3% | -1869.9% | -212.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 0.63x | 113.33x | 0.24x | 52.46x | 4.91x | |
| EV / LTM EBITDA | 8.8x | 21.4x | -13.3x | -5.0x | -4.5x | -2.7x | |
| EV / LTM EBIT | 26.5x | -572.4x | -12.0x | -2.1x | -2.8x | -2.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -572.4x | -2.8x | 26.5x | ||||
| Historical EV / LTM EBIT | -108.9x | -9.1x | 1.9x | ||||
| Selected EV / LTM EBIT | -2.9x | -3.1x | -3.3x | ||||
| (x) LTM EBIT | (6) | (6) | (6) | ||||
| (=) Implied Enterprise Value | 18 | 19 | 20 | ||||
| (-) Non-shareholder Claims * | 40 | 40 | 40 | ||||
| (=) Equity Value | 58 | 59 | 60 | ||||
| (/) Shares Outstanding | 26.1 | 26.1 | 26.1 | ||||
| Implied Value Range | 2.23 | 2.26 | 2.30 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.23 | 2.26 | 2.30 | 2.53 | |||
| Upside / (Downside) | -11.9% | -10.5% | -9.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | PVL | SEFER | ALMIB | ALDUB | ALGBE | 90N | |
| Enterprise Value | 234 | 200 | 69 | 5 | 19 | 26 | |
| (+) Cash & Short Term Investments | 70 | 22 | 0 | 5 | 5 | 34 | |
| (+) Investments & Other | 0 | 2 | 0 | 0 | 0 | 10 | |
| (-) Debt | (262) | (147) | (12) | (1) | (6) | (3) | |
| (-) Other Liabilities | (12) | (12) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 31 | 64 | 58 | 9 | 18 | 66 | |
| (/) Shares Outstanding | 22.1 | 11.4 | 49.6 | 3.0 | 18.1 | 26.1 | |
| Implied Stock Price | 1.40 | 5.60 | 1.16 | 2.84 | 1.02 | 2.53 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.40 | 5.60 | 1.16 | 2.84 | 1.02 | 2.53 | |
| 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 | |