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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -2.1x - -2.4x | -2.2x |
| Selected Fwd EBITDA Multiple | -1.9x - -2.1x | -2.0x |
| Fair Value | €2.09 - €2.15 | €2.12 |
| Upside | 28.2% - 31.8% | 30.0% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALVIN | ALGAE | PVL | ALCRB | ALDUB | 90N | ||
| ENXTPA:ALVIN | ENXTPA:ALGAE | ENXTPA:PVL | ENXTPA:ALCRB | ENXTPA:ALDUB | DB:90N | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | -18.1% | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | -24.8% | NM- | NM- | NM- | |
| Latest Twelve Months | -72.4% | 16.2% | -67.9% | -28.1% | -129.1% | 9.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -14.0% | -139.6% | 7.1% | -19409.4% | 2.9% | -127.7% | |
| Prior Fiscal Year | -12.9% | -244.5% | 10.9% | -31881.4% | 3.8% | -170.9% | |
| Latest Fiscal Year | -13.0% | -72.3% | 3.8% | -100062.5% | -7.8% | -182.6% | |
| Latest Twelve Months | -18.3% | -72.3% | 3.8% | -39694.8% | -4.3% | -182.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.91x | 2.03x | 0.33x | 230.95x | 0.27x | 0.44x | |
| EV / LTM EBITDA | -10.4x | -2.8x | 8.8x | -0.6x | -6.3x | -0.2x | |
| EV / LTM EBIT | -7.7x | -2.1x | 26.7x | -0.5x | -4.1x | -0.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -10.4x | -2.8x | 8.8x | ||||
| Historical EV / LTM EBITDA | -119.0x | -8.2x | 2.0x | ||||
| Selected EV / LTM EBITDA | -2.1x | -2.2x | -2.4x | ||||
| (x) LTM EBITDA | (5) | (5) | (5) | ||||
| (=) Implied Enterprise Value | 11 | 12 | 12 | ||||
| (-) Non-shareholder Claims * | 40 | 40 | 40 | ||||
| (=) Equity Value | 51 | 52 | 53 | ||||
| (/) Shares Outstanding | 26.1 | 26.1 | 26.1 | ||||
| Implied Value Range | 1.97 | 1.99 | 2.01 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.97 | 1.99 | 2.01 | 1.63 | |||
| Upside / (Downside) | 20.8% | 22.1% | 23.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALVIN | ALGAE | PVL | ALCRB | ALDUB | 90N | |
| Enterprise Value | 17 | 23 | 234 | 18 | 5 | 2 | |
| (+) 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 | 31 | 31 | 101 | 8 | 43 | |
| (/) Shares Outstanding | 3.5 | 86.0 | 22.1 | 16.8 | 3.0 | 26.1 | |
| Implied Stock Price | 3.53 | 0.36 | 1.40 | 5.99 | 2.78 | 1.63 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.53 | 0.36 | 1.40 | 5.99 | 2.78 | 1.63 | |
| 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 | |