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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.7x - 0.7x | 0.7x |
| Selected Fwd Revenue Multiple | 0.6x - 0.7x | 0.6x |
| Fair Value | €54.39 - €61.57 | €57.98 |
| Upside | 20.3% - 36.2% | 28.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Nagarro SE | NA9 | XTRA:NA9 |
| Allgeier SE | AEIN | XTRA:AEIN |
| audius SE | 3ITN | XTRA:3ITN |
| Bechtle AG | BC8 | XTRA:BC8 |
| ORBIS AG | OBS | XTRA:OBS |
| All for One Group SE | A1OS | DB:A1OS |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| NA9 | AEIN | 3ITN | BC8 | OBS | A1OS | |||
| XTRA:NA9 | XTRA:AEIN | XTRA:3ITN | XTRA:BC8 | XTRA:OBS | DB:A1OS | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 19.2% | 3.7% | 28.3% | 3.2% | 12.8% | 7.3% | ||
| 3Y CAGR | 21.2% | 4.2% | 12.7% | 5.9% | 10.3% | 11.1% | ||
| Latest Twelve Months | 5.3% | -12.5% | 7.2% | -1.2% | 0.0% | 2.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 10.6% | 5.4% | 7.3% | 5.8% | 4.1% | 4.5% | ||
| Prior Fiscal Year | 9.7% | 6.3% | 7.2% | 6.0% | 3.9% | 3.7% | ||
| Latest Fiscal Year | 10.3% | 4.4% | 5.9% | 5.6% | 3.6% | 5.3% | ||
| Latest Twelve Months | 10.9% | 3.5% | 5.9% | 4.9% | 3.6% | 4.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.91x | 0.96x | 0.66x | 0.83x | 0.39x | 0.56x | ||
| EV / LTM EBIT | 8.3x | 27.2x | 11.2x | 17.0x | 11.0x | 11.9x | ||
| Price / LTM Sales | 0.66x | 0.48x | 0.74x | 0.79x | 0.42x | 0.43x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.39x | 0.83x | 0.96x | |||||
| Historical EV / LTM Revenue | 0.58x | 0.63x | 0.97x | |||||
| Selected EV / LTM Revenue | 0.65x | 0.68x | 0.72x | |||||
| (x) LTM Revenue | 513 | 513 | 513 | |||||
| (=) Implied Enterprise Value | 333 | 351 | 369 | |||||
| (-) Non-shareholder Claims * | (67) | (67) | (67) | |||||
| (=) Equity Value | 267 | 284 | 302 | |||||
| (/) Shares Outstanding | 4.8 | 4.8 | 4.8 | |||||
| Implied Value Range | 55.40 | 59.04 | 62.69 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 55.40 | 59.04 | 62.69 | 45.20 | ||||
| Upside / (Downside) | 22.6% | 30.6% | 38.7% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NA9 | AEIN | 3ITN | BC8 | OBS | A1OS | |
| Enterprise Value | 898 | 405 | 55 | 5,246 | 51 | 284 | |
| (+) Cash & Short Term Investments | 122 | 33 | 11 | 522 | 18 | 47 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 2 | 0 | |
| (-) Debt | (368) | (182) | (3) | (788) | (9) | (113) | |
| (-) Other Liabilities | 0 | (56) | (2) | (3) | (7) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 652 | 200 | 62 | 4,977 | 55 | 218 | |
| (/) Shares Outstanding | 12.6 | 11.5 | 4.9 | 126.0 | 9.5 | 4.8 | |
| Implied Stock Price | 51.60 | 17.45 | 12.50 | 39.50 | 5.80 | 45.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 51.60 | 17.45 | 12.50 | 39.50 | 5.80 | 45.20 | |
| 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 | |