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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd EBITDA Multiple | 7.8x - 8.7x | 8.2x |
| Fair Value | €92.42 - €103.83 | €98.12 |
| Upside | 30.5% - 46.7% | 38.6% |
| Benchmarks | Ticker | Full Ticker |
| Brunel International N.V. | 3BY3 | DB:3BY3 |
| Randstad N.V. | RSH | DB:RSH |
| Adecco Group AG | ADIA | DB:ADIA |
| MEITEC Group Holdings Inc. | MEIT.F | OTCPK:MEIT.F |
| Kforce Inc. | ROF | DB:ROF |
| Amadeus FiRe AG | AAD | DB:AAD |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 3BY3 | RSH | ADIA | MEIT.F | ROF | AAD | ||
| DB:3BY3 | DB:RSH | DB:ADIA | OTCPK:MEIT.F | DB:ROF | DB:AAD | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 22.8% | -9.9% | -6.4% | 6.5% | -2.2% | 9.8% | |
| 3Y CAGR | 4.9% | -18.0% | -8.7% | 18.7% | -12.7% | -2.1% | |
| Latest Twelve Months | -6.5% | -36.1% | -18.3% | 1.0% | -19.2% | -14.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.2% | 3.9% | 4.0% | 13.2% | 6.3% | 17.7% | |
| Prior Fiscal Year | 4.5% | 3.8% | 3.8% | 14.2% | 5.9% | 16.8% | |
| Latest Fiscal Year | 4.1% | 2.6% | 3.2% | 14.2% | 5.2% | 14.5% | |
| Latest Twelve Months | 4.1% | 2.6% | 3.2% | 14.3% | 5.2% | 14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.31x | 0.33x | 0.29x | 1.30x | 0.62x | 1.07x | |
| EV / LTM EBITDA | 7.5x | 12.7x | 9.0x | 9.0x | 12.0x | 7.4x | |
| EV / LTM EBIT | 8.2x | 15.2x | 11.2x | 9.2x | 12.6x | 8.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.5x | 9.0x | 12.7x | ||||
| Historical EV / LTM EBITDA | 7.4x | 11.0x | 18.8x | ||||
| Selected EV / LTM EBITDA | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBITDA | 63 | 63 | 63 | ||||
| (=) Implied Enterprise Value | 592 | 623 | 654 | ||||
| (-) Non-shareholder Claims * | (87) | (87) | (87) | ||||
| (=) Equity Value | 505 | 536 | 567 | ||||
| (/) Shares Outstanding | 5.4 | 5.4 | 5.4 | ||||
| Implied Value Range | 92.98 | 98.71 | 104.45 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 92.98 | 98.71 | 104.45 | 70.80 | |||
| Upside / (Downside) | 31.3% | 39.4% | 47.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3BY3 | RSH | ADIA | MEIT.F | ROF | AAD | |
| Enterprise Value | 427 | 8,089 | 6,655 | 201,414 | 881 | 472 | |
| (+) Cash & Short Term Investments | 112 | 357 | 482 | 46,110 | 0 | 2 | |
| (+) Investments & Other | 0 | 33 | 242 | 0 | 0 | 0 | |
| (-) Debt | (96) | (2,218) | (3,559) | 0 | (48) | (89) | |
| (-) Other Liabilities | (2) | (1) | (10) | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | (306) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 440 | 5,955 | 3,810 | 247,524 | 834 | 385 | |
| (/) Shares Outstanding | 50.5 | 175.1 | 334.2 | 91.9 | 18.2 | 5.4 | |
| Implied Stock Price | 8.73 | 34.00 | 11.40 | 2,692.59 | 45.82 | 70.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 143.61 | 1.13 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.73 | 34.00 | 11.40 | 18.75 | 40.40 | 70.80 | |
| Trading Currency | EUR | EUR | EUR | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 143.61 | 1.13 | 1.00 | |