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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 65.2x - 72.1x | 68.6x |
| Selected Fwd EBITDA Multiple | 9.5x - 10.5x | 10.0x |
| Fair Value | €23.42 - €25.68 | €24.55 |
| Upside | -43.8% - -38.4% | -41.1% |
| Benchmarks | Ticker | Full Ticker |
| MLP SE | MLP | XTRA:MLP |
| Deutsche Börse AG | DB1 | XTRA:DB1 |
| OVB Holding AG | O4B | XTRA:O4B |
| Heidelberger Beteiligungsholding AG | IPOK | XTRA:IPOK |
| AdCapital AG | ADC | DB:ADC |
| Bitcoin Group SE | ADE | DB:ADE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MLP | DB1 | O4B | IPOK | ADC | ADE | ||
| XTRA:MLP | XTRA:DB1 | XTRA:O4B | XTRA:IPOK | DB:ADC | DB:ADE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 21.1% | 13.1% | 9.3% | NM- | -13.2% | -52.5% | |
| 3Y CAGR | 11.5% | 18.7% | 1.5% | NM- | -32.4% | -72.8% | |
| Latest Twelve Months | 21.6% | 11.3% | 5.0% | NM | -54.4% | 168.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.6% | 46.5% | 5.9% | 63.2% | 3.4% | 32.5% | |
| Prior Fiscal Year | 10.5% | 54.2% | 5.4% | 68.5% | 4.2% | -44.7% | |
| Latest Fiscal Year | 13.0% | 52.9% | 5.5% | NA | 1.9% | 2.7% | |
| Latest Twelve Months | 12.8% | 52.2% | 5.2% | NA | 1.9% | 26.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.75x | 10.07x | 0.47x | 1.59x | 0.13x | 31.39x | |
| EV / LTM EBITDA | 5.9x | 19.3x | 9.8x | NA | 6.7x | 120.7x | |
| EV / LTM EBIT | 6.4x | 20.6x | 10.5x | 1.7x | -27.2x | 124.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.9x | 8.3x | 19.3x | ||||
| Historical EV / LTM EBITDA | -430.6x | 9.3x | 44.0x | ||||
| Selected EV / LTM EBITDA | 65.2x | 68.6x | 72.1x | ||||
| (x) LTM EBITDA | 2 | 2 | 2 | ||||
| (=) Implied Enterprise Value | 107 | 113 | 119 | ||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | ||||
| (=) Equity Value | 117 | 123 | 128 | ||||
| (/) Shares Outstanding | 5.0 | 5.0 | 5.0 | ||||
| Implied Value Range | 23.39 | 24.52 | 25.65 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.39 | 24.52 | 25.65 | 41.68 | |||
| Upside / (Downside) | -43.9% | -41.2% | -38.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MLP | DB1 | O4B | IPOK | ADC | ADE | |
| Enterprise Value | 802 | 59,955 | 194 | 7 | 21 | 199 | |
| (+) Cash & Short Term Investments | 88 | 0 | 137 | 11 | 4 | 10 | |
| (+) Investments & Other | 4 | 0 | 0 | 1 | 0 | 0 | |
| (-) Debt | 0 | (7,194) | (11) | 0 | 0 | (0) | |
| (-) Other Liabilities | 0 | (513) | (1) | 0 | (5) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 894 | 52,248 | 319 | 19 | 21 | 208 | |
| (/) Shares Outstanding | 109.0 | 183.8 | 14.3 | 0.3 | 14.0 | 5.0 | |
| Implied Stock Price | 8.20 | 284.30 | 22.40 | 70.50 | 1.46 | 41.68 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.20 | 284.30 | 22.40 | 70.50 | 1.46 | 41.68 | |
| 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 | |