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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 14.8x - 16.3x | 15.6x |
| Selected Fwd Revenue Multiple | 6.8x - 7.5x | 7.1x |
| Fair Value | €21.82 - €23.91 | €22.87 |
| Upside | -22.9% - -15.5% | -19.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| MLP SE | MLP | XTRA:MLP |
| Deutsche Börse AG | DB1 | XTRA:DB1 |
| OVB Holding AG | O4B | XTRA:O4B |
| Titanium Oyj | TITAN | HLSE:TITAN |
| Yoda PLC | YODA | CSE:YODA |
| Bitcoin Group SE | ADE | DB:ADE |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MLP | DB1 | O4B | TITAN | YODA | ADE | |||
| XTRA:MLP | XTRA:DB1 | XTRA:O4B | HLSE:TITAN | CSE:YODA | DB:ADE | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 8.6% | 11.9% | 8.9% | 3.5% | NM- | -7.3% | ||
| 3Y CAGR | 4.7% | 10.0% | 9.4% | -2.3% | 35.1% | -19.8% | ||
| Latest Twelve Months | 9.7% | 15.2% | 13.7% | -16.3% | 124.5% | -24.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 9.2% | 43.3% | 5.3% | 55.8% | 13.8% | 32.0% | ||
| Prior Fiscal Year | 9.4% | 51.0% | 6.1% | 52.9% | 16.9% | -45.2% | ||
| Latest Fiscal Year | 11.9% | 49.6% | 4.3% | 41.8% | 3.3% | 2.2% | ||
| Latest Twelve Months | 11.9% | 49.6% | 4.5% | 41.8% | 61.7% | 25.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | -0.27x | 9.18x | 0.52x | 2.56x | 76.48x | 20.83x | ||
| EV / LTM EBIT | -2.3x | 18.5x | 11.6x | 6.1x | 124.0x | 82.6x | ||
| Price / LTM Sales | 0.71x | 8.24x | 0.81x | 3.31x | 100.10x | 22.32x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -0.27x | 2.56x | 76.48x | |||||
| Historical EV / LTM Revenue | 6.37x | 19.37x | 27.94x | |||||
| Selected EV / LTM Revenue | 14.77x | 15.55x | 16.33x | |||||
| (x) LTM Revenue | 6 | 6 | 6 | |||||
| (=) Implied Enterprise Value | 93 | 98 | 103 | |||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | |||||
| (=) Equity Value | 103 | 108 | 113 | |||||
| (/) Shares Outstanding | 5.0 | 5.0 | 5.0 | |||||
| Implied Value Range | 20.63 | 21.61 | 22.60 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 20.63 | 21.61 | 22.60 | 28.30 | ||||
| Upside / (Downside) | -27.1% | -23.6% | -20.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MLP | DB1 | O4B | TITAN | YODA | ADE | |
| Enterprise Value | (472) | 53,273 | 205 | 56 | 1,599 | 132 | |
| (+) Cash & Short Term Investments | 1,160 | 2,810 | 125 | 18 | 150 | 10 | |
| (+) Investments & Other | 182 | 1,806 | 0 | 0 | 541 | 0 | |
| (-) Debt | (122) | (9,582) | (11) | (1) | (165) | (0) | |
| (-) Other Liabilities | 0 | (489) | (1) | 0 | (32) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 748 | 47,819 | 319 | 72 | 2,093 | 142 | |
| (/) Shares Outstanding | 109.0 | 183.8 | 14.3 | 10.3 | 1,902.3 | 5.0 | |
| Implied Stock Price | 6.86 | 260.20 | 22.40 | 7.00 | 1.10 | 28.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.86 | 260.20 | 22.40 | 7.00 | 1.10 | 28.30 | |
| 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 | |