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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 29.6x - 32.8x | 31.2x |
| Selected Fwd EBIT Multiple | 26.9x - 29.8x | 28.4x |
| Fair Value | €127.38 - €140.10 | €133.74 |
| Upside | -10.8% - -1.9% | -6.3% |
| Benchmarks | Ticker | Full Ticker |
| SAP SE | SAP | XTRA:SAP |
| Oracle Corporation | ORC | XTRA:ORC |
| Fortnox AB (publ) | 980 | DB:9E80 |
| Cliq Digital AG | CLIQ | XTRA:CLIQ |
| Mensch und Maschine Software SE | MUM | XTRA:MUM |
| ATOSS Software SE | AOF | DB:AOF |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SAP | ORC | 980 | CLIQ | MUM | AOF | ||
| XTRA:SAP | XTRA:ORC | DB:9E80 | XTRA:CLIQ | XTRA:MUM | DB:AOF | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.8% | 4.9% | 37.9% | NM- | 11.3% | 26.9% | |
| 3Y CAGR | 8.4% | 4.3% | 40.6% | NM- | 10.3% | 32.7% | |
| Latest Twelve Months | 31.5% | 13.9% | 30.0% | -165.0% | -4.5% | 20.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.2% | 33.4% | 38.3% | 11.6% | 13.5% | 31.0% | |
| Prior Fiscal Year | 20.9% | 29.8% | 41.2% | 14.1% | 14.5% | 34.2% | |
| Latest Fiscal Year | 23.8% | 31.3% | 42.9% | -9.7% | 14.3% | 37.3% | |
| Latest Twelve Months | 25.8% | 31.3% | 43.8% | -10.2% | 15.7% | 37.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.15x | 12.20x | 25.27x | 0.10x | 3.01x | 12.31x | |
| EV / LTM EBITDA | 29.0x | 29.8x | 55.7x | -1.1x | 15.8x | 32.5x | |
| EV / LTM EBIT | 31.6x | 39.0x | 57.7x | -1.0x | 19.2x | 33.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.0x | 31.6x | 57.7x | ||||
| Historical EV / LTM EBIT | 28.7x | 35.6x | 62.2x | ||||
| Selected EV / LTM EBIT | 29.6x | 31.2x | 32.8x | ||||
| (x) LTM EBIT | 65 | 65 | 65 | ||||
| (=) Implied Enterprise Value | 1,931 | 2,032 | 2,134 | ||||
| (-) Non-shareholder Claims * | 104 | 104 | 104 | ||||
| (=) Equity Value | 2,035 | 2,137 | 2,238 | ||||
| (/) Shares Outstanding | 15.9 | 15.9 | 15.9 | ||||
| Implied Value Range | 127.94 | 134.33 | 140.72 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 127.94 | 134.33 | 140.72 | 142.80 | |||
| Upside / (Downside) | -10.4% | -5.9% | -1.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SAP | ORC | 980 | CLIQ | MUM | AOF | |
| Enterprise Value | 287,840 | 695,904 | 53,368 | 22 | 876 | 2,167 | |
| (+) Cash & Short Term Investments | 12,983 | 11,203 | 896 | 14 | 47 | 111 | |
| (+) Investments & Other | 7,079 | 2,100 | 330 | 2 | 0 | 0 | |
| (-) Debt | (10,107) | (106,018) | (177) | (3) | (24) | (7) | |
| (-) Other Liabilities | (373) | (518) | 0 | 0 | (7) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 297,422 | 602,671 | 54,417 | 34 | 892 | 2,271 | |
| (/) Shares Outstanding | 1,166.6 | 2,808.8 | 610.0 | 5.9 | 16.6 | 15.9 | |
| Implied Stock Price | 254.95 | 214.56 | 89.21 | 5.81 | 53.60 | 142.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.16 | 11.06 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 254.95 | 184.76 | 8.07 | 5.81 | 53.60 | 142.80 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.16 | 11.06 | 1.00 | 1.00 | 1.00 | |