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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.4x - 8.2x | 7.8x |
| Selected Fwd EBITDA Multiple | 3.3x - 3.7x | 3.5x |
| Fair Value | €15.99 - €17.91 | €16.95 |
| Upside | -10.7% - 0.1% | -5.3% |
| Benchmarks | Ticker | Full Ticker |
| GBK Beteiligungen AG | GBQ | HMSE:GBQ |
| Mutares SE & Co. KGaA | MUX | XTRA:MUX |
| DLB-Anlageservice AG | DLB | BST:DLB |
| Deutsche Beteiligungs AG | DBAN | XTRA:DBAN |
| TINC NV | 5TI | DB:5TI |
| Blue Cap AG | B7E | DB:B7E |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GBQ | MUX | DLB | DBAN | 5TI | B7E | ||
| HMSE:GBQ | XTRA:MUX | BST:DLB | XTRA:DBAN | DB:5TI | DB:B7E | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 1.5% | NM- | NM- | -9.3% | |
| 3Y CAGR | NM- | NM- | -38.5% | NM- | 22.3% | -9.2% | |
| Latest Twelve Months | NM | -90.0% | 24.3% | NM | 34.5% | 12.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 0.0% | -5.4% | 44.3% | 108.2% | 44.5% | 5.7% | |
| Prior Fiscal Year | NA | -2.7% | 48.0% | 71.4% | 87.2% | 4.5% | |
| Latest Fiscal Year | NA | -5.9% | 52.7% | 158.6% | 90.6% | 5.4% | |
| Latest Twelve Months | NA | -5.9% | 52.7% | NA | 90.6% | 5.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.72x | 0.26x | 17.85x | -5.17x | 6.93x | 0.44x | |
| EV / LTM EBITDA | NA | -4.4x | 33.9x | NA | 7.7x | 8.2x | |
| EV / LTM EBIT | 4.1x | -2.3x | 33.9x | -3.4x | 7.7x | 64.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -4.4x | 7.7x | 33.9x | ||||
| Historical EV / LTM EBITDA | 8.2x | 9.2x | 14.6x | ||||
| Selected EV / LTM EBITDA | 7.4x | 7.8x | 8.2x | ||||
| (x) LTM EBITDA | 11 | 11 | 11 | ||||
| (=) Implied Enterprise Value | 83 | 87 | 91 | ||||
| (-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
| (=) Equity Value | 73 | 77 | 81 | ||||
| (/) Shares Outstanding | 4.5 | 4.5 | 4.5 | ||||
| Implied Value Range | 16.15 | 17.12 | 18.09 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.15 | 17.12 | 18.09 | 17.90 | |||
| Upside / (Downside) | -9.8% | -4.3% | 1.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GBQ | MUX | DLB | DBAN | 5TI | B7E | |
| Enterprise Value | 32 | 1,419 | 8 | (122) | (23) | 90 | |
| (+) Cash & Short Term Investments | 0 | 393 | 0 | 27 | 1 | 57 | |
| (+) Investments & Other | 0 | 0 | 0 | 653 | 512 | 10 | |
| (-) Debt | 0 | (1,072) | 0 | (132) | (7) | (75) | |
| (-) Other Liabilities | 0 | 0 | 0 | (0) | 0 | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 32 | 741 | 8 | 425 | 483 | 80 | |
| (/) Shares Outstanding | 6.8 | 21.3 | 0.5 | 17.8 | 48.5 | 4.5 | |
| Implied Stock Price | 4.70 | 34.70 | 15.50 | 23.90 | 9.96 | 17.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.70 | 34.70 | 15.50 | 23.90 | 9.96 | 17.90 | |
| 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 | |