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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.6x - 5.1x | 4.8x |
| Selected Fwd EBITDA Multiple | 4.2x - 4.6x | 4.4x |
| Fair Value | €306.36 - €327.58 | €316.97 |
| Upside | 22.5% - 31.0% | 26.8% |
| Benchmarks | Ticker | Full Ticker |
| FORIS AG | FRS | DB:FRS |
| Ökoworld AG | VVV3 | XTRA:VVV3 |
| ABC arbitrage SA | ABCA | ENXTPA:ABCA |
| Groupe Bruxelles Lambert SA | GBLB | ENXTBR:GBLB |
| HAL Trust | HAL | ENXTAM:HAL |
| Compagnie du Bois Sauvage S.A. | C5S | DB:C5S |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FRS | VVV3 | ABCA | GBLB | HAL | C5S | ||
| DB:FRS | XTRA:VVV3 | ENXTPA:ABCA | ENXTBR:GBLB | ENXTAM:HAL | DB:C5S | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 22.7% | 6.1% | 3.5% | -3.6% | 22.2% | 7.8% | |
| 3Y CAGR | NM- | -27.5% | -15.0% | -4.5% | 23.2% | 5.7% | |
| Latest Twelve Months | 104.2% | 12.4% | 20.0% | -25.5% | 6.5% | 4.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.1% | 56.1% | 49.4% | 18.4% | 18.9% | 20.9% | |
| Prior Fiscal Year | 6.6% | 43.3% | 46.4% | 22.1% | 20.6% | 22.7% | |
| Latest Fiscal Year | 10.4% | 49.7% | 43.0% | 18.1% | 22.0% | 22.3% | |
| Latest Twelve Months | 10.4% | 49.7% | 43.0% | 15.7% | 22.0% | 22.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.54x | 0.86x | 4.09x | 0.88x | 1.06x | 0.73x | |
| EV / LTM EBITDA | 5.2x | 1.7x | 9.5x | 5.6x | 4.8x | 3.3x | |
| EV / LTM EBIT | 5.5x | 1.8x | 10.0x | 9.7x | 7.2x | 4.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.7x | 5.2x | 9.5x | ||||
| Historical EV / LTM EBITDA | 2.3x | 3.3x | 10.1x | ||||
| Selected EV / LTM EBITDA | 4.6x | 4.8x | 5.1x | ||||
| (x) LTM EBITDA | 72 | 72 | 72 | ||||
| (=) Implied Enterprise Value | 333 | 350 | 368 | ||||
| (-) Non-shareholder Claims * | 170 | 170 | 170 | ||||
| (=) Equity Value | 502 | 520 | 537 | ||||
| (/) Shares Outstanding | 1.6 | 1.6 | 1.6 | ||||
| Implied Value Range | 310.20 | 321.01 | 331.82 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 310.20 | 321.01 | 331.82 | 250.00 | |||
| Upside / (Downside) | 24.1% | 28.4% | 32.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRS | VVV3 | ABCA | GBLB | HAL | C5S | |
| Enterprise Value | 16 | 54 | 210 | 5,676 | 11,164 | 235 | |
| (+) Cash & Short Term Investments | 4 | 151 | 161 | 3,512 | 0 | 51 | |
| (+) Investments & Other | 0 | 1 | 0 | 9,250 | 0 | 267 | |
| (-) Debt | (1) | 0 | (4) | (7,649) | 0 | (116) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1,944) | 0 | (33) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19 | 205 | 368 | 8,846 | 11,164 | 405 | |
| (/) Shares Outstanding | 4.6 | 7.0 | 59.3 | 122.8 | 90.3 | 1.6 | |
| Implied Stock Price | 4.18 | 29.40 | 6.20 | 72.05 | 123.60 | 250.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.18 | 29.40 | 6.20 | 72.05 | 123.60 | 250.00 | |
| 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 | |