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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.3x - 11.3x | 10.8x |
| Selected Fwd EBITDA Multiple | 7.1x - 7.9x | 7.5x |
| Fair Value | €62.28 - €70.61 | €66.44 |
| Upside | 2.6% - 16.3% | 9.5% |
| Benchmarks | Ticker | Full Ticker |
| Bechtle AG | BC8 | XTRA:BC8 |
| Capgemini SE | CGM | XTRA:CGM |
| Sopra Steria Group SA | OR8 | DB:OR8 |
| Computacenter plc | COUD | DB:COUD |
| Cognizant Technology Solutions Corporation | COZ | DB:COZ |
| DATAGROUP SE | D6H | DB:D6H |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BC8 | CGM | OR8 | COUD | COZ | D6H | ||
| XTRA:BC8 | XTRA:CGM | DB:OR8 | DB:COUD | DB:COZ | DB:D6H | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.0% | 10.1% | 10.1% | 9.1% | 1.3% | 10.1% | |
| 3Y CAGR | 4.2% | 6.8% | 13.2% | -2.2% | 1.5% | 5.7% | |
| Latest Twelve Months | -12.0% | -2.4% | 0.6% | -8.1% | 5.1% | 12.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 6.7% | 13.1% | 9.7% | 4.4% | 18.0% | 11.1% | |
| Prior Fiscal Year | 6.8% | 13.3% | 11.7% | 4.2% | 17.7% | 11.8% | |
| Latest Fiscal Year | 6.6% | 13.2% | 11.1% | 3.9% | 17.8% | 11.4% | |
| Latest Twelve Months | 6.3% | 13.2% | 11.1% | 3.9% | 17.9% | 11.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.81x | 1.22x | 0.80x | 0.29x | 1.81x | 1.15x | |
| EV / LTM EBITDA | 12.9x | 9.2x | 7.2x | 7.6x | 10.1x | 10.1x | |
| EV / LTM EBIT | 15.6x | 10.6x | 9.2x | 8.7x | 11.8x | 13.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 9.2x | 12.9x | ||||
| Historical EV / LTM EBITDA | 7.3x | 9.8x | 22.7x | ||||
| Selected EV / LTM EBITDA | 10.3x | 10.8x | 11.3x | ||||
| (x) LTM EBITDA | 64 | 64 | 64 | ||||
| (=) Implied Enterprise Value | 660 | 695 | 729 | ||||
| (-) Non-shareholder Claims * | (140) | (140) | (140) | ||||
| (=) Equity Value | 520 | 555 | 589 | ||||
| (/) Shares Outstanding | 8.3 | 8.3 | 8.3 | ||||
| Implied Value Range | 62.41 | 66.58 | 70.75 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 62.41 | 66.58 | 70.75 | 60.70 | |||
| Upside / (Downside) | 2.8% | 9.7% | 16.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BC8 | CGM | OR8 | COUD | COZ | D6H | |
| Enterprise Value | 5,094 | 26,616 | 4,650 | 2,000 | 36,426 | 646 | |
| (+) Cash & Short Term Investments | 616 | 2,789 | 424 | 490 | 1,992 | 35 | |
| (+) Investments & Other | 0 | 193 | 116 | 0 | 94 | 7 | |
| (-) Debt | (730) | (6,097) | (1,235) | (137) | (1,179) | (182) | |
| (-) Other Liabilities | (3) | (22) | (57) | (9) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,977 | 23,479 | 3,897 | 2,344 | 37,333 | 506 | |
| (/) Shares Outstanding | 126.0 | 170.0 | 19.5 | 104.9 | 492.9 | 8.3 | |
| Implied Stock Price | 39.50 | 138.15 | 200.20 | 22.35 | 75.74 | 60.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.87 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 39.50 | 138.15 | 200.20 | 25.80 | 65.17 | 60.70 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.87 | 1.16 | 1.00 | |