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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 14.6x - 16.2x | 15.4x |
| Selected Fwd EBITDA Multiple | 12.2x - 13.5x | 12.8x |
| Fair Value | €119.75 - €133.56 | €126.65 |
| Upside | -13.0% - -3.0% | -8.0% |
| Benchmarks | Ticker | Full Ticker |
| Singapore Exchange Limited | SOU | DB:SOU |
| TMX Group Limited | 9TX | DB:9TX |
| ASX Limited | AUX | DB:AUX |
| B3 S.A. - Brasil, Bolsa, Balcão | YBV0 | DB:YBV0 |
| The Tel-Aviv Stock Exchange Ltd. | TASE | TASE:TASE |
| Euronext N.V. | ENXB | DB:ENXB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SOU | 9TX | AUX | YBV0 | TASE | ENXB | ||
| DB:SOU | DB:9TX | DB:AUX | DB:YBV0 | TASE:TASE | DB:ENXB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.6% | 12.0% | 6.7% | 12.9% | 23.8% | 19.9% | |
| 3Y CAGR | 4.7% | 12.2% | 17.1% | -0.4% | 22.9% | 9.4% | |
| Latest Twelve Months | 13.2% | 24.0% | 13.2% | 16.4% | 20.3% | 17.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 52.8% | 56.2% | 68.3% | 64.3% | 28.7% | 54.1% | |
| Prior Fiscal Year | 52.0% | 54.2% | 54.5% | 60.7% | 32.2% | 53.5% | |
| Latest Fiscal Year | 51.5% | 55.0% | 73.1% | 66.3% | 34.5% | 56.9% | |
| Latest Twelve Months | 54.1% | 55.0% | 73.9% | 66.3% | 34.5% | 56.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.82x | 10.98x | 6.95x | 6.33x | 8.71x | 9.42x | |
| EV / LTM EBITDA | 18.2x | 20.0x | 9.4x | 9.6x | 25.3x | 16.6x | |
| EV / LTM EBIT | 18.7x | 24.7x | 9.4x | 9.8x | 28.7x | 18.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.4x | 18.2x | 25.3x | ||||
| Historical EV / LTM EBITDA | 11.7x | 14.5x | 19.0x | ||||
| Selected EV / LTM EBITDA | 14.6x | 15.4x | 16.2x | ||||
| (x) LTM EBITDA | 925 | 925 | 925 | ||||
| (=) Implied Enterprise Value | 13,547 | 14,260 | 14,973 | ||||
| (-) Non-shareholder Claims * | (1,175) | (1,175) | (1,175) | ||||
| (=) Equity Value | 12,373 | 13,086 | 13,799 | ||||
| (/) Shares Outstanding | 102.8 | 102.8 | 102.8 | ||||
| Implied Value Range | 120.40 | 127.34 | 134.28 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 120.40 | 127.34 | 134.28 | 137.70 | |||
| Upside / (Downside) | -12.6% | -7.5% | -2.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SOU | 9TX | AUX | YBV0 | TASE | ENXB | |
| Enterprise Value | 12,649 | 16,078 | 11,509 | 60,334 | 3,827 | 15,325 | |
| (+) Cash & Short Term Investments | 1,297 | 433 | 1,804 | 13,299 | 531 | 1,737 | |
| (+) Investments & Other | 718 | 19 | 44 | 3,049 | 0 | 360 | |
| (-) Debt | (719) | (2,174) | (323) | (13,847) | (118) | (3,116) | |
| (-) Other Liabilities | (1) | (245) | 0 | (13) | 0 | (157) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13,944 | 14,111 | 13,034 | 62,823 | 4,240 | 14,150 | |
| (/) Shares Outstanding | 1,069.5 | 278.0 | 193.9 | 1,750.1 | 91.2 | 102.8 | |
| Implied Stock Price | 13.04 | 50.75 | 67.23 | 35.90 | 46.47 | 137.70 | |
| FX Conversion Rate to Trading Currency | 1.49 | 1.58 | 1.78 | 6.65 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.76 | 32.20 | 37.80 | 5.40 | 46.47 | 137.70 | |
| Trading Currency | EUR | EUR | EUR | EUR | ILS | EUR | |
| FX Rate to Reporting Currency | 1.49 | 1.58 | 1.78 | 6.65 | 1.00 | 1.00 | |