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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Pb Multiple | 3.3x - 3.7x | 3.5x |
| Historical Pb Multiple | 1.9x - 6.5x | 2.7x |
| Fair Value | €138.24 - €152.79 | €145.52 |
| Upside | -2.6% - 7.7% | 2.6% |
| Benchmarks | - | Full Ticker |
| Deutsche Börse AG | - | DB:DB1 |
| Hellenic Exchanges - Athens Stock Exchange S.A. | - | ATSE:EXAE |
| Bulgarian Stock Exchange AD | - | BUL:BSE |
| CME Group Inc. | - | DB:MX4A |
| London Stock Exchange Group plc | - | DB:LS4C |
| Euronext N.V. | - | DB:ENXB |
| Select Price / Book Ratio | ||||||||
| Benchmark Companies | ||||||||
| DB1 | EXAE | BSE | MX4A | LS4C | ENXB | |||
| DB:DB1 | ATSE:EXAE | BUL:BSE | DB:MX4A | DB:LS4C | DB:ENXB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 14.2% | 23.3% | 43.6% | 10.5% | 10.4% | 21.4% | ||
| 3Y CAGR | 17.2% | 28.3% | 36.8% | 10.0% | 14.1% | 12.3% | ||
| Latest Twelve Months | 10.1% | 35.7% | 197.1% | 14.1% | 45.1% | 12.8% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 29.4% | 25.0% | 57.9% | 54.2% | 23.1% | 34.9% | ||
| Prior Fiscal Year | 28.3% | 28.8% | 70.5% | 57.2% | 9.1% | 34.8% | ||
| Latest Fiscal Year | 27.7% | 33.3% | 88.2% | 56.9% | 7.7% | 36.0% | ||
| Latest Twelve Months | 27.5% | 36.4% | 160.0% | 57.9% | 10.8% | 37.6% | ||
| Return on Equity | ||||||||
| 5 Year Average Margin | 18.7% | 10.2% | 31.0% | 10.4% | 3.5% | 16.7% | ||
| Prior Fiscal Year | 19.0% | 12.6% | 42.5% | 11.9% | 3.1% | 13.1% | ||
| Latest Twelve Months | 19.6% | 20.6% | 87.5% | 13.4% | 4.5% | 16.1% | ||
| Next Fiscal Year | 17.8% | 21.9% | 31.3% | 15.1% | 9.1% | 17.1% | ||
| Two Fiscal Years Forward | 17.1% | 25.2% | 24.8% | 15.5% | 9.5% | 17.4% | ||
| Current Trading Multiples | ||||||||
| Price / LTM Sales | 6.5x | 7.0x | 6.1x | 15.1x | 5.4x | 8.5x | ||
| Price / LTM EPS | 23.8x | 19.1x | 3.8x | 26.1x | 50.2x | 22.5x | ||
| Price / Book | 4.5x | 3.8x | 3.7x | 3.5x | 2.3x | 3.5x | ||
| Price / Fwd Book | 4.0x | 4.0x | 1.9x | 3.6x | 2.1x | 3.2x | ||
| Low | Mid | High | ||||||
| Benchmark P/B Ratio | 2.3x | 3.7x | 4.5x | |||||
| Historical P/B Ratio | 1.9x | 2.7x | 6.5x | |||||
| Selected P/B Multiple | 3.3x | 3.5x | 3.7x | |||||
| (x) Book Value | 4,154 | 4,154 | 4,154 | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | DB1 | EXAE | BSE | MX4A | LS4C | ENXB | |
| Value of Common Equity | 47,193 | 410 | 120 | 96,152 | 50,697 | 14,200 | |
| (/) Shares Outstanding | 183.3 | 57.9 | 12.9 | 360.4 | 524.5 | 100.1 | |
| Implied Stock Price | 257.50 | 7.08 | 9.30 | 266.81 | 96.66 | 141.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.16 | 0.86 | 1.00 | |
| Implied Stock Price (Trading Cur) | 257.50 | 7.08 | 9.30 | 229.80 | 112.00 | 141.90 | |
| Trading Currency | EUR | EUR | BGN | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.16 | 0.86 | 1.00 | |