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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22.9x - 25.3x | 24.1x |
| Selected Fwd EBITDA Multiple | 14.9x - 16.5x | 15.7x |
| Fair Value | €5.85 - €6.51 | €6.18 |
| Upside | -7.3% - 3.2% | -2.1% |
| Benchmarks | Ticker | Full Ticker |
| GomSpace Group AB (publ) | GOMX | OM:GOMX |
| AAC Clyde Space AB (publ) | AAC | OM:AAC |
| Sarsys AB | SARS | NGM:SARS |
| Saab AB (publ) | SAAB B | OM:SAABB |
| AVTECH Sweden AB (publ) | AVT B | OM:AVTB |
| W5 Solutions AB (publ) | EY7 | DB:EY7 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GOMX | AAC | SARS | SAAB B | AVT B | EY7 | ||
| OM:GOMX | OM:AAC | NGM:SARS | OM:SAABB | OM:AVTB | DB:EY7 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 14.0% | 33.8% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 21.0% | 113.9% | 39.9% | |
| Latest Twelve Months | 65.7% | 1126.2% | -355.8% | 20.9% | 26.3% | -5.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -37.6% | -13.7% | -10.1% | 9.3% | 24.1% | 10.8% | |
| Prior Fiscal Year | -30.9% | -1.5% | -3.8% | 10.8% | 42.2% | 11.7% | |
| Latest Fiscal Year | -9.8% | 12.4% | -18.2% | 10.5% | 42.3% | 11.2% | |
| Latest Twelve Months | -9.8% | 12.4% | -18.2% | 10.5% | 42.3% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.29x | 0.99x | 0.31x | 3.30x | 11.43x | 2.98x | |
| EV / LTM EBITDA | -43.8x | 8.0x | -1.7x | 31.3x | 27.0x | 26.5x | |
| EV / LTM EBIT | -17.0x | 150.6x | -1.1x | 38.9x | 38.6x | -185.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -43.8x | 8.0x | 31.3x | ||||
| Historical EV / LTM EBITDA | 25.8x | 27.1x | 39.6x | ||||
| Selected EV / LTM EBITDA | 22.9x | 24.1x | 25.3x | ||||
| (x) LTM EBITDA | 44 | 44 | 44 | ||||
| (=) Implied Enterprise Value | 1,004 | 1,057 | 1,110 | ||||
| (-) Non-shareholder Claims * | (75) | (75) | (75) | ||||
| (=) Equity Value | 929 | 982 | 1,035 | ||||
| (/) Shares Outstanding | 15.1 | 15.1 | 15.1 | ||||
| Implied Value Range | 61.36 | 64.85 | 68.34 | ||||
| FX Rate: SEK/EUR | 10.8 | 10.8 | 10.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.70 | 6.03 | 6.35 | 6.31 | |||
| Upside / (Downside) | -9.7% | -4.5% | 0.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GOMX | AAC | SARS | SAAB B | AVT B | EY7 | |
| Enterprise Value | 1,102 | 373 | 12 | 210,202 | 456 | 1,104 | |
| (+) Cash & Short Term Investments | 82 | 50 | 3 | 11,922 | 27 | 23 | |
| (+) Investments & Other | 0 | 0 | 0 | 4,688 | 0 | 0 | |
| (-) Debt | (102) | (5) | 0 | (10,387) | 0 | (98) | |
| (-) Other Liabilities | 0 | 1 | 0 | (309) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,083 | 418 | 15 | 216,116 | 483 | 1,029 | |
| (/) Shares Outstanding | 140.7 | 5.9 | 14.0 | 535.3 | 56.5 | 15.1 | |
| Implied Stock Price | 7.70 | 71.00 | 1.04 | 403.75 | 8.56 | 67.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 10.76 | |
| Implied Stock Price (Trading Cur) | 7.70 | 71.00 | 1.04 | 403.75 | 8.56 | 6.31 | |
| Trading Currency | SEK | SEK | SEK | SEK | SEK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 10.76 | |