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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.7x - 19.6x | 18.7x |
| Selected Fwd EBIT Multiple | 12.9x - 14.3x | 13.6x |
| Fair Value | €140.23 - €159.65 | €149.94 |
| Upside | 23.2% - 40.2% | 31.7% |
| Benchmarks | Ticker | Full Ticker |
| Marqeta, Inc. | MQ | NasdaqGS:MQ |
| Usio, Inc. | USIO | NasdaqGM:USIO |
| Repay Holdings Corporation | RPAY | NasdaqCM:RPAY |
| NCR Atleos Corporation | NATL | NYSE:NATL |
| International Money Express, Inc. | IMXI | NasdaqCM:IMXI |
| Fiserv, Inc. | FIV | DB:FIV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MQ | USIO | RPAY | NATL | IMXI | FIV | ||
| NasdaqGS:MQ | NasdaqGM:USIO | NasdaqCM:RPAY | NYSE:NATL | NasdaqCM:IMXI | DB:FIV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 20.1% | 27.9% | |
| 3Y CAGR | NM- | NM- | NM- | 17.8% | 13.4% | 36.7% | |
| Latest Twelve Months | -45.3% | -29.8% | 55.4% | 41.7% | -1.5% | 17.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -24.5% | -4.0% | -13.2% | 9.6% | 15.1% | 20.4% | |
| Prior Fiscal Year | -41.9% | -0.5% | -8.6% | 9.8% | 14.7% | 25.4% | |
| Latest Fiscal Year | -4.8% | -1.8% | -2.5% | 12.6% | 15.3% | 28.7% | |
| Latest Twelve Months | -18.6% | -1.9% | -2.9% | 13.4% | 14.8% | 30.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.77x | 0.41x | 2.66x | 1.24x | 0.46x | 4.75x | |
| EV / LTM EBITDA | -25.7x | 71.1x | 11.8x | 6.2x | 2.7x | 10.6x | |
| EV / LTM EBIT | -20.2x | -21.3x | -92.7x | 9.2x | 3.1x | 15.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -92.7x | -20.2x | 9.2x | ||||
| Historical EV / LTM EBIT | 22.0x | 26.9x | 67.9x | ||||
| Selected EV / LTM EBIT | 17.7x | 18.7x | 19.6x | ||||
| (x) LTM EBIT | 6,344 | 6,344 | 6,344 | ||||
| (=) Implied Enterprise Value | 112,480 | 118,400 | 124,320 | ||||
| (-) Non-shareholder Claims * | (27,930) | (27,930) | (27,930) | ||||
| (=) Equity Value | 84,550 | 90,470 | 96,390 | ||||
| (/) Shares Outstanding | 543.6 | 543.6 | 543.6 | ||||
| Implied Value Range | 155.54 | 166.43 | 177.32 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 134.01 | 143.40 | 152.78 | 113.84 | |||
| Upside / (Downside) | 17.7% | 26.0% | 34.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MQ | USIO | RPAY | NATL | IMXI | FIV | |
| Enterprise Value | 2,108 | 37 | 814 | 5,425 | 298 | 99,753 | |
| (+) Cash & Short Term Investments | 822 | 8 | 165 | 357 | 152 | 999 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 1,325 | |
| (-) Debt | (7) | (3) | (509) | (3,049) | (171) | (29,706) | |
| (-) Other Liabilities | 0 | 0 | (11) | (2) | 0 | (548) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,922 | 41 | 459 | 2,731 | 278 | 71,823 | |
| (/) Shares Outstanding | 448.2 | 26.5 | 89.2 | 73.6 | 30.0 | 543.6 | |
| Implied Stock Price | 6.52 | 1.56 | 5.15 | 37.11 | 9.28 | 132.13 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 6.52 | 1.56 | 5.15 | 37.11 | 9.28 | 113.84 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |