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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 5.2x - 5.7x | 5.4x |
| Selected Fwd Revenue Multiple | 4.6x - 5.1x | 4.9x |
| Fair Value | €129 - €147.02 | €138.01 |
| Upside | -13.9% - -1.9% | -7.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Repay Holdings Corporation | RPAY | NasdaqCM:RPAY |
| Usio, Inc. | USIO | NasdaqGM:USIO |
| International Money Express, Inc. | IMXI | NasdaqCM:IMXI |
| AppTech Payments Corp. | APCX | NasdaqCM:APCX |
| Marqeta, Inc. | MQ | NasdaqGS:MQ |
| Fiserv, Inc. | FIV | DB:FIV |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| RPAY | USIO | IMXI | APCX | MQ | FIV | |||
| NasdaqCM:RPAY | NasdaqGM:USIO | NasdaqCM:IMXI | NasdaqCM:APCX | NasdaqGS:MQ | DB:FIV | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 24.5% | 24.1% | 15.6% | 1.5% | 28.8% | 15.0% | ||
| 3Y CAGR | 12.6% | 10.2% | 12.8% | -8.0% | -0.7% | 8.0% | ||
| Latest Twelve Months | 2.3% | 3.1% | -1.7% | -25.4% | -8.4% | 6.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -13.2% | -5.1% | 15.1% | -2448.4% | -24.8% | 19.4% | ||
| Prior Fiscal Year | -8.6% | -0.5% | 14.7% | -2590.1% | -41.9% | 25.4% | ||
| Latest Fiscal Year | -2.5% | -1.8% | 15.3% | -3459.1% | -4.8% | 28.7% | ||
| Latest Twelve Months | -2.9% | -1.7% | 14.8% | -2363.9% | 1.3% | 29.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.33x | 0.40x | 0.56x | 21.30x | 2.61x | 5.52x | ||
| EV / LTM EBIT | -81.1x | -23.7x | 3.8x | -0.9x | 200.9x | 18.8x | ||
| Price / LTM Sales | 1.25x | 0.46x | 0.53x | 22.05x | 4.47x | 4.26x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.40x | 2.33x | 21.30x | |||||
| Historical EV / LTM Revenue | 4.78x | 5.50x | 6.96x | |||||
| Selected EV / LTM Revenue | 5.16x | 5.43x | 5.71x | |||||
| (x) LTM Revenue | 20,703 | 20,703 | 20,703 | |||||
| (=) Implied Enterprise Value | 106,865 | 112,490 | 118,114 | |||||
| (-) Non-shareholder Claims * | (26,078) | (26,078) | (26,078) | |||||
| (=) Equity Value | 80,787 | 86,412 | 92,036 | |||||
| (/) Shares Outstanding | 554.4 | 554.4 | 554.4 | |||||
| Implied Value Range | 145.71 | 155.86 | 166.00 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 130.69 | 139.79 | 148.89 | 149.80 | ||||
| Upside / (Downside) | -12.8% | -6.7% | -0.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RPAY | USIO | IMXI | APCX | MQ | FIV | |
| Enterprise Value | 721 | 34 | 365 | 8 | 1,376 | 118,679 | |
| (+) Cash & Short Term Investments | 165 | 9 | 152 | 0 | 988 | 1,177 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 1,797 | |
| (-) Debt | (509) | (4) | (171) | (0) | (4) | (28,415) | |
| (-) Other Liabilities | (11) | 0 | 0 | 0 | 0 | (637) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 366 | 39 | 345 | 9 | 2,360 | 92,601 | |
| (/) Shares Outstanding | 89.2 | 26.8 | 30.0 | 33.3 | 468.3 | 554.4 | |
| Implied Stock Price | 4.10 | 1.45 | 11.51 | 0.26 | 5.04 | 167.02 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |
| Implied Stock Price (Trading Cur) | 4.10 | 1.45 | 11.51 | 0.26 | 5.04 | 149.80 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.11 | |