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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9.8x - 10.8x | 10.3x |
Selected Fwd EBITDA Multiple | 7.8x - 8.7x | 8.3x |
Fair Value | €26.27 - €29.33 | €27.80 |
Upside | 9.4% - 22.2% | 15.8% |
Benchmarks | Ticker | Full Ticker |
Bechtle AG | BC8 | XTRA:BC8 |
adesso SE | ADN1 | XTRA:ADN1 |
Cancom SE | COK | XTRA:COK |
DATAGROUP SE | D6H | XTRA:D6H |
secunet Security Networks Aktiengesellschaft | YSN | XTRA:YSN |
GFT Technologies SE | GFT | DB:GFT |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
BC8 | ADN1 | COK | D6H | YSN | GFT | ||
XTRA:BC8 | XTRA:ADN1 | XTRA:COK | XTRA:D6H | XTRA:YSN | DB:GFT | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 8.0% | 11.6% | -7.0% | 10.1% | 8.3% | 16.7% | |
3Y CAGR | 4.2% | -2.0% | -12.3% | 5.7% | -8.6% | 16.0% | |
Latest Twelve Months | -12.0% | 20.3% | -22.4% | 4.8% | 0.1% | -5.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 6.7% | 7.0% | 5.9% | 11.0% | 16.4% | 9.6% | |
Prior Fiscal Year | 6.8% | 4.1% | 4.7% | 11.8% | 13.4% | 10.2% | |
Latest Fiscal Year | 6.6% | 4.6% | 4.0% | 11.4% | 13.0% | 9.7% | |
Latest Twelve Months | 6.3% | 4.5% | 3.5% | 10.8% | 13.0% | 8.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.80x | 0.66x | 0.44x | 1.10x | 3.21x | 0.80x | |
EV / LTM EBITDA | 12.8x | 14.5x | 12.5x | 10.1x | 24.7x | 9.0x | |
EV / LTM EBIT | 15.5x | 29.6x | 21.6x | 13.7x | 30.9x | 10.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 10.1x | 12.8x | 24.7x | ||||
Historical EV / LTM EBITDA | 8.2x | 12.8x | 22.3x | ||||
Selected EV / LTM EBITDA | 9.8x | 10.3x | 10.8x | ||||
(x) LTM EBITDA | 79 | 79 | 79 | ||||
(=) Implied Enterprise Value | 768 | 808 | 848 | ||||
(-) Non-shareholder Claims * | (76) | (76) | (76) | ||||
(=) Equity Value | 692 | 732 | 773 | ||||
(/) Shares Outstanding | 26.2 | 26.2 | 26.2 | ||||
Implied Value Range | 26.40 | 27.94 | 29.48 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 26.40 | 27.94 | 29.48 | 24.00 | |||
Upside / (Downside) | 10.0% | 16.4% | 22.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BC8 | ADN1 | COK | D6H | YSN | GFT | |
Enterprise Value | 5,056 | 882 | 749 | 606 | 1,299 | 705 | |
(+) Cash & Short Term Investments | 616 | 53 | 270 | 35 | 58 | 60 | |
(+) Investments & Other | 0 | 27 | 28 | 7 | 0 | 0 | |
(-) Debt | (730) | (355) | (146) | (182) | (24) | (136) | |
(-) Other Liabilities | (3) | (3) | (1) | 0 | (0) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4,939 | 603 | 900 | 467 | 1,333 | 629 | |
(/) Shares Outstanding | 126.0 | 6.4 | 31.5 | 8.3 | 6.5 | 26.2 | |
Implied Stock Price | 39.20 | 94.20 | 28.55 | 56.00 | 206.00 | 24.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 39.20 | 94.20 | 28.55 | 56.00 | 206.00 | 24.00 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |