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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 6.1x - 6.8x | 6.5x |
| Selected Fwd Revenue Multiple | 5.6x - 6.2x | 5.9x |
| Fair Value | €2.09 - €2.31 | €2.20 |
| Upside | -5.2% - 5.0% | -0.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Binect AG | MA10 | DB:MA10 |
| capsensixx AG | CPXG | XTRA:CPXG |
| Heidelberger Beteiligungsholding AG | IPOKk | XTRA:IPOKk |
| Laiqon AG | LQAG | DB:LQAG |
| Unigrowth Investments Public Ltd | UNI | CSE:UNI |
| Panamax AG | ICP | DB:ICP |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| MA10 | CPXG | IPOKk | LQAG | UNI | ICP | |||
| DB:MA10 | XTRA:CPXG | XTRA:IPOKk | DB:LQAG | CSE:UNI | DB:ICP | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | NM- | 1.7% | -4.9% | 31.2% | NM- | NM- | ||
| 3Y CAGR | 19.6% | 4.6% | 10.7% | 3.5% | 63.2% | 223.1% | ||
| Latest Twelve Months | 22.0% | 17.3% | 97.3% | 3.7% | -4.6% | 732.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -7.1% | 5.6% | 65.6% | -52.2% | 12.1% | -1404.9% | ||
| Prior Fiscal Year | 2.4% | 6.9% | 68.4% | -78.3% | 16.5% | -8794.1% | ||
| Latest Fiscal Year | 2.2% | 5.1% | 90.8% | -47.7% | 77.5% | 9.4% | ||
| Latest Twelve Months | -0.1% | 5.7% | 90.8% | -44.3% | 70.8% | 13.5% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.23x | 0.39x | 5.49x | 3.64x | -1.64x | 6.22x | ||
| EV / LTM EBIT | -186.9x | 6.8x | 6.0x | -8.2x | -2.3x | 46.0x | ||
| Price / LTM Sales | 0.31x | 0.41x | 8.29x | 2.73x | 2.10x | 6.12x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -1.64x | 0.39x | 5.49x | |||||
| Historical EV / LTM Revenue | 8.53x | 93.60x | 311.71x | |||||
| Selected EV / LTM Revenue | 6.13x | 6.46x | 6.78x | |||||
| (x) LTM Revenue | 1 | 1 | 1 | |||||
| (=) Implied Enterprise Value | 4 | 4 | 5 | |||||
| (-) Non-shareholder Claims * | (0) | (0) | (0) | |||||
| (=) Equity Value | 4 | 4 | 4 | |||||
| (/) Shares Outstanding | 1.9 | 1.9 | 1.9 | |||||
| Implied Value Range | 2.17 | 2.29 | 2.40 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.17 | 2.29 | 2.40 | 2.20 | ||||
| Upside / (Downside) | -1.4% | 3.9% | 9.2% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MA10 | CPXG | IPOKk | LQAG | UNI | ICP | |
| Enterprise Value | 4 | 49 | 22 | 107 | (0) | 4 | |
| (+) Cash & Short Term Investments | 2 | 16 | 11 | 5 | 1 | 0 | |
| (+) Investments & Other | 0 | 0 | 1 | 3 | 0 | 0 | |
| (-) Debt | (1) | (6) | 0 | (35) | (0) | (0) | |
| (-) Other Liabilities | 0 | 0 | 0 | 1 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6 | 59 | 34 | 80 | 1 | 4 | |
| (/) Shares Outstanding | 3.2 | 3.0 | 0.3 | 19.0 | 13.5 | 1.9 | |
| Implied Stock Price | 1.75 | 19.70 | 128.00 | 4.20 | 0.05 | 2.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.75 | 19.70 | 128.00 | 4.20 | 0.05 | 2.20 | |
| 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 | |