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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 34.2x - 37.8x | 36.0x |
| Selected Fwd P/E Multiple | 26.8x - 29.6x | 28.2x |
| Fair Value | €20.08 - €22.20 | €21.14 |
| Upside | -16.0% - -7.1% | -11.6% |
| Benchmarks | - | Full Ticker |
| Varengold Bank AG | - | XTRA:VG80 |
| Valora Effekten Handel AG | - | DB:VEH |
| Sino AG | - | XTRA:XTP |
| Baader Bank Aktiengesellschaft | - | XTRA:BWB |
| EUWAX Aktiengesellschaft | - | DB:EUX |
| JDC Group AG | - | DB:JDC |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| VG80 | VEH | XTP | BWB | EUX | JDC | |||
| XTRA:VG80 | DB:VEH | XTRA:XTP | XTRA:BWB | DB:EUX | DB:JDC | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 95.0% | NM- | NM- | NM- | 6.8% | NM- | ||
| 3Y CAGR | 103.8% | NM- | -81.5% | -20.4% | -0.2% | 86.3% | ||
| Latest Twelve Months | -54.4% | -86.9% | 188.6% | 335.1% | -10.8% | 47.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 17.2% | -27.8% | 258.5% | 9.7% | 16.7% | 0.8% | ||
| Prior Fiscal Year | 11.4% | -24.6% | -18.5% | 0.8% | 18.0% | 2.2% | ||
| Latest Fiscal Year | 22.2% | -72.2% | 11.7% | 5.1% | 15.8% | 2.7% | ||
| Latest Twelve Months | 10.9% | -72.2% | 11.7% | 12.9% | 15.8% | 2.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 0.6x | 3.7x | 28.1x | 0.9x | 6.0x | 1.4x | ||
| LTM P/E Ratio | 5.3x | -5.1x | 240.5x | 6.8x | 37.9x | 49.4x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -5.1x | 6.8x | 240.5x | |||||
| Historical LTM P/E Ratio | -2848.9x | 55.2x | 185.1x | |||||
| Selected P/E Multiple | 34.2x | 36.0x | 37.8x | |||||
| (x) LTM Net Income | 7 | 7 | 7 | |||||
| (=) Equity Value | 223 | 235 | 247 | |||||
| (/) Shares Outstanding | 13.5 | 13.5 | 13.5 | |||||
| Implied Value Range | 16.53 | 17.40 | 18.27 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 16.53 | 17.40 | 18.27 | 23.90 | ||||
| Upside / (Downside) | -30.8% | -27.2% | -23.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | VG80 | VEH | XTP | BWB | EUX | JDC | |
| Value of Common Equity | 30 | 2 | 216 | 223 | 220 | 323 | |
| (/) Shares Outstanding | 10.0 | 1.7 | 2.3 | 48.8 | 5.2 | 13.5 | |
| Implied Stock Price | 3.03 | 1.02 | 92.60 | 4.58 | 42.80 | 23.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.03 | 1.02 | 92.60 | 4.58 | 42.80 | 23.90 | |
| 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 | |