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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 7.9x - 8.8x | 8.4x |
| Selected Fwd Revenue Multiple | 7.2x - 8.0x | 7.6x |
| Fair Value | €142.61 - €159.68 | €151.14 |
| Upside | 4.9% - 17.4% | 11.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Aquis Exchange PLC | AQX | AIM:AQX |
| Singapore Exchange Limited | SPXC.F | OTCPK:SPXC.F |
| Gielda Papierów Wartosciowych w Warszawie S.A. | 0P2A | LSE:0P2A |
| The Tel-Aviv Stock Exchange Ltd. | TASE | TASE:TASE |
| Deutsche Börse AG | 0H3T | LSE:0H3T |
| London Stock Exchange Group plc | LS4C | DB:LS4C |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AQX | SPXC.F | 0P2A | TASE | 0H3T | LS4C | |||
| AIM:AQX | OTCPK:SPXC.F | LSE:0P2A | TASE:TASE | LSE:0H3T | DB:LS4C | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 42.9% | 6.2% | 5.1% | 11.0% | 11.9% | 30.8% | ||
| 3Y CAGR | 27.4% | 5.3% | 3.3% | 10.6% | 10.0% | 10.7% | ||
| Latest Twelve Months | 11.5% | 8.8% | 4.5% | 12.3% | 15.2% | 5.7% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 11.9% | 50.3% | 37.5% | 23.3% | 43.3% | 25.5% | ||
| Prior Fiscal Year | 22.8% | 49.4% | 28.7% | 27.7% | 51.0% | 20.1% | ||
| Latest Fiscal Year | 20.7% | 49.3% | 20.1% | 30.4% | 49.6% | 20.9% | ||
| Latest Twelve Months | 19.5% | 52.5% | 20.1% | 30.4% | 49.6% | 20.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 7.33x | 9.85x | 2.66x | 8.41x | 9.54x | 7.87x | ||
| EV / LTM EBIT | 37.5x | 18.7x | 13.2x | 27.7x | 19.2x | 37.7x | ||
| Price / LTM Sales | 7.82x | 10.83x | 4.13x | 9.35x | 8.60x | 6.89x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 2.66x | 8.41x | 9.85x | |||||
| Historical EV / LTM Revenue | 6.41x | 7.46x | 14.72x | |||||
| Selected EV / LTM Revenue | 7.93x | 8.35x | 8.77x | |||||
| (x) LTM Revenue | 8,858 | 8,858 | 8,858 | |||||
| (=) Implied Enterprise Value | 70,277 | 73,976 | 77,675 | |||||
| (-) Non-shareholder Claims * | (8,640) | (8,640) | (8,640) | |||||
| (=) Equity Value | 61,637 | 65,336 | 69,035 | |||||
| (/) Shares Outstanding | 529.2 | 529.2 | 529.2 | |||||
| Implied Value Range | 116.46 | 123.45 | 130.44 | |||||
| FX Rate: GBP/EUR | 0.8 | 0.8 | 0.8 | Market Price | ||||
| Implied Value Range (Trading Cur) | 138.97 | 147.31 | 155.65 | 136.00 | ||||
| Upside / (Downside) | 2.2% | 8.3% | 14.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AQX | SPXC.F | 0P2A | TASE | 0H3T | LS4C | |
| Enterprise Value | 174 | 12,780 | 872 | 3,683 | 55,183 | 68,959 | |
| (+) Cash & Short Term Investments | 15 | 1,297 | 395 | 531 | 2,810 | 3,475 | |
| (+) Investments & Other | 1 | 718 | 324 | 0 | 1,806 | 67 | |
| (-) Debt | (3) | (719) | (27) | (118) | (9,582) | (10,042) | |
| (-) Other Liabilities | 0 | (1) | (9) | 0 | (489) | (2,140) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 187 | 14,074 | 1,555 | 4,096 | 49,729 | 60,319 | |
| (/) Shares Outstanding | 26.4 | 1,070.1 | 51.8 | 91.2 | 183.8 | 529.2 | |
| Implied Stock Price | 7.08 | 13.15 | 30.03 | 44.89 | 270.59 | 113.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.34 | 1.00 | 1.00 | 1.00 | 0.84 | |
| Implied Stock Price (Trading Cur) | 7.08 | 9.78 | 30.03 | 44.89 | 270.59 | 136.00 | |
| Trading Currency | GBP | USD | PLN | ILS | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.34 | 1.00 | 1.00 | 1.00 | 0.84 | |