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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 1.3x - 1.5x | 1.4x |
| Selected Fwd EBIT Multiple | 4.9x - 5.4x | 5.1x |
| Fair Value | €0.55 - €0.65 | €0.60 |
| Upside | 13.1% - 33.6% | 23.4% |
| Benchmarks | Ticker | Full Ticker |
| Basler Aktiengesellschaft | BSL | XTRA:BSL |
| Nynomic AG | M7U | XTRA:M7U |
| InTiCa Systems SE | IS7 | XTRA:IS7 |
| Schweizer Electronic AG | SCE | XTRA:SCE |
| Viscom SE | V6C | XTRA:V6C |
| Mobotix AG | MBQ | DB:MBQ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BSL | M7U | IS7 | SCE | V6C | MBQ | ||
| XTRA:BSL | XTRA:M7U | XTRA:IS7 | XTRA:SCE | XTRA:V6C | DB:MBQ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -5.9% | -26.2% | NM- | NM- | 21.4% | |
| 3Y CAGR | NM- | -18.0% | -50.8% | NM- | NM- | 80.5% | |
| Latest Twelve Months | 116.0% | -54.8% | -372.0% | -740.4% | -304.9% | 335.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.9% | 11.6% | 1.3% | -12.1% | 0.3% | 0.7% | |
| Prior Fiscal Year | -7.5% | 12.7% | 0.1% | -1.2% | 5.6% | -0.6% | |
| Latest Fiscal Year | -5.4% | 6.6% | 0.5% | -4.4% | -12.4% | 9.2% | |
| Latest Twelve Months | 1.5% | 6.6% | -3.4% | -6.8% | -9.5% | 15.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.33x | 0.84x | 0.53x | 0.12x | 0.83x | 0.21x | |
| EV / LTM EBITDA | 43.5x | 9.8x | 8.3x | -3.3x | -9.6x | 1.2x | |
| EV / LTM EBIT | 150.7x | 12.7x | -244.1x | -1.8x | -8.7x | 1.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -244.1x | -1.8x | 150.7x | ||||
| Historical EV / LTM EBIT | -40.2x | 22.0x | 72.9x | ||||
| Selected EV / LTM EBIT | 1.3x | 1.4x | 1.5x | ||||
| (x) LTM EBIT | 9 | 9 | 9 | ||||
| (=) Implied Enterprise Value | 12 | 13 | 14 | ||||
| (-) Non-shareholder Claims * | (5) | (5) | (5) | ||||
| (=) Equity Value | 7 | 8 | 8 | ||||
| (/) Shares Outstanding | 13.2 | 13.2 | 13.2 | ||||
| Implied Value Range | 0.53 | 0.58 | 0.63 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.53 | 0.58 | 0.63 | 0.48 | |||
| Upside / (Downside) | 9.8% | 19.8% | 29.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSL | M7U | IS7 | SCE | V6C | MBQ | |
| Enterprise Value | 471 | 87 | 36 | 17 | 71 | 12 | |
| (+) Cash & Short Term Investments | 19 | 16 | 2 | 10 | 4 | 1 | |
| (+) Investments & Other | 0 | 2 | 0 | 8 | 0 | 0 | |
| (-) Debt | (68) | (19) | (29) | (24) | (33) | (7) | |
| (-) Other Liabilities | 0 | (5) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 422 | 81 | 9 | 11 | 42 | 6 | |
| (/) Shares Outstanding | 30.7 | 6.6 | 4.2 | 3.8 | 8.9 | 13.2 | |
| Implied Stock Price | 13.74 | 12.40 | 2.07 | 2.90 | 4.70 | 0.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.74 | 12.40 | 2.07 | 2.90 | 4.70 | 0.48 | |
| 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 | |