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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.7x - 7.4x | 7.1x |
| Selected Fwd EBIT Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | €7.29 - €8 | €7.65 |
| Upside | 28.0% - 40.4% | 34.2% |
| Benchmarks | Ticker | Full Ticker |
| National Energy Services Reunited Corp. | NESR | XNAS:NESR |
| Koil Energy Solutions, Inc. | KLNG | OTCPK:KLNG |
| Gulf Island Fabrication, Inc. | GIFI | NasdaqGS:GIFI |
| Mammoth Energy Services, Inc. | TUSK | NasdaqGS:TUSK |
| Bristow Group Inc. | VTOL | NYSE:VTOL |
| MIND Technology, Inc. | MI70 | DB:MI70 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| NESR | KLNG | GIFI | TUSK | VTOL | MI70 | ||
| XNAS:NESR | OTCPK:KLNG | NasdaqGS:GIFI | NasdaqGS:TUSK | NYSE:VTOL | DB:MI70 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.9% | NM- | NM- | NM- | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 28.9% | NM- | |
| Latest Twelve Months | 70.6% | 259.7% | 139.1% | -108.1% | 108.1% | 1216.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | -7.5% | -11.6% | -29.3% | 3.1% | -26.1% | |
| Prior Fiscal Year | 7.0% | -10.4% | -15.5% | -6.8% | 5.4% | 1.4% | |
| Latest Fiscal Year | 10.6% | 11.2% | 5.8% | -23.2% | 10.4% | 14.5% | |
| Latest Twelve Months | 10.6% | 11.2% | 5.8% | -23.2% | 10.4% | 14.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.68x | 1.31x | 0.41x | 0.46x | 1.12x | 1.04x | |
| EV / LTM EBITDA | 3.1x | 9.5x | 4.7x | -4.7x | 7.4x | 6.3x | |
| EV / LTM EBIT | 6.4x | 11.6x | 7.1x | -2.0x | 10.8x | 7.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.0x | 7.1x | 11.6x | ||||
| Historical EV / LTM EBIT | -35.0x | -4.2x | 7.1x | ||||
| Selected EV / LTM EBIT | 6.7x | 7.1x | 7.4x | ||||
| (x) LTM EBIT | 7 | 7 | 7 | ||||
| (=) Implied Enterprise Value | 46 | 48 | 51 | ||||
| (-) Non-shareholder Claims * | 4 | 4 | 4 | ||||
| (=) Equity Value | 50 | 52 | 55 | ||||
| (/) Shares Outstanding | 6.3 | 6.3 | 6.3 | ||||
| Implied Value Range | 7.88 | 8.27 | 8.65 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.97 | 7.31 | 7.64 | 5.70 | |||
| Upside / (Downside) | 22.3% | 28.2% | 34.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NESR | KLNG | GIFI | TUSK | VTOL | MI70 | |
| Enterprise Value | 861 | 30 | 55 | 82 | 1,486 | 37 | |
| (+) Cash & Short Term Investments | 108 | 3 | 66 | 61 | 248 | 5 | |
| (+) Investments & Other | 28 | 0 | 0 | 4 | 22 | 0 | |
| (-) Debt | (416) | (6) | (20) | (26) | (957) | (1) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 581 | 27 | 101 | 121 | 799 | 41 | |
| (/) Shares Outstanding | 96.0 | 13.3 | 16.2 | 48.1 | 28.8 | 6.3 | |
| Implied Stock Price | 6.05 | 2.03 | 6.20 | 2.51 | 27.77 | 6.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 6.05 | 2.03 | 6.20 | 2.51 | 27.77 | 5.70 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |