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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 181.3x - 200.4x | 190.9x |
| Selected Fwd EBIT Multiple | 18.7x - 20.6x | 19.6x |
| Fair Value | €7.26 - €7.46 | €7.36 |
| Upside | -23.6% - -21.5% | -22.6% |
| Benchmarks | Ticker | Full Ticker |
| BAUER Aktiengesellschaft | B5A0 | HMSE:B5A0 |
| McPhy Energy S.A. | M6P | DB:M6P |
| Give AG | M4N | XTRA:M4N |
| AHT Syngas Technology N.V. | 3SQ1 | XTRA:3SQ1 |
| ACS, Actividades de Construcción y Servicios, S.A. | OCI1 | DB:OCI1 |
| thyssenkrupp nucera AG & Co. KGaA | NCH2 | DB:NCH2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| B5A0 | M6P | M4N | 3SQ1 | OCI1 | NCH2 | ||
| HMSE:B5A0 | DB:M6P | XTRA:M4N | XTRA:3SQ1 | DB:OCI1 | DB:NCH2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 30.3% | NM- | NM- | NM- | -11.9% | NM- | |
| 3Y CAGR | 22.2% | NM- | NM- | NM- | 14.7% | NM- | |
| Latest Twelve Months | -30.6% | -30.3% | 19.3% | -362.3% | 335.1% | 130.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.3% | -205.2% | -0.1% | -11.5% | 2.2% | 2.4% | |
| Prior Fiscal Year | 4.9% | -267.4% | -31.3% | 9.2% | 2.1% | 3.8% | |
| Latest Fiscal Year | 2.8% | -495.7% | -34.0% | -39.8% | 2.0% | -2.0% | |
| Latest Twelve Months | 2.8% | -495.7% | -34.0% | -39.8% | 3.6% | 0.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.30x | 0.42x | -0.08x | 1.33x | 0.35x | 0.56x | |
| EV / LTM EBITDA | 4.4x | -0.1x | 0.3x | -3.5x | 6.9x | 90.0x | |
| EV / LTM EBIT | 10.7x | -0.1x | 0.2x | -3.3x | 9.8x | 540.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.3x | 0.2x | 10.7x | ||||
| Historical EV / LTM EBIT | -52.4x | 29.5x | 111.3x | ||||
| Selected EV / LTM EBIT | 181.3x | 190.9x | 200.4x | ||||
| (x) LTM EBIT | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 181 | 191 | 200 | ||||
| (-) Non-shareholder Claims * | 675 | 675 | 675 | ||||
| (=) Equity Value | 856 | 866 | 875 | ||||
| (/) Shares Outstanding | 126.3 | 126.3 | 126.3 | ||||
| Implied Value Range | 6.78 | 6.85 | 6.93 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.78 | 6.85 | 6.93 | 9.51 | |||
| Upside / (Downside) | -28.7% | -27.9% | -27.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | B5A0 | M6P | M4N | 3SQ1 | OCI1 | NCH2 | |
| Enterprise Value | 263 | (5) | 20 | 11 | 16,507 | 526 | |
| (+) Cash & Short Term Investments | 0 | 40 | 0 | 2 | 10,866 | 702 | |
| (+) Investments & Other | 0 | 10 | 0 | 0 | 3,451 | 0 | |
| (-) Debt | 0 | (41) | 0 | (0) | (14,239) | (27) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (230) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 263 | 3 | 20 | 13 | 16,356 | 1,201 | |
| (/) Shares Outstanding | 43.0 | 29.1 | 12.1 | 2.3 | 255.6 | 126.3 | |
| Implied Stock Price | 6.10 | 0.11 | 1.65 | 5.40 | 64.00 | 9.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.10 | 0.11 | 1.65 | 5.40 | 64.00 | 9.51 | |
| 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 | |