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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 19.1x - 21.1x | 20.1x |
| Selected Fwd EBITDA Multiple | 7.2x - 7.9x | 7.5x |
| Fair Value | €7.43 - €8.14 | €7.78 |
| Upside | 27.0% - 39.1% | 33.0% |
| Benchmarks | Ticker | Full Ticker |
| ecotel communication ag | E4C | XTRA:E4C |
| Gamma Communications plc | 6GC | DB:6GC |
| freenet AG | FNTN | XTRA:FNTN |
| Telefónica Deutschland Holding AG | O2D | HMSE:O2D |
| EuroTeleSites AG | 7YF | BST:7YF |
| NFON AG | NFN | DB:NFN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| E4C | 6GC | FNTN | O2D | 7YF | NFN | ||
| XTRA:E4C | DB:6GC | XTRA:FNTN | HMSE:O2D | BST:7YF | DB:NFN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -0.6% | 9.9% | 6.4% | 3.6% | NM- | NM- | |
| 3Y CAGR | -9.5% | 9.5% | 8.9% | 2.9% | NM- | NM- | |
| Latest Twelve Months | 20.5% | 12.8% | 5.7% | 2.0% | -30.7% | 15.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 12.1% | 20.5% | 14.2% | 19.3% | 33.1% | -1.5% | |
| Prior Fiscal Year | 10.7% | 19.5% | 16.3% | 18.9% | 62.5% | 3.7% | |
| Latest Fiscal Year | 5.5% | 19.3% | 16.7% | 19.5% | 63.3% | 7.0% | |
| Latest Twelve Months | 5.5% | 19.5% | 16.6% | 19.5% | 63.5% | 6.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.45x | 1.56x | 1.49x | 1.16x | 7.72x | 0.98x | |
| EV / LTM EBITDA | 8.2x | 8.0x | 9.0x | 5.9x | 12.1x | 15.4x | |
| EV / LTM EBIT | 18.1x | 9.8x | 9.9x | 19.9x | 19.4x | 21.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.9x | 8.2x | 12.1x | ||||
| Historical EV / LTM EBITDA | -158.8x | -8.5x | 194.0x | ||||
| Selected EV / LTM EBITDA | 19.1x | 20.1x | 21.1x | ||||
| (x) LTM EBITDA | 6 | 6 | 6 | ||||
| (=) Implied Enterprise Value | 108 | 113 | 119 | ||||
| (-) Non-shareholder Claims * | 11 | 11 | 11 | ||||
| (=) Equity Value | 119 | 125 | 131 | ||||
| (/) Shares Outstanding | 16.6 | 16.6 | 16.6 | ||||
| Implied Value Range | 7.20 | 7.54 | 7.88 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.20 | 7.54 | 7.88 | 5.85 | |||
| Upside / (Downside) | 23.0% | 28.9% | 34.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | E4C | 6GC | FNTN | O2D | 7YF | NFN | |
| Enterprise Value | 52 | 944 | 3,761 | 6,184 | 2,079 | 85 | |
| (+) Cash & Short Term Investments | 1 | 25 | 78 | 0 | 23 | 11 | |
| (+) Investments & Other | 2 | 0 | 1 | 0 | 0 | 1 | |
| (-) Debt | (8) | (63) | (669) | 0 | (1,289) | 0 | |
| (-) Other Liabilities | 0 | 1 | 3 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 46 | 907 | 3,173 | 6,184 | 814 | 97 | |
| (/) Shares Outstanding | 3.5 | 92.2 | 117.1 | 2,974.6 | 166.1 | 16.6 | |
| Implied Stock Price | 13.20 | 9.84 | 27.10 | 2.08 | 4.90 | 5.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.87 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 13.20 | 11.30 | 27.10 | 2.08 | 4.90 | 5.85 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.87 | 1.00 | 1.00 | 1.00 | 1.00 | |