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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.5x - 12.7x | 12.1x |
| Selected Fwd EBIT Multiple | 5.7x - 6.4x | 6.0x |
| Fair Value | €0.67 - €0.74 | €0.71 |
| Upside | 67.0% - 86.1% | 76.5% |
| Benchmarks | Ticker | Full Ticker |
| SHT Smart High-Tech AB (publ) | SHT B | XSAT:SHTB |
| Gasporox AB (publ) | GPX | OM:GPX |
| DistIT AB (publ) | DIST | OM:DIST |
| Realfiction Holding AB (publ) | REALFI | OM:REALFI |
| Frontwalker AB (publ) | FRWA B | NGM:FRWAB |
| Pricer AB (publ) | PRRB | DB:PRRB |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SHT B | GPX | DIST | REALFI | FRWA B | PRRB | ||
| XSAT:SHTB | OM:GPX | OM:DIST | OM:REALFI | NGM:FRWAB | DB:PRRB | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 14.1% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | 24.9% | |
| Latest Twelve Months | -20.1% | -220.7% | 8.9% | 3.8% | 92.8% | 4.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -562.2% | -18.1% | -0.1% | -51.6% | -14.3% | 4.4% | |
| Prior Fiscal Year | -1066.4% | -1.6% | -3.8% | -41.0% | -8.3% | 0.7% | |
| Latest Fiscal Year | -539.0% | -5.4% | -5.1% | -102.1% | -22.6% | 7.8% | |
| Latest Twelve Months | -470.2% | -18.5% | -4.5% | -109.7% | -3.8% | 5.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 49.06x | 2.39x | 0.25x | 9.20x | 0.86x | 0.38x | |
| EV / LTM EBITDA | -11.3x | -18.6x | -6.3x | -14.0x | -22.4x | 5.8x | |
| EV / LTM EBIT | -10.4x | -12.9x | -5.6x | -8.4x | -22.6x | 7.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -22.6x | -10.4x | -5.6x | ||||
| Historical EV / LTM EBIT | 12.4x | 40.0x | 158.1x | ||||
| Selected EV / LTM EBIT | 11.5x | 12.1x | 12.7x | ||||
| (x) LTM EBIT | 116 | 116 | 116 | ||||
| (=) Implied Enterprise Value | 1,332 | 1,402 | 1,472 | ||||
| (-) Non-shareholder Claims * | (104) | (104) | (104) | ||||
| (=) Equity Value | 1,229 | 1,299 | 1,369 | ||||
| (/) Shares Outstanding | 164.5 | 164.5 | 164.5 | ||||
| Implied Value Range | 7.47 | 7.90 | 8.32 | ||||
| FX Rate: SEK/EUR | 11.2 | 11.2 | 11.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.67 | 0.71 | 0.74 | 0.40 | |||
| Upside / (Downside) | 67.0% | 76.5% | 86.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SHT B | GPX | DIST | REALFI | FRWA B | PRRB | |
| Enterprise Value | 498 | 84 | 374 | 151 | 37 | 839 | |
| (+) Cash & Short Term Investments | 115 | 18 | 12 | 7 | 2 | 241 | |
| (+) Investments & Other | 0 | 0 | 4 | 0 | 0 | 0 | |
| (-) Debt | (2) | (15) | (379) | (21) | (2) | (344) | |
| (-) 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 | 612 | 87 | 11 | 137 | 37 | 736 | |
| (/) Shares Outstanding | 28.4 | 9.4 | 28.1 | 20.0 | 124.9 | 164.5 | |
| Implied Stock Price | 21.55 | 9.32 | 0.38 | 6.86 | 0.30 | 4.47 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 11.18 | |
| Implied Stock Price (Trading Cur) | 21.55 | 9.32 | 0.38 | 6.86 | 0.30 | 0.40 | |
| Trading Currency | SEK | SEK | SEK | SEK | SEK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 11.18 | |