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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 1.1x - 1.2x | 1.2x |
| Selected Fwd EBITDA Multiple | -0.5x - -0.5x | -0.5x |
| Fair Value | €1.25 - €1.25 | €1.25 |
| Upside | 20.4% - 20.5% | 20.5% |
| Benchmarks | Ticker | Full Ticker |
| GFT Technologies SE | GFT | XTRA:GFT |
| mVISE AG | C1V | XTRA:C1V |
| q.beyond AG | QBY | XTRA:QBY |
| PRO DV AG | PDA0 | XTRA:PDA0 |
| Seven Principles AG | T3T1 | XTRA:T3T1 |
| RealTech AG | RTC | DB:RTC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GFT | C1V | QBY | PDA0 | T3T1 | RTC | ||
| XTRA:GFT | XTRA:C1V | XTRA:QBY | XTRA:PDA0 | XTRA:T3T1 | DB:RTC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 16.7% | -37.7% | NM- | 33.1% | NM- | NM- | |
| 3Y CAGR | 16.0% | -16.7% | NM- | -7.0% | -19.0% | -44.9% | |
| Latest Twelve Months | -9.0% | 110.9% | 24.8% | -63.6% | 42.9% | -55.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.7% | -2.4% | -1.5% | 6.0% | 2.3% | 1.0% | |
| Prior Fiscal Year | 10.2% | -6.7% | 0.3% | 11.1% | 1.1% | 3.6% | |
| Latest Fiscal Year | 9.7% | 1.1% | 2.3% | 4.9% | 1.8% | 1.6% | |
| Latest Twelve Months | 8.7% | 1.1% | 2.4% | 4.9% | 1.8% | 1.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.62x | 1.73x | 0.48x | 0.74x | 0.22x | -0.08x | |
| EV / LTM EBITDA | 7.2x | 155.2x | 19.5x | 15.2x | 12.6x | -5.1x | |
| EV / LTM EBIT | 9.0x | -9.2x | -51.1x | 37.6x | 30.8x | -7.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.2x | 15.2x | 155.2x | ||||
| Historical EV / LTM EBITDA | -6.6x | 1.1x | 3.6x | ||||
| Selected EV / LTM EBITDA | 1.1x | 1.2x | 1.2x | ||||
| (x) LTM EBITDA | 0 | 0 | 0 | ||||
| (=) Implied Enterprise Value | 0 | 0 | 0 | ||||
| (-) Non-shareholder Claims * | 7 | 7 | 7 | ||||
| (=) Equity Value | 7 | 7 | 7 | ||||
| (/) Shares Outstanding | 5.4 | 5.4 | 5.4 | ||||
| Implied Value Range | 1.28 | 1.28 | 1.28 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.28 | 1.28 | 1.28 | 1.04 | |||
| Upside / (Downside) | 23.2% | 23.4% | 23.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GFT | C1V | QBY | PDA0 | T3T1 | RTC | |
| Enterprise Value | 550 | 17 | 91 | 4 | 15 | (1) | |
| (+) Cash & Short Term Investments | 60 | 0 | 40 | 0 | 5 | 7 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (136) | (6) | (11) | 0 | (0) | (0) | |
| (-) Other Liabilities | 0 | 0 | (2) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 474 | 11 | 118 | 4 | 19 | 6 | |
| (/) Shares Outstanding | 26.2 | 21.3 | 124.6 | 1.4 | 3.8 | 5.4 | |
| Implied Stock Price | 18.08 | 0.50 | 0.94 | 2.68 | 5.10 | 1.04 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 18.08 | 0.50 | 0.94 | 2.68 | 5.10 | 1.04 | |
| 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 | |