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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 124.4x - 137.5x | 130.9x |
| Selected Fwd EBITDA Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | €3.01 - €3.32 | €3.16 |
| Upside | -16.0% - -7.3% | -11.6% |
| Benchmarks | Ticker | Full Ticker |
| eDreams ODIGEO S.A. | EDR | BME:EDR |
| Playtech plc | PTEC | LSE:PTEC |
| Intralot S.A. Integrated Lottery Systems and Services | INLOT | ATSE:INLOT |
| Hostelworld Group plc | HSW | LSE:HSW |
| Elior Group SA | ELIOR | ENXTPA:ELIOR |
| Bragg Gaming Group Inc. | SL4 | DB:SL4 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| EDR | PTEC | INLOT | HSW | ELIOR | SL4 | ||
| BME:EDR | LSE:PTEC | ATSE:INLOT | LSE:HSW | ENXTPA:ELIOR | DB:SL4 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.3% | -17.3% | 8.5% | 18.4% | -5.1% | NM- | |
| 3Y CAGR | NM- | -19.4% | 2.7% | NM- | 31.9% | NM- | |
| Latest Twelve Months | 62.6% | -30.0% | -1.7% | 27.7% | -17.6% | -91.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -6.8% | 17.9% | 25.4% | -84.2% | 3.2% | 3.4% | |
| Prior Fiscal Year | 6.6% | 20.3% | 29.7% | 15.1% | 3.8% | 6.3% | |
| Latest Fiscal Year | 10.4% | 13.0% | 27.2% | 19.6% | 3.9% | 3.5% | |
| Latest Twelve Months | 10.4% | 13.0% | 26.5% | 19.6% | 3.7% | 0.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.79x | 1.50x | 2.66x | 2.07x | 0.26x | 0.87x | |
| EV / LTM EBITDA | 17.2x | 11.6x | 10.1x | 10.6x | 7.1x | 178.7x | |
| EV / LTM EBIT | 17.6x | 54.1x | 19.4x | 15.2x | 10.0x | -19.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.1x | 10.6x | 17.2x | ||||
| Historical EV / LTM EBITDA | -257.8x | 12.6x | 24.7x | ||||
| Selected EV / LTM EBITDA | 124.4x | 130.9x | 137.5x | ||||
| (x) LTM EBITDA | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 63 | 66 | 69 | ||||
| (-) Non-shareholder Claims * | 1 | 1 | 1 | ||||
| (=) Equity Value | 64 | 67 | 71 | ||||
| (/) Shares Outstanding | 25.1 | 25.1 | 25.1 | ||||
| Implied Value Range | 2.55 | 2.68 | 2.82 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.55 | 2.68 | 2.82 | 3.58 | |||
| Upside / (Downside) | -28.7% | -25.0% | -21.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EDR | PTEC | INLOT | HSW | ELIOR | SL4 | |
| Enterprise Value | 1,202 | 1,284 | 1,028 | 190 | 1,591 | 89 | |
| (+) Cash & Short Term Investments | 79 | 268 | 76 | 8 | 180 | 11 | |
| (+) Investments & Other | 3 | 229 | 16 | 0 | 165 | 0 | |
| (-) Debt | (381) | (494) | (420) | (0) | (1,296) | (10) | |
| (-) Other Liabilities | 0 | 1 | (25) | 0 | (1) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 902 | 1,287 | 674 | 198 | 639 | 90 | |
| (/) Shares Outstanding | 115.5 | 307.5 | 604.1 | 123.6 | 253.0 | 25.1 | |
| Implied Stock Price | 7.81 | 4.19 | 1.12 | 1.60 | 2.53 | 3.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.17 | 1.00 | 1.17 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.81 | 3.57 | 1.12 | 1.37 | 2.53 | 3.58 | |
| Trading Currency | EUR | GBP | EUR | GBP | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.17 | 1.00 | 1.17 | 1.00 | 1.00 | |