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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.1x - 12.3x | 11.7x |
| Selected Fwd EBIT Multiple | 10.6x - 11.7x | 11.2x |
| Fair Value | €3.12 - €3.61 | €3.36 |
| Upside | 30.5% - 50.9% | 40.7% |
| Benchmarks | Ticker | Full Ticker |
| Tele Columbus AG | TC1 | HMSE:TC1 |
| Sporttotal AG | WIG1 | XTRA:WIG1 |
| Ströer SE & Co. KGaA | SAX | XTRA:SAX |
| ad pepper media International N.V. | APM | XTRA:APM |
| Springer Nature AG & Co. KGaA | SPG | XTRA:SPG |
| SYZYGY AG | SYZ | DB:SYZ |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TC1 | WIG1 | SAX | APM | SPG | SYZ | ||
| HMSE:TC1 | XTRA:WIG1 | XTRA:SAX | XTRA:APM | XTRA:SPG | DB:SYZ | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 13.3% | NM- | NM- | 8.2% | |
| 3Y CAGR | NM- | NM- | 17.2% | NM- | 6.2% | -1.0% | |
| Latest Twelve Months | -23.5% | 17.4% | 19.5% | 105.8% | -0.3% | 54.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -6.2% | -33.2% | 10.5% | 5.1% | 20.1% | 6.9% | |
| Prior Fiscal Year | -13.8% | -19.3% | 12.2% | -2.5% | 21.9% | 5.2% | |
| Latest Fiscal Year | -14.0% | -17.5% | 13.6% | -8.2% | 21.9% | 8.2% | |
| Latest Twelve Months | -18.8% | -21.7% | 13.6% | 0.6% | 21.9% | 8.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.97x | 0.88x | 2.17x | 1.64x | 2.79x | 0.77x | |
| EV / LTM EBITDA | 44.0x | -4.3x | 7.8x | 409.8x | 7.7x | 5.3x | |
| EV / LTM EBIT | -21.1x | -4.1x | 15.9x | 275.3x | 12.7x | 9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -21.1x | 12.7x | 275.3x | ||||
| Historical EV / LTM EBIT | 9.3x | 19.1x | 33.0x | ||||
| Selected EV / LTM EBIT | 11.1x | 11.7x | 12.3x | ||||
| (x) LTM EBIT | 6 | 6 | 6 | ||||
| (=) Implied Enterprise Value | 64 | 67 | 70 | ||||
| (-) Non-shareholder Claims * | (21) | (21) | (21) | ||||
| (=) Equity Value | 43 | 46 | 50 | ||||
| (/) Shares Outstanding | 13.5 | 13.5 | 13.5 | ||||
| Implied Value Range | 3.19 | 3.44 | 3.68 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.19 | 3.44 | 3.68 | 2.39 | |||
| Upside / (Downside) | 33.4% | 43.7% | 54.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TC1 | WIG1 | SAX | APM | SPG | SYZ | |
| Enterprise Value | 1,875 | 34 | 4,384 | 36 | 3,548 | 53 | |
| (+) Cash & Short Term Investments | 58 | 1 | 75 | 18 | 0 | 4 | |
| (+) Investments & Other | 2 | 0 | 26 | 4 | 0 | 0 | |
| (-) Debt | (1,760) | (34) | (1,799) | (1) | 0 | (25) | |
| (-) Other Liabilities | (9) | (0) | (11) | (1) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 166 | 1 | 2,675 | 56 | 3,548 | 32 | |
| (/) Shares Outstanding | 296.6 | 35.4 | 55.8 | 22.0 | 198.9 | 13.5 | |
| Implied Stock Price | 0.56 | 0.03 | 47.90 | 2.56 | 17.84 | 2.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.56 | 0.03 | 47.90 | 2.56 | 17.84 | 2.39 | |
| 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 | |