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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -3.2x - -3.6x | -3.4x |
| Selected Fwd EBITDA Multiple | 4.9x - 5.4x | 5.1x |
| Fair Value | €1.84 - €2.15 | €1.99 |
| Upside | -20.5% - -6.8% | -13.7% |
| Benchmarks | Ticker | Full Ticker |
| Tele Columbus AG | TC1 | HMSE:TC1 |
| Sporttotal AG | WIG1 | XTRA:WIG1 |
| ad pepper media International N.V. | APM | XTRA:APM |
| Schwabenverlag AG | SBV | BST:SBV |
| Ströer SE & Co. KGaA | SAX | XTRA:SAX |
| SYZYGY AG | SYZ | DB:SYZ |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TC1 | WIG1 | APM | SBV | SAX | SYZ | ||
| HMSE:TC1 | XTRA:WIG1 | XTRA:APM | BST:SBV | XTRA:SAX | DB:SYZ | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -27.4% | NM- | -12.4% | 5.0% | 3.8% | NM- | |
| 3Y CAGR | -34.0% | NM- | -29.8% | 0.3% | 6.9% | NM- | |
| Latest Twelve Months | -31.0% | 8.7% | 174.0% | 23.3% | 8.3% | -1335.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.3% | -26.6% | 5.4% | 6.2% | 28.0% | 6.6% | |
| Prior Fiscal Year | 12.2% | -16.5% | -3.7% | 3.0% | 27.4% | 1.7% | |
| Latest Fiscal Year | 8.9% | -14.8% | 4.9% | 3.9% | 27.7% | -14.5% | |
| Latest Twelve Months | 8.9% | -20.3% | 4.3% | 3.9% | 27.9% | -17.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.99x | 0.88x | 1.94x | 0.04x | 2.22x | 0.72x | |
| EV / LTM EBITDA | 44.8x | -4.4x | 45.4x | 1.0x | 8.0x | -4.2x | |
| EV / LTM EBIT | -23.3x | -4.1x | 49.0x | 1.5x | 16.1x | -3.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -4.4x | 8.0x | 45.4x | ||||
| Historical EV / LTM EBITDA | 8.7x | 13.2x | 18.4x | ||||
| Selected EV / LTM EBITDA | -3.2x | -3.4x | -3.6x | ||||
| (x) LTM EBITDA | (12) | (12) | (12) | ||||
| (=) Implied Enterprise Value | 37 | 39 | 41 | ||||
| (-) Non-shareholder Claims * | (16) | (16) | (16) | ||||
| (=) Equity Value | 22 | 23 | 25 | ||||
| (/) Shares Outstanding | 13.5 | 13.5 | 13.5 | ||||
| Implied Value Range | 1.59 | 1.74 | 1.88 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.59 | 1.74 | 1.88 | 2.31 | |||
| Upside / (Downside) | -31.0% | -24.8% | -18.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TC1 | WIG1 | APM | SBV | SAX | SYZ | |
| Enterprise Value | 1,810 | 34 | 44 | 2 | 4,546 | 47 | |
| (+) Cash & Short Term Investments | 58 | 1 | 20 | 0 | 71 | 1 | |
| (+) Investments & Other | 3 | 0 | 5 | 0 | 28 | 2 | |
| (-) Debt | (1,729) | (34) | 0 | 0 | (1,780) | (19) | |
| (-) Other Liabilities | (9) | (0) | (1) | 0 | (15) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 133 | 1 | 68 | 2 | 2,848 | 31 | |
| (/) Shares Outstanding | 296.6 | 35.4 | 22.0 | 0.8 | 55.8 | 13.5 | |
| Implied Stock Price | 0.45 | 0.03 | 3.10 | 2.00 | 51.00 | 2.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.45 | 0.03 | 3.10 | 2.00 | 51.00 | 2.31 | |
| 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 | |