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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.9x - 12.1x | 11.5x |
| Selected Fwd EBITDA Multiple | 7.0x - 7.7x | 7.3x |
| Fair Value | €25.84 - €29.60 | €27.72 |
| Upside | -15.4% - -3.1% | -9.3% |
| Benchmarks | Ticker | Full Ticker |
| Vantea SMART S.p.A. | VNT | BIT:VNT |
| SYS-DAT S.p.A. | SYS | BIT:SYS |
| Planisware SAS | PLNW | ENXTPA:PLNW |
| Dassault Systèmes SE | DSY | ENXTPA:DSY |
| River Tech p.l.c. | RIVER | OB:RIVER |
| TXT e-solutions S.p.A. | TXE | DB:TXE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VNT | SYS | PLNW | DSY | RIVER | TXE | ||
| BIT:VNT | BIT:SYS | ENXTPA:PLNW | ENXTPA:DSY | OB:RIVER | DB:TXE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 24.3% | NM- | NM- | 9.6% | 93.1% | 46.9% | |
| 3Y CAGR | -8.2% | 17.7% | 15.7% | 8.4% | 21.2% | 40.9% | |
| Latest Twelve Months | 51.9% | 35.4% | 8.8% | -6.6% | -27.9% | 40.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.1% | 15.6% | 28.9% | 25.1% | 47.6% | 12.0% | |
| Prior Fiscal Year | 16.2% | 15.4% | 31.0% | 24.8% | 58.2% | 12.2% | |
| Latest Fiscal Year | 25.2% | 14.8% | 26.5% | 25.8% | 44.1% | 11.5% | |
| Latest Twelve Months | 25.2% | 15.5% | 29.0% | 22.5% | 44.1% | 12.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.31x | 2.36x | 5.75x | 5.41x | 1.51x | 1.43x | |
| EV / LTM EBITDA | 5.2x | 15.2x | 19.8x | 24.0x | 3.4x | 12.0x | |
| EV / LTM EBIT | 7.9x | 18.7x | 19.9x | 25.9x | 3.5x | 13.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.4x | 15.2x | 24.0x | ||||
| Historical EV / LTM EBITDA | 8.9x | 10.5x | 14.5x | ||||
| Selected EV / LTM EBITDA | 10.9x | 11.5x | 12.1x | ||||
| (x) LTM EBITDA | 43 | 43 | 43 | ||||
| (=) Implied Enterprise Value | 464 | 489 | 513 | ||||
| (-) Non-shareholder Claims * | (125) | (125) | (125) | ||||
| (=) Equity Value | 340 | 364 | 389 | ||||
| (/) Shares Outstanding | 12.7 | 12.7 | 12.7 | ||||
| Implied Value Range | 26.84 | 28.77 | 30.70 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.84 | 28.77 | 30.70 | 30.55 | |||
| Upside / (Downside) | -12.2% | -5.8% | 0.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VNT | SYS | PLNW | DSY | RIVER | TXE | |
| Enterprise Value | 14 | 154 | 1,092 | 34,526 | 22 | 511 | |
| (+) Cash & Short Term Investments | 4 | 51 | 182 | 4,084 | 5 | 0 | |
| (+) Investments & Other | 1 | 0 | 1 | 0 | 0 | 0 | |
| (-) Debt | (5) | (7) | (18) | (2,578) | (1) | (122) | |
| (-) Other Liabilities | 0 | (0) | 0 | (12) | 0 | (3) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 14 | 198 | 1,257 | 36,020 | 26 | 387 | |
| (/) Shares Outstanding | 12.6 | 31.3 | 70.2 | 1,319.9 | 20.6 | 12.7 | |
| Implied Stock Price | 1.13 | 6.34 | 17.90 | 27.29 | 1.27 | 30.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.08 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.13 | 6.34 | 17.90 | 27.29 | 15.20 | 30.55 | |
| Trading Currency | EUR | EUR | EUR | EUR | NOK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.08 | 1.00 | |