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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 15.0x - 16.6x | 15.8x |
| Selected Fwd EBITDA Multiple | 9.9x - 10.9x | 10.4x |
| Fair Value | €68.29 - €74.99 | €71.64 |
| Upside | -23.5% - -16.0% | -19.8% |
| Benchmarks | Ticker | Full Ticker |
| Deutsche Rohstoff AG | DR0 | XTRA:DR0 |
| EnviTec Biogas AG | ETG | XTRA:ETG |
| Verbio SE | VBK | XTRA:VBK |
| HELLENiQ ENERGY Holdings S.A. | HLPN | DB:HLPN |
| Neste Oyj | NEF | DB:NEF |
| Friedrich Vorwerk Group SE | VH2 | DB:VH2 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DR0 | ETG | VBK | HLPN | NEF | VH2 | ||
| XTRA:DR0 | XTRA:ETG | XTRA:VBK | DB:HLPN | DB:NEF | DB:VH2 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 45.8% | 16.3% | 2.3% | 5.0% | -23.2% | 16.0% | |
| 3Y CAGR | 36.8% | 18.6% | -13.1% | 3.5% | -34.1% | 16.7% | |
| Latest Twelve Months | 8.7% | -38.6% | -53.1% | -64.7% | -68.6% | 427.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 66.6% | 17.7% | 13.8% | 6.5% | 11.3% | 11.3% | |
| Prior Fiscal Year | 72.2% | 23.4% | 12.0% | 7.8% | 10.0% | 3.7% | |
| Latest Fiscal Year | 69.1% | 17.5% | 6.5% | 5.4% | 3.4% | 14.3% | |
| Latest Twelve Months | 69.3% | 17.5% | 3.3% | 3.6% | 2.8% | 15.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.30x | 1.08x | 0.57x | 0.44x | 0.74x | 3.05x | |
| EV / LTM EBITDA | 1.9x | 6.2x | 17.4x | 12.4x | 26.1x | 20.1x | |
| EV / LTM EBIT | 4.2x | 9.5x | -208.7x | 40.7x | -225.4x | 26.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.9x | 12.4x | 26.1x | ||||
| Historical EV / LTM EBITDA | 10.4x | 11.3x | 62.1x | ||||
| Selected EV / LTM EBITDA | 15.0x | 15.8x | 16.6x | ||||
| (x) LTM EBITDA | 84 | 84 | 84 | ||||
| (=) Implied Enterprise Value | 1,265 | 1,332 | 1,399 | ||||
| (-) Non-shareholder Claims * | 92 | 92 | 92 | ||||
| (=) Equity Value | 1,357 | 1,424 | 1,490 | ||||
| (/) Shares Outstanding | 20.0 | 20.0 | 20.0 | ||||
| Implied Value Range | 67.86 | 71.19 | 74.52 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 67.86 | 71.19 | 74.52 | 89.30 | |||
| Upside / (Downside) | -24.0% | -20.3% | -16.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DR0 | ETG | VBK | HLPN | NEF | VH2 | |
| Enterprise Value | 310 | 387 | 843 | 4,986 | 15,316 | 1,694 | |
| (+) Cash & Short Term Investments | 26 | 27 | 73 | 766 | 981 | 110 | |
| (+) Investments & Other | 25 | 17 | 0 | 191 | 87 | 13 | |
| (-) Debt | (160) | (121) | (267) | (3,362) | (5,344) | (31) | |
| (-) Other Liabilities | (7) | (8) | (3) | (53) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 194 | 303 | 646 | 2,528 | 11,040 | 1,786 | |
| (/) Shares Outstanding | 4.9 | 14.9 | 63.7 | 305.6 | 768.2 | 20.0 | |
| Implied Stock Price | 39.65 | 20.40 | 10.14 | 8.27 | 14.37 | 89.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 39.65 | 20.40 | 10.14 | 8.27 | 14.37 | 89.30 | |
| 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 | |