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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Selected Fwd Revenue Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | €5.61 - €7.88 | €6.74 |
| Upside | -66.2% - -52.5% | -59.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Westag AG | WUG | DB:WUG |
| InnoTec TSS AG | TSS | DB:TSS |
| Deceuninck NV | 1Z4 | DB:1Z4 |
| Poujoulat SA | 72Y | DB:72Y |
| LapWall Oyj | QJ1 | DB:QJ1 |
| Villeroy & Boch AG | VIB3 | DB:VIB3 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| WUG | TSS | 1Z4 | 72Y | QJ1 | VIB3 | |||
| DB:WUG | DB:TSS | DB:1Z4 | DB:72Y | DB:QJ1 | DB:VIB3 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -4.2% | 2.6% | 5.5% | 8.7% | NM- | 11.3% | ||
| 3Y CAGR | -6.0% | -0.5% | -0.4% | 12.8% | NM- | 14.6% | ||
| Latest Twelve Months | -12.8% | -0.1% | -4.5% | -17.4% | 3.4% | 59.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 1.0% | 10.3% | 6.6% | 5.1% | 10.0% | 6.3% | ||
| Prior Fiscal Year | 1.6% | 7.5% | 6.2% | 8.5% | 7.7% | 6.2% | ||
| Latest Fiscal Year | 3.6% | 7.3% | 8.4% | 4.1% | 9.7% | 2.3% | ||
| Latest Twelve Months | 3.6% | 7.3% | 8.4% | 2.2% | 9.7% | 2.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.54x | 0.47x | 0.49x | 0.62x | 1.34x | 0.58x | ||
| EV / LTM EBIT | 15.1x | 6.4x | 5.8x | 28.9x | 13.8x | 24.4x | ||
| Price / LTM Sales | 0.72x | 0.61x | 0.36x | 0.21x | 1.28x | 0.30x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.47x | 0.54x | 1.34x | |||||
| Historical EV / LTM Revenue | 0.32x | 0.42x | 0.68x | |||||
| Selected EV / LTM Revenue | 0.38x | 0.41x | 0.43x | |||||
| (x) LTM Revenue | 1,513 | 1,513 | 1,513 | |||||
| (=) Implied Enterprise Value | 582 | 613 | 644 | |||||
| (-) Non-shareholder Claims * | (425) | (425) | (425) | |||||
| (=) Equity Value | 158 | 189 | 219 | |||||
| (/) Shares Outstanding | 26.7 | 26.7 | 26.7 | |||||
| Implied Value Range | 5.93 | 7.08 | 8.23 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.93 | 7.08 | 8.23 | 16.60 | ||||
| Upside / (Downside) | -64.3% | -57.4% | -50.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WUG | TSS | 1Z4 | 72Y | QJ1 | VIB3 | |
| Enterprise Value | 101 | 53 | 393 | 208 | 56 | 867 | |
| (+) Cash & Short Term Investments | 30 | 28 | 34 | 5 | 4 | 82 | |
| (+) Investments & Other | 3 | (0) | 0 | 2 | 0 | 42 | |
| (-) Debt | 0 | (11) | (119) | (135) | (6) | (548) | |
| (-) Other Liabilities | 0 | (0) | (17) | (10) | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 134 | 70 | 291 | 69 | 53 | 442 | |
| (/) Shares Outstanding | 4.3 | 9.6 | 138.1 | 7.7 | 14.5 | 26.7 | |
| Implied Stock Price | 30.80 | 7.30 | 2.11 | 8.96 | 3.65 | 16.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 30.80 | 7.30 | 2.11 | 8.96 | 3.65 | 16.60 | |
| 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 | |