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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.9x - 0.9x | 0.9x |
| Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.9x |
| Fair Value | €25.62 - €28.57 | €27.10 |
| Upside | -14.6% - -4.8% | -9.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Gel S.p.A. | GEL | BIT:GEL |
| Vimi Fasteners S.p.A. | VIM | BIT:VIM |
| Tenax International S.p.A. | TNX | BIT:TNX |
| Marzocchi Pompe S.p.A. | MARP | BIT:MARP |
| Clabo S.p.A. | CLABO | BIT:CLABO |
| Comer Industries S.p.A. | X5Q | DB:X5Q |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| GEL | VIM | TNX | MARP | CLABO | X5Q | |||
| BIT:GEL | BIT:VIM | BIT:TNX | BIT:MARP | BIT:CLABO | DB:X5Q | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -1.9% | 3.8% | 21.6% | 0.1% | 5.6% | 18.4% | ||
| 3Y CAGR | -6.3% | 6.6% | 27.7% | -0.2% | 19.2% | 16.2% | ||
| Latest Twelve Months | 0.7% | -6.0% | 6.6% | -19.1% | -0.4% | -23.0% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 5.8% | 3.2% | 5.0% | 3.2% | -1.9% | 9.4% | ||
| Prior Fiscal Year | 4.9% | 5.5% | 6.3% | 8.1% | 6.4% | 11.4% | ||
| Latest Fiscal Year | 6.2% | 3.2% | 3.0% | 1.7% | 7.0% | 9.1% | ||
| Latest Twelve Months | 6.2% | 3.2% | 3.0% | 1.7% | 8.8% | 9.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.04x | 0.60x | 0.66x | 0.71x | 0.96x | 0.99x | ||
| EV / LTM EBIT | 16.7x | 19.0x | 22.0x | 42.2x | 10.9x | 10.8x | ||
| Price / LTM Sales | 0.83x | 0.23x | 0.29x | 0.45x | 0.20x | 0.91x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.60x | 0.71x | 1.04x | |||||
| Historical EV / LTM Revenue | 0.67x | 0.92x | 1.12x | |||||
| Selected EV / LTM Revenue | 0.85x | 0.90x | 0.94x | |||||
| (x) LTM Revenue | 944 | 944 | 944 | |||||
| (=) Implied Enterprise Value | 803 | 845 | 888 | |||||
| (-) Non-shareholder Claims * | (69) | (69) | (69) | |||||
| (=) Equity Value | 734 | 776 | 818 | |||||
| (/) Shares Outstanding | 28.7 | 28.7 | 28.7 | |||||
| Implied Value Range | 25.61 | 27.09 | 28.56 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 25.61 | 27.09 | 28.56 | 30.00 | ||||
| Upside / (Downside) | -14.6% | -9.7% | -4.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GEL | VIM | TNX | MARP | CLABO | X5Q | |
| Enterprise Value | 16 | 34 | 15 | 29 | 58 | 929 | |
| (+) Cash & Short Term Investments | 4 | 3 | 2 | 5 | 3 | 90 | |
| (+) Investments & Other | 0 | 0 | 0 | 1 | 0 | 2 | |
| (-) Debt | (7) | (24) | (10) | (16) | (49) | (161) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13 | 13 | 7 | 18 | 12 | 860 | |
| (/) Shares Outstanding | 6.3 | 13.5 | 3.7 | 6.5 | 9.5 | 28.7 | |
| Implied Stock Price | 2.06 | 0.98 | 1.80 | 2.82 | 1.30 | 30.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.06 | 0.98 | 1.80 | 2.82 | 1.30 | 30.00 | |
| 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 | |