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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18.3x - 20.2x | 19.2x |
| Selected Fwd EBITDA Multiple | 12.2x - 13.5x | 12.8x |
| Fair Value | €80.72 - €90.48 | €85.60 |
| Upside | 19.0% - 33.4% | 26.2% |
| Benchmarks | Ticker | Full Ticker |
| The Western Union Company | WU | NYSE:WU |
| Jack Henry & Associates, Inc. | JKHY | NasdaqGS:JKHY |
| Mastercard Incorporated | MA | NYSE:MA |
| EVERTEC, Inc. | EVTC | NYSE:EVTC |
| Visa Inc. | V | NYSE:V |
| Fidelity National Information Services, Inc. | ZGY | DB:ZGY |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WU | JKHY | MA | EVTC | V | ZGY | ||
| NYSE:WU | NasdaqGS:JKHY | NYSE:MA | NYSE:EVTC | NYSE:V | DB:ZGY | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -6.0% | 5.3% | 11.2% | 5.5% | 9.2% | 3.0% | |
| 3Y CAGR | -10.4% | 5.1% | 16.4% | 1.2% | 14.6% | -11.4% | |
| Latest Twelve Months | -10.5% | 7.5% | 14.1% | 28.5% | 9.5% | 14.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 24.5% | 26.6% | 59.7% | 35.0% | 69.5% | 31.8% | |
| Prior Fiscal Year | 23.7% | 26.4% | 61.1% | 28.6% | 70.0% | 29.0% | |
| Latest Fiscal Year | 22.6% | 24.9% | 61.6% | 30.1% | 69.5% | 30.9% | |
| Latest Twelve Months | 22.1% | 26.1% | 61.8% | 30.5% | 69.7% | 30.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.01x | 5.70x | 17.73x | 3.27x | 17.62x | 4.79x | |
| EV / LTM EBITDA | 4.6x | 21.9x | 28.7x | 10.7x | 25.3x | 15.7x | |
| EV / LTM EBIT | 5.6x | 24.6x | 30.3x | 15.6x | 26.4x | 21.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.6x | 21.9x | 28.7x | ||||
| Historical EV / LTM EBITDA | 15.8x | 17.2x | 27.1x | ||||
| Selected EV / LTM EBITDA | 18.3x | 19.2x | 20.2x | ||||
| (x) LTM EBITDA | 3,107 | 3,107 | 3,107 | ||||
| (=) Implied Enterprise Value | 56,783 | 59,772 | 62,760 | ||||
| (-) Non-shareholder Claims * | (7,301) | (7,301) | (7,301) | ||||
| (=) Equity Value | 49,482 | 52,471 | 55,459 | ||||
| (/) Shares Outstanding | 523.5 | 523.5 | 523.5 | ||||
| Implied Value Range | 94.52 | 100.23 | 105.94 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 81.49 | 86.42 | 91.34 | 67.83 | |||
| Upside / (Downside) | 20.1% | 27.4% | 34.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WU | JKHY | MA | EVTC | V | ZGY | |
| Enterprise Value | 4,180 | 13,198 | 513,855 | 2,842 | 661,322 | 48,487 | |
| (+) Cash & Short Term Investments | 1,289 | 40 | 7,894 | 266 | 13,751 | 805 | |
| (+) Investments & Other | 0 | 26 | 1,598 | 39 | 1,470 | 3,985 | |
| (-) Debt | (2,791) | (223) | (18,802) | (959) | (20,762) | (12,087) | |
| (-) Other Liabilities | 0 | 0 | (25) | (43) | 0 | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (880) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,677 | 13,041 | 504,520 | 2,144 | 654,901 | 41,186 | |
| (/) Shares Outstanding | 330.5 | 72.8 | 908.0 | 63.6 | 1,872.2 | 523.5 | |
| Implied Stock Price | 8.10 | 179.09 | 555.61 | 33.71 | 349.81 | 78.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 8.10 | 179.09 | 555.61 | 33.71 | 349.81 | 67.83 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |