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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.4x - 1.6x | 1.5x |
| Selected Fwd Revenue Multiple | 1.5x - 1.6x | 1.6x |
| Fair Value | €1.02 - €1.14 | €1.08 |
| Upside | 20.5% - 34.5% | 27.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| HiPay Group SA | ALHYP | ENXTPA:ALHYP |
| FORIS AG | FRS | DB:FRS |
| Edenred SE | EDEN | ENXTPA:EDEN |
| CHAPTERS Group AG | CHG | DB:CHG |
| Hypoport SE | HYQ | DB:HYQ |
| BD Multimedia SA | ALBDM | ENXTPA:ALBDM |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| ALHYP | FRS | EDEN | CHG | HYQ | ALBDM | |||
| ENXTPA:ALHYP | DB:FRS | ENXTPA:EDEN | DB:CHG | DB:HYQ | ENXTPA:ALBDM | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 17.8% | 6.4% | 10.7% | 89.7% | 10.7% | -17.7% | ||
| 3Y CAGR | 12.7% | 13.5% | 18.1% | 303.4% | 7.9% | 6.2% | ||
| Latest Twelve Months | 7.5% | 31.8% | 12.9% | 53.8% | 13.5% | -11.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -1.8% | 0.6% | 29.2% | -686699.9% | 4.7% | -47.8% | ||
| Prior Fiscal Year | -5.7% | 5.8% | 23.5% | 5.6% | -1.1% | -52.6% | ||
| Latest Fiscal Year | 7.8% | 10.5% | 30.4% | 3.5% | 2.9% | -64.0% | ||
| Latest Twelve Months | 9.2% | 10.5% | 30.4% | -0.4% | 2.9% | -79.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.03x | 0.71x | 3.49x | 8.85x | 2.07x | 1.28x | ||
| EV / LTM EBIT | 11.2x | 7.6x | 11.5x | -2012.1x | 71.7x | -1.6x | ||
| Price / LTM Sales | 0.70x | 0.61x | 2.80x | 9.02x | 1.89x | 1.13x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.71x | 2.07x | 8.85x | |||||
| Historical EV / LTM Revenue | -0.29x | 1.24x | 12.21x | |||||
| Selected EV / LTM Revenue | 1.41x | 1.48x | 1.56x | |||||
| (x) LTM Revenue | 2 | 2 | 2 | |||||
| (=) Implied Enterprise Value | 3 | 3 | 3 | |||||
| (-) Non-shareholder Claims * | (0) | (0) | (0) | |||||
| (=) Equity Value | 2 | 3 | 3 | |||||
| (/) Shares Outstanding | 2.6 | 2.6 | 2.6 | |||||
| Implied Value Range | 0.95 | 1.01 | 1.06 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.95 | 1.01 | 1.06 | 0.85 | ||||
| Upside / (Downside) | 11.8% | 18.3% | 24.9% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALHYP | FRS | EDEN | CHG | HYQ | ALBDM | |
| Enterprise Value | 71 | 12 | 9,110 | 785 | 1,142 | 2 | |
| (+) Cash & Short Term Investments | 0 | 4 | 3,031 | 38 | 86 | 1 | |
| (+) Investments & Other | 0 | 0 | 100 | 48 | 6 | 0 | |
| (-) Debt | (23) | (1) | (4,837) | (74) | (185) | (1) | |
| (-) Other Liabilities | 0 | 0 | (99) | 3 | (4) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 48 | 16 | 7,305 | 800 | 1,045 | 2 | |
| (/) Shares Outstanding | 6.3 | 4.6 | 240.1 | 23.0 | 6.7 | 2.6 | |
| Implied Stock Price | 7.64 | 3.38 | 30.43 | 34.80 | 156.30 | 0.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.64 | 3.38 | 30.43 | 34.80 | 156.30 | 0.85 | |
| 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 | |