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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -3.2x - -3.6x | -3.4x |
| Selected Fwd EBIT Multiple | 0.4x - 0.4x | 0.4x |
| Fair Value | €0.17 - €0.19 | €0.18 |
| Upside | 49.6% - 68.0% | 58.8% |
| Benchmarks | Ticker | Full Ticker |
| Laboratoires Euromedis Société anonyme | ALEMG | ENXTPA:ALEMG |
| Theraclion SA | ALTHE | ENXTPA:ALTHE |
| Diagnostic Medical Systems S.A. | ALDMS | ENXTPA:ALDMS |
| Amplitude Surgical SA | AMPLI | ENXTPA:AMPLI |
| S.M.A.I.O S.A. | ALSMA | ENXTPA:ALSMA |
| SpineGuard SA | ALSGD | ENXTPA:ALSGD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ALEMG | ALTHE | ALDMS | AMPLI | ALSMA | ALSGD | ||
| ENXTPA:ALEMG | ENXTPA:ALTHE | ENXTPA:ALDMS | ENXTPA:AMPLI | ENXTPA:ALSMA | ENXTPA:ALSGD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | 34.3% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 119.1% | NM- | NM- | |
| Latest Twelve Months | 79.7% | 51.0% | 18.9% | 27.9% | -44.9% | -40.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -0.9% | -341.8% | -8.6% | 5.4% | -87.0% | -34.1% | |
| Prior Fiscal Year | -9.5% | -510.5% | -18.5% | 10.2% | -125.2% | -27.3% | |
| Latest Fiscal Year | -14.8% | -173.0% | -3.3% | 12.1% | 8.4% | -90.9% | |
| Latest Twelve Months | -3.1% | -230.9% | -6.6% | 12.5% | -27.9% | -78.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.05x | 6.91x | 0.76x | 3.62x | 2.30x | 1.75x | |
| EV / LTM EBITDA | -4.3x | -2.7x | -22.1x | 14.7x | -28.4x | -2.2x | |
| EV / LTM EBIT | -1.7x | -3.0x | -11.5x | 28.9x | -8.3x | -2.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -11.5x | -3.0x | 28.9x | ||||
| Historical EV / LTM EBIT | -39.0x | -16.0x | -2.0x | ||||
| Selected EV / LTM EBIT | -3.2x | -3.4x | -3.6x | ||||
| (x) LTM EBIT | (4) | (4) | (4) | ||||
| (=) Implied Enterprise Value | 12 | 12 | 13 | ||||
| (-) Non-shareholder Claims * | (2) | (2) | (2) | ||||
| (=) Equity Value | 10 | 11 | 11 | ||||
| (/) Shares Outstanding | 55.9 | 55.9 | 55.9 | ||||
| Implied Value Range | 0.18 | 0.19 | 0.20 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.18 | 0.19 | 0.20 | 0.11 | |||
| Upside / (Downside) | 57.2% | 66.8% | 76.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALEMG | ALTHE | ALDMS | AMPLI | ALSMA | ALSGD | |
| Enterprise Value | 2 | 9 | 35 | 392 | 16 | 8 | |
| (+) Cash & Short Term Investments | 19 | 6 | 2 | 20 | 5 | 1 | |
| (+) Investments & Other | 0 | 1 | 0 | 0 | 0 | 0 | |
| (-) Debt | (9) | (8) | (18) | (120) | (3) | (3) | |
| (-) Other Liabilities | 0 | 0 | (1) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11 | 8 | 18 | 293 | 18 | 6 | |
| (/) Shares Outstanding | 2.8 | 46.3 | 18.1 | 48.0 | 5.2 | 55.9 | |
| Implied Stock Price | 3.96 | 0.17 | 1.00 | 6.10 | 3.46 | 0.11 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.96 | 0.17 | 1.00 | 6.10 | 3.46 | 0.11 | |
| 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 | |