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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.2x - 1.3x | 1.2x |
| Selected Fwd Revenue Multiple | 1.1x - 1.2x | 1.2x |
| Fair Value | €9.89 - €11.89 | €10.89 |
| Upside | 66.1% - 99.6% | 82.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Edenred SE | EDEN | ENXTPA:EDEN |
| Adyen N.V. | ADYEN | ENXTAM:ADYEN |
| AvidXchange Holdings, Inc. | AVDX | NasdaqGS:AVDX |
| Block, Inc. | SQ3 | DB:SQ3 |
| Fiserv, Inc. | FIV | DB:FIV |
| Worldline SA | WLN | ENXTPA:WLN |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| EDEN | ADYEN | AVDX | SQ3 | FIV | WLN | |||
| ENXTPA:EDEN | ENXTAM:ADYEN | NasdaqGS:AVDX | DB:SQ3 | DB:FIV | ENXTPA:WLN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 10.7% | 30.4% | 24.0% | 38.6% | 15.0% | 14.2% | ||
| 3Y CAGR | 18.1% | 26.2% | 20.9% | 10.9% | 8.0% | 7.9% | ||
| Latest Twelve Months | 12.9% | 23.9% | 15.3% | 10.1% | 7.1% | 0.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 29.2% | 50.8% | -25.1% | 0.0% | 18.5% | 14.6% | ||
| Prior Fiscal Year | 23.5% | 41.9% | -14.0% | -0.4% | 25.4% | 11.3% | ||
| Latest Fiscal Year | 30.4% | 44.6% | -0.5% | 4.3% | 28.7% | 9.6% | ||
| Latest Twelve Months | 30.4% | 44.6% | -0.5% | 4.3% | 28.7% | 9.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 3.49x | 17.27x | 3.29x | 1.37x | 7.23x | 0.92x | ||
| EV / LTM EBIT | 11.5x | 38.7x | -641.6x | 31.8x | 25.1x | 9.6x | ||
| Price / LTM Sales | 2.80x | 22.11x | 4.00x | 1.42x | 6.09x | 0.36x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 1.37x | 3.49x | 17.27x | |||||
| Historical EV / LTM Revenue | 0.92x | 2.51x | 8.94x | |||||
| Selected EV / LTM Revenue | 1.16x | 1.22x | 1.28x | |||||
| (x) LTM Revenue | 4,632 | 4,632 | 4,632 | |||||
| (=) Implied Enterprise Value | 5,376 | 5,659 | 5,942 | |||||
| (-) Non-shareholder Claims * | (2,571) | (2,571) | (2,571) | |||||
| (=) Equity Value | 2,805 | 3,088 | 3,371 | |||||
| (/) Shares Outstanding | 283.6 | 283.6 | 283.6 | |||||
| Implied Value Range | 9.89 | 10.89 | 11.89 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 9.89 | 10.89 | 11.89 | 5.96 | ||||
| Upside / (Downside) | 66.1% | 82.8% | 99.6% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EDEN | ADYEN | AVDX | SQ3 | FIV | WLN | |
| Enterprise Value | 9,110 | 34,788 | 1,428 | 33,268 | 148,547 | 4,260 | |
| (+) Cash & Short Term Investments | 3,031 | 9,989 | 389 | 8,567 | 1,236 | 1,799 | |
| (+) Investments & Other | 100 | 9 | 0 | 718 | 1,756 | 384 | |
| (-) Debt | (4,837) | (228) | (75) | (7,919) | (25,610) | (3,779) | |
| (-) Other Liabilities | (99) | 0 | 0 | 33 | (618) | (976) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,305 | 44,558 | 1,742 | 34,666 | 125,311 | 1,689 | |
| (/) Shares Outstanding | 240.1 | 31.5 | 204.4 | 620.2 | 561.3 | 283.6 | |
| Implied Stock Price | 30.43 | 1,415.20 | 8.52 | 55.89 | 223.26 | 5.96 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.09 | 1.09 | 1.00 | |
| Implied Stock Price (Trading Cur) | 30.43 | 1,415.20 | 8.52 | 51.41 | 205.35 | 5.96 | |
| Trading Currency | EUR | EUR | USD | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.09 | 1.09 | 1.00 | |