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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Selected Fwd EBITDA Multiple | 4.2x - 4.7x | 4.4x |
| Fair Value | kr5.19 - kr5.71 | kr5.45 |
| Upside | 50.3% - 65.5% | 57.9% |
| Benchmarks | Ticker | Full Ticker |
| Grand Harbour Marina p.l.c | GHM | MTSE:GHM |
| Imperial Riviera d.d. | HIMR | ZGSE:HIMR |
| Raketech Group Holding PLC | RAKE | OM:RAKE |
| Viking Line Abp | VIK1V | HLSE:VIK1V |
| NoHo Partners Oyj | NOHO | HLSE:NOHO |
| Angler Gaming plc | ANGL | NGM:ANGL |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| GHM | HIMR | RAKE | VIK1V | NOHO | ANGL | ||
| MTSE:GHM | ZGSE:HIMR | OM:RAKE | HLSE:VIK1V | HLSE:NOHO | NGM:ANGL | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.2% | 21.2% | 5.7% | 5.9% | 5.7% | -3.2% | |
| 3Y CAGR | -1.6% | 40.8% | -3.9% | 41.4% | 166.8% | -10.2% | |
| Latest Twelve Months | 27.1% | 32.0% | -38.9% | -24.8% | 15.0% | 47.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 41.0% | 25.5% | 35.3% | 5.6% | 6.0% | 14.6% | |
| Prior Fiscal Year | 37.7% | 27.7% | 29.6% | 14.4% | 13.7% | 9.8% | |
| Latest Fiscal Year | 42.7% | 29.3% | 23.0% | 11.1% | 13.8% | 14.2% | |
| Latest Twelve Months | 45.7% | 29.3% | 23.0% | 11.1% | 13.8% | 14.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.63x | 3.02x | 0.17x | 0.82x | 1.29x | 0.55x | |
| EV / LTM EBITDA | 8.0x | 10.3x | 0.7x | 7.4x | 9.3x | 3.9x | |
| EV / LTM EBIT | 10.1x | 25.3x | 2.6x | 15.1x | 13.2x | 3.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.7x | 8.0x | 10.3x | ||||
| Historical EV / LTM EBITDA | 3.9x | 13.9x | 53.9x | ||||
| Selected EV / LTM EBITDA | 6.0x | 6.3x | 6.6x | ||||
| (x) LTM EBITDA | 6 | 6 | 6 | ||||
| (=) Implied Enterprise Value | 34 | 36 | 38 | ||||
| (-) Non-shareholder Claims * | 1 | 1 | 1 | ||||
| (=) Equity Value | 36 | 37 | 39 | ||||
| (/) Shares Outstanding | 75.0 | 75.0 | 75.0 | ||||
| Implied Value Range | 0.47 | 0.50 | 0.52 | ||||
| FX Rate: EUR/SEK | 0.1 | 0.1 | 0.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.21 | 5.48 | 5.74 | 3.45 | |||
| Upside / (Downside) | 51.1% | 58.7% | 66.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GHM | HIMR | RAKE | VIK1V | NOHO | ANGL | |
| Enterprise Value | 16 | 343 | 10 | 392 | 549 | 22 | |
| (+) Cash & Short Term Investments | 7 | 6 | 5 | 56 | 15 | 1 | |
| (+) Investments & Other | 14 | 0 | 0 | 55 | 1 | 0 | |
| (-) Debt | (21) | (110) | (2) | (158) | (357) | 0 | |
| (-) Other Liabilities | 0 | (1) | 0 | 0 | (23) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16 | 239 | 12 | 345 | 186 | 24 | |
| (/) Shares Outstanding | 20.0 | 2.3 | 45.2 | 17.3 | 21.0 | 75.0 | |
| Implied Stock Price | 0.80 | 105.00 | 0.27 | 19.95 | 8.82 | 0.31 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.09 | 1.00 | 1.00 | 0.09 | |
| Implied Stock Price (Trading Cur) | 0.80 | 105.00 | 3.02 | 19.95 | 8.82 | 3.45 | |
| Trading Currency | EUR | EUR | SEK | EUR | EUR | SEK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.09 | 1.00 | 1.00 | 0.09 | |