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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.9x - 8.8x | 8.4x |
| Selected Fwd EBIT Multiple | 12.7x - 14.0x | 13.3x |
| Fair Value | €14.13 - €16.38 | €15.25 |
| Upside | 15.8% - 34.2% | 25.0% |
| Benchmarks | Ticker | Full Ticker |
| Roche Bobois S.A. | RBO | ENXTPA:RBO |
| Indel B S.p.A. | INDB | BIT:INDB |
| Gibus S.p.A. | GBUS | BIT:GBUS |
| B.V. Delftsch Aardewerkfabriek "De Porceleyne Fles Anno 1653" | PORF | ENXTAM:PORF |
| Sabaf S.p.A. | SAB | BIT:SAB |
| Vilniaus Baldai AB | VBL1L | NSEL:VBL1L |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RBO | INDB | GBUS | PORF | SAB | VBL1L | ||
| ENXTPA:RBO | BIT:INDB | BIT:GBUS | ENXTAM:PORF | BIT:SAB | NSEL:VBL1L | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 32.0% | -5.3% | 21.1% | NM- | 12.5% | 41.8% | |
| 3Y CAGR | 41.8% | 15.3% | 3.2% | NM- | -17.4% | 96.8% | |
| Latest Twelve Months | -31.5% | -10.5% | -39.4% | -37.4% | 131.3% | -17.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 8.5% | 7.9% | 14.8% | 11.9% | 8.7% | 4.0% | |
| Prior Fiscal Year | 11.0% | 7.6% | 18.2% | 13.9% | 3.8% | 4.3% | |
| Latest Fiscal Year | 10.8% | 6.0% | 8.6% | 6.4% | 7.3% | 13.7% | |
| Latest Twelve Months | 7.5% | 6.2% | 8.5% | 5.8% | 7.3% | 11.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.27x | 0.53x | 0.78x | 3.23x | 0.88x | 0.78x | |
| EV / LTM EBITDA | 12.5x | 6.3x | 5.4x | 21.8x | 5.8x | 4.9x | |
| EV / LTM EBIT | 17.0x | 8.5x | 9.1x | 55.7x | 12.1x | 6.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.5x | 12.1x | 55.7x | ||||
| Historical EV / LTM EBIT | -5.5x | 13.0x | 27.1x | ||||
| Selected EV / LTM EBIT | 7.9x | 8.4x | 8.8x | ||||
| (x) LTM EBIT | 11 | 11 | 11 | ||||
| (=) Implied Enterprise Value | 87 | 92 | 96 | ||||
| (-) Non-shareholder Claims * | (28) | (28) | (28) | ||||
| (=) Equity Value | 59 | 63 | 68 | ||||
| (/) Shares Outstanding | 3.9 | 3.9 | 3.9 | ||||
| Implied Value Range | 15.11 | 16.29 | 17.47 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 15.11 | 16.29 | 17.47 | 12.20 | |||
| Upside / (Downside) | 23.9% | 33.5% | 43.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RBO | INDB | GBUS | PORF | SAB | VBL1L | |
| Enterprise Value | 524 | 110 | 69 | 28 | 252 | 76 | |
| (+) Cash & Short Term Investments | 65 | 25 | 11 | 0 | 31 | 0 | |
| (+) Investments & Other | 0 | 12 | 0 | 0 | 0 | 0 | |
| (-) Debt | (218) | (49) | (30) | (17) | (108) | (28) | |
| (-) Other Liabilities | (2) | (1) | 0 | (1) | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 370 | 97 | 49 | 11 | 167 | 47 | |
| (/) Shares Outstanding | 10.1 | 5.3 | 5.0 | 1.0 | 12.5 | 3.9 | |
| Implied Stock Price | 36.60 | 18.35 | 9.95 | 11.20 | 13.30 | 12.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36.60 | 18.35 | 9.95 | 11.20 | 13.30 | 12.20 | |
| 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 | |