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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 107.3x - 118.6x | 113.0x |
| Selected Fwd EBITDA Multiple | 6.4x - 7.0x | 6.7x |
| Fair Value | kr9.43 - kr10.36 | kr9.89 |
| Upside | -23.4% - -15.8% | -19.6% |
| Benchmarks | Ticker | Full Ticker |
| Spir Group ASA | SPIR | OB:SPIR |
| SmartCraft ASA | SMCRT | OB:SMCRT |
| Induct AS | INDCT | OB:INDCT |
| LINK Mobility Group Holding ASA | LINK | OB:LINK |
| Spotlio AS | SPOT | OB:SPOT |
| Elliptic Laboratories ASA | ELABS | OB:ELABS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SPIR | SMCRT | INDCT | LINK | SPOT | ELABS | ||
| OB:SPIR | OB:SMCRT | OB:INDCT | OB:LINK | OB:SPOT | OB:ELABS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 31.4% | NM- | 25.1% | NM- | NM- | |
| 3Y CAGR | 15.4% | 29.0% | NM- | 21.4% | NM- | NM- | |
| Latest Twelve Months | 14.7% | 8.8% | 81.4% | 23.3% | 64.3% | 121.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.3% | 33.4% | 9.2% | 8.4% | -139.2% | -41.4% | |
| Prior Fiscal Year | 10.2% | 34.6% | 33.2% | 8.8% | -73.6% | -72.0% | |
| Latest Fiscal Year | 9.3% | 30.2% | -51.9% | 9.6% | -26.2% | 4.3% | |
| Latest Twelve Months | 10.0% | 29.2% | -6.3% | 10.2% | -26.2% | 5.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.68x | 7.49x | 8.47x | 1.56x | 0.66x | 9.06x | |
| EV / LTM EBITDA | 16.9x | 25.7x | -134.0x | 15.2x | -2.5x | 173.0x | |
| EV / LTM EBIT | 28.4x | 31.1x | -32.2x | 28.4x | -1.2x | 204.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -134.0x | 15.2x | 25.7x | ||||
| Historical EV / LTM EBITDA | -908.7x | -46.9x | -34.0x | ||||
| Selected EV / LTM EBITDA | 107.3x | 113.0x | 118.6x | ||||
| (x) LTM EBITDA | 7 | 7 | 7 | ||||
| (=) Implied Enterprise Value | 766 | 807 | 847 | ||||
| (-) Non-shareholder Claims * | 60 | 60 | 60 | ||||
| (=) Equity Value | 826 | 867 | 907 | ||||
| (/) Shares Outstanding | 105.3 | 105.3 | 105.3 | ||||
| Implied Value Range | 7.85 | 8.23 | 8.61 | ||||
| FX Rate: NOK/NOK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.85 | 8.23 | 8.61 | 12.30 | |||
| Upside / (Downside) | -36.2% | -33.1% | -30.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SPIR | SMCRT | INDCT | LINK | SPOT | ELABS | |
| Enterprise Value | 1,981 | 4,030 | 144 | 10,870 | 5 | 1,235 | |
| (+) Cash & Short Term Investments | 93 | 152 | 0 | 2,446 | 1 | 77 | |
| (+) Investments & Other | 46 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (675) | (36) | (24) | (3,423) | (2) | (17) | |
| (-) Other Liabilities | (96) | (9) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,349 | 4,138 | 121 | 9,892 | 4 | 1,295 | |
| (/) Shares Outstanding | 133.0 | 165.5 | 31.3 | 283.8 | 201.5 | 105.3 | |
| Implied Stock Price | 10.15 | 25.00 | 3.86 | 34.85 | 0.02 | 12.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.10 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.15 | 25.00 | 3.86 | 34.85 | 0.18 | 12.30 | |
| Trading Currency | NOK | NOK | NOK | NOK | NOK | NOK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.10 | 1.00 | |