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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 116.3x - 128.6x | 122.4x |
| Selected Fwd EBITDA Multiple | 7.1x - 7.8x | 7.4x |
| Fair Value | kr10.30 - kr11.33 | kr10.81 |
| Upside | -19.1% - -11.1% | -15.1% |
| Benchmarks | Ticker | Full Ticker |
| SmartCraft ASA | SMCRT | OB:SMCRT |
| Spir Group ASA | SPIR | OB:SPIR |
| LINK Mobility Group Holding ASA | LINK | OB:LINK |
| Crayon Group Holding ASA | CRAYN | OB:CRAYN |
| Induct AS | INDCT | OB:INDCT |
| Elliptic Laboratories ASA | ELABS | OB:ELABS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SMCRT | SPIR | LINK | CRAYN | INDCT | ELABS | ||
| OB:SMCRT | OB:SPIR | OB:LINK | OB:CRAYN | OB:INDCT | OB:ELABS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 31.4% | NM- | 25.1% | 37.1% | NM- | NM- | |
| 3Y CAGR | 29.0% | 15.4% | 21.4% | 27.3% | NM- | NM- | |
| Latest Twelve Months | 8.8% | 14.7% | 23.3% | 21.2% | 81.4% | 121.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 33.4% | 11.3% | 8.4% | 9.1% | 9.2% | -41.4% | |
| Prior Fiscal Year | 34.6% | 10.2% | 8.8% | 10.9% | 33.2% | -72.0% | |
| Latest Fiscal Year | 30.2% | 9.3% | 9.6% | 13.3% | -51.9% | 4.3% | |
| Latest Twelve Months | 29.2% | 10.0% | 10.2% | 12.1% | -6.3% | 5.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.99x | 1.59x | 1.21x | 1.86x | 8.15x | 9.40x | |
| EV / LTM EBITDA | 27.4x | 16.0x | 11.8x | 15.4x | -128.9x | 179.4x | |
| EV / LTM EBIT | 33.1x | 26.9x | 22.0x | 17.0x | -31.0x | 211.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -128.9x | 15.4x | 27.4x | ||||
| Historical EV / LTM EBITDA | -908.7x | -46.9x | -34.0x | ||||
| Selected EV / LTM EBITDA | 116.3x | 122.4x | 128.6x | ||||
| (x) LTM EBITDA | 7 | 7 | 7 | ||||
| (=) Implied Enterprise Value | 831 | 874 | 918 | ||||
| (-) Non-shareholder Claims * | 60 | 60 | 60 | ||||
| (=) Equity Value | 891 | 934 | 978 | ||||
| (/) Shares Outstanding | 105.3 | 105.3 | 105.3 | ||||
| Implied Value Range | 8.46 | 8.87 | 9.29 | ||||
| FX Rate: NOK/NOK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.46 | 8.87 | 9.29 | 12.74 | |||
| Upside / (Downside) | -33.6% | -30.3% | -27.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMCRT | SPIR | LINK | CRAYN | INDCT | ELABS | |
| Enterprise Value | 4,301 | 1,876 | 8,443 | 13,234 | 139 | 1,281 | |
| (+) Cash & Short Term Investments | 152 | 93 | 2,446 | 1,459 | 0 | 77 | |
| (+) Investments & Other | 0 | 46 | 0 | 45 | 0 | 0 | |
| (-) Debt | (36) | (675) | (3,423) | (1,850) | (24) | (17) | |
| (-) Other Liabilities | (9) | (96) | 0 | 11 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 4,409 | 1,244 | 7,465 | 12,899 | 115 | 1,341 | |
| (/) Shares Outstanding | 165.7 | 133.0 | 283.8 | 89.4 | 29.4 | 105.3 | |
| Implied Stock Price | 26.60 | 9.36 | 26.30 | 144.30 | 3.92 | 12.74 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.60 | 9.36 | 26.30 | 144.30 | 3.92 | 12.74 | |
| Trading Currency | NOK | NOK | NOK | NOK | NOK | NOK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
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