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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.4x - 10.4x | 9.9x |
| Selected Fwd EBITDA Multiple | 7.2x - 7.9x | 7.5x |
| Fair Value | $27.75 - $32.60 | $30.18 |
| Upside | -2.3% - 14.8% | 6.3% |
| Benchmarks | Ticker | Full Ticker |
| Brunel International N.V. | BRNL | ENXTAM:BRNL |
| Randstad N.V. | 650176 | BRSE:000650176 |
| Bureau Veritas SA | BVI | ENXTPA:BVI |
| Amadeus FiRe AG | AAD | SWX:AAD |
| Groupe CRIT SA | CEN | ENXTPA:CEN |
| Adecco Group AG | AHEX.F | OTCPK:AHEX.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BRNL | 650176 | BVI | AAD | CEN | AHEX.F | ||
| ENXTAM:BRNL | BRSE:000650176 | ENXTPA:BVI | SWX:AAD | ENXTPA:CEN | OTCPK:AHEX.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 22.8% | -9.9% | 5.3% | 20.1% | -5.7% | -6.4% | |
| 3Y CAGR | 4.9% | -18.0% | 11.1% | 30.2% | 26.4% | -8.7% | |
| Latest Twelve Months | -6.5% | -36.1% | 15.8% | 9.9% | 0.6% | -18.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.2% | 3.9% | 17.3% | 18.1% | 4.6% | 4.0% | |
| Prior Fiscal Year | 4.5% | 3.8% | 17.9% | 17.6% | 4.8% | 3.8% | |
| Latest Fiscal Year | 4.1% | 2.6% | 18.8% | 21.7% | 4.4% | 3.2% | |
| Latest Twelve Months | 4.1% | 2.6% | 18.8% | 19.3% | 4.1% | 3.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.37x | 0.38x | 2.23x | 1.19x | 0.22x | 0.33x | |
| EV / LTM EBITDA | 9.0x | 14.8x | 11.9x | 6.2x | 5.4x | 10.1x | |
| EV / LTM EBIT | 9.8x | 17.6x | 15.5x | 9.6x | 6.4x | 12.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.4x | 9.0x | 14.8x | ||||
| Historical EV / LTM EBITDA | 7.5x | 10.1x | 13.7x | ||||
| Selected EV / LTM EBITDA | 9.4x | 9.9x | 10.4x | ||||
| (x) LTM EBITDA | 748 | 748 | 748 | ||||
| (=) Implied Enterprise Value | 7,054 | 7,425 | 7,797 | ||||
| (-) Non-shareholder Claims * | (2,845) | (2,845) | (2,845) | ||||
| (=) Equity Value | 4,209 | 4,580 | 4,952 | ||||
| (/) Shares Outstanding | 167.4 | 167.4 | 167.4 | ||||
| Implied Value Range | 25.14 | 27.36 | 29.57 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.14 | 29.54 | 31.93 | 28.40 | |||
| Upside / (Downside) | -4.4% | 4.0% | 12.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BRNL | 650176 | BVI | AAD | CEN | AHEX.F | |
| Enterprise Value | 515 | 9,717 | 14,400 | 673 | 587 | 7,249 | |
| (+) Cash & Short Term Investments | 112 | 357 | 1,216 | 1 | 275 | 482 | |
| (+) Investments & Other | 0 | 33 | 100 | 0 | 6 | 242 | |
| (-) Debt | (96) | (2,218) | (2,873) | (88) | (216) | (3,559) | |
| (-) Other Liabilities | (2) | (1) | (64) | (3) | (9) | (10) | |
| (-) Preferred Stock | 0 | (306) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 529 | 7,582 | 12,778 | 583 | 643 | 4,404 | |
| (/) Shares Outstanding | 50.5 | 114.2 | 448.0 | 4.1 | 10.5 | 167.4 | |
| Implied Stock Price | 10.48 | 66.38 | 28.52 | 143.17 | 61.00 | 26.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.05 | 1.00 | 1.05 | 1.00 | 0.93 | |
| Implied Stock Price (Trading Cur) | 10.48 | 63.24 | 28.52 | 136.40 | 61.00 | 28.40 | |
| Trading Currency | EUR | CHF | EUR | CHF | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.05 | 1.00 | 1.05 | 1.00 | 0.93 | |