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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 16.8x - 18.6x | 17.7x |
| Selected Fwd EBITDA Multiple | 20.1x - 22.2x | 21.1x |
| Fair Value | $0.024 - $0.29 | $0.16 |
| Upside | -78.5% - 162.1% | 41.8% |
| Benchmarks | Ticker | Full Ticker |
| Amazon.com, Inc. | AMZ | DB:AMZ |
| Ermes Department Stores Plc | ERME | CSE:ERME |
| Rocket Sharing Company S.p.A. | RKT | BIT:RKT |
| Passat Société Anonyme | PSAT | ENXTPA:PSAT |
| Verkkokauppa.com Oyj | VERK | HLSE:VERK |
| Cnova N.V. | CNVA.F | OTCPK:CNVA.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AMZ | ERME | RKT | PSAT | VERK | CNVA.F | ||
| DB:AMZ | CSE:ERME | BIT:RKT | ENXTPA:PSAT | HLSE:VERK | OTCPK:CNVA.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 27.1% | 81.6% | NM- | 14.4% | -25.8% | -0.3% | |
| 3Y CAGR | 26.6% | NM- | NM- | -4.4% | -49.7% | -11.2% | |
| Latest Twelve Months | 30.6% | -18.5% | 56.8% | -26.7% | -14.4% | -12.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.7% | 0.5% | -23.3% | 10.3% | 2.0% | 3.7% | |
| Prior Fiscal Year | 14.9% | 15.3% | -46.0% | 15.0% | 1.3% | 4.8% | |
| Latest Fiscal Year | 18.9% | 18.6% | -21.1% | 5.7% | 0.6% | 4.9% | |
| Latest Twelve Months | 19.4% | 14.2% | -17.3% | 7.6% | 1.1% | 4.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.45x | 1.18x | 1.49x | 0.07x | 0.30x | 0.85x | |
| EV / LTM EBITDA | 17.8x | 8.3x | -8.6x | 0.9x | 27.0x | 17.4x | |
| EV / LTM EBIT | 31.3x | 14.0x | -4.2x | 1.4x | 33.5x | -51.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -8.6x | 8.3x | 27.0x | ||||
| Historical EV / LTM EBITDA | 17.4x | 29.2x | 53.0x | ||||
| Selected EV / LTM EBITDA | 16.8x | 17.7x | 18.6x | ||||
| (x) LTM EBITDA | 51 | 51 | 51 | ||||
| (=) Implied Enterprise Value | 849 | 893 | 938 | ||||
| (-) Non-shareholder Claims * | (842) | (842) | (842) | ||||
| (=) Equity Value | 7 | 52 | 96 | ||||
| (/) Shares Outstanding | 379.9 | 379.9 | 379.9 | ||||
| Implied Value Range | 0.02 | 0.14 | 0.25 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.02 | 0.15 | 0.29 | 0.11 | |||
| Upside / (Downside) | -81.0% | 39.1% | 159.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AMZ | ERME | RKT | PSAT | VERK | CNVA.F | |
| Enterprise Value | 2,242,393 | 143 | 6 | 4 | 140 | 879 | |
| (+) Cash & Short Term Investments | 94,565 | 1 | 0 | 24 | 20 | 15 | |
| (+) Investments & Other | 9,200 | 0 | 0 | 0 | 0 | 6 | |
| (-) Debt | (157,953) | (131) | (2) | (10) | (44) | (795) | |
| (-) Other Liabilities | 0 | (9) | (0) | (0) | 0 | (67) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,188,205 | 3 | 4 | 19 | 115 | 37 | |
| (/) Shares Outstanding | 10,616.4 | 174.5 | 14.6 | 4.0 | 45.3 | 379.9 | |
| Implied Stock Price | 206.12 | 0.02 | 0.27 | 4.68 | 2.55 | 0.10 | |
| FX Conversion Rate to Trading Currency | 1.12 | 1.00 | 1.00 | 1.00 | 1.00 | 0.89 | |
| Implied Stock Price (Trading Cur) | 183.32 | 0.02 | 0.27 | 4.68 | 2.55 | 0.11 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.12 | 1.00 | 1.00 | 1.00 | 1.00 | 0.89 | |