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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 18.7x - 20.6x | 19.6x |
| Selected Fwd P/E Multiple | 13.4x - 14.8x | 14.1x |
| Fair Value | $16.88 - $18.66 | $17.77 |
| Upside | -12.7% - -3.5% | -8.1% |
| Benchmarks | - | Full Ticker |
| Avanza Bank Holding AB (publ) | - | DB:1JJA |
| Nordnet AB (publ) | - | BST:9JL |
| The Charles Schwab Corporation | - | DB:SWG |
| AJ Bell plc | - | DB:3FY |
| JDC Group AG | - | XTRA:JDC |
| flatexDEGIRO AG | - | OTCPK:FNNT.F |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| 1JJA | 9JL | SWG | 3FY | JDC | FNNT.F | |||
| DB:1JJA | BST:9JL | DB:SWG | DB:3FY | XTRA:JDC | OTCPK:FNNT.F | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 38.2% | 54.2% | 9.2% | 22.7% | NM- | 49.6% | ||
| 3Y CAGR | 3.3% | 11.9% | 0.7% | 24.4% | 86.3% | 29.3% | ||
| Latest Twelve Months | 18.2% | 11.0% | 37.9% | 23.6% | 55.8% | 55.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 51.7% | 42.9% | 30.4% | 30.6% | 0.6% | 20.3% | ||
| Prior Fiscal Year | 52.8% | 48.5% | 24.6% | 31.4% | 2.2% | 18.9% | ||
| Latest Fiscal Year | 52.5% | 47.5% | 27.9% | 31.4% | 2.7% | 23.8% | ||
| Latest Twelve Months | 53.2% | 47.5% | 29.4% | 31.4% | 2.7% | 23.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 11.1x | 10.9x | 6.8x | 6.4x | 1.2x | 4.8x | ||
| LTM P/E Ratio | 20.8x | 23.0x | 23.1x | 20.3x | 43.8x | 20.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 20.3x | 23.0x | 43.8x | |||||
| Historical LTM P/E Ratio | 7.7x | 20.2x | 44.0x | |||||
| Selected P/E Multiple | 18.7x | 19.6x | 20.6x | |||||
| (x) LTM Net Income | 112 | 112 | 112 | |||||
| (=) Equity Value | 2,080 | 2,190 | 2,299 | |||||
| (/) Shares Outstanding | 137.5 | 137.5 | 137.5 | |||||
| Implied Value Range | 15.13 | 15.93 | 16.72 | |||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.13 | 18.04 | 18.94 | 19.34 | ||||
| Upside / (Downside) | -11.4% | -6.7% | -2.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1JJA | 9JL | SWG | 3FY | JDC | FNNT.F | |
| Value of Common Equity | 49,439 | 64,018 | 140,996 | 1,692 | 257 | 2,348 | |
| (/) Shares Outstanding | 157.2 | 249.8 | 1,815.9 | 406.2 | 13.5 | 137.5 | |
| Implied Stock Price | 314.42 | 256.24 | 77.64 | 4.17 | 19.00 | 17.08 | |
| FX Conversion Rate to Trading Currency | 10.98 | 10.98 | 1.13 | 0.85 | 1.00 | 0.88 | |
| Implied Stock Price (Trading Cur) | 28.64 | 23.34 | 68.56 | 4.88 | 19.00 | 19.34 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 10.98 | 10.98 | 1.13 | 0.85 | 1.00 | 0.88 | |