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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.3x - 13.6x | 13.0x |
| Selected Fwd EBITDA Multiple | 6.6x - 7.2x | 6.9x |
| Fair Value | $31.19 - $35.70 | $33.45 |
| Upside | -23.5% - -12.4% | -17.9% |
| Benchmarks | Ticker | Full Ticker |
| Brunel International N.V. | BRNL | ENXTAM:BRNL |
| Amadeus FiRe AG | AAD | DB:AAD |
| Adecco Group AG | ADEN | SWX:ADEN |
| PageGroup plc | 3MI | DB:3MI |
| SThree plc | S8T | DB:S8T |
| Randstad N.V. | RANJ.F | OTCPK:RANJ.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BRNL | AAD | ADEN | 3MI | S8T | RANJ.F | ||
| ENXTAM:BRNL | DB:AAD | SWX:ADEN | DB:3MI | DB:S8T | OTCPK:RANJ.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 22.8% | 16.4% | -6.4% | -6.0% | 1.3% | -9.9% | |
| 3Y CAGR | 4.9% | 8.0% | -8.7% | -13.3% | 1.8% | -18.0% | |
| Latest Twelve Months | -6.5% | -14.6% | -18.3% | -12.9% | -14.8% | -36.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.2% | 17.7% | 4.0% | 7.4% | 4.7% | 3.9% | |
| Prior Fiscal Year | 4.5% | 16.8% | 3.8% | 6.6% | 4.9% | 3.8% | |
| Latest Fiscal Year | 4.1% | 14.5% | 3.2% | 6.6% | 4.6% | 2.6% | |
| Latest Twelve Months | 4.1% | 14.5% | 3.2% | 6.6% | 4.6% | 2.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.32x | 1.12x | 0.31x | 0.55x | 0.19x | 0.36x | |
| EV / LTM EBITDA | 7.8x | 7.7x | 9.6x | 8.3x | 4.2x | 13.7x | |
| EV / LTM EBIT | 8.4x | 8.9x | 11.9x | 18.2x | 4.3x | 16.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.2x | 7.8x | 9.6x | ||||
| Historical EV / LTM EBITDA | 8.7x | 11.0x | 15.2x | ||||
| Selected EV / LTM EBITDA | 12.3x | 13.0x | 13.6x | ||||
| (x) LTM EBITDA | 623 | 623 | 623 | ||||
| (=) Implied Enterprise Value | 7,693 | 8,098 | 8,503 | ||||
| (-) Non-shareholder Claims * | (2,135) | (2,135) | (2,135) | ||||
| (=) Equity Value | 5,559 | 5,964 | 6,369 | ||||
| (/) Shares Outstanding | 201.4 | 201.4 | 201.4 | ||||
| Implied Value Range | 27.60 | 29.61 | 31.62 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 30.37 | 32.59 | 34.80 | 40.75 | |||
| Upside / (Downside) | -25.5% | -20.0% | -14.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BRNL | AAD | ADEN | 3MI | S8T | RANJ.F | |
| Enterprise Value | 440 | 493 | 7,238 | 966 | 307 | 9,593 | |
| (+) Cash & Short Term Investments | 112 | 2 | 482 | 95 | 70 | 357 | |
| (+) Investments & Other | 0 | 0 | 242 | 0 | 0 | 33 | |
| (-) Debt | (96) | (89) | (3,559) | (137) | (40) | (2,218) | |
| (-) Other Liabilities | (2) | (1) | (10) | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (306) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 454 | 406 | 4,393 | 924 | 337 | 7,458 | |
| (/) Shares Outstanding | 50.5 | 5.4 | 167.4 | 313.8 | 129.2 | 201.4 | |
| Implied Stock Price | 9.00 | 74.80 | 26.24 | 2.95 | 2.61 | 37.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.06 | 0.85 | 0.85 | 0.91 | |
| Implied Stock Price (Trading Cur) | 9.00 | 74.80 | 24.68 | 3.46 | 3.07 | 40.75 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.06 | 0.85 | 0.85 | 0.91 | |