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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.2x - 13.5x | 12.8x |
| Selected Fwd EBITDA Multiple | 4.0x - 4.4x | 4.2x |
| Fair Value | zł141.56 - zł153.94 | zł147.75 |
| Upside | 18.0% - 28.3% | 23.1% |
| Benchmarks | Ticker | Full Ticker |
| SoftBlue SA | SBE | WSE:SBE |
| KBJ S.A. | KBJ | WSE:KBJ |
| TenderHut S.A. | THG | WSE:THG |
| Mineral Midrange S.A. | MND | WSE:MND |
| Asseco South Eastern Europe S.A. | ASE | WSE:ASE |
| e-Xim IT S.A. | EXM | WSE:EXM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SBE | KBJ | THG | MND | ASE | EXM | ||
| WSE:SBE | WSE:KBJ | WSE:THG | WSE:MND | WSE:ASE | WSE:EXM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 36.0% | NM- | 28.6% | 12.6% | 5.7% | |
| 3Y CAGR | NM- | 5.1% | NM- | 36.6% | 6.8% | 51.0% | |
| Latest Twelve Months | -104.5% | 48.9% | 86.5% | 121.0% | 0.6% | -9.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.5% | 5.7% | 2.5% | 5.8% | 17.8% | 6.2% | |
| Prior Fiscal Year | 19.3% | 5.2% | 2.1% | 5.3% | 16.7% | 7.9% | |
| Latest Fiscal Year | -1.3% | 5.8% | -14.3% | 9.1% | 16.2% | 5.6% | |
| Latest Twelve Months | -1.3% | 5.4% | -2.6% | 9.1% | 16.2% | 5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.91x | 0.42x | 0.29x | 0.32x | 1.71x | 0.58x | |
| EV / LTM EBITDA | -71.7x | 7.8x | -11.1x | 4.7x | 10.6x | 10.4x | |
| EV / LTM EBIT | -15.1x | 9.0x | -28.1x | 7.2x | 13.0x | 10.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -71.7x | 4.7x | 10.6x | ||||
| Historical EV / LTM EBITDA | 5.7x | 16.1x | 366.5x | ||||
| Selected EV / LTM EBITDA | 12.2x | 12.8x | 13.5x | ||||
| (x) LTM EBITDA | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 15 | 16 | 17 | ||||
| (-) Non-shareholder Claims * | 3 | 3 | 3 | ||||
| (=) Equity Value | 18 | 19 | 20 | ||||
| (/) Shares Outstanding | 0.1 | 0.1 | 0.1 | ||||
| Implied Value Range | 137.10 | 143.06 | 149.01 | ||||
| FX Rate: PLN/PLN | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 137.10 | 143.06 | 149.01 | 120.00 | |||
| Upside / (Downside) | 14.3% | 19.2% | 24.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SBE | KBJ | THG | MND | ASE | EXM | |
| Enterprise Value | (32) | 43 | 14 | 4 | 2,917 | 13 | |
| (+) Cash & Short Term Investments | 11 | 2 | 3 | 0 | 275 | 3 | |
| (+) Investments & Other | 48 | 7 | 2 | 1 | 3 | 0 | |
| (-) Debt | 0 | (2) | (6) | (0) | (228) | (0) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28 | 50 | 14 | 5 | 2,958 | 16 | |
| (/) Shares Outstanding | 105.1 | 2.1 | 2.3 | 4.4 | 51.9 | 0.1 | |
| Implied Stock Price | 0.27 | 24.10 | 6.00 | 1.03 | 57.00 | 120.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.27 | 24.10 | 6.00 | 1.03 | 57.00 | 120.00 | |
| Trading Currency | PLN | PLN | PLN | PLN | PLN | PLN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |