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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.0x - 15.5x | 14.8x |
| Selected Fwd EBIT Multiple | 4.0x - 4.5x | 4.3x |
| Fair Value | €2.07 - €2.40 | €2.23 |
| Upside | -5.0% - 9.9% | 2.5% |
| Benchmarks | Ticker | Full Ticker |
| DigiTouch S.p.A. | DGT | BIT:DGT |
| Simone S.p.A. | SMN | BIT:SMN |
| Italian Exhibition Group S.p.A. | IEG | BIT:IEG |
| Fiera Milano S.p.A. | FM | BIT:FM |
| Caltagirone Editore SpA | CED | BIT:CED |
| Promotica S.p.A. | PMT | BIT:PMT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| DGT | SMN | IEG | FM | CED | PMT | ||
| BIT:DGT | BIT:SMN | BIT:IEG | BIT:FM | BIT:CED | BIT:PMT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 20.2% | NM- | 15.1% | -13.5% | NM- | 1.3% | |
| 3Y CAGR | 6.7% | NM- | NM- | NM- | NM- | 26.9% | |
| Latest Twelve Months | 8.3% | -81.0% | 60.3% | -31.7% | -23.1% | -42.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.9% | 8.4% | -22.4% | -38.1% | 0.5% | 6.4% | |
| Prior Fiscal Year | 8.9% | 11.9% | 12.1% | 15.2% | -0.7% | 7.3% | |
| Latest Fiscal Year | 10.6% | 2.4% | 18.8% | 10.3% | -5.1% | 3.7% | |
| Latest Twelve Months | 10.6% | 2.4% | 18.8% | 11.6% | -5.2% | 3.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.85x | 0.59x | 1.32x | 2.17x | 2.07x | 0.56x | |
| EV / LTM EBITDA | 5.0x | 5.6x | 5.5x | 34.5x | -74.8x | 11.8x | |
| EV / LTM EBIT | 8.0x | 24.8x | 7.0x | 18.8x | -39.4x | 15.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -39.4x | 8.0x | 24.8x | ||||
| Historical EV / LTM EBIT | 12.0x | 15.4x | 21.7x | ||||
| Selected EV / LTM EBIT | 14.0x | 14.8x | 15.5x | ||||
| (x) LTM EBIT | 4 | 4 | 4 | ||||
| (=) Implied Enterprise Value | 50 | 52 | 55 | ||||
| (-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
| (=) Equity Value | 32 | 35 | 38 | ||||
| (/) Shares Outstanding | 17.0 | 17.0 | 17.0 | ||||
| Implied Value Range | 1.90 | 2.05 | 2.21 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.90 | 2.05 | 2.21 | 2.18 | |||
| Upside / (Downside) | -12.9% | -5.8% | 1.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DGT | SMN | IEG | FM | CED | PMT | |
| Enterprise Value | 34 | 9 | 352 | 667 | (280) | 54 | |
| (+) Cash & Short Term Investments | 6 | 8 | 40 | 147 | 13 | 6 | |
| (+) Investments & Other | 1 | 0 | 22 | 54 | 491 | 2 | |
| (-) Debt | (15) | (6) | (147) | (372) | (24) | (25) | |
| (-) Other Liabilities | 0 | 0 | (4) | (2) | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27 | 11 | 263 | 493 | 201 | 37 | |
| (/) Shares Outstanding | 13.6 | 7.5 | 30.5 | 71.0 | 106.8 | 17.0 | |
| Implied Stock Price | 1.99 | 1.51 | 8.62 | 6.94 | 1.88 | 2.18 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.99 | 1.51 | 8.62 | 6.94 | 1.88 | 2.18 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |