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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 4.0x - 4.4x | 4.2x |
| Selected Fwd EBIT Multiple | -16.7x - -18.4x | -17.5x |
| Fair Value | €2.07 - €1.79 | €1.93 |
| Upside | -24.3% - -34.3% | -29.3% |
| Benchmarks | Ticker | Full Ticker |
| GAN Limited | 4VN | DB:4VN |
| Evoke plc | C8V | DB:C8V |
| International Game Technology PLC | 7IG | DB:7IG |
| Nebelhornbahn-Aktiengesellschaft | NHB0 | MUN:NHB0 |
| Erlebnis Akademie AG | EAD | XTRA:EAD |
| bet-at-home.com AG | ACX | XTRA:ACX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4VN | C8V | 7IG | NHB0 | EAD | ACX | ||
| DB:4VN | DB:C8V | DB:7IG | MUN:NHB0 | XTRA:EAD | XTRA:ACX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 14.3% | 4.9% | 11.8% | NM- | NM- | |
| 3Y CAGR | NM- | -0.2% | -7.1% | NM- | NM- | NM- | |
| Latest Twelve Months | 88.1% | -4.9% | -5.0% | -1.0% | -183.1% | -317.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -19.9% | 8.5% | 20.4% | -8.2% | 1.1% | 4.5% | |
| Prior Fiscal Year | -23.4% | 4.9% | 30.3% | 8.7% | -1.3% | 3.8% | |
| Latest Fiscal Year | -2.7% | 4.6% | 29.0% | 8.2% | -7.8% | 0.0% | |
| Latest Twelve Months | -2.7% | 4.6% | 29.0% | 8.2% | -11.7% | -8.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.67x | 0.99x | 3.25x | 3.92x | 1.46x | -0.28x | |
| EV / LTM EBITDA | 72.0x | 8.2x | 8.6x | 12.0x | 11.2x | 4.5x | |
| EV / LTM EBIT | -25.0x | 21.7x | 11.2x | 47.7x | -12.4x | 3.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -25.0x | 11.2x | 47.7x | ||||
| Historical EV / LTM EBIT | -7.6x | -0.4x | 8.5x | ||||
| Selected EV / LTM EBIT | 4.0x | 4.2x | 4.4x | ||||
| (x) LTM EBIT | (4) | (4) | (4) | ||||
| (=) Implied Enterprise Value | (16) | (17) | (18) | ||||
| (-) Non-shareholder Claims * | 33 | 33 | 33 | ||||
| (=) Equity Value | 16 | 15 | 15 | ||||
| (/) Shares Outstanding | 7.0 | 7.0 | 7.0 | ||||
| Implied Value Range | 2.33 | 2.21 | 2.08 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.33 | 2.21 | 2.08 | 2.73 | |||
| Upside / (Downside) | -14.7% | -19.2% | -23.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4VN | C8V | 7IG | NHB0 | EAD | ACX | |
| Enterprise Value | 88 | 1,751 | 8,051 | 23 | 35 | (14) | |
| (+) Cash & Short Term Investments | 39 | 265 | 584 | 0 | 2 | 34 | |
| (+) Investments & Other | 0 | 32 | 0 | 0 | 2 | 0 | |
| (-) Debt | (50) | (1,833) | (5,498) | 0 | (28) | (2) | |
| (-) Other Liabilities | 0 | (21) | (303) | 0 | (3) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 76 | 196 | 2,834 | 23 | 9 | 19 | |
| (/) Shares Outstanding | 45.8 | 449.5 | 202.0 | 1.4 | 2.5 | 7.0 | |
| Implied Stock Price | 1.67 | 0.44 | 14.03 | 17.20 | 3.42 | 2.73 | |
| FX Conversion Rate to Trading Currency | 1.10 | 0.85 | 1.10 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.52 | 0.51 | 12.80 | 17.20 | 3.42 | 2.73 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.10 | 0.85 | 1.10 | 1.00 | 1.00 | 1.00 | |