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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 58.4x - 64.5x | 61.5x |
| Selected Fwd EBIT Multiple | 8.1x - 9.0x | 8.5x |
| Fair Value | €18.15 - €20.30 | €19.23 |
| Upside | 1.4% - 13.4% | 7.4% |
| Benchmarks | Ticker | Full Ticker |
| GBK Beteiligungen AG | GBQ | HMSE:GBQ |
| Mutares SE & Co. KGaA | MUX | XTRA:MUX |
| DLB-Anlageservice AG | DLB | BST:DLB |
| Deutsche Beteiligungs AG | DBAN | XTRA:DBAN |
| TINC NV | 5TI | DB:5TI |
| Blue Cap AG | B7E | XTRA:B7E |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| GBQ | MUX | DLB | DBAN | 5TI | B7E | ||
| HMSE:GBQ | XTRA:MUX | BST:DLB | XTRA:DBAN | DB:5TI | XTRA:B7E | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 19.3% | NM- | 1.5% | NM- | 20.8% | -32.9% | |
| 3Y CAGR | -21.0% | NM- | -38.6% | NM- | 22.3% | -7.1% | |
| Latest Twelve Months | 23806.9% | -70.8% | 25.0% | -346.0% | 34.5% | 205.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 39.9% | -8.6% | 44.1% | 115.9% | 88.8% | 0.4% | |
| Prior Fiscal Year | -0.8% | -6.3% | 47.6% | 71.2% | 87.2% | -0.6% | |
| Latest Fiscal Year | 65.6% | -10.3% | 52.6% | 164.2% | 90.6% | 0.7% | |
| Latest Twelve Months | 65.6% | -11.1% | 52.6% | 152.1% | 90.6% | 0.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.72x | 0.27x | 17.85x | -5.46x | 7.01x | 0.44x | |
| EV / LTM EBITDA | NA | -4.5x | 33.9x | NA | 7.7x | 8.1x | |
| EV / LTM EBIT | 4.1x | -2.4x | 33.9x | -3.6x | 7.7x | 64.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -3.6x | 4.1x | 33.9x | ||||
| Historical EV / LTM EBIT | -130.8x | 54.2x | 103.0x | ||||
| Selected EV / LTM EBIT | 58.4x | 61.5x | 64.5x | ||||
| (x) LTM EBIT | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 83 | 87 | 91 | ||||
| (-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
| (=) Equity Value | 72 | 77 | 81 | ||||
| (/) Shares Outstanding | 4.5 | 4.5 | 4.5 | ||||
| Implied Value Range | 16.15 | 17.11 | 18.08 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.15 | 17.11 | 18.08 | 17.90 | |||
| Upside / (Downside) | -9.8% | -4.4% | 1.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | GBQ | MUX | DLB | DBAN | 5TI | B7E | |
| Enterprise Value | 32 | 1,460 | 8 | (93) | (14) | 90 | |
| (+) Cash & Short Term Investments | 0 | 393 | 0 | 27 | 1 | 57 | |
| (+) Investments & Other | 0 | 0 | 0 | 653 | 512 | 10 | |
| (-) Debt | 0 | (1,072) | 0 | (132) | (7) | (75) | |
| (-) Other Liabilities | 0 | 0 | 0 | (0) | 0 | (2) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 32 | 781 | 8 | 455 | 492 | 80 | |
| (/) Shares Outstanding | 6.8 | 21.3 | 0.5 | 17.8 | 48.5 | 4.5 | |
| Implied Stock Price | 4.70 | 36.60 | 15.50 | 25.55 | 10.14 | 17.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.70 | 36.60 | 15.50 | 25.55 | 10.14 | 17.90 | |
| 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 | |