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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 23.1x - 25.5x | 24.3x |
| Selected Fwd P/E Multiple | 20.3x - 22.4x | 21.4x |
| Fair Value | €240.84 - €266.20 | €253.52 |
| Upside | -7.4% - 2.3% | -2.5% |
| Benchmarks | - | Full Ticker |
| Hellenic Exchanges - Athens Stock Exchange S.A. | - | DB:HEE |
| Bursa de Valori Bucuresti SA | - | BVB:BVB |
| Bulgarian Stock Exchange AD | - | BUL:BSE |
| Japan Exchange Group, Inc. | - | DB:OSK |
| Laiqon AG | - | XTRA:LQAG |
| Deutsche Börse AG | - | XTRA:DB1 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| HEE | BVB | BSE | OSK | LQAG | DB1 | |||
| DB:HEE | BVB:BVB | BUL:BSE | DB:OSK | XTRA:LQAG | XTRA:DB1 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 23.3% | 15.4% | 43.6% | 5.1% | NM- | 14.2% | ||
| 3Y CAGR | 28.3% | 26.6% | 36.8% | 6.9% | NM- | 17.2% | ||
| Latest Twelve Months | 33.4% | -60.5% | 38.5% | 0.4% | 38.1% | 13.0% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 24.1% | 17.8% | 50.0% | 38.4% | -19.3% | 30.4% | ||
| Prior Fiscal Year | 28.8% | 29.8% | 70.5% | 39.8% | -40.1% | 34.2% | ||
| Latest Fiscal Year | 33.3% | 16.7% | 88.2% | 37.7% | -24.6% | 33.6% | ||
| Latest Twelve Months | 34.5% | 13.1% | 97.3% | 37.7% | -24.6% | 33.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 15.4x | 20.7x | 2.3x | 13.4x | -18.9x | 17.9x | ||
| Price / LTM Sales | 7.9x | 4.4x | 5.9x | 9.4x | 2.9x | 8.1x | ||
| LTM P/E Ratio | 23.0x | 33.3x | 6.1x | 25.0x | -11.9x | 24.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -11.9x | 23.0x | 33.3x | |||||
| Historical LTM P/E Ratio | 20.4x | 22.1x | 24.0x | |||||
| Selected P/E Multiple | 23.1x | 24.3x | 25.5x | |||||
| (x) LTM Net Income | 1,976 | 1,976 | 1,976 | |||||
| (=) Equity Value | 45,553 | 47,950 | 50,348 | |||||
| (/) Shares Outstanding | 183.8 | 183.8 | 183.8 | |||||
| Implied Value Range | 247.87 | 260.91 | 273.96 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 247.87 | 260.91 | 273.96 | 260.10 | ||||
| Upside / (Downside) | -4.7% | 0.3% | 5.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HEE | BVB | BSE | OSK | LQAG | DB1 | |
| Value of Common Equity | 423 | 339 | 117 | 1,506,905 | 90 | 47,801 | |
| (/) Shares Outstanding | 57.9 | 8.8 | 12.9 | 1,027.7 | 21.1 | 183.8 | |
| Implied Stock Price | 7.32 | 38.50 | 9.05 | 1,466.36 | 4.27 | 260.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 172.51 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.32 | 38.50 | 9.05 | 8.50 | 4.27 | 260.10 | |
| Trading Currency | EUR | RON | BGN | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 172.51 | 1.00 | 1.00 | |