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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.7x - 10.8x | 10.3x |
| Selected Fwd EBITDA Multiple | 9.1x - 10.1x | 9.6x |
| Fair Value | €19.43 - €21.31 | €20.37 |
| Upside | -21.7% - -14.1% | -17.9% |
| Benchmarks | Ticker | Full Ticker |
| DocCheck AG | AJ91 | XTRA:AJ91 |
| Media Lab S.p.A. | MLLAB | ENXTPA:MLLAB |
| ifa systems AG | IS8 | HMSE:IS8 |
| Equasens Société anonyme | PHF | DB:PHF |
| GPI S.p.A. | Z44 | DB:Z44 |
| MeVis Medical Solutions AG | M3V | XTRA:M3V |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AJ91 | MLLAB | IS8 | PHF | Z44 | M3V | ||
| XTRA:AJ91 | ENXTPA:MLLAB | HMSE:IS8 | DB:PHF | DB:Z44 | XTRA:M3V | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.7% | 23.5% | -38.1% | 0.0% | 25.4% | -11.0% | |
| 3Y CAGR | -25.4% | 44.7% | -20.2% | -7.8% | 25.5% | -7.2% | |
| Latest Twelve Months | 6.1% | 150.3% | 1.7% | -18.3% | 33.3% | -27.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.6% | 21.2% | 12.3% | 29.8% | 13.9% | 30.2% | |
| Prior Fiscal Year | 13.8% | 16.7% | 5.5% | 26.9% | 15.5% | 28.6% | |
| Latest Fiscal Year | 14.5% | 31.2% | 5.1% | 22.3% | 17.6% | 24.2% | |
| Latest Twelve Months | 14.5% | 31.2% | 5.1% | 22.3% | 17.6% | 21.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.74x | 4.12x | 0.82x | 3.12x | 1.65x | 2.56x | |
| EV / LTM EBITDA | 5.1x | 13.2x | 16.0x | 14.0x | 9.4x | 12.1x | |
| EV / LTM EBIT | 6.4x | 15.6x | -9.5x | 15.1x | 23.0x | 12.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.1x | 13.2x | 16.0x | ||||
| Historical EV / LTM EBITDA | 8.3x | 9.1x | 10.8x | ||||
| Selected EV / LTM EBITDA | 9.7x | 10.3x | 10.8x | ||||
| (x) LTM EBITDA | 4 | 4 | 4 | ||||
| (=) Implied Enterprise Value | 34 | 36 | 38 | ||||
| (-) Non-shareholder Claims * | 3 | 3 | 3 | ||||
| (=) Equity Value | 37 | 39 | 41 | ||||
| (/) Shares Outstanding | 1.8 | 1.8 | 1.8 | ||||
| Implied Value Range | 20.41 | 21.40 | 22.40 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.41 | 21.40 | 22.40 | 24.80 | |||
| Upside / (Downside) | -17.7% | -13.7% | -9.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AJ91 | MLLAB | IS8 | PHF | Z44 | M3V | |
| Enterprise Value | 40 | 5 | 6 | 653 | 840 | 42 | |
| (+) Cash & Short Term Investments | 21 | 0 | 0 | 0 | 58 | 3 | |
| (+) Investments & Other | 3 | 0 | 0 | 0 | 11 | 0 | |
| (-) Debt | (1) | 0 | 0 | 0 | (414) | 0 | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 2 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 63 | 5 | 6 | 653 | 496 | 45 | |
| (/) Shares Outstanding | 5.1 | 2.4 | 2.8 | 15.0 | 28.9 | 1.8 | |
| Implied Stock Price | 12.50 | 1.90 | 2.32 | 43.45 | 17.18 | 24.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.50 | 1.90 | 2.32 | 43.45 | 17.18 | 24.80 | |
| 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 | |