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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -3.4x - -3.7x | -3.6x |
| Selected Fwd EBITDA Multiple | 14.1x - 15.5x | 14.8x |
| Fair Value | €32.08 - €40.14 | €36.11 |
| Upside | 16.6% - 46.0% | 31.3% |
| Benchmarks | Ticker | Full Ticker |
| Deutsche Beteiligungs AG | DBAN | XTRA:DBAN |
| GBK Beteiligungen AG | GBQ | HMSE:GBQ |
| Blue Cap AG | B7E | XTRA:B7E |
| DLB-Anlageservice AG | DLB | BST:DLB |
| DWS Group GmbH & Co. KGaA | DWS | XTRA:DWS |
| Mutares SE & Co. KGaA | MUX | XTRA:MUX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DBAN | GBQ | B7E | DLB | DWS | MUX | ||
| XTRA:DBAN | HMSE:GBQ | XTRA:B7E | BST:DLB | XTRA:DWS | XTRA:MUX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | -9.3% | 1.5% | 5.8% | NM- | |
| 3Y CAGR | NM- | NM- | -9.2% | -38.5% | -3.5% | NM- | |
| Latest Twelve Months | -378.8% | NM | 120.5% | 60.7% | 20.4% | -117.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 94.3% | 0.0% | 5.9% | 41.9% | 22.1% | -5.4% | |
| Prior Fiscal Year | 71.4% | NA | 4.5% | 36.2% | 23.1% | -2.7% | |
| Latest Fiscal Year | 158.6% | NA | 5.4% | 52.7% | 25.3% | -5.9% | |
| Latest Twelve Months | 147.0% | NA | 9.3% | 52.7% | 26.5% | -7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -5.74x | 2.91x | 0.18x | 19.02x | 1.17x | 0.26x | |
| EV / LTM EBITDA | -3.9x | NA | 1.9x | 36.1x | 4.4x | -3.4x | |
| EV / LTM EBIT | -3.8x | 4.4x | 3.9x | 36.2x | 4.4x | -2.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -3.9x | 3.2x | 36.1x | ||||
| Historical EV / LTM EBITDA | -6.9x | -3.8x | -2.9x | ||||
| Selected EV / LTM EBITDA | -3.4x | -3.6x | -3.7x | ||||
| (x) LTM EBITDA | (452) | (452) | (452) | ||||
| (=) Implied Enterprise Value | 1,530 | 1,610 | 1,691 | ||||
| (-) Non-shareholder Claims * | (950) | (950) | (950) | ||||
| (=) Equity Value | 579 | 660 | 740 | ||||
| (/) Shares Outstanding | 21.3 | 21.3 | 21.3 | ||||
| Implied Value Range | 27.14 | 30.91 | 34.68 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.14 | 30.91 | 34.68 | 27.50 | |||
| Upside / (Downside) | -1.3% | 12.4% | 26.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DBAN | GBQ | B7E | DLB | DWS | MUX | |
| Enterprise Value | (113) | 37 | 38 | 8 | 5,055 | 1,537 | |
| (+) Cash & Short Term Investments | 14 | 0 | 48 | 0 | 3,145 | 431 | |
| (+) Investments & Other | 715 | 0 | 5 | 0 | 2,745 | 82 | |
| (-) Debt | (169) | 0 | 0 | 0 | (184) | (1,471) | |
| (-) Other Liabilities | (0) | 0 | (2) | 0 | (21) | 8 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 448 | 37 | 88 | 8 | 10,740 | 587 | |
| (/) Shares Outstanding | 17.8 | 6.8 | 4.5 | 0.5 | 200.0 | 21.3 | |
| Implied Stock Price | 25.20 | 5.50 | 19.70 | 16.50 | 53.70 | 27.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 25.20 | 5.50 | 19.70 | 16.50 | 53.70 | 27.50 | |
| 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 | |