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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.8x - 3.1x | 2.9x |
| Selected Fwd Revenue Multiple | 2.4x - 2.6x | 2.5x |
| Fair Value | €5.77 - €6.66 | €6.21 |
| Upside | -22.2% - -10.3% | -16.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| RCM Beteiligungs AG | RCMN | XTRA:RCMN |
| City Developments Limited | CDE | DB:CDE |
| Eurocastle Investment Limited | ECT | ENXTAM:ECT |
| Dream Unlimited Corp. | 50DA | DB:50DA |
| KCI Spolka Akcyjna | KCI | WSE:KCI |
| PATRIZIA SE | PAT | XTRA:PAT |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| RCMN | CDE | ECT | 50DA | KCI | PAT | |||
| XTRA:RCMN | DB:CDE | ENXTAM:ECT | DB:50DA | WSE:KCI | XTRA:PAT | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -32.0% | -0.9% | NM- | 1.5% | -10.9% | -7.8% | ||
| 3Y CAGR | -46.6% | 7.6% | 7.4% | 24.2% | -14.2% | -5.9% | ||
| Latest Twelve Months | -71.3% | -33.8% | -6.7% | 61.4% | -83.4% | -9.3% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -3.2% | 5.6% | -26.5% | 18.6% | 27.6% | 2.8% | ||
| Prior Fiscal Year | -0.5% | 13.4% | -181.9% | 14.1% | 7.8% | -10.7% | ||
| Latest Fiscal Year | -45.3% | 12.4% | -133.8% | 21.7% | 26.8% | -7.8% | ||
| Latest Twelve Months | -8.6% | 12.4% | -105.4% | 21.7% | 158.1% | -7.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 9.74x | 3.81x | -20.59x | 3.12x | 3.74x | 3.57x | ||
| EV / LTM EBIT | -113.0x | 30.6x | 19.5x | 14.4x | 2.4x | -45.7x | ||
| Price / LTM Sales | 6.25x | 1.35x | 17.78x | 1.33x | 4.35x | 2.44x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | -20.59x | 3.74x | 9.74x | |||||
| Historical EV / LTM Revenue | 0.04x | 3.14x | 4.00x | |||||
| Selected EV / LTM Revenue | 2.80x | 2.94x | 3.09x | |||||
| (x) LTM Revenue | 265 | 265 | 265 | |||||
| (=) Implied Enterprise Value | 742 | 781 | 820 | |||||
| (-) Non-shareholder Claims * | (228) | (228) | (228) | |||||
| (=) Equity Value | 514 | 553 | 592 | |||||
| (/) Shares Outstanding | 86.2 | 86.2 | 86.2 | |||||
| Implied Value Range | 5.96 | 6.41 | 6.86 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 5.96 | 6.41 | 6.86 | 7.42 | ||||
| Upside / (Downside) | -19.7% | -13.6% | -7.5% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RCMN | CDE | ECT | 50DA | KCI | PAT | |
| Enterprise Value | (2) | 12,411 | (10) | 1,932 | (269) | 868 | |
| (+) Cash & Short Term Investments | 1 | 3,193 | 18 | 86 | 9 | 154 | |
| (+) Investments & Other | 27 | 3,248 | 0 | 674 | 323 | 0 | |
| (-) Debt | (10) | (13,977) | 0 | (1,882) | 0 | (382) | |
| (-) Other Liabilities | 0 | (221) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | (281) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 16 | 4,374 | 8 | 810 | 63 | 640 | |
| (/) Shares Outstanding | 12.9 | 893.4 | 1.0 | 42.0 | 68.6 | 86.2 | |
| Implied Stock Price | 1.25 | 4.90 | 8.20 | 19.26 | 0.92 | 7.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.46 | 1.00 | 1.55 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.25 | 3.36 | 8.20 | 12.40 | 0.92 | 7.42 | |
| Trading Currency | EUR | EUR | EUR | EUR | PLN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.46 | 1.00 | 1.55 | 1.00 | 1.00 | |