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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 25.4x - 28.0x | 26.7x |
| Selected Fwd EBITDA Multiple | 15.9x - 17.6x | 16.8x |
| Fair Value | €197.14 - €217.30 | €207.22 |
| Upside | -12.8% - -3.9% | -8.3% |
| Benchmarks | Ticker | Full Ticker |
| ATOSS Software SE | AOF | XTRA:AOF |
| Nemetschek SE | NEM | XTRA:NEM |
| Exasol AG | EXL | XTRA:EXL |
| Intuit Inc. | ITU | XTRA:ITU |
| Bentley Systems, Incorporated | BS81 | DB:BS81 |
| SAP SE | SAPG | XTRA:SAPG |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AOF | NEM | EXL | ITU | BS81 | SAPG | ||
| XTRA:AOF | XTRA:NEM | XTRA:EXL | XTRA:ITU | DB:BS81 | XTRA:SAPG | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 26.3% | 13.3% | NM- | 16.9% | 16.3% | 3.6% | |
| 3Y CAGR | 31.6% | 11.7% | NM- | 16.5% | 32.2% | 4.0% | |
| Latest Twelve Months | 22.6% | 16.9% | 107.6% | 15.3% | 15.0% | 21.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 31.5% | 25.6% | -50.6% | 27.8% | 25.2% | 25.6% | |
| Prior Fiscal Year | 34.9% | 25.8% | -16.2% | 26.3% | 26.3% | 23.5% | |
| Latest Fiscal Year | 37.9% | 25.8% | 1.1% | 27.6% | 27.4% | 26.1% | |
| Latest Twelve Months | 37.9% | 25.8% | 1.1% | 27.5% | 27.4% | 26.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 11.77x | 12.77x | 1.70x | 9.52x | 10.89x | 7.52x | |
| EV / LTM EBITDA | 31.0x | 49.5x | 155.2x | 34.7x | 39.7x | 28.8x | |
| EV / LTM EBIT | 31.6x | 54.7x | -245.4x | 40.3x | 47.1x | 31.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 31.0x | 39.7x | 155.2x | ||||
| Historical EV / LTM EBITDA | 15.5x | 19.9x | 28.8x | ||||
| Selected EV / LTM EBITDA | 25.4x | 26.7x | 28.0x | ||||
| (x) LTM EBITDA | 8,914 | 8,914 | 8,914 | ||||
| (=) Implied Enterprise Value | 226,171 | 238,075 | 249,979 | ||||
| (-) Non-shareholder Claims * | 6,613 | 6,613 | 6,613 | ||||
| (=) Equity Value | 232,784 | 244,688 | 256,592 | ||||
| (/) Shares Outstanding | 1,166.6 | 1,166.6 | 1,166.6 | ||||
| Implied Value Range | 199.54 | 209.75 | 219.95 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 199.54 | 209.75 | 219.95 | 226.00 | |||
| Upside / (Downside) | -11.7% | -7.2% | -2.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AOF | NEM | EXL | ITU | BS81 | SAPG | |
| Enterprise Value | 2,007 | 12,648 | 67 | 171,562 | 15,153 | 257,036 | |
| (+) Cash & Short Term Investments | 111 | 211 | 15 | 2,459 | 64 | 11,087 | |
| (+) Investments & Other | 1 | 63 | 0 | 88 | 58 | 6,545 | |
| (-) Debt | (7) | (570) | 0 | (6,892) | (1,427) | (10,651) | |
| (-) Other Liabilities | 0 | (38) | 0 | 0 | (0) | (368) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,112 | 12,314 | 82 | 167,217 | 13,848 | 263,649 | |
| (/) Shares Outstanding | 15.9 | 115.4 | 26.6 | 279.6 | 315.5 | 1,166.6 | |
| Implied Stock Price | 132.80 | 106.70 | 3.09 | 598.14 | 43.90 | 226.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.15 | 1.15 | 1.00 | |
| Implied Stock Price (Trading Cur) | 132.80 | 106.70 | 3.09 | 520.50 | 38.20 | 226.00 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.15 | 1.15 | 1.00 | |