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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.2x - 10.1x | 9.6x |
| Selected Fwd EBIT Multiple | 6.5x - 7.1x | 6.8x |
| Fair Value | €4.32 - €5.08 | €4.70 |
| Upside | -19.0% - -4.7% | -11.8% |
| Benchmarks | Ticker | Full Ticker |
| Edenred SE | EDEN | ENXTPA:EDEN |
| Worldline SA | WLN | ENXTPA:WLN |
| Adyen N.V. | ADYEN | ENXTAM:ADYEN |
| Global Payments Inc. | 1GPN | BIT:1GPN |
| Visa Inc. | 1V | BIT:1V |
| Nexi S.p.A. | NEXI | BIT:NEXI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EDEN | WLN | ADYEN | 1GPN | 1V | NEXI | ||
| ENXTPA:EDEN | ENXTPA:WLN | ENXTAM:ADYEN | BIT:1GPN | BIT:1V | BIT:NEXI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.4% | 0.1% | 25.0% | 26.3% | 9.2% | 29.7% | |
| 3Y CAGR | 16.9% | -10.3% | 14.8% | 23.2% | 14.8% | 50.8% | |
| Latest Twelve Months | 46.0% | -15.3% | 31.9% | 14.7% | 9.3% | 268.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 29.2% | 14.6% | 50.8% | 20.4% | 66.4% | 10.1% | |
| Prior Fiscal Year | 23.5% | 11.3% | 41.9% | 22.9% | 67.2% | -8.3% | |
| Latest Fiscal Year | 30.4% | 9.6% | 44.6% | 25.1% | 66.6% | 13.2% | |
| Latest Twelve Months | 30.4% | 9.6% | 44.6% | 25.1% | 66.7% | 13.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.21x | 0.87x | 18.27x | 3.35x | 17.56x | 1.61x | |
| EV / LTM EBITDA | 8.6x | 5.3x | 38.6x | 7.7x | 25.2x | 7.0x | |
| EV / LTM EBIT | 10.6x | 9.1x | 40.9x | 13.3x | 26.3x | 12.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.1x | 13.3x | 40.9x | ||||
| Historical EV / LTM EBIT | -1082.1x | 38.7x | 59.0x | ||||
| Selected EV / LTM EBIT | 9.2x | 9.6x | 10.1x | ||||
| (x) LTM EBIT | 828 | 828 | 828 | ||||
| (=) Implied Enterprise Value | 7,588 | 7,987 | 8,387 | ||||
| (-) Non-shareholder Claims * | (3,572) | (3,572) | (3,572) | ||||
| (=) Equity Value | 4,016 | 4,415 | 4,814 | ||||
| (/) Shares Outstanding | 1,229.4 | 1,229.4 | 1,229.4 | ||||
| Implied Value Range | 3.27 | 3.59 | 3.92 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.27 | 3.59 | 3.92 | 5.33 | |||
| Upside / (Downside) | -38.7% | -32.6% | -26.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EDEN | WLN | ADYEN | 1GPN | 1V | NEXI | |
| Enterprise Value | 8,383 | 4,030 | 36,796 | 34,160 | 661,752 | 10,120 | |
| (+) Cash & Short Term Investments | 3,031 | 1,777 | 9,989 | 2,538 | 13,751 | 2,728 | |
| (+) Investments & Other | 100 | 384 | 9 | 999 | 1,470 | 172 | |
| (-) Debt | (4,837) | (3,779) | (228) | (17,178) | (20,762) | (6,450) | |
| (-) Other Liabilities | (99) | (976) | 0 | (736) | 0 | (23) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | (880) | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,578 | 1,437 | 46,567 | 19,784 | 655,331 | 6,548 | |
| (/) Shares Outstanding | 240.1 | 283.6 | 31.5 | 245.9 | 1,872.2 | 1,229.4 | |
| Implied Stock Price | 27.40 | 5.07 | 1,479.00 | 80.46 | 350.04 | 5.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.13 | 1.13 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27.40 | 5.07 | 1,479.00 | 70.96 | 308.70 | 5.33 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.13 | 1.13 | 1.00 | |