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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 6.1x - 6.7x | 6.4x |
| Selected Fwd EBIT Multiple | 5.7x - 6.3x | 6.0x |
| Fair Value | €2.36 - €2.72 | €2.54 |
| Upside | 21.8% - 40.2% | 31.0% |
| Benchmarks | Ticker | Full Ticker |
| BolognaFiere S.p.A. | BF | BIT:BF |
| Visibilia Editore S.p.A. | VE | BIT:VE |
| Telesia S.p.A. | TLS | BIT:TLS |
| Beewize S.p.A. | BWZ | BIT:BWZ |
| Class Editori Spa | CLE | BIT:CLE |
| Promotica S.p.A. | PMT | BIT:PMT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BF | VE | TLS | BWZ | CLE | PMT | ||
| BIT:BF | BIT:VE | BIT:TLS | BIT:BWZ | BIT:CLE | BIT:PMT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -18.4% | NM- | -2.9% | NM- | NM- | 20.0% | |
| 3Y CAGR | NM- | NM- | 45.5% | NM- | NM- | -0.2% | |
| Latest Twelve Months | 1261.3% | -3866.1% | 323.7% | -36.2% | 105.7% | 312.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -11.9% | -22.3% | 4.1% | -32.0% | -5.1% | 6.7% | |
| Prior Fiscal Year | -10.1% | -10.9% | 1.3% | -30.0% | 20.8% | 5.3% | |
| Latest Fiscal Year | 2.5% | -31.0% | 4.9% | -24.2% | 6.6% | 7.3% | |
| Latest Twelve Months | 5.4% | -59.7% | 6.7% | -29.1% | 1.1% | 8.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.40x | 0.99x | 0.60x | 2.32x | 0.93x | 0.45x | |
| EV / LTM EBITDA | 10.3x | NA | 5.5x | -11.3x | 23.1x | 4.5x | |
| EV / LTM EBIT | 25.7x | -1.7x | 9.0x | -8.0x | 83.3x | 5.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -8.0x | 9.0x | 83.3x | ||||
| Historical EV / LTM EBIT | 12.0x | 15.9x | 21.7x | ||||
| Selected EV / LTM EBIT | 6.1x | 6.4x | 6.7x | ||||
| (x) LTM EBIT | 10 | 10 | 10 | ||||
| (=) Implied Enterprise Value | 61 | 64 | 67 | ||||
| (-) Non-shareholder Claims * | (18) | (18) | (18) | ||||
| (=) Equity Value | 43 | 46 | 49 | ||||
| (/) Shares Outstanding | 17.1 | 17.1 | 17.1 | ||||
| Implied Value Range | 2.52 | 2.71 | 2.89 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.52 | 2.71 | 2.89 | 1.94 | |||
| Upside / (Downside) | 29.9% | 39.5% | 49.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BF | VE | TLS | BWZ | CLE | PMT | |
| Enterprise Value | 341 | 3 | 8 | 12 | 64 | 51 | |
| (+) Cash & Short Term Investments | 38 | 0 | 0 | 0 | 3 | 7 | |
| (+) Investments & Other | 13 | 0 | 4 | 0 | 0 | 2 | |
| (-) Debt | (144) | (1) | (8) | (7) | (43) | (27) | |
| (-) Other Liabilities | (5) | 0 | (1) | 0 | 0 | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 243 | 3 | 4 | 5 | 24 | 33 | |
| (/) Shares Outstanding | 194.7 | 8.0 | 2.6 | 11.2 | 322.7 | 17.1 | |
| Implied Stock Price | 1.25 | 0.36 | 1.50 | 0.41 | 0.08 | 1.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.25 | 0.36 | 1.50 | 0.41 | 0.08 | 1.94 | |
| 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 | |