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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7.1x - 7.8x | 7.4x |
Selected Fwd EBITDA Multiple | 4.4x - 4.8x | 4.6x |
Fair Value | €10.95 - €12.02 | €11.49 |
Upside | 12.9% - 24.0% | 18.4% |
Benchmarks | Ticker | Full Ticker |
DBA Group S.p.A. | DBA | BIT:DBA |
Cyberoo S.p.A. | CYB | BIT:CYB |
Cloudia Research S.p.A. | AGAIN | BIT:AGAIN |
Softlab S.p.A. | SFT | BIT:SFT |
Execus S.p.A. | EXEC | BIT:EXEC |
Spindox S.p.A. | SPN | BIT:SPN |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
DBA | CYB | AGAIN | SFT | EXEC | SPN | ||
BIT:DBA | BIT:CYB | BIT:AGAIN | BIT:SFT | BIT:EXEC | BIT:SPN | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 39.6% | 31.5% | NM- | NM- | NM- | 24.9% | |
3Y CAGR | 32.8% | 58.3% | 58.6% | 10.7% | NM- | 17.2% | |
Latest Twelve Months | -7.0% | 4.4% | 20.1% | -42.3% | -61.9% | 26.4% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 7.5% | 32.2% | 13.1% | 18.6% | 17.9% | 7.3% | |
Prior Fiscal Year | 10.3% | 41.8% | 13.0% | 17.0% | 27.2% | 6.7% | |
Latest Fiscal Year | 9.4% | 38.4% | 12.3% | 17.7% | 4.5% | 7.7% | |
Latest Twelve Months | 9.4% | 38.4% | 12.3% | 9.4% | 4.5% | 7.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.45x | 2.30x | 0.83x | 0.43x | 1.49x | 0.48x | |
EV / LTM EBITDA | 4.8x | 6.0x | 6.8x | 4.6x | 33.0x | 6.2x | |
EV / LTM EBIT | 7.8x | 8.9x | 18.4x | 5.2x | -18.5x | 11.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 4.6x | 6.0x | 33.0x | ||||
Historical EV / LTM EBITDA | 6.2x | 7.1x | 8.0x | ||||
Selected EV / LTM EBITDA | 7.1x | 7.4x | 7.8x | ||||
(x) LTM EBITDA | 8 | 8 | 8 | ||||
(=) Implied Enterprise Value | 58 | 61 | 64 | ||||
(-) Non-shareholder Claims * | 4 | 4 | 4 | ||||
(=) Equity Value | 63 | 66 | 69 | ||||
(/) Shares Outstanding | 5.7 | 5.7 | 5.7 | ||||
Implied Value Range | 11.02 | 11.56 | 12.10 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 11.02 | 11.56 | 12.10 | 9.70 | |||
Upside / (Downside) | 13.6% | 19.2% | 24.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DBA | CYB | AGAIN | SFT | EXEC | SPN | |
Enterprise Value | 53 | 58 | 7 | 12 | 8 | 51 | |
(+) Cash & Short Term Investments | 9 | 6 | 1 | 2 | 2 | 20 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (18) | (6) | (2) | (3) | (0) | (14) | |
(-) Other Liabilities | (0) | 0 | 0 | 0 | (0) | (2) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 43 | 58 | 7 | 11 | 9 | 55 | |
(/) Shares Outstanding | 11.0 | 41.2 | 5.1 | 13.5 | 6.8 | 5.7 | |
Implied Stock Price | 3.90 | 1.41 | 1.39 | 0.83 | 1.26 | 9.70 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3.90 | 1.41 | 1.39 | 0.83 | 1.26 | 9.70 | |
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 |