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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 110.6x - 122.3x | 116.5x |
| Selected Fwd EBITDA Multiple | 17.6x - 19.5x | 18.5x |
| Fair Value | €17.67 - €19.34 | €18.50 |
| Upside | -43.0% - -37.6% | -40.3% |
| Benchmarks | Ticker | Full Ticker |
| Block, Inc. | XYZ | NYSE:XYZ |
| PayPal Holdings, Inc. | PYPL | NasdaqGS:PYPL |
| Shift4 Payments, Inc. | FOUR | NYSE:FOUR |
| Fiserv, Inc. | FI | NYSE:FI |
| AppTech Payments Corp. | APCX | NasdaqCM:APCX |
| Toast, Inc. | 71Y | BST:71Y |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| XYZ | PYPL | FOUR | FI | APCX | 71Y | ||
| NYSE:XYZ | NasdaqGS:PYPL | NYSE:FOUR | NYSE:FI | NasdaqCM:APCX | BST:71Y | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 74.5% | 12.6% | 45.7% | 21.6% | NM- | NM- | |
| 3Y CAGR | 70.1% | 5.7% | 242.8% | 17.7% | NM- | NM- | |
| Latest Twelve Months | 173.6% | 13.4% | 41.5% | 11.7% | 33.2% | 146.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.4% | 19.4% | 7.7% | 37.5% | -1005.3% | -10.4% | |
| Prior Fiscal Year | 1.2% | 18.3% | 13.3% | 41.7% | -2533.9% | -6.2% | |
| Latest Fiscal Year | 5.6% | 19.4% | 14.6% | 43.9% | -3090.2% | 2.2% | |
| Latest Twelve Months | 5.9% | 20.0% | 14.8% | 44.3% | -3090.2% | 2.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.13x | 2.00x | 2.20x | 6.21x | 27.34x | 3.90x | |
| EV / LTM EBITDA | 19.1x | 10.0x | 14.8x | 14.0x | -0.9x | 174.1x | |
| EV / LTM EBIT | 24.3x | 10.9x | 27.2x | 21.2x | -0.8x | 288.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -0.9x | 14.0x | 19.1x | ||||
| Historical EV / LTM EBITDA | -112.2x | -25.1x | 174.1x | ||||
| Selected EV / LTM EBITDA | 110.6x | 116.5x | 122.3x | ||||
| (x) LTM EBITDA | 111 | 111 | 111 | ||||
| (=) Implied Enterprise Value | 12,281 | 12,928 | 13,574 | ||||
| (-) Non-shareholder Claims * | 1,383 | 1,383 | 1,383 | ||||
| (=) Equity Value | 13,664 | 14,311 | 14,957 | ||||
| (/) Shares Outstanding | 687.7 | 687.7 | 687.7 | ||||
| Implied Value Range | 19.87 | 20.81 | 21.75 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 17.51 | 18.34 | 19.17 | 31.02 | |||
| Upside / (Downside) | -43.5% | -40.9% | -38.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | XYZ | PYPL | FOUR | FI | APCX | 71Y | |
| Enterprise Value | 27,062 | 63,733 | 7,633 | 128,621 | 8 | 22,817 | |
| (+) Cash & Short Term Investments | 7,516 | 11,211 | 1,167 | 1,177 | 1 | 1,417 | |
| (+) Investments & Other | 517 | 4,613 | 0 | 1,797 | 0 | 0 | |
| (-) Debt | (6,045) | (13,376) | (2,882) | (28,415) | (0) | (34) | |
| (-) Other Liabilities | 34 | 0 | (211) | (637) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 29,084 | 66,181 | 5,707 | 102,543 | 8 | 24,200 | |
| (/) Shares Outstanding | 615.0 | 972.5 | 68.8 | 554.4 | 33.3 | 687.7 | |
| Implied Stock Price | 47.29 | 68.05 | 82.93 | 184.95 | 0.25 | 35.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |
| Implied Stock Price (Trading Cur) | 47.29 | 68.05 | 82.93 | 184.95 | 0.25 | 31.02 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.13 | |