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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.3x - 8.0x | 7.6x |
| Selected Fwd EBITDA Multiple | 5.6x - 6.2x | 5.9x |
| Fair Value | €7.53 - €7.94 | €7.74 |
| Upside | 17.7% - 24.1% | 20.9% |
| Benchmarks | Ticker | Full Ticker |
| Teads Holding Co. | TEAD | NasdaqGS:TEAD |
| Intelligent Protection Management Corp. | IPM | NasdaqCM:IPM |
| Snap Inc. | SNAP | NYSE:SNAP |
| WEBTOON Entertainment Inc. | WBTN | NasdaqGS:WBTN |
| VerticalScope Holdings Inc. | VFOR.F | OTCPK:VFOR.F |
| Yalla Group Limited | 80Q | BST:80Q |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TEAD | IPM | SNAP | WBTN | VFOR.F | 80Q | ||
| NasdaqGS:TEAD | NasdaqCM:IPM | NYSE:SNAP | NasdaqGS:WBTN | OTCPK:VFOR.F | BST:80Q | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.7% | NM- | NM- | NM- | -12.2% | 33.3% | |
| 3Y CAGR | -37.1% | NM- | NM- | NM- | 197.9% | 13.5% | |
| Latest Twelve Months | 276.8% | -0.4% | 49.6% | 89.7% | -106.9% | 7.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.4% | -19.8% | -20.6% | -2.1% | 4.7% | 26.1% | |
| Prior Fiscal Year | 0.5% | -298.9% | -27.1% | 0.6% | 5.1% | 30.8% | |
| Latest Fiscal Year | 1.3% | -391.5% | -10.5% | -2.4% | 16.9% | 36.1% | |
| Latest Twelve Months | 3.2% | -31.9% | -8.9% | -0.2% | -1.0% | 36.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 0.99x | 2.35x | 0.98x | 1.38x | 1.26x | |
| EV / LTM EBITDA | 19.4x | -3.1x | -26.4x | -408.2x | -133.4x | 3.5x | |
| EV / LTM EBIT | 217.2x | -2.1x | -20.2x | -35.2x | 67.9x | 3.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -408.2x | -26.4x | 19.4x | ||||
| Historical EV / LTM EBITDA | -0.6x | 4.5x | 644.6x | ||||
| Selected EV / LTM EBITDA | 7.3x | 7.6x | 8.0x | ||||
| (x) LTM EBITDA | 125 | 125 | 125 | ||||
| (=) Implied Enterprise Value | 911 | 959 | 1,007 | ||||
| (-) Non-shareholder Claims * | 790 | 790 | 790 | ||||
| (=) Equity Value | 1,701 | 1,749 | 1,797 | ||||
| (/) Shares Outstanding | 186.3 | 186.3 | 186.3 | ||||
| Implied Value Range | 9.13 | 9.39 | 9.64 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.81 | 8.03 | 8.25 | 6.40 | |||
| Upside / (Downside) | 22.1% | 25.5% | 29.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEAD | IPM | SNAP | WBTN | VFOR.F | 80Q | |
| Enterprise Value | 667 | 12 | 13,276 | 1,352 | 91 | 603 | |
| (+) Cash & Short Term Investments | 166 | 7 | 2,893 | 585 | 8 | 703 | |
| (+) Investments & Other | 0 | 0 | 189 | 161 | 0 | 81 | |
| (-) Debt | (649) | (1) | (4,192) | (28) | (46) | (1) | |
| (-) Other Liabilities | 0 | 0 | 0 | (87) | 0 | 8 | |
| (-) Preferred Stock | 0 | (0) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 184 | 18 | 12,167 | 1,983 | 53 | 1,393 | |
| (/) Shares Outstanding | 95.0 | 9.2 | 1,689.8 | 130.6 | 21.5 | 186.3 | |
| Implied Stock Price | 1.94 | 1.90 | 7.20 | 15.18 | 2.46 | 7.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 1.94 | 1.90 | 7.20 | 15.18 | 2.46 | 6.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |