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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.1x - 13.4x | 12.8x |
| Selected Fwd EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | €3.04 - €3.38 | €3.21 |
| Upside | -2.6% - 8.2% | 2.8% |
| Benchmarks | Ticker | Full Ticker |
| SThree plc | STEM | LSE:STEM |
| Hays plc | HAS | LSE:HAS |
| RTC Group plc | RTC | AIM:RTC |
| Gattaca plc | GATC | AIM:GATC |
| Robert Walters plc | RWA | LSE:RWA |
| PageGroup plc | 3MI | DB:3MI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| STEM | HAS | RTC | GATC | RWA | 3MI | ||
| LSE:STEM | LSE:HAS | AIM:RTC | AIM:GATC | LSE:RWA | DB:3MI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.3% | -19.8% | 5.8% | -29.2% | -24.4% | -16.1% | |
| 3Y CAGR | 1.8% | -9.3% | NM- | 12.7% | -38.1% | -28.3% | |
| Latest Twelve Months | -14.8% | -71.2% | -11.6% | -32.7% | -56.7% | -50.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 4.7% | 2.4% | 0.5% | 0.6% | 3.9% | 7.2% | |
| Prior Fiscal Year | 4.9% | 2.9% | 3.4% | 0.9% | 3.0% | 6.6% | |
| Latest Fiscal Year | 4.6% | 1.3% | 3.1% | 0.7% | 1.5% | 3.7% | |
| Latest Twelve Months | 4.6% | 0.8% | 3.1% | 0.7% | 1.5% | 3.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.19x | 0.19x | 0.13x | 0.02x | 0.19x | 0.51x | |
| EV / LTM EBITDA | 4.1x | 24.6x | 4.3x | 3.0x | 12.2x | 13.5x | |
| EV / LTM EBIT | 4.2x | 39.5x | 4.9x | 3.6x | 32.4x | 16.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.0x | 4.3x | 24.6x | ||||
| Historical EV / LTM EBITDA | 6.5x | 13.5x | 25.4x | ||||
| Selected EV / LTM EBITDA | 12.1x | 12.8x | 13.4x | ||||
| (x) LTM EBITDA | 65 | 65 | 65 | ||||
| (=) Implied Enterprise Value | 790 | 832 | 873 | ||||
| (-) Non-shareholder Claims * | (41) | (41) | (41) | ||||
| (=) Equity Value | 749 | 790 | 832 | ||||
| (/) Shares Outstanding | 312.0 | 312.0 | 312.0 | ||||
| Implied Value Range | 2.40 | 2.53 | 2.67 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.81 | 2.97 | 3.13 | 3.12 | |||
| Upside / (Downside) | -9.8% | -4.8% | 0.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | STEM | HAS | RTC | GATC | RWA | 3MI | |
| Enterprise Value | 280 | 1,300 | 13 | 8 | 168 | 872 | |
| (+) Cash & Short Term Investments | 70 | 154 | 1 | 19 | 68 | 95 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (40) | (291) | (2) | (2) | (88) | (137) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 310 | 1,163 | 11 | 24 | 148 | 830 | |
| (/) Shares Outstanding | 126.9 | 1,591.8 | 12.5 | 31.5 | 65.8 | 312.0 | |
| Implied Stock Price | 2.44 | 0.73 | 0.90 | 0.78 | 2.25 | 2.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | |
| Implied Stock Price (Trading Cur) | 2.44 | 0.73 | 0.90 | 0.78 | 2.25 | 3.12 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | |