| Select LTM EBITDA Multiple | | | | | | | |
| | | | | | | |
| Benchmark Companies | | |
| MUX | GBQ | DLB | DBAN | DWS | | B7E |
| XTRA:MUX | HMSE:GBQ | BST:DLB | XTRA:DBAN | XTRA:DWS | | DB:B7E |
| Historical EBITDA Growth | | | | | | | |
| 5Y CAGR | NM- | NM- | 1.5% | NM- | 5.8% | | -9.3% |
| 3Y CAGR | NM- | NM- | -38.5% | NM- | -3.5% | | -9.2% |
| Latest Twelve Months | -90.0% | NM | 24.3% | NM | 20.4% | | 12.6% |
| | | | | | | |
| Historical EBITDA Profit Margin | | | | | | | |
| 5 Year Average Margin | -5.4% | 0.0% | 44.3% | 108.2% | 22.1% | | 5.7% |
| Prior Fiscal Year | -2.7% | NA | 48.0% | 71.4% | 23.1% | | 4.5% |
| Latest Fiscal Year | -5.9% | NA | 52.7% | 158.6% | 25.3% | | 5.4% |
| Latest Twelve Months | -5.9% | NA | 52.7% | NA | 26.5% | | 5.4% |
| | | | | | | |
| Current Trading Multiples | | | | | | | |
| EV / LTM Revenue | 0.24x | 3.09x | 18.43x | -5.19x | 1.02x | | 0.44x |
| EV / LTM EBITDA | -4.0x | NA | 35.0x | NA | 3.8x | | 8.1x |
| EV / LTM EBIT | -2.1x | 4.7x | 35.1x | -3.4x | 3.8x | | 63.6x |
| | | | | | | |
| | | | | | | |
| Low | Mid | High | | | | |
| | | | | | | |
| Benchmark EV / LTM EBITDA | -4.0x | 3.8x | 35.0x | | | | |
| Historical EV / LTM EBITDA | 8.1x | 9.2x | 14.6x | | | | |
| | | | | | | |
| Selected EV / LTM EBITDA | 7.4x | 7.8x | 8.2x | | | | |
| (x) LTM EBITDA | 11 | 11 | 11 | | | | |
| (=) Implied Enterprise Value | 83 | 87 | 92 | | | | |
| (-) Non-shareholder Claims * | (10) | (10) | (10) | | | | |
| (=) Equity Value | 73 | 77 | 82 | | | | |
| (/) Shares Outstanding | 4.5 | 4.5 | 4.5 | | | | |
| Implied Value Range | 16.22 | 17.19 | 18.16 | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | |
| Implied Value Range (Trading Cur) | 16.22 | 17.19 | 18.16 | | 17.70 | | |
| Upside / (Downside) | -8.4% | -2.9% | 2.6% | | | | |