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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.1x - 7.9x | 7.5x |
| Selected Fwd EBITDA Multiple | 5.9x - 6.5x | 6.2x |
| Fair Value | €1.46 - €1.61 | €1.53 |
| Upside | 0.0% - 10.3% | 5.1% |
| Benchmarks | Ticker | Full Ticker |
| Nebelhornbahn-Aktiengesellschaft | NHB0 | MUN:NHB0 |
| Erlebnis Akademie AG | EADG | XTRA:EADG |
| bet-at-home.com AG | ACX | DB:ACX |
| Oberstdorfer Bergbahn AG | KVO | MUN:KVO |
| Münchener Tierpark Hellabrunn AG | MTP | MUN:MTP |
| MHP Hotel AG | CDZ0 | DB:CDZ0 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| NHB0 | EADG | ACX | KVO | MTP | CDZ0 | ||
| MUN:NHB0 | XTRA:EADG | DB:ACX | MUN:KVO | MUN:MTP | DB:CDZ0 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.6% | -3.5% | NM- | 11.5% | 12.6% | NM- | |
| 3Y CAGR | 29.0% | 36.9% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 1.7% | 18.4% | -746.6% | -13.3% | -52.0% | 12816.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 19.7% | 22.9% | 4.3% | 5.8% | -23.8% | 0.6% | |
| Prior Fiscal Year | 33.7% | 18.5% | 2.8% | 33.3% | 4.0% | -0.1% | |
| Latest Fiscal Year | 32.6% | 20.8% | -5.2% | 28.2% | 2.0% | 5.5% | |
| Latest Twelve Months | 32.6% | 20.8% | -4.1% | 28.2% | 2.0% | 5.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.86x | 1.32x | -0.35x | 3.45x | 4.38x | 0.42x | |
| EV / LTM EBITDA | 11.8x | 6.3x | 8.4x | 12.2x | 223.7x | 7.6x | |
| EV / LTM EBIT | 46.9x | -65.6x | 6.1x | -2581.7x | -19.5x | 127.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 6.3x | 11.8x | 223.7x | ||||
| Historical EV / LTM EBITDA | 7.6x | 7.6x | 7.6x | ||||
| Selected EV / LTM EBITDA | 7.1x | 7.5x | 7.9x | ||||
| (x) LTM EBITDA | 9 | 9 | 9 | ||||
| (=) Implied Enterprise Value | 63 | 66 | 70 | ||||
| (-) Non-shareholder Claims * | 1 | 1 | 1 | ||||
| (=) Equity Value | 64 | 68 | 71 | ||||
| (/) Shares Outstanding | 46.3 | 46.3 | 46.3 | ||||
| Implied Value Range | 1.39 | 1.46 | 1.54 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.39 | 1.46 | 1.54 | 1.46 | |||
| Upside / (Downside) | -4.6% | 0.3% | 5.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | NHB0 | EADG | ACX | KVO | MTP | CDZ0 | |
| Enterprise Value | 22 | 33 | (19) | 5 | 75 | 66 | |
| (+) Cash & Short Term Investments | 0 | 3 | 39 | 0 | 0 | 9 | |
| (+) Investments & Other | 0 | 1 | 0 | 0 | 0 | 0 | |
| (-) Debt | 0 | (24) | (1) | 0 | 0 | (8) | |
| (-) Other Liabilities | 0 | (3) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22 | 10 | 18 | 5 | 75 | 68 | |
| (/) Shares Outstanding | 1.4 | 2.5 | 7.0 | 0.0 | 0.3 | 46.3 | |
| Implied Stock Price | 16.50 | 4.06 | 2.58 | 180.00 | 250.00 | 1.46 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 16.50 | 4.06 | 2.58 | 180.00 | 250.00 | 1.46 | |
| 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 | |