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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.7x - 17.3x | 16.5x |
| Selected Fwd EBIT Multiple | 14.6x - 16.2x | 15.4x |
| Fair Value | €234.85 - €261.52 | €248.19 |
| Upside | -8.2% - 2.3% | -2.9% |
| Benchmarks | Ticker | Full Ticker |
| Singapore Exchange Limited | SOU | DB:SOU |
| TMX Group Limited | 9TX | DB:9TX |
| ASX Limited | AUX | DB:AUX |
| FactSet Research Systems Inc. | FA1 | DB:FA1 |
| B3 S.A. - Brasil, Bolsa, Balcão | YBV0 | DB:YBV0 |
| Deutsche Börse AG | DB1 | DB:DB1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SOU | 9TX | AUX | FA1 | YBV0 | DB1 | ||
| DB:SOU | DB:9TX | DB:AUX | DB:FA1 | DB:YBV0 | DB:DB1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 5.6% | 10.9% | 6.8% | 10.0% | 13.6% | 12.8% | |
| 3Y CAGR | 5.0% | 9.7% | 17.7% | 14.2% | -0.6% | 19.0% | |
| Latest Twelve Months | 15.3% | 27.1% | 15.0% | -1.5% | 23.5% | 10.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 50.3% | 47.1% | 67.2% | 30.7% | 63.3% | 41.7% | |
| Prior Fiscal Year | 49.4% | 45.6% | 53.7% | 31.4% | 59.0% | 42.2% | |
| Latest Fiscal Year | 49.3% | 44.4% | 72.4% | 32.0% | 64.7% | 41.0% | |
| Latest Twelve Months | 52.5% | 45.1% | 73.8% | 30.8% | 66.4% | 40.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 12.20x | 11.22x | 7.37x | 6.96x | 6.64x | 6.94x | |
| EV / LTM EBITDA | 22.5x | 20.3x | 10.0x | 18.7x | 10.1x | 15.9x | |
| EV / LTM EBIT | 23.2x | 24.9x | 10.0x | 22.6x | 10.0x | 17.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.0x | 22.6x | 24.9x | ||||
| Historical EV / LTM EBIT | 17.1x | 17.7x | 19.5x | ||||
| Selected EV / LTM EBIT | 15.7x | 16.5x | 17.3x | ||||
| (x) LTM EBIT | 2,955 | 2,955 | 2,955 | ||||
| (=) Implied Enterprise Value | 46,274 | 48,710 | 51,145 | ||||
| (-) Non-shareholder Claims * | (3,393) | (3,393) | (3,393) | ||||
| (=) Equity Value | 42,881 | 45,317 | 47,752 | ||||
| (/) Shares Outstanding | 183.3 | 183.3 | 183.3 | ||||
| Implied Value Range | 233.97 | 247.26 | 260.55 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 233.97 | 247.26 | 260.55 | 255.70 | |||
| Upside / (Downside) | -8.5% | -3.3% | 1.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SOU | 9TX | AUX | FA1 | YBV0 | DB1 | |
| Enterprise Value | 16,462 | 17,195 | 12,171 | 16,253 | 69,132 | 50,256 | |
| (+) Cash & Short Term Investments | 1,297 | 466 | 1,804 | 364 | 13,468 | 1,739 | |
| (+) Investments & Other | 718 | 3 | 44 | 0 | 3,223 | 1,553 | |
| (-) Debt | (719) | (2,099) | (323) | (1,621) | (15,383) | (6,222) | |
| (-) Other Liabilities | (1) | (214) | 0 | 0 | (13) | (463) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17,756 | 15,351 | 13,696 | 14,997 | 70,428 | 46,863 | |
| (/) Shares Outstanding | 1,068.9 | 278.1 | 193.9 | 37.8 | 1,841.1 | 183.3 | |
| Implied Stock Price | 16.61 | 55.20 | 70.65 | 396.66 | 38.25 | 255.70 | |
| FX Conversion Rate to Trading Currency | 1.49 | 1.60 | 1.78 | 1.16 | 6.38 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.14 | 34.60 | 39.60 | 342.40 | 6.00 | 255.70 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.49 | 1.60 | 1.78 | 1.16 | 6.38 | 1.00 | |