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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -6.4x - -7.1x | -6.7x |
| Selected Fwd EBIT Multiple | 4.3x - 4.8x | 4.6x |
| Fair Value | €0.37 - €0.40 | €0.39 |
| Upside | -0.6% - 7.0% | 3.2% |
| Benchmarks | Ticker | Full Ticker |
| Adyen N.V. | ADYEN | ENXTAM:ADYEN |
| MIG Holdings S.A. | MIG | ATSE:MIG |
| HAL Trust | HAL | ENXTAM:HAL |
| Ashler et Manson SA | MLAEM | ENXTPA:MLAEM |
| PB Holding N.V. | PBH | ENXTAM:PBH |
| Ease2pay N.V. | DOC2 | DB:DOC2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADYEN | MIG | HAL | MLAEM | PBH | DOC2 | ||
| ENXTAM:ADYEN | ATSE:MIG | ENXTAM:HAL | ENXTPA:MLAEM | ENXTAM:PBH | DB:DOC2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 25.0% | -48.5% | 27.3% | NM- | NM- | NM- | |
| 3Y CAGR | 14.8% | NM- | 26.5% | NM- | NM- | NM- | |
| Latest Twelve Months | 28.4% | 62.7% | 5.4% | 221.2% | -100.4% | 40.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 49.9% | -5.3% | 11.3% | 14.4% | 0.7% | -182.4% | |
| Prior Fiscal Year | 41.9% | -1.5% | 14.1% | 5.0% | NA | -56.4% | |
| Latest Fiscal Year | 44.6% | 11.7% | 14.9% | 21.5% | NA | -31.5% | |
| Latest Twelve Months | 45.8% | 14.3% | 14.9% | 21.5% | NA | -31.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 15.34x | 19.82x | 1.11x | 18.90x | NA | 2.26x | |
| EV / LTM EBITDA | 31.5x | 138.3x | 5.0x | 85.2x | NA | -12.3x | |
| EV / LTM EBIT | 33.5x | 139.1x | 7.5x | 87.7x | -27.8x | -7.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -27.8x | 33.5x | 139.1x | ||||
| Historical EV / LTM EBIT | -42.1x | -13.2x | -5.9x | ||||
| Selected EV / LTM EBIT | -6.4x | -6.7x | -7.1x | ||||
| (x) LTM EBIT | (1) | (1) | (1) | ||||
| (=) Implied Enterprise Value | 6 | 6 | 6 | ||||
| (-) Non-shareholder Claims * | 3 | 3 | 3 | ||||
| (=) Equity Value | 8 | 9 | 9 | ||||
| (/) Shares Outstanding | 26.2 | 26.2 | 26.2 | ||||
| Implied Value Range | 0.32 | 0.34 | 0.35 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.32 | 0.34 | 0.35 | 0.38 | |||
| Upside / (Downside) | -14.1% | -11.0% | -7.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADYEN | MIG | HAL | MLAEM | PBH | DOC2 | |
| Enterprise Value | 33,477 | 181 | 11,724 | 7 | (2) | 7 | |
| (+) Cash & Short Term Investments | 12,549 | 11 | 0 | 0 | 0 | 3 | |
| (+) Investments & Other | 9 | 0 | 0 | 0 | 17 | 0 | |
| (-) Debt | (248) | (88) | 0 | 0 | (0) | 0 | |
| (-) 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 | 45,788 | 105 | 11,724 | 7 | 15 | 10 | |
| (/) Shares Outstanding | 31.5 | 31.4 | 90.3 | 3.2 | 5.4 | 26.2 | |
| Implied Stock Price | 1,453.20 | 3.34 | 129.80 | 2.36 | 2.74 | 0.38 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1,453.20 | 3.34 | 129.80 | 2.36 | 2.74 | 0.38 | |
| 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 | |