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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 17.7x - 19.6x | 18.7x |
| Selected Fwd EBIT Multiple | 12.9x - 14.3x | 13.6x |
| Fair Value | €138.97 - €158.22 | €148.60 |
| Upside | 22.3% - 39.2% | 30.8% |
| Benchmarks | Ticker | Full Ticker |
| Marqeta, Inc. | MQ | NasdaqGS:MQ |
| Usio, Inc. | USIO | NasdaqGM:USIO |
| AvidXchange Holdings, Inc. | AVDX | NasdaqGS:AVDX |
| AppTech Payments Corp. | APCX | OTCPK:APCX |
| NCR Atleos Corporation | NATL | NYSE:NATL |
| Fiserv, Inc. | FIV | DB:FIV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MQ | USIO | AVDX | APCX | NATL | FIV | ||
| NasdaqGS:MQ | NasdaqGM:USIO | NasdaqGS:AVDX | OTCPK:APCX | NYSE:NATL | DB:FIV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | NM- | 27.9% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | 17.8% | 36.7% | |
| Latest Twelve Months | -45.3% | -29.8% | 70.0% | 26.8% | 41.7% | 17.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -24.5% | -4.0% | -22.7% | -2448.4% | 9.6% | 20.4% | |
| Prior Fiscal Year | -41.9% | -0.5% | -14.0% | -2590.1% | 9.8% | 25.4% | |
| Latest Fiscal Year | -4.8% | -1.8% | -0.5% | -3459.1% | 12.6% | 28.7% | |
| Latest Twelve Months | -18.6% | -1.9% | -1.5% | -2363.9% | 13.4% | 30.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.76x | 0.46x | 3.86x | 24.45x | 1.29x | 4.73x | |
| EV / LTM EBITDA | -25.6x | 79.9x | 61.9x | -1.2x | 6.4x | 10.6x | |
| EV / LTM EBIT | -20.2x | -23.9x | -252.9x | -1.0x | 9.6x | 15.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -252.9x | -20.2x | 9.6x | ||||
| Historical EV / LTM EBIT | 22.0x | 26.9x | 67.9x | ||||
| Selected EV / LTM EBIT | 17.7x | 18.7x | 19.6x | ||||
| (x) LTM EBIT | 6,344 | 6,344 | 6,344 | ||||
| (=) Implied Enterprise Value | 112,480 | 118,400 | 124,320 | ||||
| (-) Non-shareholder Claims * | (27,930) | (27,930) | (27,930) | ||||
| (=) Equity Value | 84,550 | 90,470 | 96,390 | ||||
| (/) Shares Outstanding | 543.6 | 543.6 | 543.6 | ||||
| Implied Value Range | 155.54 | 166.43 | 177.32 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 132.81 | 142.11 | 151.41 | 113.64 | |||
| Upside / (Downside) | 16.9% | 25.1% | 33.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MQ | USIO | AVDX | APCX | NATL | FIV | |
| Enterprise Value | 2,065 | 36 | 1,724 | 9 | 5,395 | 100,273 | |
| (+) Cash & Short Term Investments | 822 | 8 | 407 | 0 | 357 | 999 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 1,325 | |
| (-) Debt | (7) | (3) | (75) | (0) | (3,049) | (29,706) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (2) | (548) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,880 | 40 | 2,056 | 10 | 2,701 | 72,343 | |
| (/) Shares Outstanding | 448.2 | 26.5 | 207.7 | 34.0 | 73.6 | 543.6 | |
| Implied Stock Price | 6.43 | 1.51 | 9.90 | 0.29 | 36.70 | 133.08 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 6.43 | 1.51 | 9.90 | 0.29 | 36.70 | 113.64 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |