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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.2x - 6.8x | 6.5x |
| Selected Fwd EBITDA Multiple | 2.6x - 2.8x | 2.7x |
| Fair Value | €4.51 - €4.90 | €4.70 |
| Upside | 26.6% - 37.7% | 32.1% |
| Benchmarks | Ticker | Full Ticker |
| Ökoworld AG | VVV3 | XTRA:VVV3 |
| ALBIS Leasing AG | ALG | XTRA:ALG |
| HAL Trust | HA4 | DB:HA4 |
| Groupe Bruxelles Lambert SA | EAI | DB:EAI |
| Compagnie du Bois Sauvage S.A. | C5S | DB:C5S |
| FORIS AG | FRS | DB:FRS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VVV3 | ALG | HA4 | EAI | C5S | FRS | ||
| XTRA:VVV3 | XTRA:ALG | DB:HA4 | DB:EAI | DB:C5S | DB:FRS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 38.1% | 20.7% | 22.2% | -3.6% | 7.8% | 22.7% | |
| 3Y CAGR | -19.7% | 28.6% | 23.2% | -4.5% | 5.7% | NM- | |
| Latest Twelve Months | -8.9% | 97.8% | 6.5% | -18.8% | 4.8% | 104.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 56.5% | 31.2% | 18.9% | 19.2% | 20.9% | 2.1% | |
| Prior Fiscal Year | 47.6% | 24.3% | 20.6% | 22.1% | 22.7% | 6.6% | |
| Latest Fiscal Year | 43.3% | 44.6% | 22.0% | 18.1% | 22.3% | 10.4% | |
| Latest Twelve Months | 45.3% | 46.8% | 22.0% | 18.1% | 22.3% | 10.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.74x | 6.07x | 1.01x | 0.66x | 0.73x | 0.46x | |
| EV / LTM EBITDA | 1.6x | 13.0x | 4.6x | 3.7x | 3.3x | 4.4x | |
| EV / LTM EBIT | 1.6x | 13.0x | 6.8x | 5.5x | 4.0x | 4.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 1.6x | 3.7x | 13.0x | ||||
| Historical EV / LTM EBITDA | -67.7x | 4.4x | 863.4x | ||||
| Selected EV / LTM EBITDA | 6.2x | 6.5x | 6.8x | ||||
| (x) LTM EBITDA | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 19 | 20 | 21 | ||||
| (-) Non-shareholder Claims * | 3 | 3 | 3 | ||||
| (=) Equity Value | 23 | 24 | 25 | ||||
| (/) Shares Outstanding | 4.6 | 4.6 | 4.6 | ||||
| Implied Value Range | 4.93 | 5.15 | 5.37 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.93 | 5.15 | 5.37 | 3.56 | |||
| Upside / (Downside) | 38.4% | 44.6% | 50.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VVV3 | ALG | HA4 | EAI | C5S | FRS | |
| Enterprise Value | 47 | 230 | 10,369 | 4,257 | 227 | 13 | |
| (+) Cash & Short Term Investments | 154 | 12 | 0 | 3,627 | 51 | 4 | |
| (+) Investments & Other | 1 | 0 | 0 | 11,107 | 267 | 0 | |
| (-) Debt | 0 | (184) | 0 | (8,067) | (116) | (1) | |
| (-) Other Liabilities | 0 | (0) | 0 | (2,001) | (33) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 202 | 58 | 10,369 | 8,924 | 397 | 16 | |
| (/) Shares Outstanding | 7.0 | 21.2 | 90.3 | 125.5 | 1.6 | 4.6 | |
| Implied Stock Price | 29.00 | 2.72 | 114.80 | 71.10 | 245.00 | 3.56 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 29.00 | 2.72 | 114.80 | 71.10 | 245.00 | 3.56 | |
| 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 | |