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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 25.6x - 28.2x | 26.9x |
Selected Fwd EBITDA Multiple | 34.2x - 37.8x | 36.0x |
Fair Value | €1.64 - €2.06 | €1.85 |
Upside | -44.1% - -29.5% | -36.8% |
Benchmarks | Ticker | Full Ticker |
Societe de Conseil en Externalisation et en Marketing Internet - SCEMI Société Anonyme | MLCMI | ENXTPA:MLCMI |
Soditech SA | SEC | ENXTPA:SEC |
Mare Nostrum SA | ALMAR | ENXTPA:ALMAR |
Alan Allman Associates | AAA | ENXTPA:AAA |
Neolife SA | ALNLF | ENXTPA:ALNLF |
GECI International S.A. | G8C0 | DB:G8C0 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
MLCMI | SEC | ALMAR | AAA | ALNLF | G8C0 | ||
ENXTPA:MLCMI | ENXTPA:SEC | ENXTPA:ALMAR | ENXTPA:AAA | ENXTPA:ALNLF | DB:G8C0 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | NM- | 20.0% | 99.6% | 36.7% | |
Latest Twelve Months | -835.7% | -235.4% | 39.4% | -6.8% | 670.2% | 139.4% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 2.4% | 0.0% | -0.7% | 9.0% | -0.1% | -0.2% | |
Prior Fiscal Year | 0.5% | -0.9% | -2.5% | 8.7% | 1.1% | -1.9% | |
Latest Fiscal Year | -3.6% | -2.3% | -2.1% | 8.0% | 9.4% | 0.9% | |
Latest Twelve Months | -3.6% | -2.3% | -2.1% | 8.0% | 9.4% | 0.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.17x | 1.40x | 0.15x | 0.97x | 0.60x | 0.32x | |
EV / LTM EBITDA | -32.7x | -60.6x | -6.9x | 12.2x | 6.4x | 35.0x | |
EV / LTM EBIT | -30.8x | -22.0x | -4.1x | 16.9x | 15.8x | 41.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -60.6x | -6.9x | 12.2x | ||||
Historical EV / LTM EBITDA | -156.0x | -54.9x | 35.0x | ||||
Selected EV / LTM EBITDA | 25.6x | 26.9x | 28.2x | ||||
(x) LTM EBITDA | 0 | 0 | 0 | ||||
(=) Implied Enterprise Value | 4 | 4 | 5 | ||||
(-) Non-shareholder Claims * | (3) | (3) | (3) | ||||
(=) Equity Value | 2 | 2 | 2 | ||||
(/) Shares Outstanding | 1.1 | 1.1 | 1.1 | ||||
Implied Value Range | 1.52 | 1.73 | 1.94 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.52 | 1.73 | 1.94 | 2.93 | |||
Upside / (Downside) | -48.0% | -40.9% | -33.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | MLCMI | SEC | ALMAR | AAA | ALNLF | G8C0 | |
Enterprise Value | 4 | 8 | 18 | 362 | 7 | 6 | |
(+) Cash & Short Term Investments | 0 | 0 | 8 | 11 | 0 | 1 | |
(+) Investments & Other | 0 | 0 | 1 | 0 | 0 | 0 | |
(-) Debt | 0 | (2) | (22) | (185) | 0 | (3) | |
(-) Other Liabilities | 0 | 0 | (1) | (2) | 0 | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4 | 6 | 5 | 187 | 7 | 3 | |
(/) Shares Outstanding | 1.1 | 2.3 | 7.2 | 45.5 | 96.4 | 1.1 | |
Implied Stock Price | 3.84 | 2.78 | 0.63 | 4.10 | 0.07 | 2.93 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3.84 | 2.78 | 0.63 | 4.10 | 0.07 | 2.93 | |
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 |