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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 29.2x - 32.2x | 30.7x |
| Selected Fwd EBITDA Multiple | 4.7x - 5.2x | 5.0x |
| Fair Value | €1.38 - €1.54 | €1.46 |
| Upside | -22.3% - -13.0% | -17.6% |
| Benchmarks | Ticker | Full Ticker |
| LS telcom AG | LSX | XTRA:LSX |
| Serviceware SE | SJJ | XTRA:SJJ |
| Beta Systems Software AG | BSS | DB:BSS |
| B+S Banksysteme Aktiengesellschaft | DTD2 | XTRA:DTD2 |
| GBS Software AG | INW | XTRA:INW |
| INTERSHOP Communications Aktiengesellschaft | ISHA | DB:ISHA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LSX | SJJ | BSS | DTD2 | INW | ISHA | ||
| XTRA:LSX | XTRA:SJJ | DB:BSS | XTRA:DTD2 | XTRA:INW | DB:ISHA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | -12.4% | 45.2% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | -25.3% | 87.8% | NM- | -9.9% | |
| Latest Twelve Months | -289.8% | 154.9% | -44.4% | 80.0% | NM | 132.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 2.8% | -2.5% | 17.5% | 9.5% | -192.9% | -2.0% | |
| Prior Fiscal Year | 2.2% | -3.0% | 12.6% | 11.7% | -274.6% | -6.3% | |
| Latest Fiscal Year | -4.7% | 1.5% | 7.0% | 21.7% | -292.6% | 2.0% | |
| Latest Twelve Months | -4.7% | 1.5% | 7.0% | 23.9% | NA | 2.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.77x | 1.11x | 1.42x | 1.28x | 19.78x | 0.78x | |
| EV / LTM EBITDA | -16.3x | 76.1x | 20.4x | 5.4x | NA | 38.4x | |
| EV / LTM EBIT | -12.0x | -885.3x | 78.0x | 7.4x | -2.8x | 52.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -16.3x | 12.9x | 76.1x | ||||
| Historical EV / LTM EBITDA | -66.5x | -11.9x | 38.4x | ||||
| Selected EV / LTM EBITDA | 29.2x | 30.7x | 32.2x | ||||
| (x) LTM EBITDA | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 23 | 24 | 25 | ||||
| (-) Non-shareholder Claims * | (3) | (3) | (3) | ||||
| (=) Equity Value | 20 | 21 | 22 | ||||
| (/) Shares Outstanding | 14.6 | 14.6 | 14.6 | ||||
| Implied Value Range | 1.37 | 1.46 | 1.54 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.37 | 1.46 | 1.54 | 1.77 | |||
| Upside / (Downside) | -22.3% | -17.7% | -13.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LSX | SJJ | BSS | DTD2 | INW | ISHA | |
| Enterprise Value | 33 | 113 | 109 | 17 | 2 | 29 | |
| (+) Cash & Short Term Investments | 7 | 27 | 4 | 1 | 0 | 9 | |
| (+) Investments & Other | 0 | 7 | 0 | 0 | 1 | 0 | |
| (-) Debt | (12) | (5) | (4) | (6) | 0 | (12) | |
| (-) Other Liabilities | (0) | (0) | (1) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 28 | 142 | 108 | 12 | 3 | 26 | |
| (/) Shares Outstanding | 5.8 | 10.5 | 4.6 | 6.2 | 1.0 | 14.6 | |
| Implied Stock Price | 4.88 | 13.55 | 23.40 | 1.92 | 2.66 | 1.77 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.88 | 13.55 | 23.40 | 1.92 | 2.66 | 1.77 | |
| 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 | |