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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 11.5x - 12.7x | 12.1x |
| Selected Fwd EBITDA Multiple | 8.0x - 8.8x | 8.4x |
| Fair Value | €81.71 - €91.80 | €86.76 |
| Upside | 28.2% - 44.0% | 36.1% |
| Benchmarks | Ticker | Full Ticker |
| DATAGROUP SE | D6H | XTRA:D6H |
| IONOS Group SE | IOS | XTRA:IOS |
| q.beyond AG | QBY | XTRA:QBY |
| DCI Database for Commerce and Industry AG | DCIK | DB:DCIK |
| KPS AG | KSC | XTRA:KSC |
| Nagarro SE | NA9 | DB:NA9 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| D6H | IOS | QBY | DCIK | KSC | NA9 | ||
| XTRA:D6H | XTRA:IOS | XTRA:QBY | DB:DCIK | XTRA:KSC | DB:NA9 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.1% | 8.2% | NM- | NM- | NM- | 31.6% | |
| 3Y CAGR | 5.7% | 10.5% | NM- | NM- | NM- | 20.0% | |
| Latest Twelve Months | 4.8% | 13.1% | 639.8% | -115.3% | 170.6% | 20.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.0% | 25.5% | -2.2% | -16.0% | 7.0% | 11.6% | |
| Prior Fiscal Year | 11.8% | 25.5% | 0.3% | -15.7% | 1.6% | 14.0% | |
| Latest Fiscal Year | 11.4% | 26.3% | 2.3% | -32.5% | -0.8% | 10.7% | |
| Latest Twelve Months | 10.8% | 26.3% | 2.3% | -32.5% | 1.5% | 12.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.10x | 3.44x | 0.37x | 2.20x | 0.49x | 1.07x | |
| EV / LTM EBITDA | 10.2x | 13.0x | 16.1x | -6.8x | 31.6x | 8.9x | |
| EV / LTM EBIT | 13.7x | 16.7x | -28.7x | -6.5x | 454.5x | 10.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -6.8x | 13.0x | 31.6x | ||||
| Historical EV / LTM EBITDA | 14.7x | 23.9x | 52.7x | ||||
| Selected EV / LTM EBITDA | 11.5x | 12.1x | 12.7x | ||||
| (x) LTM EBITDA | 114 | 114 | 114 | ||||
| (=) Implied Enterprise Value | 1,307 | 1,376 | 1,445 | ||||
| (-) Non-shareholder Claims * | (183) | (183) | (183) | ||||
| (=) Equity Value | 1,124 | 1,193 | 1,262 | ||||
| (/) Shares Outstanding | 12.9 | 12.9 | 12.9 | ||||
| Implied Value Range | 87.03 | 92.35 | 97.68 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 87.03 | 92.35 | 97.68 | 63.75 | |||
| Upside / (Downside) | 36.5% | 44.9% | 53.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | D6H | IOS | QBY | DCIK | KSC | NA9 | |
| Enterprise Value | 610 | 5,358 | 72 | 3 | 68 | 1,007 | |
| (+) Cash & Short Term Investments | 35 | 31 | 39 | 2 | 12 | 141 | |
| (+) Investments & Other | 7 | 3 | 0 | 3 | 0 | 0 | |
| (-) Debt | (182) | (1,085) | (9) | 0 | (49) | (324) | |
| (-) Other Liabilities | 0 | (0) | (2) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 470 | 4,307 | 100 | 7 | 31 | 824 | |
| (/) Shares Outstanding | 8.3 | 138.0 | 124.6 | 1.5 | 41.2 | 12.9 | |
| Implied Stock Price | 56.40 | 31.20 | 0.81 | 5.00 | 0.74 | 63.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 56.40 | 31.20 | 0.81 | 5.00 | 0.74 | 63.75 | |
| 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 | |