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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.0x - 17.7x | 16.8x |
| Selected Fwd EBIT Multiple | 7.4x - 8.1x | 7.8x |
| Fair Value | €3.25 - €3.71 | €3.48 |
| Upside | -23.4% - -12.5% | -18.0% |
| Benchmarks | Ticker | Full Ticker |
| SEACOR Marine Holdings Inc. | SMHI | NYSE:SMHI |
| Expro Group Holdings N.V. | XPRO | NYSE:XPRO |
| National Energy Services Reunited Corp. | NESR | XNAS:NESR |
| Nine Energy Service, Inc. | NINE | NYSE:NINE |
| TETRA Technologies, Inc. | TTI | NYSE:TTI |
| Oil States International, Inc. | OI2 | DB:OI2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SMHI | XPRO | NESR | NINE | TTI | OI2 | ||
| NYSE:SMHI | NYSE:XPRO | XNAS:NESR | NYSE:NINE | NYSE:TTI | DB:OI2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | NM- | 13.9% | -11.0% | 46.6% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -10097.6% | 114.5% | 44.6% | 227.3% | 42.0% | -6.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -19.9% | 0.4% | 6.5% | -6.0% | 1.4% | -3.5% | |
| Prior Fiscal Year | 5.0% | 2.4% | 7.0% | 3.0% | 7.2% | 2.8% | |
| Latest Fiscal Year | -8.8% | 7.6% | 10.6% | 1.7% | 8.3% | 1.1% | |
| Latest Twelve Months | -13.1% | 8.2% | 10.3% | 2.8% | 10.3% | 2.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.87x | 0.67x | 0.73x | 0.65x | 1.11x | 0.58x | |
| EV / LTM EBITDA | 27.7x | 3.6x | 3.4x | 7.4x | 6.8x | 5.7x | |
| EV / LTM EBIT | -14.2x | 8.2x | 7.1x | 23.6x | 10.8x | 21.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -14.2x | 8.2x | 23.6x | ||||
| Historical EV / LTM EBIT | -40.3x | -6.3x | 31.2x | ||||
| Selected EV / LTM EBIT | 16.0x | 16.8x | 17.7x | ||||
| (x) LTM EBIT | 18 | 18 | 18 | ||||
| (=) Implied Enterprise Value | 283 | 298 | 313 | ||||
| (-) Non-shareholder Claims * | (80) | (80) | (80) | ||||
| (=) Equity Value | 203 | 218 | 233 | ||||
| (/) Shares Outstanding | 60.6 | 60.6 | 60.6 | ||||
| Implied Value Range | 3.35 | 3.59 | 3.84 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.86 | 3.07 | 3.28 | 4.24 | |||
| Upside / (Downside) | -32.5% | -27.5% | -22.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMHI | XPRO | NESR | NINE | TTI | OI2 | |
| Enterprise Value | 470 | 1,070 | 1,017 | 375 | 664 | 380 | |
| (+) Cash & Short Term Investments | 34 | 207 | 79 | 14 | 69 | 54 | |
| (+) Investments & Other | 2 | 80 | 0 | 0 | 9 | 0 | |
| (-) Debt | (342) | (213) | (422) | (363) | (220) | (134) | |
| (-) Other Liabilities | (0) | 0 | 0 | 0 | 1 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 164 | 1,143 | 674 | 26 | 522 | 300 | |
| (/) Shares Outstanding | 27.0 | 115.6 | 99.9 | 43.3 | 133.3 | 60.6 | |
| Implied Stock Price | 6.09 | 9.89 | 6.75 | 0.61 | 3.92 | 4.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 6.09 | 9.89 | 6.75 | 0.61 | 3.92 | 4.24 | |
| 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 | |