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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 1.4x - 1.5x | 1.4x |
| Selected Fwd EBIT Multiple | 3.5x - 3.9x | 3.7x |
| Fair Value | €6.19 - €6.24 | €6.21 |
| Upside | -15.2% - -14.5% | -14.9% |
| Benchmarks | Ticker | Full Ticker |
| RCM Beteiligungs AG | RCMN | XTRA:RCMN |
| City Developments Limited | CDE | DB:CDE |
| Eurocastle Investment Limited | ECT | ENXTAM:ECT |
| Dream Unlimited Corp. | 50DA | DB:50DA |
| KCI Spolka Akcyjna | KCI | WSE:KCI |
| PATRIZIA SE | PAT | DB:PAT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RCMN | CDE | ECT | 50DA | KCI | PAT | ||
| XTRA:RCMN | DB:CDE | ENXTAM:ECT | DB:50DA | WSE:KCI | DB:PAT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | -5.0% | -53.5% | -14.8% | 22.5% | NM- | |
| 3Y CAGR | NM- | 37.8% | -31.4% | 44.2% | -2.6% | NM- | |
| Latest Twelve Months | 71.4% | -36.7% | 154.8% | 147.3% | 2485.7% | 27.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -3.2% | 5.7% | -26.6% | 18.6% | 27.6% | 2.9% | |
| Prior Fiscal Year | -0.5% | 13.4% | -133.8% | 14.1% | 7.8% | -9.0% | |
| Latest Fiscal Year | -45.3% | 12.9% | 29.0% | 21.7% | 26.8% | -7.4% | |
| Latest Twelve Months | -8.6% | 12.9% | 29.0% | 21.7% | 158.1% | -7.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.19x | 3.81x | -7.90x | 3.08x | 3.97x | 0.55x | |
| EV / LTM EBITDA | 92.0x | 18.8x | NA | 13.9x | 2.8x | -30.5x | |
| EV / LTM EBIT | -118.2x | 29.7x | -27.2x | 14.2x | 2.5x | -7.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -118.2x | 2.5x | 29.7x | ||||
| Historical EV / LTM EBIT | -7.4x | 1.8x | 30.5x | ||||
| Selected EV / LTM EBIT | 1.4x | 1.4x | 1.5x | ||||
| (x) LTM EBIT | (19) | (19) | (19) | ||||
| (=) Implied Enterprise Value | (26) | (27) | (29) | ||||
| (-) Non-shareholder Claims * | 493 | 493 | 493 | ||||
| (=) Equity Value | 467 | 466 | 464 | ||||
| (/) Shares Outstanding | 86.2 | 86.2 | 86.2 | ||||
| Implied Value Range | 5.42 | 5.40 | 5.39 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.42 | 5.40 | 5.39 | 7.30 | |||
| Upside / (Downside) | -25.8% | -26.0% | -26.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RCMN | CDE | ECT | 50DA | KCI | PAT | |
| Enterprise Value | (1) | 12,382 | (9) | 1,892 | (265) | 136 | |
| (+) Cash & Short Term Investments | 1 | 3,193 | 18 | 86 | 9 | 185 | |
| (+) Investments & Other | 27 | 3,248 | 0 | 674 | 323 | 661 | |
| (-) Debt | (10) | (13,977) | 0 | (1,882) | 0 | (318) | |
| (-) Other Liabilities | 0 | (221) | 0 | 0 | 0 | (35) | |
| (-) Preferred Stock | 0 | (281) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 17 | 4,344 | 9 | 770 | 67 | 629 | |
| (/) Shares Outstanding | 12.9 | 893.4 | 1.0 | 42.4 | 68.6 | 86.2 | |
| Implied Stock Price | 1.31 | 4.86 | 8.80 | 18.16 | 0.97 | 7.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.48 | 1.00 | 1.57 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.31 | 3.28 | 8.80 | 11.60 | 0.97 | 7.30 | |
| Trading Currency | EUR | EUR | EUR | EUR | PLN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.48 | 1.00 | 1.57 | 1.00 | 1.00 | |