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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.4x - 8.2x | 7.8x |
| Selected Fwd EBITDA Multiple | 3.4x - 3.8x | 3.6x |
| Fair Value | €6.76 - €7.32 | €7.04 |
| Upside | 9.8% - 19.0% | 14.4% |
| Benchmarks | Ticker | Full Ticker |
| Barrett Business Services, Inc. | BBSI | NasdaqGS:BBSI |
| Leidos Holdings, Inc. | LDOS | NYSE:LDOS |
| Insperity, Inc. | NSP | NYSE:NSP |
| Booz Allen Hamilton Holding Corporation | BAH | NYSE:BAH |
| Maximus, Inc. | MMS | NYSE:MMS |
| Resources Connection, Inc. | RCO | DB:RCO |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BBSI | LDOS | NSP | BAH | MMS | RCO | ||
| NasdaqGS:BBSI | NYSE:LDOS | NYSE:NSP | NYSE:BAH | NYSE:MMS | DB:RCO | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.3% | 13.2% | -6.5% | 12.6% | 8.8% | -7.7% | |
| 3Y CAGR | 10.5% | 12.3% | -9.7% | 12.9% | 6.7% | -4.7% | |
| Latest Twelve Months | -1.2% | 28.9% | -40.3% | 29.5% | 22.3% | -50.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.4% | 10.8% | 4.2% | 10.6% | 10.5% | 8.5% | |
| Prior Fiscal Year | 6.0% | 10.6% | 3.8% | 10.3% | 9.1% | 10.8% | |
| Latest Fiscal Year | 5.5% | 12.6% | 2.2% | 11.3% | 11.4% | 6.1% | |
| Latest Twelve Months | 5.5% | 12.6% | 2.2% | 11.9% | 10.8% | 4.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 1.32x | 0.41x | 1.40x | 0.98x | 0.30x | |
| EV / LTM EBITDA | 15.4x | 10.4x | 18.4x | 11.8x | 9.1x | 6.7x | |
| EV / LTM EBIT | 16.4x | 12.1x | 23.3x | 13.4x | 11.2x | 9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.1x | 11.8x | 18.4x | ||||
| Historical EV / LTM EBITDA | 4.5x | 7.5x | 11.6x | ||||
| Selected EV / LTM EBITDA | 7.4x | 7.8x | 8.2x | ||||
| (x) LTM EBITDA | 26 | 26 | 26 | ||||
| (=) Implied Enterprise Value | 191 | 201 | 211 | ||||
| (-) Non-shareholder Claims * | 50 | 50 | 50 | ||||
| (=) Equity Value | 241 | 251 | 261 | ||||
| (/) Shares Outstanding | 33.1 | 33.1 | 33.1 | ||||
| Implied Value Range | 7.29 | 7.60 | 7.90 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.74 | 7.02 | 7.30 | 6.15 | |||
| Upside / (Downside) | 9.5% | 14.1% | 18.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BBSI | LDOS | NSP | BAH | MMS | RCO | |
| Enterprise Value | 964 | 21,707 | 2,678 | 16,408 | 5,291 | 170 | |
| (+) Cash & Short Term Investments | 122 | 943 | 1,055 | 456 | 73 | 78 | |
| (+) Investments & Other | 0 | 0 | 0 | 67 | 13 | 0 | |
| (-) Debt | (21) | (5,414) | (454) | (3,598) | (1,517) | (28) | |
| (-) Other Liabilities | 0 | (48) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,065 | 17,188 | 3,279 | 13,333 | 3,861 | 220 | |
| (/) Shares Outstanding | 25.8 | 128.2 | 37.2 | 126.6 | 56.6 | 33.1 | |
| Implied Stock Price | 41.21 | 134.06 | 88.08 | 105.28 | 68.21 | 6.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 41.21 | 134.06 | 88.08 | 105.28 | 68.21 | 6.15 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |