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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.2x - 4.6x | 4.4x |
| Selected Fwd EBITDA Multiple | 3.0x - 3.3x | 3.1x |
| Fair Value | €8.24 - €9.43 | €8.84 |
| Upside | 23.5% - 41.2% | 32.4% |
| Benchmarks | Ticker | Full Ticker |
| SKY Perfect JSAT Holdings Inc. | SKM | DB:SKM |
| Eutelsat Communications S.A. | ETL | ENXTPA:ETL |
| RTL Group S.A. | RTLL | BDL:RTLL |
| Fiera Milano S.p.A. | FM | BIT:FM |
| RCS MediaGroup S.p.A. | RCS | BIT:RCS |
| SES S.A. | SES | DB:SES |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SKM | ETL | RTLL | FM | RCS | SES | ||
| DB:SKM | ENXTPA:ETL | BDL:RTLL | BIT:FM | BIT:RCS | DB:SES | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 3.0% | -8.2% | -9.7% | -11.2% | -0.4% | -3.9% | |
| 3Y CAGR | 3.0% | -12.7% | -15.9% | NM- | 1.8% | -2.4% | |
| Latest Twelve Months | -3.8% | -6.0% | -31.2% | -67.5% | 8.5% | 4.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 35.2% | 75.3% | 14.5% | -33.1% | 13.7% | 55.2% | |
| Prior Fiscal Year | 38.4% | 52.4% | 11.9% | 17.7% | 14.1% | 49.6% | |
| Latest Fiscal Year | 37.0% | 48.0% | 11.4% | 12.8% | 16.0% | 50.1% | |
| Latest Twelve Months | 36.9% | 48.0% | 9.6% | 6.3% | 16.6% | 51.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.98x | 3.42x | 1.11x | 2.41x | 0.76x | 1.95x | |
| EV / LTM EBITDA | 8.1x | 7.1x | 11.6x | 38.2x | 4.6x | 3.8x | |
| EV / LTM EBIT | 13.1x | -30.5x | 14.7x | 20.8x | 6.0x | 15.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.6x | 8.1x | 38.2x | ||||
| Historical EV / LTM EBITDA | 3.1x | 5.7x | 5.8x | ||||
| Selected EV / LTM EBITDA | 4.2x | 4.4x | 4.6x | ||||
| (x) LTM EBITDA | 1,048 | 1,048 | 1,048 | ||||
| (=) Implied Enterprise Value | 4,394 | 4,625 | 4,856 | ||||
| (-) Non-shareholder Claims * | (1,247) | (1,247) | (1,247) | ||||
| (=) Equity Value | 3,147 | 3,378 | 3,609 | ||||
| (/) Shares Outstanding | 417.9 | 417.9 | 417.9 | ||||
| Implied Value Range | 7.53 | 8.08 | 8.64 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.53 | 8.08 | 8.64 | 6.68 | |||
| Upside / (Downside) | 12.8% | 21.1% | 29.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SKM | ETL | RTLL | FM | RCS | SES | |
| Enterprise Value | 327,860 | 4,233 | 6,891 | 733 | 614 | 4,036 | |
| (+) Cash & Short Term Investments | 103,852 | 518 | 368 | 147 | 41 | 4,615 | |
| (+) Investments & Other | 39,659 | 9 | 373 | 54 | 29 | 0 | |
| (-) Debt | (39,953) | (3,166) | (1,733) | (372) | (141) | (5,791) | |
| (-) Other Liabilities | (2,425) | (67) | (823) | (2) | (3) | (71) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 428,993 | 1,526 | 5,076 | 560 | 540 | 2,789 | |
| (/) Shares Outstanding | 283.4 | 474.8 | 154.7 | 71.0 | 517.4 | 417.9 | |
| Implied Stock Price | 1,513.96 | 3.22 | 32.80 | 7.88 | 1.04 | 6.68 | |
| FX Conversion Rate to Trading Currency | 177.07 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.55 | 3.22 | 32.80 | 7.88 | 1.04 | 6.68 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 177.07 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |