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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.3x - 16.9x | 16.1x |
| Selected Fwd EBIT Multiple | 14.0x - 15.5x | 14.7x |
| Fair Value | €7.46 - €8.16 | €7.81 |
| Upside | -14.5% - -6.5% | -10.5% |
| Benchmarks | Ticker | Full Ticker |
| CME Group Inc. | MX4A | DB:MX4A |
| Bursa Malaysia Berhad | BURSA | KLSE:BURSA |
| B3 S.A. - Brasil, Bolsa, Balcão | B3SA3 | BOVESPA:B3SA3 |
| Intercontinental Exchange, Inc. | ICE | NYSE:ICE |
| Hong Kong Exchanges and Clearing Limited | 388 | SEHK:388 |
| Singapore Exchange Limited | SOU | DB:SOU |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MX4A | BURSA | B3SA3 | ICE | 388 | SOU | ||
| DB:MX4A | KLSE:BURSA | BOVESPA:B3SA3 | NYSE:ICE | SEHK:388 | DB:SOU | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.2% | 9.7% | 13.6% | 10.6% | 6.2% | 5.6% | |
| 3Y CAGR | 14.8% | -4.9% | -0.6% | 7.6% | 0.5% | 5.0% | |
| Latest Twelve Months | 13.8% | 29.3% | 16.9% | 11.4% | 11.6% | 15.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 58.6% | 56.1% | 63.0% | 50.4% | 68.5% | 50.3% | |
| Prior Fiscal Year | 62.1% | 52.0% | 59.0% | 49.7% | 66.8% | 49.4% | |
| Latest Fiscal Year | 64.3% | 52.9% | 64.7% | 47.7% | 68.3% | 49.3% | |
| Latest Twelve Months | 64.3% | 52.9% | 64.7% | 47.7% | 68.3% | 52.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 15.19x | 7.10x | 6.32x | 12.06x | 12.05x | 9.91x | |
| EV / LTM EBITDA | 21.8x | 12.7x | 9.5x | 19.9x | 17.2x | 18.3x | |
| EV / LTM EBIT | 23.6x | 13.4x | 9.8x | 25.3x | 17.7x | 18.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.8x | 17.7x | 25.3x | ||||
| Historical EV / LTM EBIT | 15.0x | 16.3x | 20.8x | ||||
| Selected EV / LTM EBIT | 15.3x | 16.1x | 16.9x | ||||
| (x) LTM EBIT | 694 | 694 | 694 | ||||
| (=) Implied Enterprise Value | 10,613 | 11,171 | 11,730 | ||||
| (-) Non-shareholder Claims * | 1,294 | 1,294 | 1,294 | ||||
| (=) Equity Value | 11,907 | 12,466 | 13,024 | ||||
| (/) Shares Outstanding | 1,069.5 | 1,069.5 | 1,069.5 | ||||
| Implied Value Range | 11.13 | 11.66 | 12.18 | ||||
| FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.45 | 7.80 | 8.15 | 8.72 | |||
| Upside / (Downside) | -14.6% | -10.6% | -6.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MX4A | BURSA | B3SA3 | ICE | 388 | SOU | |
| Enterprise Value | 91,967 | 5,553 | 61,026 | 111,003 | 265,637 | 12,647 | |
| (+) Cash & Short Term Investments | 3,006 | 664 | 13,299 | 844 | 148,117 | 1,297 | |
| (+) Investments & Other | 2,570 | 66 | 3,049 | 0 | 2,600 | 718 | |
| (-) Debt | (3,821) | (8) | (13,847) | (20,740) | (1,746) | (719) | |
| (-) Other Liabilities | 0 | (2) | (13) | (73) | (555) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 93,722 | 6,272 | 63,514 | 91,034 | 414,053 | 13,941 | |
| (/) Shares Outstanding | 360.4 | 809.3 | 5,266.5 | 574.6 | 1,263.9 | 1,069.5 | |
| Implied Stock Price | 260.06 | 7.75 | 12.06 | 158.44 | 327.60 | 13.04 | |
| FX Conversion Rate to Trading Currency | 1.14 | 1.00 | 1.00 | 1.00 | 1.00 | 1.49 | |
| Implied Stock Price (Trading Cur) | 228.75 | 7.75 | 12.06 | 158.44 | 327.60 | 8.72 | |
| Trading Currency | EUR | MYR | BRL | USD | HKD | EUR | |
| FX Rate to Reporting Currency | 1.14 | 1.00 | 1.00 | 1.00 | 1.00 | 1.49 | |