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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 27.1x - 30.0x | 28.6x |
| Selected Fwd EBITDA Multiple | 13.0x - 14.4x | 13.7x |
| Fair Value | €4.71 - €5.20 | €4.95 |
| Upside | 24.6% - 37.5% | 31.1% |
| Benchmarks | Ticker | Full Ticker |
| iHeartMedia, Inc. | IHRT | NasdaqGS:IHRT |
| Taboola.com Ltd. | TBLA | NasdaqGS:TBLA |
| Spotify Technology S.A. | 0SPT | LSE:0SPT |
| Sirius XM Holdings Inc. | SIRI | NasdaqGS:SIRI |
| WEBTOON Entertainment Inc. | WBTN | NasdaqGS:WBTN |
| Audioboom Group plc | T28 | DB:T28 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| IHRT | TBLA | 0SPT | SIRI | WBTN | T28 | ||
| NasdaqGS:IHRT | NasdaqGS:TBLA | LSE:0SPT | NasdaqGS:SIRI | NasdaqGS:WBTN | DB:T28 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -8.9% | 44.4% | 121.0% | 2.1% | NM- | NM- | |
| 3Y CAGR | -7.1% | 38.8% | 88.4% | -1.6% | NM- | -16.7% | |
| Latest Twelve Months | -6.8% | 105.5% | 149.5% | -7.6% | -274.7% | 149.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.5% | 4.5% | 1.1% | 28.8% | -2.2% | -6.4% | |
| Prior Fiscal Year | 16.0% | 2.3% | 0.1% | 27.9% | 0.6% | -25.6% | |
| Latest Fiscal Year | 14.8% | 7.0% | 9.4% | 28.1% | -2.4% | 1.5% | |
| Latest Twelve Months | 14.7% | 7.5% | 11.6% | 27.7% | -5.4% | 4.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.53x | 0.57x | 7.10x | 1.90x | 0.41x | 1.10x | |
| EV / LTM EBITDA | 10.4x | 7.6x | 61.2x | 6.9x | -7.5x | 22.4x | |
| EV / LTM EBIT | 34.6x | 22.7x | 62.4x | 8.9x | -5.1x | 22.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -7.5x | 7.6x | 61.2x | ||||
| Historical EV / LTM EBITDA | -26.1x | -4.1x | 2411.3x | ||||
| Selected EV / LTM EBITDA | 27.1x | 28.6x | 30.0x | ||||
| (x) LTM EBITDA | 4 | 4 | 4 | ||||
| (=) Implied Enterprise Value | 99 | 104 | 109 | ||||
| (-) Non-shareholder Claims * | 2 | 2 | 2 | ||||
| (=) Equity Value | 101 | 106 | 111 | ||||
| (/) Shares Outstanding | 18.0 | 18.0 | 18.0 | ||||
| Implied Value Range | 5.60 | 5.89 | 6.18 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.81 | 5.06 | 5.31 | 3.78 | |||
| Upside / (Downside) | 27.2% | 33.8% | 40.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IHRT | TBLA | 0SPT | SIRI | WBTN | T28 | |
| Enterprise Value | 5,911 | 1,033 | 117,451 | 16,316 | 552 | 77 | |
| (+) Cash & Short Term Investments | 168 | 115 | 6,851 | 92 | 570 | 3 | |
| (+) Investments & Other | 0 | 0 | 2,417 | 1,002 | 152 | 0 | |
| (-) Debt | (5,829) | (175) | (2,450) | (10,197) | (28) | (1) | |
| (-) Other Liabilities | (5) | 0 | 0 | 0 | (85) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 244 | 973 | 124,269 | 7,213 | 1,161 | 79 | |
| (/) Shares Outstanding | 152.7 | 296.7 | 205.8 | 336.7 | 130.2 | 18.0 | |
| Implied Stock Price | 1.60 | 3.28 | 603.90 | 21.42 | 8.92 | 4.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 1.60 | 3.28 | 603.90 | 21.42 | 8.92 | 3.78 | |
| Trading Currency | USD | USD | EUR | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |