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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.7x - 5.2x | 5.0x |
| Selected Fwd EBITDA Multiple | 4.1x - 4.5x | 4.3x |
| Fair Value | €7.96 - €8.62 | €8.29 |
| Upside | 6.2% - 14.9% | 10.5% |
| Benchmarks | Ticker | Full Ticker |
| Westag AG | WUG | HMSE:WUG |
| STEICO SE | ST5 | DB:ST5 |
| Villeroy & Boch AG | VIB3 | DB:VIB3 |
| LapWall Oyj | QJ1 | DB:QJ1 |
| Poujoulat SA | 72Y | DB:72Y |
| InnoTec TSS AG | TSS | DB:TSS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WUG | ST5 | VIB3 | QJ1 | 72Y | TSS | ||
| HMSE:WUG | DB:ST5 | DB:VIB3 | DB:QJ1 | DB:72Y | DB:TSS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.9% | 5.9% | 14.9% | NM- | 9.3% | -4.5% | |
| 3Y CAGR | 30.5% | -7.4% | -14.7% | NM- | -15.4% | -8.6% | |
| Latest Twelve Months | 17.3% | -15.7% | 64.9% | 21.2% | -26.0% | -4.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.2% | 18.8% | 9.4% | 14.3% | 8.3% | 14.3% | |
| Prior Fiscal Year | 5.7% | 14.5% | 8.7% | 12.5% | 7.2% | 11.8% | |
| Latest Fiscal Year | 7.7% | 18.9% | 5.1% | 14.7% | 5.4% | 11.3% | |
| Latest Twelve Months | 7.7% | 16.4% | 6.7% | 14.7% | 5.4% | 11.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.56x | 1.25x | 0.62x | 1.34x | 0.52x | 0.49x | |
| EV / LTM EBITDA | 7.3x | 7.6x | 9.2x | 9.1x | 9.6x | 4.3x | |
| EV / LTM EBIT | 15.7x | 43.3x | 16.4x | 13.9x | 41.5x | 6.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 9.1x | 9.6x | ||||
| Historical EV / LTM EBITDA | 3.7x | 4.3x | 5.9x | ||||
| Selected EV / LTM EBITDA | 4.7x | 5.0x | 5.2x | ||||
| (x) LTM EBITDA | 13 | 13 | 13 | ||||
| (=) Implied Enterprise Value | 61 | 64 | 68 | ||||
| (-) Non-shareholder Claims * | 17 | 17 | 17 | ||||
| (=) Equity Value | 78 | 81 | 84 | ||||
| (/) Shares Outstanding | 9.6 | 9.6 | 9.6 | ||||
| Implied Value Range | 8.12 | 8.46 | 8.79 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.12 | 8.46 | 8.79 | 7.50 | |||
| Upside / (Downside) | 8.3% | 12.7% | 17.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WUG | ST5 | VIB3 | QJ1 | 72Y | TSS | |
| Enterprise Value | 101 | 475 | 920 | 59 | 178 | 55 | |
| (+) Cash & Short Term Investments | 30 | 39 | 68 | 4 | 6 | 28 | |
| (+) Investments & Other | 3 | 0 | 41 | 0 | 2 | (0) | |
| (-) Debt | 0 | (170) | (573) | (6) | (112) | (11) | |
| (-) Other Liabilities | 0 | 0 | (0) | 0 | (10) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 135 | 344 | 456 | 56 | 65 | 72 | |
| (/) Shares Outstanding | 4.3 | 14.1 | 26.7 | 14.5 | 7.7 | 9.6 | |
| Implied Stock Price | 31.00 | 24.40 | 17.10 | 3.86 | 8.40 | 7.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 31.00 | 24.40 | 17.10 | 3.86 | 8.40 | 7.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |