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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd EBIT Multiple | 8.5x - 9.4x | 9.0x |
| Fair Value | €137.57 - €154.95 | €146.26 |
| Upside | 29.8% - 46.2% | 38.0% |
| Benchmarks | Ticker | Full Ticker |
| Corpay, Inc. | CPAY | NYSE:CPAY |
| Marqeta, Inc. | MQ | NasdaqGS:MQ |
| Priority Technology Holdings, Inc. | PRTH | NasdaqCM:PRTH |
| Global Payments Inc. | GPN | NYSE:GPN |
| Adyen N.V. | ADYY.F | PINC:ADYY.F |
| WEX Inc. | WL9 | DB:WL9 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CPAY | MQ | PRTH | GPN | ADYY.F | WL9 | ||
| NYSE:CPAY | NasdaqGS:MQ | NasdaqCM:PRTH | NYSE:GPN | PINC:ADYY.F | DB:WL9 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 7.3% | NM- | 83.4% | 26.3% | 25.0% | 11.6% | |
| 3Y CAGR | 12.2% | NM- | 60.3% | 23.2% | 14.8% | 26.6% | |
| Latest Twelve Months | 6.0% | 91.4% | 62.8% | 14.7% | 31.9% | 4.5% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 43.9% | -26.3% | 8.7% | 20.4% | 50.8% | 21.5% | |
| Prior Fiscal Year | 44.1% | -41.9% | 11.1% | 22.9% | 41.9% | 25.6% | |
| Latest Fiscal Year | 44.2% | -4.8% | 15.5% | 25.1% | 44.6% | 26.6% | |
| Latest Twelve Months | 44.2% | -4.8% | 15.5% | 25.1% | 44.6% | 26.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.48x | 1.41x | 1.71x | 3.34x | 18.10x | 2.03x | |
| EV / LTM EBITDA | 14.1x | -101.9x | 8.2x | 7.7x | 38.2x | 5.9x | |
| EV / LTM EBIT | 16.9x | -29.2x | 11.0x | 13.3x | 40.5x | 7.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -29.2x | 13.3x | 40.5x | ||||
| Historical EV / LTM EBIT | 12.2x | 13.1x | 52.0x | ||||
| Selected EV / LTM EBIT | 9.3x | 9.8x | 10.3x | ||||
| (x) LTM EBIT | 692 | 692 | 692 | ||||
| (=) Implied Enterprise Value | 6,425 | 6,763 | 7,102 | ||||
| (-) Non-shareholder Claims * | (1,065) | (1,065) | (1,065) | ||||
| (=) Equity Value | 5,361 | 5,699 | 6,037 | ||||
| (/) Shares Outstanding | 34.2 | 34.2 | 34.2 | ||||
| Implied Value Range | 156.54 | 166.41 | 176.29 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 138.46 | 147.19 | 155.93 | 106.00 | |||
| Upside / (Downside) | 30.6% | 38.9% | 47.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPAY | MQ | PRTH | GPN | ADYY.F | WL9 | |
| Enterprise Value | 29,674 | 714 | 1,502 | 33,763 | 35,687 | 5,169 | |
| (+) Cash & Short Term Investments | 1,586 | 1,102 | 59 | 2,538 | 9,989 | 4,439 | |
| (+) Investments & Other | 60 | 0 | 0 | 999 | 9 | 82 | |
| (-) Debt | (8,090) | (5) | (938) | (17,178) | (228) | (5,585) | |
| (-) Other Liabilities | (24) | 0 | (2) | (736) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,206 | 1,811 | 620 | 19,387 | 45,457 | 4,104 | |
| (/) Shares Outstanding | 70.2 | 470.3 | 79.5 | 245.9 | 31.5 | 34.2 | |
| Implied Stock Price | 330.33 | 3.85 | 7.80 | 78.85 | 1,443.77 | 119.84 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 1.13 | |
| Implied Stock Price (Trading Cur) | 330.33 | 3.85 | 7.80 | 78.85 | 1,632.30 | 106.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.88 | 1.13 | |