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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 21.8x - 24.1x | 22.9x |
| Selected Fwd EBIT Multiple | 21.4x - 23.7x | 22.6x |
| Fair Value | €162.23 - €178.76 | €170.49 |
| Upside | 7.0% - 17.9% | 12.5% |
| Benchmarks | Ticker | Full Ticker |
| adesso SE | ADN1 | XTRA:ADN1 |
| Bechtle AG | BC8 | XTRA:BC8 |
| Cancom SE | COK | XTRA:COK |
| Bittium Oyj | JOT | DB:JOT |
| audius SE | 3ITN | XTRA:3ITN |
| secunet Security Networks Aktiengesellschaft | YSN | DB:YSN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADN1 | BC8 | COK | JOT | 3ITN | YSN | ||
| XTRA:ADN1 | XTRA:BC8 | XTRA:COK | DB:JOT | XTRA:3ITN | DB:YSN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.9% | 7.8% | -7.6% | 7.6% | 38.2% | 5.1% | |
| 3Y CAGR | -13.2% | 3.0% | -16.3% | 39.0% | 32.8% | -12.8% | |
| Latest Twelve Months | 46.1% | -8.1% | -12.5% | 305.6% | -32.8% | -1.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.7% | 5.8% | 4.0% | 2.2% | 7.1% | 14.3% | |
| Prior Fiscal Year | 1.9% | 6.0% | 3.2% | -5.7% | 8.3% | 10.9% | |
| Latest Fiscal Year | 2.4% | 5.6% | 2.5% | 10.4% | 7.2% | 10.4% | |
| Latest Twelve Months | 2.4% | 5.6% | 2.5% | 10.4% | 5.4% | 10.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.63x | 0.69x | 0.46x | 3.03x | 0.65x | 2.35x | |
| EV / LTM EBITDA | 13.6x | 10.5x | 11.4x | 21.8x | 8.3x | 18.1x | |
| EV / LTM EBIT | 26.0x | 12.4x | 18.3x | 29.1x | 12.2x | 22.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.2x | 18.3x | 29.1x | ||||
| Historical EV / LTM EBIT | 22.6x | 25.4x | 42.6x | ||||
| Selected EV / LTM EBIT | 21.8x | 22.9x | 24.1x | ||||
| (x) LTM EBIT | 42 | 42 | 42 | ||||
| (=) Implied Enterprise Value | 922 | 970 | 1,019 | ||||
| (-) Non-shareholder Claims * | 33 | 33 | 33 | ||||
| (=) Equity Value | 955 | 1,004 | 1,052 | ||||
| (/) Shares Outstanding | 6.5 | 6.5 | 6.5 | ||||
| Implied Value Range | 147.66 | 155.16 | 162.66 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 147.66 | 155.16 | 162.66 | 151.60 | |||
| Upside / (Downside) | -2.6% | 2.3% | 7.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADN1 | BC8 | COK | JOT | 3ITN | YSN | |
| Enterprise Value | 817 | 4,351 | 795 | 265 | 53 | 947 | |
| (+) Cash & Short Term Investments | 90 | 716 | 145 | 22 | 9 | 58 | |
| (+) Investments & Other | 17 | 0 | 14 | 0 | 0 | 0 | |
| (-) Debt | (331) | (812) | (194) | (21) | (3) | (24) | |
| (-) Other Liabilities | (4) | (4) | (0) | 0 | (1) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 589 | 4,251 | 760 | 266 | 57 | 981 | |
| (/) Shares Outstanding | 6.4 | 126.0 | 31.5 | 35.5 | 4.9 | 6.5 | |
| Implied Stock Price | 92.00 | 33.74 | 24.10 | 7.50 | 11.65 | 151.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 92.00 | 33.74 | 24.10 | 7.50 | 11.65 | 151.60 | |
| 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 | |