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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22.7x - 25.1x | 23.9x |
| Selected Fwd EBITDA Multiple | 17.9x - 19.8x | 18.9x |
| Fair Value | €188.29 - €207.56 | €197.92 |
| Upside | 12.6% - 24.1% | 18.4% |
| 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 EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ADN1 | BC8 | COK | JOT | 3ITN | YSN | ||
| XTRA:ADN1 | XTRA:BC8 | XTRA:COK | DB:JOT | XTRA:3ITN | DB:YSN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 23.6% | 8.0% | -4.7% | 1.5% | 38.6% | 11.8% | |
| 3Y CAGR | 16.1% | 4.2% | -8.1% | 12.9% | 37.9% | -3.3% | |
| Latest Twelve Months | 28.2% | -6.1% | 59.8% | 2692.6% | -23.3% | 0.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 7.2% | 6.7% | 6.2% | 7.8% | 9.1% | 16.7% | |
| Prior Fiscal Year | 4.1% | 6.8% | 4.7% | -0.6% | 10.7% | 13.4% | |
| Latest Fiscal Year | 4.6% | 6.6% | 6.6% | 13.9% | 9.6% | 13.0% | |
| Latest Twelve Months | 4.6% | 6.6% | 6.6% | 13.9% | 7.9% | 13.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.63x | 0.68x | 0.52x | 3.28x | 0.68x | 2.84x | |
| EV / LTM EBITDA | 13.7x | 10.3x | 10.9x | 23.5x | 8.7x | 23.3x | |
| EV / LTM EBIT | 26.1x | 12.1x | 16.0x | 31.5x | 12.8x | 29.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 8.7x | 10.9x | 23.5x | ||||
| Historical EV / LTM EBITDA | 23.3x | 27.3x | 39.3x | ||||
| Selected EV / LTM EBITDA | 22.7x | 23.9x | 25.1x | ||||
| (x) LTM EBITDA | 53 | 53 | 53 | ||||
| (=) Implied Enterprise Value | 1,197 | 1,260 | 1,323 | ||||
| (-) Non-shareholder Claims * | 33 | 33 | 33 | ||||
| (=) Equity Value | 1,231 | 1,294 | 1,357 | ||||
| (/) Shares Outstanding | 6.5 | 6.5 | 6.5 | ||||
| Implied Value Range | 190.25 | 199.99 | 209.73 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 190.25 | 199.99 | 209.73 | 167.20 | |||
| Upside / (Downside) | 13.8% | 19.6% | 25.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADN1 | BC8 | COK | JOT | 3ITN | YSN | |
| Enterprise Value | 850 | 4,409 | 549 | 273 | 56 | 1,048 | |
| (+) Cash & Short Term Investments | 90 | 716 | 145 | 22 | 9 | 58 | |
| (+) Investments & Other | 17 | 0 | 14 | 0 | 0 | 0 | |
| (-) Debt | (331) | (812) | (0) | (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 | 622 | 4,309 | 707 | 274 | 61 | 1,082 | |
| (/) Shares Outstanding | 6.4 | 126.0 | 31.5 | 35.5 | 4.9 | 6.5 | |
| Implied Stock Price | 97.10 | 34.20 | 22.44 | 7.72 | 12.30 | 167.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 97.10 | 34.20 | 22.44 | 7.72 | 12.30 | 167.20 | |
| 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 | |