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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 34.0x - 37.6x | 35.8x |
| Selected Fwd EBITDA Multiple | 19.3x - 21.4x | 20.4x |
| Fair Value | €1,357 - €1,467 | €1,412 |
| Upside | 3.8% - 12.2% | 8.0% |
| Benchmarks | Ticker | Full Ticker |
| Worldline SA | WLN | ENXTPA:WLN |
| Edenred SE | EDEN | ENXTPA:EDEN |
| Nexi S.p.A. | NEXI | BIT:NEXI |
| Block, Inc. | SQ3 | DB:SQ3 |
| PayPal Holdings, Inc. | 2PP | DB:2PP |
| Adyen N.V. | ADYEN | ENXTAM:ADYEN |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WLN | EDEN | NEXI | SQ3 | 2PP | ADYEN | ||
| ENXTPA:WLN | ENXTPA:EDEN | BIT:NEXI | DB:SQ3 | DB:2PP | ENXTAM:ADYEN | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 9.1% | 10.2% | 30.6% | 74.5% | 12.6% | 25.8% | |
| 3Y CAGR | 7.2% | 17.7% | 33.0% | 70.1% | 5.7% | 16.1% | |
| Latest Twelve Months | -9.4% | 39.3% | -12.7% | 427.5% | 13.2% | 31.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 18.5% | 35.1% | 24.7% | 1.1% | 19.3% | 52.9% | |
| Prior Fiscal Year | 18.2% | 30.2% | 28.1% | 1.2% | 18.3% | 44.8% | |
| Latest Fiscal Year | 16.4% | 37.3% | 23.0% | 5.6% | 19.4% | 47.4% | |
| Latest Twelve Months | 16.4% | 37.3% | 23.0% | 5.6% | 19.4% | 47.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.90x | 3.35x | 2.00x | 1.30x | 1.78x | 15.69x | |
| EV / LTM EBITDA | 5.5x | 9.0x | 8.7x | 23.4x | 9.2x | 33.1x | |
| EV / LTM EBIT | 9.4x | 11.0x | 15.2x | 30.3x | 10.0x | 35.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.5x | 9.0x | 23.4x | ||||
| Historical EV / LTM EBITDA | 33.1x | 49.9x | 153.4x | ||||
| Selected EV / LTM EBITDA | 34.0x | 35.8x | 37.6x | ||||
| (x) LTM EBITDA | 955 | 955 | 955 | ||||
| (=) Implied Enterprise Value | 32,479 | 34,188 | 35,897 | ||||
| (-) Non-shareholder Claims * | 9,770 | 9,770 | 9,770 | ||||
| (=) Equity Value | 42,249 | 43,958 | 45,667 | ||||
| (/) Shares Outstanding | 31.5 | 31.5 | 31.5 | ||||
| Implied Value Range | 1,341.86 | 1,396.15 | 1,450.44 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,341.86 | 1,396.15 | 1,450.44 | 1,308.20 | |||
| Upside / (Downside) | 2.6% | 6.7% | 10.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WLN | EDEN | NEXI | SQ3 | 2PP | ADYEN | |
| Enterprise Value | 4,116 | 8,704 | 12,649 | 29,079 | 52,904 | 31,419 | |
| (+) Cash & Short Term Investments | 1,799 | 3,031 | 2,728 | 8,567 | 10,823 | 9,989 | |
| (+) Investments & Other | 384 | 100 | 172 | 718 | 4,583 | 9 | |
| (-) Debt | (3,779) | (4,837) | (10,228) | (7,919) | (11,857) | (228) | |
| (-) Other Liabilities | (976) | (99) | (23) | 33 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,545 | 6,899 | 5,299 | 30,477 | 56,453 | 41,189 | |
| (/) Shares Outstanding | 283.6 | 240.1 | 1,229.4 | 619.6 | 989.2 | 31.5 | |
| Implied Stock Price | 5.45 | 28.74 | 4.31 | 49.19 | 57.07 | 1,308.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.10 | 1.10 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.45 | 28.74 | 4.31 | 44.58 | 51.72 | 1,308.20 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.10 | 1.10 | 1.00 | |