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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 18.2x - 20.1x | 19.2x |
| Selected Fwd Revenue Multiple | 11.8x - 13.1x | 12.5x |
| Fair Value | €1,475 - €1,597 | €1,536 |
| Upside | 1.9% - 10.4% | 6.1% |
| 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 Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| WLN | EDEN | NEXI | SQ3 | 2PP | ADYEN | |||
| ENXTPA:WLN | ENXTPA:EDEN | BIT:NEXI | DB:SQ3 | DB:2PP | ENXTAM:ADYEN | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 14.2% | 10.7% | 30.8% | 38.6% | 12.3% | 30.4% | ||
| 3Y CAGR | 7.9% | 18.1% | 28.0% | 10.9% | 7.8% | 26.2% | ||
| Latest Twelve Months | 0.5% | 12.9% | 6.6% | 10.1% | 6.8% | 23.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 14.6% | 29.2% | 10.1% | 0.0% | 16.2% | 50.8% | ||
| Prior Fiscal Year | 11.3% | 23.5% | -8.3% | -0.4% | 16.3% | 41.9% | ||
| Latest Fiscal Year | 9.6% | 30.4% | 13.2% | 4.3% | 17.7% | 44.6% | ||
| Latest Twelve Months | 9.6% | 30.4% | 13.2% | 4.3% | 17.7% | 44.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.89x | 3.55x | 1.51x | 1.36x | 1.82x | 17.51x | ||
| EV / LTM EBIT | 9.3x | 11.7x | 11.5x | 31.5x | 10.3x | 39.2x | ||
| Price / LTM Sales | 0.33x | 2.86x | 0.94x | 1.41x | 1.93x | 22.36x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.89x | 1.51x | 3.55x | |||||
| Historical EV / LTM Revenue | 17.51x | 27.66x | 85.66x | |||||
| Selected EV / LTM Revenue | 18.21x | 19.17x | 20.13x | |||||
| (x) LTM Revenue | 2,015 | 2,015 | 2,015 | |||||
| (=) Implied Enterprise Value | 36,699 | 38,631 | 40,562 | |||||
| (-) Non-shareholder Claims * | 9,770 | 9,770 | 9,770 | |||||
| (=) Equity Value | 46,469 | 48,401 | 50,333 | |||||
| (/) Shares Outstanding | 31.5 | 31.5 | 31.5 | |||||
| Implied Value Range | 1,475.92 | 1,537.26 | 1,598.61 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1,475.92 | 1,537.26 | 1,598.61 | 1,447.40 | ||||
| Upside / (Downside) | 2.0% | 6.2% | 10.4% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WLN | EDEN | NEXI | SQ3 | 2PP | ADYEN | |
| Enterprise Value | 4,191 | 9,300 | 9,498 | 32,975 | 58,260 | 35,801 | |
| (+) Cash & Short Term Investments | 1,777 | 3,031 | 2,728 | 8,567 | 10,823 | 9,989 | |
| (+) Investments & Other | 384 | 100 | 172 | 718 | 4,583 | 9 | |
| (-) Debt | (3,779) | (4,837) | (6,450) | (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 | 1,598 | 7,495 | 5,926 | 34,373 | 61,809 | 45,572 | |
| (/) Shares Outstanding | 283.6 | 240.1 | 1,229.4 | 619.6 | 989.2 | 31.5 | |
| Implied Stock Price | 5.63 | 31.22 | 4.82 | 55.48 | 62.48 | 1,447.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.14 | 1.14 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.63 | 31.22 | 4.82 | 48.83 | 54.99 | 1,447.40 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.14 | 1.14 | 1.00 | |