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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 7.0x - 7.7x | 7.3x |
| Selected Fwd EBITDA Multiple | 8.6x - 9.6x | 9.1x |
| Fair Value | €1.26 - €1.47 | €1.37 |
| Upside | 23.2% - 43.5% | 33.3% |
| Benchmarks | Ticker | Full Ticker |
| Vogo SA | ALVGO | ENXTPA:ALVGO |
| The Blockchain Group | ALTBG | ENXTPA:ALTBG |
| Streamwide S.A. | ALSTW | ENXTPA:ALSTW |
| Dassault Systèmes SE | DSY | ENXTPA:DSY |
| WALLIX GROUP SA | ALLIX | ENXTPA:ALLIX |
| Acteos SA | EOS | ENXTPA:EOS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ALVGO | ALTBG | ALSTW | DSY | ALLIX | EOS | ||
| ENXTPA:ALVGO | ENXTPA:ALTBG | ENXTPA:ALSTW | ENXTPA:DSY | ENXTPA:ALLIX | ENXTPA:EOS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 50.0% | 9.6% | NM- | 4.3% | |
| 3Y CAGR | NM- | NM- | 29.2% | 8.4% | NM- | 37.5% | |
| Latest Twelve Months | 100.6% | 113.1% | 88.6% | 8.5% | 92.8% | -1.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -29.6% | -6.8% | 30.9% | 25.0% | -14.9% | 5.2% | |
| Prior Fiscal Year | -2.6% | -28.1% | 31.7% | 24.8% | -27.2% | 6.1% | |
| Latest Fiscal Year | -10.6% | -5.7% | 55.4% | 25.8% | -1.6% | 6.7% | |
| Latest Twelve Months | 0.0% | 4.8% | 55.4% | 25.8% | -1.6% | 6.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.64x | 2.63x | 4.45x | 7.33x | 2.01x | 0.39x | |
| EV / LTM EBITDA | 3585.7x | 54.9x | 8.0x | 28.4x | -126.3x | 21.7x | |
| EV / LTM EBIT | -17.1x | -3.7x | 17.1x | 33.1x | -14.6x | 9.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -126.3x | 28.4x | 3585.7x | ||||
| Historical EV / LTM EBITDA | 6.0x | 11.3x | 31.3x | ||||
| Selected EV / LTM EBITDA | 7.0x | 7.3x | 7.7x | ||||
| (x) LTM EBITDA | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 6 | 6 | 7 | ||||
| (-) Non-shareholder Claims * | (2) | (2) | (2) | ||||
| (=) Equity Value | 4 | 4 | 4 | ||||
| (/) Shares Outstanding | 3.3 | 3.3 | 3.3 | ||||
| Implied Value Range | 1.11 | 1.20 | 1.30 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.11 | 1.20 | 1.30 | 1.03 | |||
| Upside / (Downside) | 8.1% | 17.5% | 26.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ALVGO | ALTBG | ALSTW | DSY | ALLIX | EOS | |
| Enterprise Value | 20 | 49 | 93 | 45,233 | 85 | 6 | |
| (+) Cash & Short Term Investments | 2 | 1 | 15 | 3,953 | 11 | 2 | |
| (+) Investments & Other | 0 | 0 | 0 | 24 | 0 | 0 | |
| (-) Debt | (7) | (3) | (11) | (3,062) | (8) | (4) | |
| (-) Other Liabilities | 0 | 0 | 0 | (14) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 15 | 47 | 98 | 46,133 | 88 | 3 | |
| (/) Shares Outstanding | 6.1 | 93.3 | 2.7 | 1,312.8 | 6.6 | 3.3 | |
| Implied Stock Price | 2.54 | 0.50 | 36.30 | 35.14 | 13.34 | 1.03 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.54 | 0.50 | 36.30 | 35.14 | 13.34 | 1.03 | |
| 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 | |