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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 17.3x - 19.1x | 18.2x |
| Selected Fwd EBITDA Multiple | 5.9x - 6.5x | 6.2x |
| Fair Value | €9.65 - €11.27 | €10.46 |
| Upside | -29.6% - -17.7% | -23.7% |
| Benchmarks | Ticker | Full Ticker |
| Orthex Oyj | ORTHEX | HLSE:ORTHEX |
| Sabaf S.p.A. | SAB | BIT:SAB |
| B.V. Delftsch Aardewerkfabriek "De Porceleyne Fles Anno 1653" | PORF | ENXTAM:PORF |
| Gibus S.p.A. | GBUS | BIT:GBUS |
| Vilniaus Baldai AB | VBL1L | NSEL:VBL1L |
| Fiskars Oyj Abp | FSKRS | HLSE:FSKRS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ORTHEX | SAB | PORF | GBUS | VBL1L | FSKRS | ||
| HLSE:ORTHEX | BIT:SAB | ENXTAM:PORF | BIT:GBUS | NSEL:VBL1L | HLSE:FSKRS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 4.4% | 10.7% | 23.8% | 25.3% | 33.9% | -4.4% | |
| 3Y CAGR | 2.6% | -6.5% | 55.1% | 13.8% | 44.7% | -25.2% | |
| Latest Twelve Months | -6.5% | 61.3% | -15.6% | -25.0% | -13.9% | -28.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 13.9% | 16.3% | 22.8% | 19.0% | 8.5% | 10.5% | |
| Prior Fiscal Year | 15.6% | 11.4% | 23.1% | 21.9% | 8.9% | 8.6% | |
| Latest Fiscal Year | 14.0% | 15.3% | 15.1% | 14.6% | 18.3% | 6.0% | |
| Latest Twelve Months | 14.0% | 15.3% | 14.8% | 14.5% | 15.9% | 6.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.18x | 0.88x | 3.23x | 0.78x | 0.78x | 1.36x | |
| EV / LTM EBITDA | 8.4x | 5.8x | 21.8x | 5.4x | 4.9x | 22.6x | |
| EV / LTM EBIT | 10.8x | 12.1x | 55.7x | 9.1x | 6.9x | 38.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.9x | 5.8x | 21.8x | ||||
| Historical EV / LTM EBITDA | 10.0x | 11.2x | 22.6x | ||||
| Selected EV / LTM EBITDA | 17.3x | 18.2x | 19.1x | ||||
| (x) LTM EBITDA | 70 | 70 | 70 | ||||
| (=) Implied Enterprise Value | 1,203 | 1,267 | 1,330 | ||||
| (-) Non-shareholder Claims * | (465) | (465) | (465) | ||||
| (=) Equity Value | 739 | 802 | 865 | ||||
| (/) Shares Outstanding | 80.8 | 80.8 | 80.8 | ||||
| Implied Value Range | 9.14 | 9.92 | 10.71 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 9.14 | 9.92 | 10.71 | 13.70 | |||
| Upside / (Downside) | -33.3% | -27.6% | -21.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ORTHEX | SAB | PORF | GBUS | VBL1L | FSKRS | |
| Enterprise Value | 103 | 252 | 28 | 69 | 76 | 1,572 | |
| (+) Cash & Short Term Investments | 10 | 31 | 0 | 11 | 0 | 61 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 33 | |
| (-) Debt | (27) | (108) | (17) | (30) | (28) | (555) | |
| (-) Other Liabilities | 0 | (8) | (1) | 0 | 0 | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 86 | 167 | 11 | 49 | 47 | 1,107 | |
| (/) Shares Outstanding | 17.8 | 12.5 | 1.0 | 5.0 | 3.9 | 80.8 | |
| Implied Stock Price | 4.84 | 13.30 | 11.20 | 9.95 | 12.20 | 13.70 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.84 | 13.30 | 11.20 | 9.95 | 12.20 | 13.70 | |
| 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 | |