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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 14.3x - 15.8x | 15.0x |
| Selected Fwd EBIT Multiple | 9.2x - 10.1x | 9.7x |
| Fair Value | $31.07 - $35.55 | $33.31 |
| Upside | -23.8% - -12.8% | -18.3% |
| Benchmarks | Ticker | Full Ticker |
| Brunel International N.V. | BRNL | ENXTAM:BRNL |
| Amadeus FiRe AG | AAD | DB:AAD |
| Adecco Group AG | ADEN | SWX:ADEN |
| Groupe CRIT SA | CEN | ENXTPA:CEN |
| ManpowerGroup Inc. | MPW | DB:MPW |
| Randstad N.V. | RANJ.F | OTCPK:RANJ.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BRNL | AAD | ADEN | CEN | MPW | RANJ.F | ||
| ENXTAM:BRNL | DB:AAD | SWX:ADEN | ENXTPA:CEN | DB:MPW | OTCPK:RANJ.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 24.5% | 7.2% | -8.2% | -5.1% | -12.9% | -9.9% | |
| 3Y CAGR | 3.7% | -2.3% | -11.4% | 44.6% | -16.5% | -20.2% | |
| Latest Twelve Months | -7.4% | -16.9% | -19.5% | -0.3% | -21.5% | -40.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.9% | 14.2% | 3.3% | 3.5% | 2.7% | 3.4% | |
| Prior Fiscal Year | 4.2% | 15.0% | 3.1% | 3.8% | 2.4% | 3.4% | |
| Latest Fiscal Year | 3.8% | 12.6% | 2.6% | 3.1% | 2.0% | 2.2% | |
| Latest Twelve Months | 3.8% | 12.6% | 2.6% | 3.1% | 2.0% | 2.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 1.13x | 0.33x | 0.21x | 0.19x | 0.37x | |
| EV / LTM EBITDA | 8.0x | 7.8x | 10.1x | 5.9x | 8.0x | 14.3x | |
| EV / LTM EBIT | 8.6x | 9.0x | 12.5x | 6.8x | 9.6x | 17.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.8x | 9.0x | 12.5x | ||||
| Historical EV / LTM EBIT | 9.3x | 11.6x | 24.4x | ||||
| Selected EV / LTM EBIT | 14.3x | 15.0x | 15.8x | ||||
| (x) LTM EBIT | 522 | 522 | 522 | ||||
| (=) Implied Enterprise Value | 7,452 | 7,844 | 8,236 | ||||
| (-) Non-shareholder Claims * | (2,135) | (2,135) | (2,135) | ||||
| (=) Equity Value | 5,317 | 5,710 | 6,102 | ||||
| (/) Shares Outstanding | 201.4 | 201.4 | 201.4 | ||||
| Implied Value Range | 26.40 | 28.35 | 30.29 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 28.64 | 30.75 | 32.87 | 40.75 | |||
| Upside / (Downside) | -29.7% | -24.5% | -19.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BRNL | AAD | ADEN | CEN | MPW | RANJ.F | |
| Enterprise Value | 443 | 486 | 7,471 | 706 | 3,432 | 9,700 | |
| (+) Cash & Short Term Investments | 112 | 2 | 482 | 0 | 509 | 357 | |
| (+) Investments & Other | 0 | 0 | 242 | 0 | 104 | 33 | |
| (-) Debt | (96) | (89) | (3,559) | 0 | (1,330) | (2,218) | |
| (-) Other Liabilities | (2) | (1) | (10) | 0 | (2) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (306) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 457 | 399 | 4,626 | 706 | 2,713 | 7,566 | |
| (/) Shares Outstanding | 50.5 | 5.4 | 167.4 | 10.5 | 46.7 | 201.4 | |
| Implied Stock Price | 9.06 | 73.40 | 27.63 | 67.00 | 58.04 | 37.56 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.04 | 1.00 | 1.08 | 0.92 | |
| Implied Stock Price (Trading Cur) | 9.06 | 73.40 | 26.46 | 67.00 | 53.50 | 40.75 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.04 | 1.00 | 1.08 | 0.92 | |