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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 22.5x - 24.8x | 23.6x |
| Selected Fwd EBITDA Multiple | 14.6x - 16.1x | 15.4x |
| Fair Value | ₪49.71 - ₪54.66 | ₪52.19 |
| Upside | -39.7% - -33.7% | -36.7% |
| Benchmarks | Ticker | Full Ticker |
| Euronext N.V. | ENX | ENXTPA:ENX |
| London Stock Exchange Group plc | LSEG | LSE:LSEG |
| Deutsche Börse AG | DBOE.F | OTCPK:DBOE.F |
| Gielda Papierów Wartosciowych w Warszawie S.A. | GPW | WSE:GPW |
| Bolsa de Comercio de Santiago, Bolsa de Valores | BOLSASTGO | SNSE:BOLSASTGO |
| The Tel-Aviv Stock Exchange Ltd. | TASE | TASE:TASE |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ENX | LSEG | DBOE.F | GPW | BOLSASTGO | TASE | ||
| ENXTPA:ENX | LSE:LSEG | OTCPK:DBOE.F | WSE:GPW | SNSE:BOLSASTGO | TASE:TASE | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.9% | 21.4% | 13.1% | -7.9% | -20.6% | 23.8% | |
| 3Y CAGR | 9.4% | 0.0% | 18.7% | -15.9% | -36.0% | 22.9% | |
| Latest Twelve Months | 28.1% | -7.9% | 8.3% | 6.1% | 59.4% | 39.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 54.6% | 40.3% | 44.0% | 42.3% | 36.9% | 30.3% | |
| Prior Fiscal Year | 53.5% | 33.3% | 44.8% | 34.5% | 33.2% | 32.2% | |
| Latest Fiscal Year | 56.9% | 33.4% | 43.7% | 26.9% | 40.5% | 34.5% | |
| Latest Twelve Months | 61.3% | 29.6% | 43.8% | 32.6% | 39.4% | 39.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 7.97x | 6.04x | 6.16x | 3.59x | 1.56x | 15.03x | |
| EV / LTM EBITDA | 13.0x | 20.4x | 14.1x | 11.0x | 3.9x | 38.2x | |
| EV / LTM EBIT | 14.9x | 26.6x | 15.1x | 14.3x | 4.3x | 42.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.9x | 13.0x | 20.4x | ||||
| Historical EV / LTM EBITDA | 12.0x | 16.9x | 24.1x | ||||
| Selected EV / LTM EBITDA | 22.5x | 23.6x | 24.8x | ||||
| (x) LTM EBITDA | 193 | 193 | 193 | ||||
| (=) Implied Enterprise Value | 4,339 | 4,568 | 4,796 | ||||
| (-) Non-shareholder Claims * | 251 | 251 | 251 | ||||
| (=) Equity Value | 4,590 | 4,818 | 5,047 | ||||
| (/) Shares Outstanding | 92.6 | 92.6 | 92.6 | ||||
| Implied Value Range | 49.56 | 52.03 | 54.50 | ||||
| FX Rate: ILS/ILS | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 49.56 | 52.03 | 54.50 | 82.49 | |||
| Upside / (Downside) | -39.9% | -36.9% | -33.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ENX | LSEG | DBOE.F | GPW | BOLSASTGO | TASE | |
| Enterprise Value | 14,176 | 55,063 | 44,796 | 1,807 | 10,899 | 7,388 | |
| (+) Cash & Short Term Investments | 1,314 | 3,664 | 0 | 493 | 653 | 377 | |
| (+) Investments & Other | 404 | 76 | 0 | 330 | 6,112 | 0 | |
| (-) Debt | (3,013) | (10,023) | (6,153) | (25) | 0 | (126) | |
| (-) Other Liabilities | (155) | (2,074) | (489) | (9) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12,726 | 46,706 | 38,154 | 2,596 | 17,664 | 7,639 | |
| (/) Shares Outstanding | 100.0 | 514.8 | 183.3 | 42.0 | 48.0 | 92.6 | |
| Implied Stock Price | 127.30 | 90.72 | 208.18 | 61.85 | 368.00 | 82.49 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 127.30 | 90.72 | 240.70 | 61.85 | 368.00 | 82.49 | |
| Trading Currency | EUR | GBP | USD | PLN | CLP | ILS | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 1.00 | |