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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.1x - 13.4x | 12.8x |
| Selected Fwd EBITDA Multiple | 3.9x - 4.3x | 4.1x |
| Fair Value | zł139.94 - zł152.15 | zł146.05 |
| Upside | 16.6% - 26.8% | 21.7% |
| Benchmarks | Ticker | Full Ticker |
| SoftBlue SA | SBE | WSE:SBE |
| KBJ S.A. | KBJ | WSE:KBJ |
| TenderHut S.A. | THG | WSE:THG |
| Mineral Midrange S.A. | MND | WSE:MND |
| Asseco South Eastern Europe S.A. | ASE | WSE:ASE |
| e-Xim IT S.A. | EXM | WSE:EXM |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SBE | KBJ | THG | MND | ASE | EXM | ||
| WSE:SBE | WSE:KBJ | WSE:THG | WSE:MND | WSE:ASE | WSE:EXM | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | 36.0% | NM- | 28.6% | 12.6% | 5.7% | |
| 3Y CAGR | NM- | 5.1% | NM- | 36.6% | 6.8% | 51.0% | |
| Latest Twelve Months | -104.5% | 48.9% | 86.5% | 121.0% | 0.6% | -9.0% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 16.5% | 5.7% | 2.5% | 6.0% | 17.8% | 6.2% | |
| Prior Fiscal Year | 19.3% | 5.2% | 2.1% | 5.3% | 16.7% | 7.9% | |
| Latest Fiscal Year | -1.3% | 5.8% | -14.3% | 9.1% | 16.2% | 5.6% | |
| Latest Twelve Months | -1.3% | 5.4% | -2.6% | 9.1% | 16.2% | 5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.85x | 0.39x | 0.28x | 0.23x | 1.68x | 0.58x | |
| EV / LTM EBITDA | -67.1x | 7.2x | -10.8x | 2.5x | 10.4x | 10.4x | |
| EV / LTM EBIT | -14.1x | 8.3x | -27.2x | 3.1x | 12.8x | 10.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -67.1x | 2.5x | 10.4x | ||||
| Historical EV / LTM EBITDA | 5.7x | 16.1x | 366.5x | ||||
| Selected EV / LTM EBITDA | 12.1x | 12.8x | 13.4x | ||||
| (x) LTM EBITDA | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 15 | 16 | 17 | ||||
| (-) Non-shareholder Claims * | 3 | 3 | 3 | ||||
| (=) Equity Value | 18 | 19 | 20 | ||||
| (/) Shares Outstanding | 0.1 | 0.1 | 0.1 | ||||
| Implied Value Range | 136.61 | 142.53 | 148.46 | ||||
| FX Rate: PLN/PLN | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 136.61 | 142.53 | 148.46 | 120.00 | |||
| Upside / (Downside) | 13.8% | 18.8% | 23.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SBE | KBJ | THG | MND | ASE | EXM | |
| Enterprise Value | (33) | 39 | 14 | 4 | 2,870 | 13 | |
| (+) Cash & Short Term Investments | 11 | 2 | 3 | 0 | 275 | 3 | |
| (+) Investments & Other | 48 | 7 | 2 | 1 | 3 | 0 | |
| (-) Debt | 0 | (2) | (6) | (0) | (228) | (0) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 27 | 46 | 13 | 4 | 2,911 | 16 | |
| (/) Shares Outstanding | 105.1 | 2.1 | 2.3 | 4.4 | 51.9 | 0.1 | |
| Implied Stock Price | 0.26 | 22.50 | 5.80 | 1.02 | 56.10 | 120.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.26 | 22.50 | 5.80 | 1.02 | 56.10 | 120.00 | |
| Trading Currency | PLN | PLN | PLN | PLN | PLN | PLN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |