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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.9x - 4.3x | 4.1x |
| Selected Fwd EBIT Multiple | -15.9x - -17.6x | -16.7x |
| Fair Value | €2.15 - €1.89 | €2.02 |
| Upside | -20.7% - -30.4% | -25.5% |
| Benchmarks | Ticker | Full Ticker |
| GAN Limited | 4VN | DB:4VN |
| Evoke plc | C8V | DB:C8V |
| MHP Hotel AG | CDZ0 | XTRA:CDZ0 |
| Delivery Hero SE | DHER | XTRA:DHER |
| TUI AG | TUI1 | XTRA:TUI1 |
| bet-at-home.com AG | ACX | XTRA:ACX |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 4VN | C8V | CDZ0 | DHER | TUI1 | ACX | ||
| DB:4VN | DB:C8V | XTRA:CDZ0 | XTRA:DHER | XTRA:TUI1 | XTRA:ACX | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 3.9% | NM- | NM- | 14.1% | NM- | |
| 3Y CAGR | NM- | 1.2% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | 88.1% | -63.5% | NM | 44.7% | 27.9% | -317.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -19.9% | 9.1% | -328.5% | -26.7% | -21.2% | 4.5% | |
| Prior Fiscal Year | -23.4% | 7.1% | -9.5% | -16.8% | 2.9% | 3.8% | |
| Latest Fiscal Year | -2.7% | 4.9% | -5.0% | -6.7% | 3.8% | 0.0% | |
| Latest Twelve Months | -2.7% | 2.3% | -5.4% | -5.6% | 3.8% | -8.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.69x | 1.07x | 0.55x | 0.97x | 0.29x | -0.28x | |
| EV / LTM EBITDA | 74.9x | 11.8x | -148.2x | -28.5x | 5.6x | 4.5x | |
| EV / LTM EBIT | -26.0x | 46.8x | -10.1x | -17.2x | 7.6x | 3.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -26.0x | -10.1x | 46.8x | ||||
| Historical EV / LTM EBIT | -7.6x | -0.4x | 8.5x | ||||
| Selected EV / LTM EBIT | 3.9x | 4.1x | 4.3x | ||||
| (x) LTM EBIT | (4) | (4) | (4) | ||||
| (=) Implied Enterprise Value | (16) | (17) | (18) | ||||
| (-) Non-shareholder Claims * | 33 | 33 | 33 | ||||
| (=) Equity Value | 17 | 16 | 15 | ||||
| (/) Shares Outstanding | 7.0 | 7.0 | 7.0 | ||||
| Implied Value Range | 2.36 | 2.24 | 2.12 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.36 | 2.24 | 2.12 | 2.71 | |||
| Upside / (Downside) | -12.9% | -17.3% | -21.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 4VN | C8V | CDZ0 | DHER | TUI1 | ACX | |
| Enterprise Value | 91 | 1,818 | 74 | 10,518 | 7,055 | (14) | |
| (+) Cash & Short Term Investments | 39 | 244 | 0 | 1,756 | 1,659 | 34 | |
| (+) Investments & Other | 0 | 34 | 0 | 257 | 1,599 | 0 | |
| (-) Debt | (50) | (1,774) | (21) | (5,593) | (5,762) | (2) | |
| (-) Other Liabilities | 0 | 0 | 0 | 6 | (894) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 79 | 321 | 54 | 6,944 | 3,657 | 19 | |
| (/) Shares Outstanding | 45.8 | 449.4 | 43.2 | 289.8 | 507.4 | 7.0 | |
| Implied Stock Price | 1.73 | 0.71 | 1.25 | 23.96 | 7.21 | 2.71 | |
| FX Conversion Rate to Trading Currency | 1.08 | 0.84 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.60 | 0.86 | 1.25 | 23.96 | 7.21 | 2.71 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.08 | 0.84 | 1.00 | 1.00 | 1.00 | 1.00 | |