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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.7x - 0.8x | 0.7x |
| Selected Fwd Revenue Multiple | 0.7x - 0.7x | 0.7x |
| Fair Value | €0.54 - €0.68 | €0.61 |
| Upside | -40.2% - -24.7% | -32.4% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Dromeas SA | DROME | ATSE:DROME |
| Enersense International Oyj | ESENSE | HLSE:ESENSE |
| Integrated System Credit Consulting Fintech S.p.A. | ISC | BIT:ISC |
| Wolftank Group AG | WAH | MUN:WAH |
| Turbon AG | TUR | DB:TUR |
| Haidemenos Integrated Printing Services S.A. | HAIDE | ATSE:HAIDE |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| DROME | ESENSE | ISC | WAH | TUR | HAIDE | |||
| ATSE:DROME | HLSE:ESENSE | BIT:ISC | MUN:WAH | DB:TUR | ATSE:HAIDE | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 9.7% | 48.8% | NM- | 18.4% | 0.4% | -1.3% | ||
| 3Y CAGR | 8.4% | 21.0% | 81.0% | 37.6% | 5.2% | 3.1% | ||
| Latest Twelve Months | -1.8% | -1.0% | 225.1% | 39.1% | -2.3% | -3.9% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 8.5% | 0.8% | -31.2% | -0.2% | 6.5% | -4.8% | ||
| Prior Fiscal Year | 8.5% | 1.2% | -124.5% | 4.2% | 3.7% | -4.5% | ||
| Latest Fiscal Year | 10.4% | -1.1% | 16.2% | 1.5% | 3.3% | -11.1% | ||
| Latest Twelve Months | 10.4% | 6.2% | 16.2% | 1.5% | 3.3% | -11.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.15x | 0.07x | 1.77x | 0.55x | 0.24x | 0.86x | ||
| EV / LTM EBIT | 11.0x | 1.1x | 10.9x | 37.5x | 7.2x | -7.8x | ||
| Price / LTM Sales | 0.46x | 0.13x | 1.93x | 0.34x | 0.11x | 0.46x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.07x | 0.55x | 1.77x | |||||
| Historical EV / LTM Revenue | 0.53x | 0.58x | 0.86x | |||||
| Selected EV / LTM Revenue | 0.70x | 0.73x | 0.77x | |||||
| (x) LTM Revenue | 16 | 16 | 16 | |||||
| (=) Implied Enterprise Value | 11 | 12 | 13 | |||||
| (-) Non-shareholder Claims * | (7) | (7) | (7) | |||||
| (=) Equity Value | 5 | 5 | 6 | |||||
| (/) Shares Outstanding | 8.3 | 8.3 | 8.3 | |||||
| Implied Value Range | 0.58 | 0.66 | 0.73 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.58 | 0.66 | 0.73 | 0.90 | ||||
| Upside / (Downside) | -35.1% | -27.1% | -19.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DROME | ESENSE | ISC | WAH | TUR | HAIDE | |
| Enterprise Value | 32 | 27 | 15 | 63 | 13 | 14 | |
| (+) Cash & Short Term Investments | 2 | 19 | 2 | 10 | 4 | 2 | |
| (+) Investments & Other | 0 | 49 | 4 | 1 | 0 | 0 | |
| (-) Debt | (21) | (43) | (4) | (29) | (3) | (8) | |
| (-) Other Liabilities | (0) | 0 | (0) | (7) | (9) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 13 | 52 | 17 | 37 | 6 | 8 | |
| (/) Shares Outstanding | 34.7 | 16.5 | 12.9 | 5.3 | 3.3 | 8.3 | |
| Implied Stock Price | 0.38 | 3.18 | 1.31 | 7.10 | 1.84 | 0.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.38 | 3.18 | 1.31 | 7.10 | 1.84 | 0.90 | |
| 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 | |