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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.4x - 1.6x | 1.5x |
| Selected Fwd Revenue Multiple | 0.2x - 0.3x | 0.2x |
| Fair Value | €1.12 - €1.46 | €1.29 |
| Upside | 18.2% - 54.1% | 36.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Aurea SA | AURE | ENXTPA:AURE |
| Hopening SA | MLHPE | ENXTPA:MLHPE |
| Orege Société Anonyme | OREGE | ENXTPA:OREGE |
| Europlasma S.A. | ALEUP | ENXTPA:ALEUP |
| Star7 S.p.A. | EH2 | DB:EH2 |
| Ecoslops S.A. | 7T0 | DB:7T0 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| AURE | MLHPE | OREGE | ALEUP | EH2 | 7T0 | |||
| ENXTPA:AURE | ENXTPA:MLHPE | ENXTPA:OREGE | ENXTPA:ALEUP | DB:EH2 | DB:7T0 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 5.8% | 3.1% | 26.6% | 67.0% | 18.5% | 3.6% | ||
| 3Y CAGR | 3.7% | -0.7% | 10.4% | 56.2% | 26.9% | -3.0% | ||
| Latest Twelve Months | -0.4% | -3.5% | 141.9% | 177.3% | 15.0% | 11.6% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 0.8% | 1.5% | -314.9% | -141.0% | 7.2% | -27.3% | ||
| Prior Fiscal Year | -1.5% | 1.7% | -623.8% | -127.2% | 6.0% | -16.6% | ||
| Latest Fiscal Year | 1.8% | 0.5% | -236.0% | -61.4% | 7.7% | -9.2% | ||
| Latest Twelve Months | 1.8% | 0.5% | -236.0% | -61.4% | 7.7% | -9.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.33x | 0.33x | 23.94x | 0.39x | 0.70x | 1.33x | ||
| EV / LTM EBIT | 18.0x | 72.1x | -10.1x | -0.6x | 9.1x | -14.5x | ||
| Price / LTM Sales | 0.23x | 0.36x | 5.28x | 0.13x | 0.45x | 0.39x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.33x | 0.39x | 23.94x | |||||
| Historical EV / LTM Revenue | 1.33x | 3.34x | 9.18x | |||||
| Selected EV / LTM Revenue | 1.43x | 1.50x | 1.58x | |||||
| (x) LTM Revenue | 12 | 12 | 12 | |||||
| (=) Implied Enterprise Value | 17 | 17 | 18 | |||||
| (-) Non-shareholder Claims * | (11) | (11) | (11) | |||||
| (=) Equity Value | 6 | 6 | 7 | |||||
| (/) Shares Outstanding | 5.2 | 5.2 | 5.2 | |||||
| Implied Value Range | 1.07 | 1.24 | 1.40 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.07 | 1.24 | 1.40 | 0.95 | ||||
| Upside / (Downside) | 12.5% | 30.1% | 47.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AURE | MLHPE | OREGE | ALEUP | EH2 | 7T0 | |
| Enterprise Value | 80 | 6 | 73 | 17 | 81 | 16 | |
| (+) Cash & Short Term Investments | 31 | 0 | 0 | 2 | 25 | 7 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (53) | 0 | (57) | (14) | (53) | (18) | |
| (-) Other Liabilities | 0 | 0 | 0 | 1 | (2) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 57 | 6 | 16 | 5 | 51 | 5 | |
| (/) Shares Outstanding | 9.4 | 0.7 | 50.4 | 1,737.8 | 9.0 | 5.2 | |
| Implied Stock Price | 6.14 | 7.75 | 0.32 | 0.00 | 5.70 | 0.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.14 | 7.75 | 0.32 | 0.00 | 5.70 | 0.95 | |
| 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 | |