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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -10.5x - -11.6x | -11.0x |
| Selected Fwd EBITDA Multiple | 5.4x - 5.9x | 5.6x |
| Fair Value | €7.05 - €7.56 | €7.31 |
| Upside | -10.1% - -3.7% | -6.9% |
| Benchmarks | Ticker | Full Ticker |
| SM Wirtschaftsberatungs AG | SMWN | XTRA:SMWN |
| The Grounds Real Estate Development AG | AMM | XTRA:AMM |
| Noratis AG | NUVA | XTRA:NUVA |
| GIEAG Immobilien AG | 2GI | MUN:2GI |
| Gateway Real Estate AG | GTY | XTRA:GTY |
| Deutsche Grundstücksauktionen AG | DGR | DB:DGR |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| SMWN | AMM | NUVA | 2GI | GTY | DGR | ||
| XTRA:SMWN | XTRA:AMM | XTRA:NUVA | MUN:2GI | XTRA:GTY | DB:DGR | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | -20.1% | 68.3% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | -30.3% | -16.4% | NM- | NM- | |
| Latest Twelve Months | 45.2% | -147.9% | -45.2% | 409.5% | -221.5% | 49.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.5% | -5.1% | 19.6% | 41.4% | 35.0% | 2.3% | |
| Prior Fiscal Year | 96.3% | -15.8% | 16.3% | 33.9% | 184.6% | -37.8% | |
| Latest Fiscal Year | 145.0% | -72.1% | 8.1% | 154.3% | -364.0% | -19.9% | |
| Latest Twelve Months | 115.1% | -72.1% | 8.1% | 154.3% | -72.4% | -19.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 31.16x | 8.09x | 5.37x | 15.03x | 8.88x | 3.29x | |
| EV / LTM EBITDA | 27.1x | -11.2x | 66.3x | 9.7x | -12.3x | -16.5x | |
| EV / LTM EBIT | 29.9x | -11.2x | 66.9x | 10.5x | -12.2x | -14.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -12.3x | 9.7x | 66.3x | ||||
| Historical EV / LTM EBITDA | -22.0x | 15.6x | 32.9x | ||||
| Selected EV / LTM EBITDA | -10.5x | -11.0x | -11.6x | ||||
| (x) LTM EBITDA | (1) | (1) | (1) | ||||
| (=) Implied Enterprise Value | 6 | 6 | 6 | ||||
| (-) Non-shareholder Claims * | 4 | 4 | 4 | ||||
| (=) Equity Value | 9 | 10 | 10 | ||||
| (/) Shares Outstanding | 1.6 | 1.6 | 1.6 | ||||
| Implied Value Range | 5.92 | 6.11 | 6.31 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.92 | 6.11 | 6.31 | 7.85 | |||
| Upside / (Downside) | -24.5% | -22.1% | -19.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SMWN | AMM | NUVA | 2GI | GTY | DGR | |
| Enterprise Value | 16 | 104 | 356 | 10 | 1,002 | 9 | |
| (+) Cash & Short Term Investments | 0 | 28 | 8 | 0 | 66 | 2 | |
| (+) Investments & Other | 12 | 0 | 2 | 0 | 74 | 2 | |
| (-) Debt | (5) | (101) | (352) | 0 | (977) | 0 | |
| (-) Other Liabilities | 0 | (3) | 0 | 0 | (8) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25 | 29 | 14 | 10 | 157 | 13 | |
| (/) Shares Outstanding | 3.9 | 24.7 | 13.6 | 4.2 | 186.8 | 1.6 | |
| Implied Stock Price | 6.25 | 1.16 | 1.03 | 2.40 | 0.84 | 7.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.25 | 1.16 | 1.03 | 2.40 | 0.84 | 7.85 | |
| 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 | |