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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.0x - 1.1x | 1.1x |
| Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.8x |
| Fair Value | €4.29 - €4.77 | €4.53 |
| Upside | 1.7% - 13.0% | 7.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| International School Augsburg -ISA- gemeinnützige AG | 9JK | DB:9JK |
| AB K2 LT | K2LT | NSEL:K2LT |
| M2i Société anonyme | ALMII | ENXTPA:ALMII |
| Lepermislibre Société anonyme | I5T | DB:I5T |
| Alfio Bardolla Training Group S.p.A. | ABTG | BIT:ABTG |
| 123fahrschule SE | 123F | DUSE:123F |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| 9JK | K2LT | ALMII | I5T | ABTG | 123F | |||
| DB:9JK | NSEL:K2LT | ENXTPA:ALMII | DB:I5T | BIT:ABTG | DUSE:123F | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 3.7% | 6.1% | 4.1% | NM- | 13.3% | NM- | ||
| 3Y CAGR | 6.5% | -8.7% | 5.8% | 2.3% | 17.4% | 43.7% | ||
| Latest Twelve Months | 8.1% | 1.2% | -4.4% | -22.0% | 17.7% | 10.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 0.1% | 42.2% | 3.4% | -20.7% | 6.3% | -38.1% | ||
| Prior Fiscal Year | 2.2% | 34.6% | 4.5% | -23.1% | 8.8% | -21.0% | ||
| Latest Fiscal Year | 3.0% | 35.4% | 4.8% | -17.7% | 2.7% | -13.9% | ||
| Latest Twelve Months | 3.0% | 32.3% | 4.8% | -17.7% | 2.7% | -13.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.13x | 4.35x | 0.89x | 0.19x | 0.36x | 0.88x | ||
| EV / LTM EBIT | 4.4x | 13.5x | 18.6x | -1.0x | 13.3x | -6.3x | ||
| Price / LTM Sales | 0.44x | 4.72x | 0.87x | 0.11x | 0.43x | 0.82x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.13x | 0.36x | 4.35x | |||||
| Historical EV / LTM Revenue | 0.51x | 0.88x | 1.13x | |||||
| Selected EV / LTM Revenue | 1.01x | 1.07x | 1.12x | |||||
| (x) LTM Revenue | 23 | 23 | 23 | |||||
| (=) Implied Enterprise Value | 23 | 25 | 26 | |||||
| (-) Non-shareholder Claims * | (1) | (1) | (1) | |||||
| (=) Equity Value | 22 | 23 | 24 | |||||
| (/) Shares Outstanding | 5.6 | 5.6 | 5.6 | |||||
| Implied Value Range | 3.95 | 4.17 | 4.39 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 3.95 | 4.17 | 4.39 | 4.22 | ||||
| Upside / (Downside) | -6.4% | -1.2% | 4.0% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 9JK | K2LT | ALMII | I5T | ABTG | 123F | |
| Enterprise Value | 1 | 8 | 50 | 3 | 8 | 25 | |
| (+) Cash & Short Term Investments | 2 | 1 | 8 | 1 | 2 | 0 | |
| (+) Investments & Other | 1 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (1) | (0) | (9) | (2) | (0) | (2) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 3 | 9 | 49 | 2 | 10 | 23 | |
| (/) Shares Outstanding | 0.5 | 0.3 | 5.8 | 16.5 | 5.1 | 5.6 | |
| Implied Stock Price | 7.00 | 28.40 | 8.45 | 0.10 | 1.92 | 4.22 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.00 | 28.40 | 8.45 | 0.10 | 1.92 | 4.22 | |
| 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 | |