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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 65.7x - 72.7x | 69.2x |
| Selected Fwd EBIT Multiple | 7.8x - 8.7x | 8.2x |
| Fair Value | €21.20 - €23.23 | €22.22 |
| Upside | -27.9% - -21.0% | -24.5% |
| Benchmarks | Ticker | Full Ticker |
| MLP SE | MLP | XTRA:MLP |
| Deutsche Börse AG | DB1 | XTRA:DB1 |
| OVB Holding AG | O4B | XTRA:O4B |
| Titanium Oyj | TITAN | HLSE:TITAN |
| Yoda PLC | YODA | CSE:YODA |
| Bitcoin Group SE | ADE | DB:ADE |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MLP | DB1 | O4B | TITAN | YODA | ADE | ||
| XTRA:MLP | XTRA:DB1 | XTRA:O4B | HLSE:TITAN | CSE:YODA | DB:ADE | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 22.6% | 12.8% | 5.1% | -1.5% | NM- | -54.4% | |
| 3Y CAGR | 11.7% | 19.0% | 5.0% | -13.0% | -56.5% | -74.6% | |
| Latest Twelve Months | 38.8% | 12.1% | 9.6% | -33.7% | 207.1% | 165.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.2% | 43.3% | 5.3% | 55.8% | 13.8% | 32.0% | |
| Prior Fiscal Year | 9.4% | 51.0% | 6.1% | 52.9% | 16.9% | -45.2% | |
| Latest Fiscal Year | 11.9% | 49.6% | 4.3% | 41.8% | 3.3% | 2.2% | |
| Latest Twelve Months | 11.9% | 49.6% | 4.5% | 41.8% | 61.7% | 25.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | -0.26x | 9.13x | 0.51x | 2.63x | 76.48x | 22.86x | |
| EV / LTM EBITDA | -2.0x | 17.3x | 9.5x | 6.3x | 123.0x | 87.9x | |
| EV / LTM EBIT | -2.2x | 18.4x | 11.3x | 6.3x | 124.0x | 90.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -2.2x | 11.3x | 124.0x | ||||
| Historical EV / LTM EBIT | -317.9x | 9.3x | 44.3x | ||||
| Selected EV / LTM EBIT | 65.7x | 69.2x | 72.7x | ||||
| (x) LTM EBIT | 2 | 2 | 2 | ||||
| (=) Implied Enterprise Value | 105 | 110 | 116 | ||||
| (-) Non-shareholder Claims * | 10 | 10 | 10 | ||||
| (=) Equity Value | 115 | 120 | 126 | ||||
| (/) Shares Outstanding | 5.0 | 5.0 | 5.0 | ||||
| Implied Value Range | 22.91 | 24.01 | 25.11 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 22.91 | 24.01 | 25.11 | 29.42 | |||
| Upside / (Downside) | -22.1% | -18.4% | -14.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MLP | DB1 | O4B | TITAN | YODA | ADE | |
| Enterprise Value | (454) | 53,181 | 200 | 57 | 1,599 | 137 | |
| (+) Cash & Short Term Investments | 1,160 | 2,810 | 125 | 18 | 150 | 10 | |
| (+) Investments & Other | 182 | 1,806 | 0 | 0 | 541 | 0 | |
| (-) Debt | (122) | (9,582) | (11) | (1) | (165) | (0) | |
| (-) Other Liabilities | 0 | (489) | (1) | 0 | (32) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 765 | 47,727 | 314 | 73 | 2,093 | 147 | |
| (/) Shares Outstanding | 109.0 | 183.8 | 14.3 | 10.3 | 1,902.3 | 5.0 | |
| Implied Stock Price | 7.02 | 259.70 | 22.00 | 7.10 | 1.10 | 29.42 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.02 | 259.70 | 22.00 | 7.10 | 1.10 | 29.42 | |
| 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 | |
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