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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.2x - 13.4x | 12.8x |
| Selected Fwd EBITDA Multiple | 7.3x - 8.1x | 7.7x |
| Fair Value | €1.89 - €2.10 | €1.99 |
| Upside | 11.6% - 24.5% | 18.0% |
| Benchmarks | Ticker | Full Ticker |
| Tecnotree Oyj | TEM1V | HLSE:TEM1V |
| LeadDesk Oyj | LEADD | HLSE:LEADD |
| QPR Software Oyj | QPR1V | HLSE:QPR1V |
| Heeros Oyj | HEEROS | HLSE:HEEROS |
| SSH Communications Security Oyj | SSH1V | HLSE:SSH1V |
| Innofactor Oyj | IFA1V | HLSE:IFA1V |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| TEM1V | LEADD | QPR1V | HEEROS | SSH1V | IFA1V | ||
| HLSE:TEM1V | HLSE:LEADD | HLSE:QPR1V | HLSE:HEEROS | HLSE:SSH1V | HLSE:IFA1V | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.6% | 56.0% | NM- | 6.3% | NM- | 12.2% | |
| 3Y CAGR | 2.1% | 57.4% | NM- | -14.6% | NM- | 3.3% | |
| Latest Twelve Months | -0.7% | 284.9% | 113.9% | -50.0% | 591.1% | -9.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 32.4% | 5.1% | -12.4% | 15.4% | -3.9% | 8.1% | |
| Prior Fiscal Year | 32.6% | 4.2% | -9.5% | 21.9% | -1.2% | 8.7% | |
| Latest Fiscal Year | 35.5% | 14.9% | 1.5% | 10.4% | 5.6% | 8.2% | |
| Latest Twelve Months | 35.5% | 14.9% | 1.5% | 10.4% | 5.6% | 8.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.90x | 1.22x | 3.11x | 2.44x | 2.27x | 0.87x | |
| EV / LTM EBITDA | 2.5x | 8.2x | 205.6x | 23.6x | 40.6x | 10.6x | |
| EV / LTM EBIT | 2.7x | -92.5x | -1209.5x | 43.5x | -192.1x | 19.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 2.5x | 23.6x | 205.6x | ||||
| Historical EV / LTM EBITDA | 7.7x | 10.6x | 21.1x | ||||
| Selected EV / LTM EBITDA | 12.2x | 12.8x | 13.4x | ||||
| (x) LTM EBITDA | 6 | 6 | 6 | ||||
| (=) Implied Enterprise Value | 77 | 81 | 85 | ||||
| (-) Non-shareholder Claims * | (7) | (7) | (7) | ||||
| (=) Equity Value | 70 | 74 | 78 | ||||
| (/) Shares Outstanding | 35.8 | 35.8 | 35.8 | ||||
| Implied Value Range | 1.96 | 2.07 | 2.19 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.96 | 2.07 | 2.19 | 1.69 | |||
| Upside / (Downside) | 16.0% | 22.7% | 29.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TEM1V | LEADD | QPR1V | HEEROS | SSH1V | IFA1V | |
| Enterprise Value | 65 | 39 | 21 | 29 | 50 | 67 | |
| (+) Cash & Short Term Investments | 17 | 4 | 1 | 1 | 3 | 2 | |
| (+) Investments & Other | 0 | 0 | 0 | 1 | 0 | 0 | |
| (-) Debt | (27) | (7) | (1) | (1) | (2) | (8) | |
| (-) Other Liabilities | (0) | 0 | 0 | 0 | (7) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 54 | 36 | 20 | 30 | 44 | 60 | |
| (/) Shares Outstanding | 16.0 | 5.5 | 19.6 | 5.4 | 41.0 | 35.8 | |
| Implied Stock Price | 3.40 | 6.50 | 1.02 | 5.60 | 1.09 | 1.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.40 | 6.50 | 1.02 | 5.60 | 1.09 | 1.69 | |
| 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 | |