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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.2x - 1.3x | 1.3x |
| Selected Fwd Revenue Multiple | 1.1x - 1.2x | 1.1x |
| Fair Value | €10.31 - €11.61 | €10.96 |
| Upside | 51.6% - 70.8% | 61.2% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| BRAIN Biotech AG | BNN | XTRA:BNN |
| Covestro AG | 1CO | XTRA:1CO |
| Bio-Gate AG | BIG1 | XTRA:BIG1 |
| Nabaltec AG | NTG | XTRA:NTG |
| Wacker Chemie AG | WCH | XTRA:WCH |
| IBU-tec advanced materials AG | IBU | DB:IBU |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| BNN | 1CO | BIG1 | NTG | WCH | IBU | |||
| XTRA:BNN | XTRA:1CO | XTRA:BIG1 | XTRA:NTG | XTRA:WCH | DB:IBU | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 6.7% | 2.7% | 13.3% | 2.5% | 3.0% | 8.4% | ||
| 3Y CAGR | 12.3% | -3.8% | 12.3% | 7.8% | -2.7% | 14.2% | ||
| Latest Twelve Months | 1.1% | -1.4% | 14.0% | -2.2% | -10.6% | -2.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -14.6% | 5.4% | -20.4% | 10.0% | 9.3% | 1.9% | ||
| Prior Fiscal Year | -9.9% | 1.2% | -29.2% | 13.1% | 4.8% | 3.5% | ||
| Latest Fiscal Year | -16.2% | 0.5% | -21.8% | 9.4% | 4.3% | -3.4% | ||
| Latest Twelve Months | -17.2% | 0.5% | -25.9% | 11.1% | 4.3% | -9.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.63x | 0.96x | 0.80x | 0.67x | 0.66x | 0.88x | ||
| EV / LTM EBIT | -3.7x | 199.4x | -3.1x | 6.1x | 15.4x | -9.5x | ||
| Price / LTM Sales | 0.95x | 0.79x | 0.86x | 0.68x | 0.69x | 0.67x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.63x | 0.67x | 0.96x | |||||
| Historical EV / LTM Revenue | 1.36x | 2.96x | 4.83x | |||||
| Selected EV / LTM Revenue | 1.19x | 1.25x | 1.32x | |||||
| (x) LTM Revenue | 49 | 49 | 49 | |||||
| (=) Implied Enterprise Value | 58 | 61 | 64 | |||||
| (-) Non-shareholder Claims * | (10) | (10) | (10) | |||||
| (=) Equity Value | 48 | 51 | 54 | |||||
| (/) Shares Outstanding | 4.8 | 4.8 | 4.8 | |||||
| Implied Value Range | 10.12 | 10.77 | 11.41 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 10.12 | 10.77 | 11.41 | 6.80 | ||||
| Upside / (Downside) | 48.9% | 58.3% | 67.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BNN | 1CO | BIG1 | NTG | WCH | IBU | |
| Enterprise Value | 36 | 13,559 | 6 | 134 | 3,731 | 42 | |
| (+) Cash & Short Term Investments | 18 | 509 | 0 | 94 | 1,215 | 1 | |
| (+) Investments & Other | 0 | 284 | 0 | 0 | 1,045 | 0 | |
| (-) Debt | 0 | (3,139) | 0 | (91) | (1,947) | (11) | |
| (-) Other Liabilities | 0 | (21) | (0) | 0 | (168) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 54 | 11,192 | 7 | 137 | 3,876 | 32 | |
| (/) Shares Outstanding | 21.8 | 188.7 | 9.2 | 8.8 | 49.7 | 4.8 | |
| Implied Stock Price | 2.45 | 59.30 | 0.74 | 15.55 | 78.02 | 6.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.45 | 59.30 | 0.74 | 15.55 | 78.02 | 6.80 | |
| 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 | |