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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 31.0x - 34.3x | 32.6x |
| Selected Fwd EBITDA Multiple | 5.4x - 6.0x | 5.7x |
| Fair Value | €1.54 - €1.72 | €1.63 |
| Upside | -18.9% - -9.3% | -14.1% |
| Benchmarks | Ticker | Full Ticker |
| Beta Systems Software AG | BSS | DB:BSS |
| Serviceware SE | SJJ | XTRA:SJJ |
| LS telcom AG | LSX | XTRA:LSX |
| GBS Software AG | INW | XTRA:INW |
| ATOSS Software SE | AOF | XTRA:AOF |
| INTERSHOP Communications Aktiengesellschaft | ISHA | DB:ISHA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| BSS | SJJ | LSX | INW | AOF | ISHA | ||
| DB:BSS | XTRA:SJJ | XTRA:LSX | XTRA:INW | XTRA:AOF | DB:ISHA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -12.4% | NM- | NM- | NM- | 26.3% | NM- | |
| 3Y CAGR | -25.3% | NM- | NM- | NM- | 31.6% | -9.9% | |
| Latest Twelve Months | -44.4% | 154.9% | -289.8% | NM | 22.6% | 132.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 17.5% | -2.5% | 2.8% | -192.9% | 31.5% | -2.0% | |
| Prior Fiscal Year | 12.6% | -3.0% | 2.2% | -274.6% | 34.9% | -6.3% | |
| Latest Fiscal Year | 7.0% | 1.5% | -4.7% | -292.6% | 37.9% | 2.0% | |
| Latest Twelve Months | 7.0% | 1.5% | -4.7% | NA | 37.9% | 2.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.44x | 1.19x | 0.79x | 23.29x | 11.28x | 0.81x | |
| EV / LTM EBITDA | 20.7x | 81.9x | -16.7x | NA | 29.7x | 39.8x | |
| EV / LTM EBIT | 79.3x | -953.3x | -12.3x | -3.3x | 30.3x | 54.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -16.7x | 25.2x | 81.9x | ||||
| Historical EV / LTM EBITDA | -66.5x | -11.9x | 39.8x | ||||
| Selected EV / LTM EBITDA | 31.0x | 32.6x | 34.3x | ||||
| (x) LTM EBITDA | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 24 | 26 | 27 | ||||
| (-) Non-shareholder Claims * | (3) | (3) | (3) | ||||
| (=) Equity Value | 21 | 23 | 24 | ||||
| (/) Shares Outstanding | 14.6 | 14.6 | 14.6 | ||||
| Implied Value Range | 1.47 | 1.56 | 1.65 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.47 | 1.56 | 1.65 | 1.90 | |||
| Upside / (Downside) | -22.4% | -17.8% | -13.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BSS | SJJ | LSX | INW | AOF | ISHA | |
| Enterprise Value | 111 | 125 | 32 | 2 | 1,924 | 31 | |
| (+) Cash & Short Term Investments | 4 | 27 | 7 | 0 | 111 | 9 | |
| (+) Investments & Other | 0 | 7 | 0 | 1 | 1 | 0 | |
| (-) Debt | (4) | (5) | (12) | 0 | (7) | (12) | |
| (-) Other Liabilities | (1) | (0) | (0) | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 109 | 154 | 27 | 3 | 2,030 | 28 | |
| (/) Shares Outstanding | 4.6 | 10.5 | 5.8 | 1.0 | 15.9 | 14.6 | |
| Implied Stock Price | 23.80 | 14.70 | 4.72 | 2.94 | 127.60 | 1.90 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23.80 | 14.70 | 4.72 | 2.94 | 127.60 | 1.90 | |
| 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 | |