NCS Multistage Holdings, Inc.


Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Dec-24
(USD in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	107	119	156	142	163	163

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	(47)	(4)	(1)	(3)	8	8
(+) Net Interest Expense	1	1	1	1	0	0
(+) Other Non Operating Exp.	(0)	(2)	(2)	(5)	(5)	(5)
(+) D&A	6	5	4	5	5	5
(+) Non-recurring Items	31	(0)	(0)	4	0	0
Adjusted EBITDA	(9)	(1)	2	1	10	10

(-) D&A	(6)	(5)	(4)	(5)	(5)	(5)

Adjusted EBIT	(15)	(5)	(2)	(4)	4	4
% of Revenue	-13.8%	-4.3%	-1.4%	-2.5%	2.7%	2.7%


	Low	Median	High

Adjusted EBIT Margin	0.0%	0.0%	2.7%

지원하는 계산법

Equity Waterfall


Equity Waterfall

	Model
(USD in millions)	Low	Mid	High	Market
Enterprise Value	60	97	206	89
(+) Cash & Short Term Investments	26	26	26	26
(+) Investments & Other	0	0	0	0
(-) Debt	(15)	(15)	(15)	(15)
(-) Other Liabilities	(17)	(17)	(17)	(17)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	54	91	200	83
(/) Shares Outstanding	2.5	2.5	2.5	2.5
Implied Stock Price (USD)	21.42	35.77	78.63	32.69
FX Rate: USD/EUR	1.08	1.08	1.08	1.08
Implied Stock Price (EUR)	19.79	33.04	72.64	30.20

Upside / (Downside)	-34.47%	9.41%	140.52%


Stock Price	30.20
Stock Price Close	30.20
Restatment Type	Original
Reporting Currency	USD
Trading Currency	EUR
FX Rate: USD/EUR	1.08
Market Cap	81.5
Shares Outstanding	2.5
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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