| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| E3M | 2XT | COZ | DATA | CJ5A | | NETC | |
| DB:E3M | DB:2XT | DB:COZ | CPSE:DATA | DB:CJ5A | | CPSE:NETC | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 15.6% | -8.0% | 3.3% | NM- | 3.9% | | 21.7% | |
| 3Y CAGR | 8.0% | -8.3% | 2.2% | 23.6% | 6.6% | | 21.7% | |
| Latest Twelve Months | 0.8% | -5.7% | 2.0% | 54.6% | 2.8% | | 7.6% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 13.7% | 2.4% | 15.3% | -14.3% | 16.0% | | 16.6% | |
| Prior Fiscal Year | 12.6% | -5.5% | 15.2% | -27.8% | 16.2% | | 9.5% | |
| Latest Fiscal Year | 12.8% | 1.3% | 15.3% | 3.2% | 16.5% | | 12.1% | |
| Latest Twelve Months | 12.8% | 1.9% | 15.3% | 24.6% | 16.5% | | 12.1% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.80x | 0.47x | 1.86x | 5.84x | 2.23x | | 2.25x | |
| EV / LTM EBIT | 14.0x | 24.3x | 12.2x | 23.8x | 13.5x | | 18.6x | |
| Price / LTM Sales | 2.03x | 0.24x | 1.90x | 6.12x | 2.12x | | 1.94x | |
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| Low | Mid | High | | | | | |
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| Benchmark EV / LTM Revenue | 0.47x | 1.86x | 5.84x | | | | | |
| Historical EV / LTM Revenue | 2.24x | 3.17x | 11.40x | | | | | |
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| Selected EV / LTM Revenue | 2.73x | 2.87x | 3.02x | | | | | |
| (x) LTM Revenue | 6,541 | 6,541 | 6,541 | | | | | |
| (=) Implied Enterprise Value | 17,858 | 18,798 | 19,738 | | | | | |
| (-) Non-shareholder Claims * | (2,025) | (2,025) | (2,025) | | | | | |
| (=) Equity Value | 15,833 | 16,773 | 17,713 | | | | | |
| (/) Shares Outstanding | 47.1 | 47.1 | 47.1 | | | | | |
| Implied Value Range | 336.49 | 356.47 | 376.44 | | | | | |
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 336.49 | 356.47 | 376.44 | | 269.20 | | | |
| Upside / (Downside) | 25.0% | 32.4% | 39.8% | | | | | |