| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| PNL | DE10 | MTP | TGHN | POST | | 8WD | |
| ENXTAM:PNL | HMSE:DE10 | MTSE:MTP | DB:TGHN | WBAG:POST | | DB:8WD | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 2.7% | 2.1% | 3.1% | 5.0% | 8.9% | | 14.1% | |
| 3Y CAGR | -2.1% | 11.2% | 1.9% | -8.0% | 7.5% | | 19.1% | |
| Latest Twelve Months | 2.7% | 6.7% | 1.3% | 14.7% | 14.0% | | 26.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -4.0% | 3.3% | 6.4% | 5.4% | 6.5% | | 8.9% | |
| Prior Fiscal Year | 2.5% | 5.7% | 5.6% | 7.4% | 5.6% | | 9.2% | |
| Latest Fiscal Year | 1.0% | 5.0% | 11.1% | 5.7% | 5.6% | | 10.7% | |
| Latest Twelve Months | 1.0% | 1.0% | 11.1% | 5.7% | 5.6% | | 10.7% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.29x | 0.41x | 0.61x | 0.26x | 0.89x | | 1.18x | |
| EV / LTM EBIT | 29.3x | 40.2x | 5.5x | 4.6x | 15.9x | | 11.1x | |
| Price / LTM Sales | 0.16x | 0.17x | 0.86x | 0.48x | 0.68x | | 1.02x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.26x | 0.41x | 0.89x | | | | | |
| Historical EV / LTM Revenue | 0.76x | 0.88x | 1.18x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.97x | 1.03x | 1.08x | | | | | |
| (x) LTM Revenue | 290 | 290 | 290 | | | | | |
| (=) Implied Enterprise Value | 282 | 297 | 312 | | | | | |
| (-) Non-shareholder Claims * | (48) | (48) | (48) | | | | | |
| (=) Equity Value | 235 | 250 | 265 | | | | | |
| (/) Shares Outstanding | 9.0 | 9.0 | 9.0 | | | | | |
| Implied Value Range | 26.00 | 27.65 | 29.29 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 26.00 | 27.65 | 29.29 | | 32.40 | | | |
| Upside / (Downside) | -19.8% | -14.7% | -9.6% | | | | | |