| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| ADYEN | ALHYP | MLAEM | CHG | ENGL | | DOC2 | |
| ENXTAM:ADYEN | ENXTPA:ALHYP | ENXTPA:MLAEM | DB:CHG | DB:ENGL | | DB:DOC2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 30.4% | 16.3% | NM- | 308.8% | NM- | | 74.6% | |
| 3Y CAGR | 26.2% | 11.3% | NM- | 56.9% | -10.8% | | 101.3% | |
| Latest Twelve Months | 23.9% | 13.5% | -24.9% | 56.4% | -25.1% | | 7.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 50.8% | 0.2% | 14.4% | -686373.1% | -80.2% | | -182.4% | |
| Prior Fiscal Year | 41.9% | 7.8% | 5.0% | 5.2% | -93.3% | | -56.4% | |
| Latest Fiscal Year | 44.6% | 8.1% | 21.5% | 2.7% | -156.7% | | -31.5% | |
| Latest Twelve Months | 44.6% | 8.1% | 21.5% | 2.7% | -156.7% | | -31.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 19.53x | 1.09x | 18.59x | 8.83x | -0.43x | | 2.28x | |
| EV / LTM EBIT | 43.7x | 13.5x | 86.3x | 331.1x | 0.3x | | -7.2x | |
| Price / LTM Sales | 24.37x | 0.83x | 18.15x | 9.11x | 0.03x | | 3.21x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | -0.43x | 8.83x | 19.53x | | | | | |
| Historical EV / LTM Revenue | 2.28x | 12.06x | 107.75x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.93x | 3.09x | 3.24x | | | | | |
| (x) LTM Revenue | 3 | 3 | 3 | | | | | |
| (=) Implied Enterprise Value | 8 | 9 | 9 | | | | | |
| (-) Non-shareholder Claims * | 3 | 3 | 3 | | | | | |
| (=) Equity Value | 11 | 12 | 12 | | | | | |
| (/) Shares Outstanding | 26.2 | 26.2 | 26.2 | | | | | |
| Implied Value Range | 0.43 | 0.44 | 0.46 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 0.43 | 0.44 | 0.46 | | 0.39 | | | |
| Upside / (Downside) | 10.1% | 14.5% | 18.9% | | | | | |