| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| DE10 | DHL | MTP | TNTC | O3P | | MLL | |
| HMSE:DE10 | XTRA:DHL | MTSE:MTP | DB:TNTC | XTRA:O3P | | DB:MLL | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 4.6% | 5.9% | 3.1% | 2.7% | 8.9% | | 12.4% | |
| 3Y CAGR | 8.4% | 1.1% | 1.9% | -2.1% | 7.5% | | 22.6% | |
| Latest Twelve Months | 5.2% | 4.9% | 1.3% | 3.9% | 10.4% | | -4.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 3.2% | 7.6% | 6.4% | -4.2% | 6.3% | | 0.8% | |
| Prior Fiscal Year | 4.3% | 6.9% | 5.6% | 2.5% | 5.6% | | -0.2% | |
| Latest Fiscal Year | 3.8% | 6.3% | 11.1% | 1.0% | 5.6% | | 2.7% | |
| Latest Twelve Months | 3.8% | 6.3% | 11.1% | 1.1% | 5.4% | | 2.7% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.43x | 0.73x | 0.55x | 0.28x | 0.87x | | 0.54x | |
| EV / LTM EBIT | 11.1x | 11.6x | 4.9x | 25.1x | 16.1x | | 20.3x | |
| Price / LTM Sales | 0.16x | 0.52x | 0.80x | 0.15x | 0.65x | | 0.16x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.28x | 0.55x | 0.87x | | | | | |
| Historical EV / LTM Revenue | 0.54x | 0.70x | 0.76x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.56x | 0.59x | 0.62x | | | | | |
| (x) LTM Revenue | 249 | 249 | 249 | | | | | |
| (=) Implied Enterprise Value | 139 | 146 | 153 | | | | | |
| (-) Non-shareholder Claims * | (96) | (96) | (96) | | | | | |
| (=) Equity Value | 43 | 50 | 58 | | | | | |
| (/) Shares Outstanding | 8.0 | 8.0 | 8.0 | | | | | |
| Implied Value Range | 5.43 | 6.35 | 7.26 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 5.43 | 6.35 | 7.26 | | 4.80 | | | |
| Upside / (Downside) | 13.1% | 32.2% | 51.3% | | | | | |