| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| ADH2 | ZNHH | AD2 | CIAH | FIA1S | | NWC | |
| DB:ADH2 | DB:ZNHH | DB:AD2 | DB:CIAH | HLSE:FIA1S | | DB:NWC | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 3.1% | 2.5% | 4.1% | 1.8% | -0.2% | | -4.1% | |
| 3Y CAGR | 51.5% | 19.7% | 30.8% | 25.3% | 54.0% | | 91.0% | |
| Latest Twelve Months | 1.9% | 8.9% | 18.1% | 16.1% | 2.0% | | 38.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -25.4% | -6.9% | -18.3% | -21.2% | -26.2% | | -38.0% | |
| Prior Fiscal Year | 10.6% | 2.4% | 0.0% | -2.0% | 6.8% | | 8.9% | |
| Latest Fiscal Year | 5.9% | 3.1% | -0.5% | 0.2% | 3.8% | | 6.1% | |
| Latest Twelve Months | 5.9% | 3.1% | -0.5% | 0.2% | 3.8% | | 6.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.43x | 1.74x | 1.80x | 1.86x | 0.51x | | 0.51x | |
| EV / LTM EBIT | 7.2x | 55.2x | -360.5x | 1026.1x | 13.4x | | 8.3x | |
| Price / LTM Sales | 0.21x | 0.52x | 0.67x | 0.57x | 0.20x | | 0.36x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.43x | 1.74x | 1.86x | | | | | |
| Historical EV / LTM Revenue | 0.51x | 0.60x | 3.49x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.63x | 0.66x | 0.70x | | | | | |
| (x) LTM Revenue | 35,317 | 35,317 | 35,317 | | | | | |
| (=) Implied Enterprise Value | 22,309 | 23,483 | 24,657 | | | | | |
| (-) Non-shareholder Claims * | (5,112) | (5,112) | (5,112) | | | | | |
| (=) Equity Value | 17,197 | 18,372 | 19,546 | | | | | |
| (/) Shares Outstanding | 963.9 | 963.9 | 963.9 | | | | | |
| Implied Value Range | 17.84 | 19.06 | 20.28 | | | | | |
| FX Rate: NOK/EUR | 11.9 | 11.9 | 11.9 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 1.50 | 1.61 | 1.71 | | 1.10 | | | |
| Upside / (Downside) | 37.1% | 46.5% | 55.8% | | | | | |