| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| ALM | REC | COPN | FAE | HLUN A | | OFK | |
| BME:ALM | BIT:REC | SWX:COPN | BME:FAE | CPSE:HLUNA | | DB:OFK | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.7% | 9.6% | 33.7% | 5.9% | 5.3% | | 8.0% | |
| 3Y CAGR | 5.8% | 14.0% | 60.0% | 6.0% | 10.5% | | 14.0% | |
| Latest Twelve Months | 12.3% | 12.9% | 187.5% | 8.7% | 13.9% | | 30.2% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 9.1% | 30.7% | 19.6% | 22.2% | 16.7% | | 25.2% | |
| Prior Fiscal Year | 4.9% | 30.1% | -2.0% | 21.7% | 18.0% | | 19.9% | |
| Latest Fiscal Year | 5.1% | 29.8% | 55.8% | 21.3% | 19.9% | | 24.2% | |
| Latest Twelve Months | 6.4% | 29.2% | 55.8% | 20.4% | 20.9% | | 24.8% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.29x | 5.35x | 3.03x | 2.51x | 2.06x | | 5.32x | |
| EV / LTM EBIT | 35.5x | 18.3x | 5.4x | 12.3x | 9.8x | | 21.4x | |
| Price / LTM Sales | 2.32x | 4.51x | 3.66x | 2.59x | 1.52x | | 5.28x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.06x | 2.51x | 5.35x | | | | | |
| Historical EV / LTM Revenue | 4.25x | 4.84x | 5.31x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 4.32x | 4.55x | 4.77x | | | | | |
| (x) LTM Revenue | 1,589 | 1,589 | 1,589 | | | | | |
| (=) Implied Enterprise Value | 6,862 | 7,223 | 7,585 | | | | | |
| (-) Non-shareholder Claims * | (62) | (62) | (62) | | | | | |
| (=) Equity Value | 6,801 | 7,162 | 7,523 | | | | | |
| (/) Shares Outstanding | 140.7 | 140.7 | 140.7 | | | | | |
| Implied Value Range | 48.34 | 50.90 | 53.47 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 48.34 | 50.90 | 53.47 | | 58.95 | | | |
| Upside / (Downside) | -18.0% | -13.6% | -9.3% | | | | | |