| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| BSE | EXAE | GPW | ENX | TASE | | BVB | |
| BUL:BSE | ATSE:EXAE | WSE:GPW | ENXTPA:ENX | TASE:TASE | | BVB:BVB | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -16.6% | 10.8% | 6.7% | 19.1% | 11.0% | | 17.6% | |
| 3Y CAGR | -36.0% | 14.4% | 4.5% | 7.8% | 10.6% | | 19.4% | |
| Latest Twelve Months | 15.8% | 15.2% | 6.2% | 11.9% | 15.7% | | -10.7% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 30.2% | 26.8% | 36.2% | 49.3% | 24.2% | | 15.1% | |
| Prior Fiscal Year | -26.8% | 33.6% | 28.7% | 47.9% | 27.7% | | 28.8% | |
| Latest Fiscal Year | -2.2% | 37.4% | 20.1% | 51.5% | 30.4% | | 12.9% | |
| Latest Twelve Months | -2.2% | 37.4% | 21.6% | 52.6% | 31.9% | | 8.4% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 21.58x | 4.88x | 2.92x | 9.50x | 10.49x | | 3.49x | |
| EV / LTM EBIT | -973.8x | 13.0x | 13.5x | 18.1x | 32.8x | | 41.5x | |
| Price / LTM Sales | 26.48x | 6.47x | 4.49x | 8.72x | 10.92x | | 4.47x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.92x | 9.50x | 21.58x | | | | | |
| Historical EV / LTM Revenue | 2.27x | 3.35x | 5.84x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 3.55x | 3.74x | 3.92x | | | | | |
| (x) LTM Revenue | 78 | 78 | 78 | | | | | |
| (=) Implied Enterprise Value | 276 | 291 | 306 | | | | | |
| (-) Non-shareholder Claims * | 76 | 76 | 76 | | | | | |
| (=) Equity Value | 352 | 367 | 382 | | | | | |
| (/) Shares Outstanding | 8.8 | 8.8 | 8.8 | | | | | |
| Implied Value Range | 40.03 | 41.68 | 43.33 | | | | | |
| FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 40.03 | 41.68 | 43.33 | | 38.90 | | | |
| Upside / (Downside) | 2.9% | 7.2% | 11.4% | | | | | |