| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| 4FAP | OYD | KT31 | KCC | CMDB | | DNORD | |
| DB:4FAP | DB:OYD | DB:KT31 | OB:KCC | NYSE:CMDB | | CPSE:DNORD | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 9.0% | 10.2% | 6.6% | 15.3% | NM- | | 9.4% | |
| 3Y CAGR | -3.9% | -4.6% | -6.9% | 12.0% | NM- | | 4.4% | |
| Latest Twelve Months | 33.3% | 12.4% | 9.3% | -7.4% | 80.3% | | 8.8% | |
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| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 29.9% | 11.9% | 26.6% | 25.7% | 3.8% | | 7.6% | |
| Prior Fiscal Year | 20.7% | 5.4% | 21.6% | 35.9% | -19.5% | | 9.3% | |
| Latest Fiscal Year | 26.9% | 5.0% | 30.2% | 34.2% | -3.1% | | 2.9% | |
| Latest Twelve Months | 26.9% | 5.0% | 30.2% | 27.8% | -3.1% | | 3.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.33x | 0.51x | 2.87x | 2.16x | 0.75x | | 0.29x | |
| EV / LTM EBIT | 8.6x | 10.2x | 9.5x | 7.8x | -23.9x | | 8.3x | |
| Price / LTM Sales | 1.52x | 0.49x | 1.64x | 1.39x | 0.23x | | 0.23x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.51x | 2.16x | 2.87x | | | | | |
| Historical EV / LTM Revenue | 0.34x | 0.42x | 0.53x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.36x | 0.38x | 0.40x | | | | | |
| (x) LTM Revenue | 3,924 | 3,924 | 3,924 | | | | | |
| (=) Implied Enterprise Value | 1,422 | 1,496 | 1,571 | | | | | |
| (-) Non-shareholder Claims * | (212) | (212) | (212) | | | | | |
| (=) Equity Value | 1,210 | 1,285 | 1,360 | | | | | |
| (/) Shares Outstanding | 29.3 | 29.3 | 29.3 | | | | | |
| Implied Value Range | 41.37 | 43.92 | 46.48 | | | | | |
| FX Rate: USD/DKK | 0.1 | 0.1 | 0.1 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 276.38 | 293.47 | 310.55 | | 205.60 | | | |
| Upside / (Downside) | 34.4% | 42.7% | 51.0% | | | | | |