| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| NXB | GREENM | FREETR | NTG | RAIL3 | | DONKEY | |
| WSE:NXB | CPSE:GREENM | NGM:FREETR | CPSE:NTG | BOVESPA:RAIL3 | | CPSE:DONKEY | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -0.9% | 31.1% | 25.0% | 11.9% | 14.5% | | 35.7% | |
| 3Y CAGR | 9.2% | 27.6% | 26.8% | 8.6% | 23.3% | | 60.2% | |
| Latest Twelve Months | 32.2% | 72.1% | 28.2% | 20.0% | 17.6% | | 27.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -2.2% | -79.6% | 13.3% | 6.6% | 30.0% | | -35.2% | |
| Prior Fiscal Year | 0.8% | -29.0% | 8.4% | 7.5% | 32.3% | | -8.6% | |
| Latest Fiscal Year | 23.2% | 8.3% | 16.9% | 5.6% | 39.9% | | 2.6% | |
| Latest Twelve Months | 21.2% | 8.3% | 17.6% | 5.3% | 40.2% | | 2.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.58x | 2.39x | 6.73x | 0.67x | 3.75x | | 1.35x | |
| EV / LTM EBIT | 7.5x | 28.7x | 38.3x | 12.6x | 9.3x | | 52.8x | |
| Price / LTM Sales | 1.36x | 1.43x | 7.07x | 0.45x | 2.53x | | 1.18x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.67x | 2.39x | 6.73x | | | | | |
| Historical EV / LTM Revenue | 1.35x | 1.52x | 2.23x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.54x | 1.62x | 1.70x | | | | | |
| (x) LTM Revenue | 154 | 154 | 154 | | | | | |
| (=) Implied Enterprise Value | 236 | 249 | 261 | | | | | |
| (-) Non-shareholder Claims * | (27) | (27) | (27) | | | | | |
| (=) Equity Value | 210 | 222 | 235 | | | | | |
| (/) Shares Outstanding | 26.6 | 26.6 | 26.6 | | | | | |
| Implied Value Range | 7.88 | 8.34 | 8.81 | | | | | |
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 7.88 | 8.34 | 8.81 | | 6.80 | | | |
| Upside / (Downside) | 15.8% | 22.7% | 29.6% | | | | | |