| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| NCSM | FET | OIS | INVX | NINE | | DM5 | |
| NasdaqCM:NCSM | NYSE:FET | NYSE:OIS | NYSE:INVX | NYSE:NINE | | DB:DM5 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -4.6% | -3.1% | -7.4% | NM- | -7.8% | | 10.1% | |
| 3Y CAGR | 11.1% | 14.7% | 6.5% | 30.9% | 16.6% | | 35.2% | |
| Latest Twelve Months | 16.5% | -1.3% | -11.0% | 75.8% | 2.6% | | -6.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -3.0% | -5.8% | -2.8% | 14.3% | -5.1% | | 3.6% | |
| Prior Fiscal Year | -2.5% | 3.2% | 2.8% | 18.0% | 3.0% | | 10.6% | |
| Latest Fiscal Year | 2.7% | 4.4% | 1.1% | 12.9% | 1.7% | | 3.2% | |
| Latest Twelve Months | 4.6% | 1.9% | 2.7% | 12.2% | 2.0% | | 2.8% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.56x | 0.67x | 0.65x | 1.38x | 0.67x | | 0.61x | |
| EV / LTM EBIT | 12.0x | 35.8x | 24.4x | 11.3x | 32.7x | | 22.0x | |
| Price / LTM Sales | 0.53x | 0.42x | 0.56x | 1.47x | 0.03x | | 0.20x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.56x | 0.67x | 1.38x | | | | | |
| Historical EV / LTM Revenue | 0.66x | 1.35x | 2.47x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.70x | 0.74x | 0.77x | | | | | |
| (x) LTM Revenue | 619 | 619 | 619 | | | | | |
| (=) Implied Enterprise Value | 433 | 456 | 479 | | | | | |
| (-) Non-shareholder Claims * | (258) | (258) | (258) | | | | | |
| (=) Equity Value | 175 | 198 | 221 | | | | | |
| (/) Shares Outstanding | 20.6 | 20.6 | 20.6 | | | | | |
| Implied Value Range | 8.50 | 9.61 | 10.71 | | | | | |
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 7.32 | 8.27 | 9.22 | | 5.35 | | | |
| Upside / (Downside) | 36.7% | 54.6% | 72.4% | | | | | |