| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| SY1 | KEMIRA | DSFIR | SOLB | AKZA | | NZM2 | |
| DB:SY1 | HLSE:KEMIRA | ENXTAM:DSFIR | ENXTBR:SOLB | ENXTAM:AKZA | | DB:NZM2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 8.0% | 2.1% | 9.9% | -14.5% | 2.9% | | 14.8% | |
| 3Y CAGR | 9.3% | 3.3% | 20.8% | -23.4% | 3.8% | | 24.0% | |
| Latest Twelve Months | 2.2% | -9.0% | 4.5% | -7.2% | -1.6% | | 34.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 12.8% | 9.4% | 4.9% | 8.7% | 9.6% | | 24.8% | |
| Prior Fiscal Year | 11.3% | 9.9% | -5.3% | 13.6% | 10.0% | | 25.4% | |
| Latest Fiscal Year | 14.2% | 12.3% | 4.0% | 11.2% | 8.8% | | 22.0% | |
| Latest Twelve Months | 15.0% | 11.5% | 8.7% | 9.9% | 8.1% | | 27.2% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.47x | 1.06x | 1.73x | 0.91x | 1.39x | | 6.78x | |
| EV / LTM EBIT | 16.4x | 9.2x | 19.7x | 9.3x | 17.3x | | 24.9x | |
| Price / LTM Sales | 2.17x | 1.04x | 1.54x | 0.58x | 0.99x | | 6.05x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.91x | 1.39x | 2.47x | | | | | |
| Historical EV / LTM Revenue | 6.12x | 7.18x | 10.53x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 5.81x | 6.12x | 6.43x | | | | | |
| (x) LTM Revenue | 4,098 | 4,098 | 4,098 | | | | | |
| (=) Implied Enterprise Value | 23,827 | 25,081 | 26,335 | | | | | |
| (-) Non-shareholder Claims * | (2,973) | (2,973) | (2,973) | | | | | |
| (=) Equity Value | 20,854 | 22,108 | 23,362 | | | | | |
| (/) Shares Outstanding | 465.6 | 465.6 | 465.6 | | | | | |
| Implied Value Range | 44.79 | 47.48 | 50.18 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 44.79 | 47.48 | 50.18 | | 52.90 | | | |
| Upside / (Downside) | -15.3% | -10.2% | -5.1% | | | | | |