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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15.0x - 16.6x | 15.8x |
| Selected Fwd EBIT Multiple | 16.2x - 17.9x | 17.1x |
| Fair Value | €8.43 - €9.26 | €8.85 |
| Upside | -1.4% - 8.3% | 3.5% |
| Benchmarks | Ticker | Full Ticker |
| Bolsa Mexicana de Valores, S.A.B. de C.V. | BOLSA A | BMV:BOLSAA |
| Deutsche Börse AG | DBOE.F | OTCPK:DBOE.F |
| Euronext N.V. | ENX | ENXTPA:ENX |
| BSE Limited | BSE | NSEI:BSE |
| Hong Kong Exchanges and Clearing Limited | 388 | SEHK:388 |
| Japan Exchange Group, Inc. | OSK | DB:OSK |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BOLSA A | DBOE.F | ENX | BSE | 388 | OSK | ||
| BMV:BOLSAA | OTCPK:DBOE.F | ENXTPA:ENX | NSEI:BSE | SEHK:388 | DB:OSK | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 2.4% | 12.8% | 18.7% | 93.8% | 6.2% | 6.2% | |
| 3Y CAGR | -1.0% | 19.0% | 9.5% | 96.5% | 0.5% | 7.2% | |
| Latest Twelve Months | 18.3% | 8.7% | 14.6% | 312.5% | 27.6% | 3.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 51.0% | 43.4% | 49.3% | 32.7% | 68.6% | 53.9% | |
| Prior Fiscal Year | 48.1% | 51.0% | 47.9% | 33.0% | 66.8% | 56.3% | |
| Latest Fiscal Year | 48.8% | 49.6% | 51.5% | 67.4% | 68.3% | 54.9% | |
| Latest Twelve Months | 49.2% | 49.0% | 52.6% | 67.4% | 70.1% | 54.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.01x | 9.78x | 9.82x | 31.36x | 11.04x | 8.82x | |
| EV / LTM EBITDA | 9.9x | 18.7x | 16.9x | 44.2x | 15.4x | 13.3x | |
| EV / LTM EBIT | 10.2x | 20.0x | 18.7x | 46.5x | 15.7x | 16.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.2x | 18.7x | 46.5x | ||||
| Historical EV / LTM EBIT | 14.2x | 16.1x | 24.8x | ||||
| Selected EV / LTM EBIT | 15.0x | 15.8x | 16.6x | ||||
| (x) LTM EBIT | 89,088 | 89,088 | 89,088 | ||||
| (=) Implied Enterprise Value | 1,339,818 | 1,410,335 | 1,480,852 | ||||
| (-) Non-shareholder Claims * | 93,342 | 93,342 | 93,342 | ||||
| (=) Equity Value | 1,433,160 | 1,503,677 | 1,574,194 | ||||
| (/) Shares Outstanding | 1,031.1 | 1,031.1 | 1,031.1 | ||||
| Implied Value Range | 1,389.92 | 1,458.31 | 1,526.70 | ||||
| FX Rate: JPY/EUR | 171.9 | 171.9 | 171.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 8.09 | 8.48 | 8.88 | 8.55 | |||
| Upside / (Downside) | -5.4% | -0.8% | 3.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BOLSA A | DBOE.F | ENX | BSE | 388 | OSK | |
| Enterprise Value | 20,256 | 57,467 | 16,535 | 941,699 | 275,561 | 1,421,892 | |
| (+) Cash & Short Term Investments | 4,377 | 0 | 1,642 | 67,047 | 247,164 | 98,428 | |
| (+) Investments & Other | 149 | 0 | 358 | 13,247 | 7,110 | 57,725 | |
| (-) Debt | (517) | (7,194) | (3,155) | (0) | (1,708) | (52,487) | |
| (-) Other Liabilities | (421) | (513) | (162) | (1,520) | (576) | (10,324) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 23,843 | 49,760 | 15,219 | 1,020,472 | 527,551 | 1,515,234 | |
| (/) Shares Outstanding | 559.2 | 183.8 | 102.8 | 412.0 | 1,263.9 | 1,031.1 | |
| Implied Stock Price | 42.64 | 270.76 | 148.10 | 2,477.00 | 417.40 | 1,469.51 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 171.87 | |
| Implied Stock Price (Trading Cur) | 42.64 | 316.97 | 148.10 | 2,477.00 | 417.40 | 8.55 | |
| Trading Currency | MXN | USD | EUR | INR | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 171.87 | |