| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| 2CV | PD1A | BOX | NPW1 | STE | | PHH2 | |
| DB:2CV | DB:PD1A | DB:BOX | DB:NPW1 | NYSE:STE | | DB:PHH2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 4.6% | 4.4% | 6.3% | 2.5% | 12.5% | | 2.0% | |
| 3Y CAGR | 3.9% | 0.9% | 5.0% | 3.7% | 8.9% | | 1.6% | |
| Latest Twelve Months | 7.1% | 23.7% | 8.2% | 5.4% | 7.1% | | 1.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 12.9% | 13.5% | 14.7% | 13.4% | 17.3% | | 4.1% | |
| Prior Fiscal Year | 13.7% | 12.1% | 14.3% | 13.4% | 17.6% | | 0.9% | |
| Latest Fiscal Year | 15.3% | 14.1% | 17.2% | 15.2% | 18.1% | | 4.5% | |
| Latest Twelve Months | 16.2% | 14.1% | 17.2% | 16.6% | 18.6% | | 3.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 3.09x | 2.00x | 3.42x | 2.79x | 4.88x | | 0.49x | |
| EV / LTM EBIT | 19.1x | 14.2x | 19.9x | 16.8x | 26.2x | | 14.8x | |
| Price / LTM Sales | 2.58x | 1.70x | 2.54x | 2.34x | 4.58x | | 0.32x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 2.00x | 3.09x | 4.88x | | | | | |
| Historical EV / LTM Revenue | 0.39x | 0.47x | 0.54x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.50x | 0.53x | 0.56x | | | | | |
| (x) LTM Revenue | 2,444 | 2,444 | 2,444 | | | | | |
| (=) Implied Enterprise Value | 1,230 | 1,295 | 1,360 | | | | | |
| (-) Non-shareholder Claims * | (430) | (430) | (430) | | | | | |
| (=) Equity Value | 800 | 865 | 930 | | | | | |
| (/) Shares Outstanding | 3.6 | 3.6 | 3.6 | | | | | |
| Implied Value Range | 225.37 | 243.60 | 261.83 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 225.37 | 243.60 | 261.83 | | 216.00 | | | |
| Upside / (Downside) | 4.3% | 12.8% | 21.2% | | | | | |