| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| M5Z | P4O | SIS | SOH1 | AIXA | | TPE | |
| DB:M5Z | XTRA:P4O | XTRA:SIS | XTRA:SOH1 | XTRA:AIXA | | DB:TPE | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -2.3% | 5.1% | -5.9% | 17.1% | 19.5% | | 15.6% | |
| 3Y CAGR | 3.5% | 7.2% | -3.7% | 18.8% | 13.9% | | 20.1% | |
| Latest Twelve Months | -27.3% | -10.5% | -10.8% | -10.3% | -6.5% | | 2.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -5.5% | 10.3% | 0.6% | 20.5% | 19.4% | | 12.4% | |
| Prior Fiscal Year | -3.2% | 17.5% | 3.1% | 24.6% | 24.0% | | 12.9% | |
| Latest Fiscal Year | -0.6% | 8.5% | -15.3% | 21.0% | 20.8% | | 14.4% | |
| Latest Twelve Months | -18.2% | 8.5% | -10.6% | 16.1% | 19.8% | | 14.4% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.26x | 0.88x | 4.83x | 2.11x | 2.22x | | 1.28x | |
| EV / LTM EBIT | -1.4x | 10.4x | -45.5x | 13.1x | 11.2x | | 8.9x | |
| Price / LTM Sales | 0.01x | 1.17x | 5.01x | 2.06x | 2.36x | | 1.32x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.26x | 2.11x | 4.83x | | | | | |
| Historical EV / LTM Revenue | 1.28x | 2.13x | 5.62x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.53x | 1.61x | 1.69x | | | | | |
| (x) LTM Revenue | 270 | 270 | 270 | | | | | |
| (=) Implied Enterprise Value | 414 | 435 | 457 | | | | | |
| (-) Non-shareholder Claims * | 12 | 12 | 12 | | | | | |
| (=) Equity Value | 425 | 447 | 469 | | | | | |
| (/) Shares Outstanding | 20.9 | 20.9 | 20.9 | | | | | |
| Implied Value Range | 20.33 | 21.37 | 22.41 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 20.33 | 21.37 | 22.41 | | 16.66 | | | |
| Upside / (Downside) | 22.0% | 28.3% | 34.5% | | | | | |