| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| VIM | VLT | FCT | TES | GEL | | X5Q | |
| BIT:VIM | BIT:VLT | BIT:FCT | BIT:TES | BIT:GEL | | DB:X5Q | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 3.8% | NM- | 6.5% | 3.6% | -1.9% | | 18.4% | |
| 3Y CAGR | 6.6% | 19.6% | 5.2% | 7.2% | -6.3% | | 16.2% | |
| Latest Twelve Months | -6.0% | -0.3% | 6.8% | -4.8% | 0.7% | | -23.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 3.2% | 13.4% | 2.1% | 3.9% | 5.8% | | 9.4% | |
| Prior Fiscal Year | 5.5% | 13.7% | 1.5% | 5.1% | 4.9% | | 11.4% | |
| Latest Fiscal Year | 3.2% | 14.1% | 2.4% | 8.4% | 6.2% | | 9.1% | |
| Latest Twelve Months | 3.2% | 14.1% | 2.4% | 8.8% | 6.2% | | 9.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.60x | 1.03x | 0.72x | 0.91x | 1.05x | | 0.95x | |
| EV / LTM EBIT | 19.0x | 7.3x | 29.8x | 10.3x | 16.9x | | 10.4x | |
| Price / LTM Sales | 0.23x | 1.26x | 0.46x | 0.14x | 0.84x | | 0.87x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.60x | 0.91x | 1.05x | | | | | |
| Historical EV / LTM Revenue | 0.67x | 0.92x | 1.12x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.83x | 0.87x | 0.91x | | | | | |
| (x) LTM Revenue | 944 | 944 | 944 | | | | | |
| (=) Implied Enterprise Value | 779 | 820 | 861 | | | | | |
| (-) Non-shareholder Claims * | (69) | (69) | (69) | | | | | |
| (=) Equity Value | 710 | 751 | 792 | | | | | |
| (/) Shares Outstanding | 28.7 | 28.7 | 28.7 | | | | | |
| Implied Value Range | 24.78 | 26.21 | 27.64 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 24.78 | 26.21 | 27.64 | | 28.90 | | | |
| Upside / (Downside) | -14.3% | -9.3% | -4.3% | | | | | |