| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| GEL | VIM | TNX | MARP | CLABO | | X5Q | |
| BIT:GEL | BIT:VIM | BIT:TNX | BIT:MARP | BIT:CLABO | | DB:X5Q | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -1.9% | 3.8% | 21.6% | 0.1% | 5.6% | | 18.4% | |
| 3Y CAGR | -6.3% | 6.6% | 27.7% | -0.2% | 19.2% | | 16.2% | |
| Latest Twelve Months | 0.7% | -6.0% | 6.6% | -19.1% | -0.4% | | -23.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 5.8% | 3.2% | 5.0% | 3.2% | -1.9% | | 9.4% | |
| Prior Fiscal Year | 4.9% | 5.5% | 6.3% | 8.1% | 6.4% | | 11.4% | |
| Latest Fiscal Year | 6.2% | 3.2% | 3.0% | 1.7% | 7.0% | | 9.1% | |
| Latest Twelve Months | 6.2% | 3.2% | 3.0% | 1.7% | 8.8% | | 9.1% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.04x | 0.60x | 0.66x | 0.71x | 0.96x | | 0.99x | |
| EV / LTM EBIT | 16.7x | 19.0x | 22.0x | 42.2x | 10.9x | | 10.8x | |
| Price / LTM Sales | 0.83x | 0.23x | 0.29x | 0.45x | 0.20x | | 0.91x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.60x | 0.71x | 1.04x | | | | | |
| Historical EV / LTM Revenue | 0.67x | 0.92x | 1.12x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.85x | 0.90x | 0.94x | | | | | |
| (x) LTM Revenue | 944 | 944 | 944 | | | | | |
| (=) Implied Enterprise Value | 803 | 845 | 888 | | | | | |
| (-) Non-shareholder Claims * | (69) | (69) | (69) | | | | | |
| (=) Equity Value | 734 | 776 | 818 | | | | | |
| (/) Shares Outstanding | 28.7 | 28.7 | 28.7 | | | | | |
| Implied Value Range | 25.61 | 27.09 | 28.56 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 25.61 | 27.09 | 28.56 | | 30.00 | | | |
| Upside / (Downside) | -14.6% | -9.7% | -4.8% | | | | | |