| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| WLN | 2PP | EDEN | PAYO | 71Y | | ADYEN | |
| ENXTPA:WLN | DB:2PP | ENXTPA:EDEN | NasdaqGM:PAYO | BST:71Y | | ENXTAM:ADYEN | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 14.2% | 12.3% | 10.7% | 25.2% | 49.5% | | 30.4% | |
| 3Y CAGR | 7.9% | 7.8% | 18.1% | 27.3% | 42.8% | | 26.2% | |
| Latest Twelve Months | 0.5% | 6.8% | 12.9% | 17.6% | 28.3% | | 23.9% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 14.6% | 16.2% | 29.2% | 2.9% | -11.3% | | 50.8% | |
| Prior Fiscal Year | 11.3% | 16.3% | 23.5% | 13.5% | -7.1% | | 41.9% | |
| Latest Fiscal Year | 9.6% | 17.7% | 30.4% | 16.4% | 1.4% | | 44.6% | |
| Latest Twelve Months | 9.6% | 17.7% | 30.4% | 16.4% | 1.4% | | 44.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.96x | 2.10x | 3.57x | 2.38x | 3.91x | | 18.70x | |
| EV / LTM EBIT | 10.0x | 11.8x | 11.7x | 14.5x | 289.6x | | 41.9x | |
| Price / LTM Sales | 0.40x | 2.21x | 2.87x | 2.86x | 4.19x | | 23.55x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.96x | 2.38x | 3.91x | | | | | |
| Historical EV / LTM Revenue | 18.70x | 27.66x | 85.66x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 20.53x | 21.61x | 22.69x | | | | | |
| (x) LTM Revenue | 2,015 | 2,015 | 2,015 | | | | | |
| (=) Implied Enterprise Value | 41,361 | 43,538 | 45,715 | | | | | |
| (-) Non-shareholder Claims * | 9,770 | 9,770 | 9,770 | | | | | |
| (=) Equity Value | 51,131 | 53,308 | 55,485 | | | | | |
| (/) Shares Outstanding | 31.5 | 31.5 | 31.5 | | | | | |
| Implied Value Range | 1,623.97 | 1,693.11 | 1,762.25 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 1,623.97 | 1,693.11 | 1,762.25 | | 1,504.40 | | | |
| Upside / (Downside) | 7.9% | 12.5% | 17.1% | | | | | |