| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FCH | TWL | ENAV | PZE | LKPC | | AUTME | |
| XMIL:FCH | XMIL:TWL | XMIL:ENAV | BST:PZE | ZGSE:LKPC | | XMIL:AUTME | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | NM- | -6.9% | 3.1% | 10.6% | 34.3% | | -40.9% | |
| 3Y CAGR | 13.3% | 21.2% | 8.1% | 18.3% | 25.3% | | -54.1% | |
| Latest Twelve Months | -7.2% | 0.4% | 3.9% | 7.8% | 5.3% | | -51.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 34.1% | 8.6% | 13.1% | 39.6% | 10.2% | | 46.0% | |
| Prior Fiscal Year | 32.5% | 23.6% | 16.5% | 43.7% | 18.6% | | 52.2% | |
| Latest Fiscal Year | 41.4% | 18.9% | 17.3% | 47.0% | 9.2% | | 42.6% | |
| Latest Twelve Months | 41.4% | 16.8% | 17.3% | 46.2% | 7.9% | | 39.8% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 9.75x | 1.26x | 1.67x | 3.64x | 0.45x | | 1.44x | |
| EV / LTM EBIT | 23.6x | 7.5x | 9.7x | 7.9x | 5.6x | | 3.6x | |
| Price / LTM Sales | 9.94x | 0.56x | 2.07x | 4.15x | 0.69x | | 1.96x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.45x | 1.67x | 9.75x | | | | | |
| Historical EV / LTM Revenue | 0.63x | 3.94x | 21.56x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.35x | 2.47x | 2.59x | | | | | |
| (x) LTM Revenue | 6 | 6 | 6 | | | | | |
| (=) Implied Enterprise Value | 15 | 16 | 17 | | | | | |
| (-) Non-shareholder Claims * | 3 | 3 | 3 | | | | | |
| (=) Equity Value | 18 | 19 | 20 | | | | | |
| (/) Shares Outstanding | 4.4 | 4.4 | 4.4 | | | | | |
| Implied Value Range | 4.19 | 4.37 | 4.55 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 4.19 | 4.37 | 4.55 | | 2.88 | | | |
| Upside / (Downside) | 45.5% | 51.8% | 58.1% | | | | | |