| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| SAP | ORC | W7D | NEM | CSH | | AOF | |
| XTRA:SAP | XTRA:ORC | DB:W7D | XTRA:NEM | XTRA:CSH | | DB:AOF | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 4.4% | 6.0% | 18.4% | 12.3% | 3.8% | | 19.0% | |
| 3Y CAGR | 8.2% | 9.4% | 18.0% | 13.5% | 12.4% | | 20.7% | |
| Latest Twelve Months | 9.5% | 6.2% | 16.4% | 16.9% | 12.2% | | 12.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 22.0% | 33.6% | -1.8% | 23.2% | 4.0% | | 30.5% | |
| Prior Fiscal Year | 20.9% | 27.4% | 2.5% | 23.6% | 4.2% | | 34.2% | |
| Latest Fiscal Year | 23.8% | 29.8% | 5.9% | 23.3% | 3.8% | | 37.3% | |
| Latest Twelve Months | 23.8% | 31.4% | 5.9% | 23.3% | 3.8% | | 37.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 7.52x | 7.82x | 6.20x | 12.77x | 0.50x | | 11.77x | |
| EV / LTM EBIT | 31.6x | 24.9x | 105.0x | 54.7x | 13.1x | | 31.6x | |
| Price / LTM Sales | 7.71x | 6.17x | 6.75x | 12.37x | 0.32x | | 12.38x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.50x | 7.52x | 12.77x | | | | | |
| Historical EV / LTM Revenue | 9.85x | 11.77x | 18.02x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 9.75x | 10.26x | 10.77x | | | | | |
| (x) LTM Revenue | 171 | 171 | 171 | | | | | |
| (=) Implied Enterprise Value | 1,663 | 1,751 | 1,838 | | | | | |
| (-) Non-shareholder Claims * | 106 | 106 | 106 | | | | | |
| (=) Equity Value | 1,769 | 1,857 | 1,944 | | | | | |
| (/) Shares Outstanding | 15.9 | 15.9 | 15.9 | | | | | |
| Implied Value Range | 111.22 | 116.72 | 122.23 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 111.22 | 116.72 | 122.23 | | 130.80 | | | |
| Upside / (Downside) | -15.0% | -10.8% | -6.6% | | | | | |