| Select LTM Revenue Multiple | | | | | | | | |
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| Benchmark Companies | | | |
| GOFORE | NETUM | WITTED | TIETO | DIGIA | | DQ4 | |
| HLSE:GOFORE | HLSE:NETUM | HLSE:WITTED | HLSE:TIETO | HLSE:DIGIA | | DB:DQ4 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 23.8% | 26.9% | NM- | 10.0% | 9.3% | | NM- | |
| 3Y CAGR | 21.2% | 25.2% | 21.3% | -0.3% | 9.7% | | 7.2% | |
| Latest Twelve Months | -1.8% | 18.6% | -16.6% | -1.7% | 7.1% | | 9.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 11.6% | 4.6% | 0.2% | 8.1% | 8.4% | | -5.0% | |
| Prior Fiscal Year | 11.8% | -0.6% | -1.3% | 8.6% | 7.2% | | -3.4% | |
| Latest Fiscal Year | 10.7% | 2.6% | 1.5% | 7.8% | 8.9% | | 1.0% | |
| Latest Twelve Months | 10.7% | 2.6% | 1.5% | 7.8% | 8.9% | | 1.0% | |
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| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.28x | 0.73x | 0.19x | 0.99x | 0.91x | | 0.94x | |
| EV / LTM EBIT | 11.9x | 28.3x | 13.0x | 12.6x | 10.2x | | 96.2x | |
| Price / LTM Sales | 1.46x | 0.60x | 0.35x | 0.66x | 0.85x | | 1.38x | |
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| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.19x | 0.91x | 1.28x | | | | | |
| Historical EV / LTM Revenue | 0.80x | 0.94x | 1.21x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.88x | 0.93x | 0.98x | | | | | |
| (x) LTM Revenue | 28 | 28 | 28 | | | | | |
| (=) Implied Enterprise Value | 24 | 26 | 27 | | | | | |
| (-) Non-shareholder Claims * | 12 | 12 | 12 | | | | | |
| (=) Equity Value | 37 | 38 | 39 | | | | | |
| (/) Shares Outstanding | 11.2 | 11.2 | 11.2 | | | | | |
| Implied Value Range | 3.27 | 3.39 | 3.50 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.27 | 3.39 | 3.50 | | 3.53 | | | |
| Upside / (Downside) | -7.3% | -4.1% | -0.8% | | | | | |