| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| ALFEN | MERUS | KODT | X3C | ENY | | SIFG | |
| ENXTAM:ALFEN | HLSE:MERUS | ZGSE:KODT | DB:X3C | XMIL:ENY | | ENXTAM:SIFG | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 27.8% | 28.9% | 26.6% | NM- | 24.4% | | 5.7% | |
| 3Y CAGR | 25.0% | 35.3% | 35.1% | 31.4% | -9.1% | | 0.5% | |
| Latest Twelve Months | -3.3% | 25.2% | 36.7% | 168.4% | -41.0% | | -5.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 9.0% | -2.3% | 12.9% | -65.3% | 9.4% | | 3.2% | |
| Prior Fiscal Year | 8.5% | -1.7% | 18.7% | -137.8% | 13.5% | | 3.1% | |
| Latest Fiscal Year | -6.2% | -5.4% | 30.1% | -40.6% | -45.6% | | 0.9% | |
| Latest Twelve Months | -6.2% | -5.4% | 30.1% | -19.2% | -45.6% | | 0.9% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.71x | 0.95x | 2.31x | 4.17x | 1.20x | | 0.93x | |
| EV / LTM EBIT | -11.5x | -17.6x | 7.7x | -21.7x | -2.6x | | 102.4x | |
| Price / LTM Sales | 0.64x | 0.98x | 2.49x | 4.20x | 1.02x | | 0.64x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.71x | 1.20x | 4.17x | | | | | |
| Historical EV / LTM Revenue | 0.71x | 0.93x | 1.37x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.89x | 0.94x | 0.98x | | | | | |
| (x) LTM Revenue | 429 | 429 | 429 | | | | | |
| (=) Implied Enterprise Value | 381 | 401 | 422 | | | | | |
| (-) Non-shareholder Claims * | (126) | (126) | (126) | | | | | |
| (=) Equity Value | 255 | 275 | 296 | | | | | |
| (/) Shares Outstanding | 29.9 | 29.9 | 29.9 | | | | | |
| Implied Value Range | 8.54 | 9.22 | 9.89 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 8.54 | 9.22 | 9.89 | | 9.08 | | | |
| Upside / (Downside) | -5.9% | 1.5% | 8.9% | | | | | |