| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FJC | WRT1V | KNEBV | RAUTE | VALMT | | KCR | |
| DB:FJC | HLSE:WRT1V | HLSE:KNEBV | HLSE:RAUTE | HLSE:VALMT | | HLSE:KCR | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 6.1% | 4.4% | 2.1% | 6.2% | 8.6% | | 4.9% | |
| 3Y CAGR | 10.6% | 10.5% | 1.8% | 12.9% | 10.8% | | 9.9% | |
| Latest Twelve Months | 7.5% | 7.2% | 1.3% | 40.7% | -3.1% | | 6.6% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 6.9% | 5.6% | 11.7% | -1.2% | 9.1% | | 8.1% | |
| Prior Fiscal Year | 5.3% | 6.9% | 11.4% | 1.2% | 9.2% | | 10.2% | |
| Latest Fiscal Year | 6.3% | 10.5% | 11.7% | 6.7% | 9.6% | | 12.3% | |
| Latest Twelve Months | 7.3% | 10.5% | 11.7% | 6.7% | 9.6% | | 12.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.54x | 1.32x | 2.28x | 0.19x | 1.01x | | 1.09x | |
| EV / LTM EBIT | 21.1x | 12.6x | 19.4x | 2.9x | 10.6x | | 8.9x | |
| Price / LTM Sales | 1.81x | 1.44x | 2.36x | 0.45x | 0.82x | | 1.05x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.19x | 1.32x | 2.28x | | | | | |
| Historical EV / LTM Revenue | 0.92x | 0.98x | 1.09x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.99x | 1.04x | 1.09x | | | | | |
| (x) LTM Revenue | 4,227 | 4,227 | 4,227 | | | | | |
| (=) Implied Enterprise Value | 4,165 | 4,384 | 4,603 | | | | | |
| (-) Non-shareholder Claims * | (179) | (179) | (179) | | | | | |
| (=) Equity Value | 3,986 | 4,205 | 4,424 | | | | | |
| (/) Shares Outstanding | 79.2 | 79.2 | 79.2 | | | | | |
| Implied Value Range | 50.32 | 53.09 | 55.85 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 50.32 | 53.09 | 55.85 | | 56.05 | | | |
| Upside / (Downside) | -10.2% | -5.3% | -0.4% | | | | | |