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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 10.6x - 11.7x | 11.1x |
| Selected Fwd EBIT Multiple | 11.5x - 12.7x | 12.1x |
| Fair Value | €90.23 - €101.42 | €95.83 |
| Upside | 27.4% - 43.2% | 35.3% |
| Benchmarks | Ticker | Full Ticker |
| Brunel International N.V. | 3BY3 | DB:3BY3 |
| Randstad N.V. | RSH | DB:RSH |
| Adecco Group AG | ADIA | DB:ADIA |
| MEITEC Group Holdings Inc. | MEIT.F | OTCPK:MEIT.F |
| Kforce Inc. | ROF | DB:ROF |
| Amadeus FiRe AG | AAD | DB:AAD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3BY3 | RSH | ADIA | MEIT.F | ROF | AAD | ||
| DB:3BY3 | DB:RSH | DB:ADIA | OTCPK:MEIT.F | DB:ROF | DB:AAD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 24.5% | -9.9% | -8.2% | 6.9% | -1.8% | 7.3% | |
| 3Y CAGR | 3.7% | -20.2% | -11.4% | 19.9% | -13.2% | -2.0% | |
| Latest Twelve Months | -7.4% | -40.3% | -19.5% | 0.7% | -20.0% | -16.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.9% | 3.4% | 3.3% | 12.8% | 6.1% | 14.2% | |
| Prior Fiscal Year | 4.2% | 3.4% | 3.1% | 13.8% | 5.7% | 15.0% | |
| Latest Fiscal Year | 3.8% | 2.2% | 2.6% | 13.9% | 5.0% | 12.6% | |
| Latest Twelve Months | 3.8% | 2.2% | 2.6% | 14.1% | 5.0% | 12.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.31x | 0.35x | 0.30x | 1.31x | 0.64x | 1.08x | |
| EV / LTM EBITDA | 7.5x | 13.4x | 9.3x | 9.1x | 12.3x | 7.5x | |
| EV / LTM EBIT | 8.1x | 16.0x | 11.5x | 9.3x | 12.9x | 8.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.1x | 11.5x | 16.0x | ||||
| Historical EV / LTM EBIT | 8.6x | 12.6x | 29.7x | ||||
| Selected EV / LTM EBIT | 10.6x | 11.1x | 11.7x | ||||
| (x) LTM EBIT | 55 | 55 | 55 | ||||
| (=) Implied Enterprise Value | 584 | 615 | 646 | ||||
| (-) Non-shareholder Claims * | (87) | (87) | (87) | ||||
| (=) Equity Value | 497 | 528 | 559 | ||||
| (/) Shares Outstanding | 5.4 | 5.4 | 5.4 | ||||
| Implied Value Range | 91.51 | 97.17 | 102.83 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 91.51 | 97.17 | 102.83 | 70.80 | |||
| Upside / (Downside) | 29.3% | 37.3% | 45.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3BY3 | RSH | ADIA | MEIT.F | ROF | AAD | |
| Enterprise Value | 432 | 8,317 | 7,090 | 206,999 | 893 | 472 | |
| (+) Cash & Short Term Investments | 112 | 357 | 482 | 46,110 | 0 | 2 | |
| (+) Investments & Other | 0 | 33 | 242 | 0 | 0 | 0 | |
| (-) Debt | (96) | (2,218) | (3,559) | 0 | (48) | (89) | |
| (-) Other Liabilities | (2) | (1) | (10) | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | (306) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 446 | 6,183 | 4,245 | 253,109 | 846 | 385 | |
| (/) Shares Outstanding | 50.5 | 175.1 | 334.2 | 91.9 | 18.2 | 5.4 | |
| Implied Stock Price | 8.83 | 35.30 | 12.70 | 2,753.34 | 46.46 | 70.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 146.85 | 1.10 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.83 | 35.30 | 12.70 | 18.75 | 42.40 | 70.80 | |
| Trading Currency | EUR | EUR | EUR | USD | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 146.85 | 1.10 | 1.00 | |