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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.5x - 10.5x | 10.0x |
| Selected Fwd EBITDA Multiple | 14.3x - 15.9x | 15.1x |
| Fair Value | €37.40 - €40.86 | €39.13 |
| Upside | 1.1% - 10.4% | 5.8% |
| Benchmarks | Ticker | Full Ticker |
| B3 S.A. - Brasil, Bolsa, Balcão | B3SA3 | BOVESPA:B3SA3 |
| TMX Group Limited | X | TSX:X |
| Euronext N.V. | ENX | ENXTPA:ENX |
| Bursa Malaysia Berhad | BURSA | KLSE:BURSA |
| CME Group Inc. | MX4A | DB:MX4A |
| ASX Limited | AUX | DB:AUX |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| B3SA3 | X | ENX | BURSA | MX4A | AUX | ||
| BOVESPA:B3SA3 | TSX:X | ENXTPA:ENX | KLSE:BURSA | DB:MX4A | DB:AUX | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 12.9% | 12.0% | 19.9% | 10.0% | 6.4% | 6.7% | |
| 3Y CAGR | -0.4% | 12.2% | 9.4% | -4.0% | 12.6% | 17.1% | |
| Latest Twelve Months | 16.4% | 24.0% | 17.2% | 27.7% | 12.1% | 13.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 64.3% | 56.2% | 54.1% | 58.6% | 66.3% | 68.3% | |
| Prior Fiscal Year | 60.7% | 54.2% | 53.5% | 55.6% | 68.4% | 54.5% | |
| Latest Fiscal Year | 66.3% | 55.0% | 56.9% | 55.9% | 69.8% | 73.1% | |
| Latest Twelve Months | 66.3% | 55.0% | 56.9% | 55.9% | 69.8% | 73.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 6.48x | 11.34x | 9.32x | 7.14x | 15.16x | 6.47x | |
| EV / LTM EBITDA | 9.8x | 20.6x | 16.4x | 12.8x | 21.7x | 8.8x | |
| EV / LTM EBIT | 10.0x | 25.5x | 18.1x | 13.5x | 23.6x | 8.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.8x | 16.4x | 21.7x | ||||
| Historical EV / LTM EBITDA | 1.0x | 11.5x | 18.8x | ||||
| Selected EV / LTM EBITDA | 9.5x | 10.0x | 10.5x | ||||
| (x) LTM EBITDA | 1,230 | 1,230 | 1,230 | ||||
| (=) Implied Enterprise Value | 11,733 | 12,351 | 12,968 | ||||
| (-) Non-shareholder Claims * | 1,525 | 1,525 | 1,525 | ||||
| (=) Equity Value | 13,258 | 13,876 | 14,493 | ||||
| (/) Shares Outstanding | 193.9 | 193.9 | 193.9 | ||||
| Implied Value Range | 68.39 | 71.58 | 74.76 | ||||
| FX Rate: AUD/EUR | 1.7 | 1.7 | 1.7 | Market Price | |||
| Implied Value Range (Trading Cur) | 39.69 | 41.54 | 43.39 | 37.00 | |||
| Upside / (Downside) | 7.3% | 12.3% | 17.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | B3SA3 | X | ENX | BURSA | MX4A | AUX | |
| Enterprise Value | 62,063 | 16,546 | 15,263 | 5,723 | 93,219 | 10,833 | |
| (+) Cash & Short Term Investments | 13,299 | 433 | 1,737 | 664 | 3,006 | 1,804 | |
| (+) Investments & Other | 3,049 | 19 | 360 | 66 | 2,570 | 44 | |
| (-) Debt | (13,847) | (2,174) | (3,116) | (8) | (3,821) | (323) | |
| (-) Other Liabilities | (13) | (245) | (157) | (2) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 64,551 | 14,579 | 14,088 | 6,442 | 94,973 | 12,358 | |
| (/) Shares Outstanding | 5,265.2 | 278.0 | 102.8 | 809.3 | 360.4 | 193.9 | |
| Implied Stock Price | 12.26 | 52.45 | 137.10 | 7.96 | 263.53 | 63.75 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | 1.72 | |
| Implied Stock Price (Trading Cur) | 12.26 | 52.45 | 137.10 | 7.96 | 242.90 | 37.00 | |
| Trading Currency | BRL | CAD | EUR | MYR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | 1.72 | |