| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| FDD | VIB3 | 94124453 | 5X5 | 1Z4 | | TSS | |
| HMSE:FDD | DB:VIB3 | ENXTBR:094124453 | DB:5X5 | DB:1Z4 | | DB:TSS | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 1.3% | 11.3% | 5.1% | 3.4% | 5.5% | | 3.4% | |
| 3Y CAGR | 6.3% | 14.6% | 8.3% | 9.7% | -0.4% | | 3.4% | |
| Latest Twelve Months | -21.5% | 57.6% | -0.8% | -1.6% | -4.5% | | -10.8% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | -3.1% | 6.3% | 12.0% | 6.9% | 6.6% | | 10.7% | |
| Prior Fiscal Year | -3.9% | 6.2% | 12.2% | 5.5% | 6.2% | | 11.7% | |
| Latest Fiscal Year | -9.7% | 2.3% | 11.2% | 5.5% | 8.4% | | 7.5% | |
| Latest Twelve Months | -9.7% | 2.3% | 11.2% | 7.6% | 8.4% | | 7.2% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 1.65x | 0.62x | 0.57x | 0.39x | 0.50x | | 0.51x | |
| EV / LTM EBIT | -17.0x | 27.1x | 5.1x | 5.1x | 5.9x | | 7.1x | |
| Price / LTM Sales | 1.65x | 0.34x | 0.27x | 0.57x | 0.37x | | 0.62x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.39x | 0.57x | 1.65x | | | | | |
| Historical EV / LTM Revenue | 0.49x | 0.89x | 0.95x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.59x | 0.62x | 0.66x | | | | | |
| (x) LTM Revenue | 111 | 111 | 111 | | | | | |
| (=) Implied Enterprise Value | 66 | 69 | 72 | | | | | |
| (-) Non-shareholder Claims * | 12 | 12 | 12 | | | | | |
| (=) Equity Value | 78 | 81 | 85 | | | | | |
| (/) Shares Outstanding | 9.6 | 9.6 | 9.6 | | | | | |
| Implied Value Range | 8.12 | 8.48 | 8.84 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 8.12 | 8.48 | 8.84 | | 7.20 | | | |
| Upside / (Downside) | 12.8% | 17.8% | 22.8% | | | | | |