| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| PMV | PROX | DTE | KPN | HTO | | 0NKL | |
| DB:PMV | WBAG:PROX | WBAG:DTE | WBAG:KPN | ATSE:HTO | | LSE:0NKL | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 3.1% | 2.5% | 7.4% | 0.4% | 1.7% | | 3.5% | |
| 3Y CAGR | 5.8% | 4.8% | 2.3% | 2.1% | 2.5% | | 4.4% | |
| Latest Twelve Months | 6.2% | 6.4% | 3.2% | 3.0% | 3.5% | | 3.0% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 13.6% | 11.9% | 15.0% | 22.4% | 20.4% | | 16.5% | |
| Prior Fiscal Year | 14.6% | 9.8% | 19.2% | 25.1% | 21.5% | | 17.8% | |
| Latest Fiscal Year | 15.8% | 10.7% | 20.6% | 25.2% | 19.4% | | 17.5% | |
| Latest Twelve Months | 15.8% | 10.7% | 20.6% | 25.2% | 19.4% | | 17.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.18x | 1.02x | 2.82x | 3.65x | 1.89x | | 1.46x | |
| EV / LTM EBIT | 13.8x | 9.5x | 13.7x | 14.5x | 9.7x | | 8.3x | |
| Price / LTM Sales | 1.30x | 0.34x | 1.38x | 2.64x | 1.72x | | 1.09x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.02x | 2.18x | 3.65x | | | | | |
| Historical EV / LTM Revenue | 1.27x | 1.46x | 1.67x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 1.49x | 1.57x | 1.65x | | | | | |
| (x) LTM Revenue | 5,315 | 5,315 | 5,315 | | | | | |
| (=) Implied Enterprise Value | 7,921 | 8,338 | 8,755 | | | | | |
| (-) Non-shareholder Claims * | (1,966) | (1,966) | (1,966) | | | | | |
| (=) Equity Value | 5,955 | 6,372 | 6,789 | | | | | |
| (/) Shares Outstanding | 664.1 | 664.1 | 664.1 | | | | | |
| Implied Value Range | 8.97 | 9.59 | 10.22 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 8.97 | 9.59 | 10.22 | | 8.72 | | | |
| Upside / (Downside) | 2.8% | 10.0% | 17.2% | | | | | |