| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| ERG | ECK | EDNR | VLTSA | GRE | | FRE | |
| BIT:ERG | BIT:ECK | BIT:EDNR | ENXTPA:VLTSA | BME:GRE | | BIT:FRE | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -6.3% | 48.8% | 13.4% | 25.5% | 49.8% | | 1.4% | |
| 3Y CAGR | 7.1% | 77.2% | 9.4% | 15.1% | 42.5% | | 2.5% | |
| Latest Twelve Months | -0.4% | -37.3% | -16.5% | 10.5% | 59.2% | | 33.3% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 29.7% | 1.9% | 3.0% | 17.8% | 15.9% | | 3.3% | |
| Prior Fiscal Year | 40.5% | 1.6% | 4.0% | 24.2% | 21.6% | | 8.4% | |
| Latest Fiscal Year | 34.8% | 2.3% | 2.3% | 12.4% | 17.5% | | 29.3% | |
| Latest Twelve Months | 34.8% | 2.2% | 2.3% | 12.4% | 17.5% | | 29.3% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 6.45x | 0.11x | 0.59x | 5.31x | 2.91x | | 4.20x | |
| EV / LTM EBIT | 18.6x | 4.7x | 25.0x | 42.7x | 16.6x | | 18.0x | |
| Price / LTM Sales | 3.57x | 0.05x | 0.56x | 1.56x | 1.95x | | 5.64x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.11x | 2.91x | 6.45x | | | | | |
| Historical EV / LTM Revenue | 4.20x | 8.94x | 10.59x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 5.86x | 6.17x | 6.48x | | | | | |
| (x) LTM Revenue | 2 | 2 | 2 | | | | | |
| (=) Implied Enterprise Value | 14 | 15 | 16 | | | | | |
| (-) Non-shareholder Claims * | 3 | 3 | 3 | | | | | |
| (=) Equity Value | 17 | 18 | 19 | | | | | |
| (/) Shares Outstanding | 59.3 | 59.3 | 59.3 | | | | | |
| Implied Value Range | 0.29 | 0.31 | 0.32 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 0.29 | 0.31 | 0.32 | | 0.21 | | | |
| Upside / (Downside) | 40.3% | 46.3% | 52.3% | | | | | |