| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| GEF | EZM | MW4 | MGA | VSA2 | | ZIL2 | |
| DB:GEF | DB:EZM | BST:MW4 | DB:MGA | DB:VSA2 | | DB:ZIL2 | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -6.9% | 4.3% | -2.1% | 1.7% | 2.0% | | 0.9% | |
| 3Y CAGR | -8.2% | 13.2% | 2.3% | 5.7% | 7.6% | | 3.5% | |
| Latest Twelve Months | NM | 1.6% | -7.3% | 0.1% | -2.5% | | -2.4% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 5.5% | 3.2% | 6.8% | 4.7% | 2.9% | | 3.4% | |
| Prior Fiscal Year | 4.2% | 3.4% | 5.7% | 4.8% | 3.6% | | 4.9% | |
| Latest Fiscal Year | 5.5% | 3.7% | 3.9% | 4.9% | 4.4% | | 0.6% | |
| Latest Twelve Months | NA | 3.7% | 3.9% | 4.9% | 4.4% | | 0.6% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.29x | 0.25x | 0.06x | 0.35x | 0.30x | | 0.32x | |
| EV / LTM EBIT | 5.2x | 6.7x | 1.6x | 7.1x | 6.7x | | 49.0x | |
| Price / LTM Sales | 0.22x | 0.13x | 0.20x | 0.22x | 0.10x | | 0.16x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.06x | 0.29x | 0.35x | | | | | |
| Historical EV / LTM Revenue | 0.32x | 0.52x | 1.05x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.37x | 0.39x | 0.41x | | | | | |
| (x) LTM Revenue | 1,803 | 1,803 | 1,803 | | | | | |
| (=) Implied Enterprise Value | 668 | 703 | 738 | | | | | |
| (-) Non-shareholder Claims * | (275) | (275) | (275) | | | | | |
| (=) Equity Value | 392 | 428 | 463 | | | | | |
| (/) Shares Outstanding | 63.4 | 63.4 | 63.4 | | | | | |
| Implied Value Range | 6.19 | 6.75 | 7.30 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 6.19 | 6.75 | 7.30 | | 4.70 | | | |
| Upside / (Downside) | 31.9% | 43.7% | 55.6% | | | | | |