| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| ZEP | ENG | BDZ | PEP | KGN | | 58S | |
| WSE:ZEP | WSE:ENG | WSE:BDZ | WSE:PEP | WSE:KGN | | DB:58S | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | 6.5% | 16.4% | 3.6% | 11.4% | 26.8% | | 28.3% | |
| 3Y CAGR | 13.3% | 21.2% | 14.6% | 46.4% | 38.8% | | 34.3% | |
| Latest Twelve Months | 26.9% | -0.6% | -45.0% | -23.0% | -2.2% | | -15.5% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 1.9% | 8.0% | -51.6% | 7.7% | 10.6% | | 9.2% | |
| Prior Fiscal Year | 5.4% | 7.0% | -62.1% | 7.2% | 8.7% | | 2.3% | |
| Latest Fiscal Year | 16.2% | 7.6% | -81.0% | 10.8% | 13.2% | | 10.6% | |
| Latest Twelve Months | 15.5% | 4.9% | -48.9% | 10.8% | 11.4% | | 19.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 0.16x | 0.61x | 0.39x | 1.08x | 0.42x | | 0.26x | |
| EV / LTM EBIT | 1.1x | 12.4x | -0.8x | 10.0x | 3.7x | | 1.4x | |
| Price / LTM Sales | 0.40x | 0.23x | 0.50x | 1.27x | 0.27x | | 0.24x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 0.16x | 0.42x | 1.08x | | | | | |
| Historical EV / LTM Revenue | 0.12x | 0.28x | 0.57x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 0.27x | 0.28x | 0.29x | | | | | |
| (x) LTM Revenue | 34,018 | 34,018 | 34,018 | | | | | |
| (=) Implied Enterprise Value | 9,034 | 9,510 | 9,985 | | | | | |
| (-) Non-shareholder Claims * | (658) | (658) | (658) | | | | | |
| (=) Equity Value | 8,376 | 8,852 | 9,327 | | | | | |
| (/) Shares Outstanding | 529.7 | 529.7 | 529.7 | | | | | |
| Implied Value Range | 15.81 | 16.71 | 17.61 | | | | | |
| FX Rate: PLN/EUR | 4.2 | 4.2 | 4.2 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 3.78 | 4.00 | 4.21 | | 3.61 | | | |
| Upside / (Downside) | 4.7% | 10.7% | 16.6% | | | | | |