| Select LTM Revenue Multiple | | | | | | | | |
| | | | | | | | |
| Benchmark Companies | | | |
| DWS | 1WT | BLK2 | 3IW | SI3 | | AMUN | |
| DB:DWS | DB:1WT | WBAG:BLK2 | DB:3IW | DB:SI3 | | ENXTPA:AMUN | |
| Historical Revenue Growth | | | | | | | | |
| 5Y CAGR | -4.4% | 9.9% | 7.0% | -0.2% | 5.2% | | -6.4% | |
| 3Y CAGR | -11.4% | 12.0% | 1.7% | -4.2% | 3.5% | | -16.1% | |
| Latest Twelve Months | -28.7% | 22.5% | 14.3% | 6.1% | 10.7% | | -41.7% | |
| | | | | | | | |
| Historical EBIT Profit Margin | | | | | | | | |
| 5 Year Average Margin | 25.5% | 24.7% | 36.7% | 20.2% | 25.8% | | 26.9% | |
| Prior Fiscal Year | 23.0% | 25.1% | 35.5% | 14.6% | 22.4% | | 25.3% | |
| Latest Fiscal Year | 34.6% | 32.1% | 37.6% | 17.0% | 25.9% | | 47.5% | |
| Latest Twelve Months | 34.6% | 32.1% | 37.6% | 17.0% | 25.9% | | 47.5% | |
| | | | | | | | |
| Current Trading Multiples | | | | | | | | |
| EV / LTM Revenue | 2.41x | 3.34x | 6.45x | 1.86x | 3.76x | | 3.22x | |
| EV / LTM EBIT | 7.0x | 10.4x | 17.1x | 10.9x | 14.5x | | 6.8x | |
| Price / LTM Sales | 3.51x | 2.76x | 6.85x | 1.13x | 4.31x | | 4.20x | |
| | | | | | | | |
| | | | | | | | |
| Low | Mid | High | | | | | |
| | | | | | | | |
| Benchmark EV / LTM Revenue | 1.86x | 3.34x | 6.45x | | | | | |
| Historical EV / LTM Revenue | 1.38x | 2.04x | 3.22x | | | | | |
| | | | | | | | |
| Selected EV / LTM Revenue | 2.51x | 2.64x | 2.77x | | | | | |
| (x) LTM Revenue | 3,497 | 3,497 | 3,497 | | | | | |
| (=) Implied Enterprise Value | 8,771 | 9,233 | 9,694 | | | | | |
| (-) Non-shareholder Claims * | 0 | 0 | 0 | | | | | |
| (=) Equity Value | 8,771 | 9,233 | 9,694 | | | | | |
| (/) Shares Outstanding | 203.4 | 203.4 | 203.4 | | | | | |
| Implied Value Range | 43.12 | 45.38 | 47.65 | | | | | |
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | | Market Price | | | |
| Implied Value Range (Trading Cur) | 43.12 | 45.38 | 47.65 | | 69.25 | | | |
| Upside / (Downside) | -37.7% | -34.5% | -31.2% | | | | | |