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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12,1x - 13,4x | 12,7x |
| Selected Fwd EBITDA Multiple | 9,8x - 10,9x | 10,3x |
| Fair Value | €57,01 - €63,68 | €60,34 |
| Upside | 2,8% - 14,8% | 8,8% |
| Benchmarks | Ticker | Full Ticker |
| Leidos Holdings, Inc. | S6IA | DB:S6IA |
| UL Solutions Inc. | ULS | NYSE:ULS |
| SGS SA | 0QMI | LSE:0QMI |
| ALS Limited | ALQ | ASX:ALQ |
| Hays plc | HAS | LSE:HAS |
| Intertek Group plc | IT1 | DB:IT1 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| S6IA | ULS | 0QMI | ALQ | HAS | IT1 | ||
| DB:S6IA | NYSE:ULS | LSE:0QMI | ASX:ALQ | LSE:HAS | DB:IT1 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 13.2% | 6.8% | 0.3% | 10.1% | -19.8% | 1.4% | |
| 3Y CAGR | 12.3% | 17.1% | -2.1% | 9.7% | -9.3% | 5.4% | |
| Latest Twelve Months | 25.4% | 13.4% | 0.2% | 7.4% | -71.2% | 3.3% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 11.0% | 18.5% | 18.4% | 22.5% | 2.4% | 21.6% | |
| Prior Fiscal Year | 10.6% | 18.7% | 17.8% | 23.3% | 2.9% | 21.3% | |
| Latest Fiscal Year | 12.6% | 19.8% | 17.4% | 20.5% | 1.3% | 21.6% | |
| Latest Twelve Months | 13.1% | 20.3% | 17.4% | 20.5% | 0.8% | 21.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.43x | 5.10x | 2.81x | 3.47x | 0.18x | 2.45x | |
| EV / LTM EBITDA | 10.9x | 25.0x | 16.1x | 16.9x | 24.0x | 11.3x | |
| EV / LTM EBIT | 12.5x | 31.2x | 20.7x | 21.5x | 38.7x | 15.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 10.9x | 16.9x | 25.0x | ||||
| Historical EV / LTM EBITDA | 11.2x | 11.7x | 16.9x | ||||
| Selected EV / LTM EBITDA | 12.1x | 12.7x | 13.4x | ||||
| (x) LTM EBITDA | 732 | 732 | 732 | ||||
| (=) Implied Enterprise Value | 8,853 | 9,319 | 9,785 | ||||
| (-) Non-shareholder Claims * | (842) | (842) | (842) | ||||
| (=) Equity Value | 8,011 | 8,477 | 8,943 | ||||
| (/) Shares Outstanding | 157.4 | 157.4 | 157.4 | ||||
| Implied Value Range | 50.90 | 53.86 | 56.82 | ||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 59.53 | 62.99 | 66.45 | 55.45 | |||
| Upside / (Downside) | 7.4% | 13.6% | 19.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | S6IA | ULS | 0QMI | ALQ | HAS | IT1 | |
| Enterprise Value | 23,986 | 14,765 | 18,995 | 10,372 | 1,255 | 8,304 | |
| (+) Cash & Short Term Investments | 845 | 267 | 1,210 | 268 | 154 | 343 | |
| (+) Investments & Other | 0 | 36 | 19 | 37 | 0 | 0 | |
| (-) Debt | (5,736) | (843) | (3,880) | (2,093) | (291) | (1,142) | |
| (-) Other Liabilities | (45) | (14) | (80) | (14) | 0 | (43) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 19,050 | 14,211 | 16,264 | 8,569 | 1,118 | 7,462 | |
| (/) Shares Outstanding | 128.7 | 200.5 | 194.2 | 505.8 | 1,591.9 | 157.4 | |
| Implied Stock Price | 147.99 | 70.88 | 83.76 | 16.94 | 0.70 | 47.42 | |
| FX Conversion Rate to Trading Currency | 1.15 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 129.05 | 70.88 | 83.76 | 16.94 | 0.70 | 55.45 | |
| Trading Currency | EUR | USD | CHF | AUD | GBP | EUR | |
| FX Rate to Reporting Currency | 1.15 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |