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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -18.9x - -20.9x | -19.9x |
| Selected Fwd EBIT Multiple | -23.2x - -25.6x | -24.4x |
| Fair Value | €6.29 - €7.01 | €6.65 |
| Upside | 3.4% - 15.3% | 9.3% |
| Benchmarks | Ticker | Full Ticker |
| WEBTOON Entertainment Inc. | WBTN | NasdaqGS:WBTN |
| QuinStreet, Inc. | QNST | NasdaqGS:QNST |
| Ziff Davis, Inc. | ZD | NasdaqGS:ZD |
| Tripadvisor, Inc. | TRIP | NasdaqGS:TRIP |
| Pinterest, Inc. | PINS | NYSE:PINS |
| Snap Inc. | SNAP | WBAG:SNAP |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WBTN | QNST | ZD | TRIP | PINS | SNAP | ||
| NasdaqGS:WBTN | NasdaqGS:QNST | NasdaqGS:ZD | NasdaqGS:TRIP | NYSE:PINS | WBAG:SNAP | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 0.0% | 16.0% | -8.3% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | 0.0% | NM- | -13.0% | NM- | |
| Latest Twelve Months | 42.9% | 122.1% | 6.2% | -5.3% | 6.7% | 43.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -4.8% | -1.2% | 13.9% | -7.2% | 2.1% | -23.7% | |
| Prior Fiscal Year | -2.2% | -4.6% | 13.9% | 8.3% | -0.2% | -30.4% | |
| Latest Fiscal Year | -5.0% | 0.6% | 14.2% | 6.7% | 5.9% | -13.4% | |
| Latest Twelve Months | -2.8% | 0.6% | 13.9% | 7.7% | 6.4% | -11.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.90x | 0.70x | 1.24x | 1.07x | 5.42x | 2.34x | |
| EV / LTM EBITDA | -375.1x | 24.8x | 4.2x | 11.6x | 77.3x | -26.4x | |
| EV / LTM EBIT | -32.4x | 123.2x | 8.9x | 13.8x | 84.5x | -20.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -32.4x | 13.8x | 123.2x | ||||
| Historical EV / LTM EBIT | -96.3x | -20.2x | -14.3x | ||||
| Selected EV / LTM EBIT | -18.9x | -19.9x | -20.9x | ||||
| (x) LTM EBIT | (654) | (654) | (654) | ||||
| (=) Implied Enterprise Value | 12,358 | 13,008 | 13,659 | ||||
| (-) Non-shareholder Claims * | (1,110) | (1,110) | (1,110) | ||||
| (=) Equity Value | 11,248 | 11,899 | 12,549 | ||||
| (/) Shares Outstanding | 1,689.8 | 1,689.8 | 1,689.8 | ||||
| Implied Value Range | 6.66 | 7.04 | 7.43 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.73 | 6.07 | 6.40 | 6.08 | |||
| Upside / (Downside) | -5.7% | -0.3% | 5.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WBTN | QNST | ZD | TRIP | PINS | SNAP | |
| Enterprise Value | 1,336 | 768 | 1,775 | 2,014 | 21,602 | 13,039 | |
| (+) Cash & Short Term Investments | 585 | 101 | 457 | 1,212 | 2,659 | 2,893 | |
| (+) Investments & Other | 161 | 0 | 140 | 29 | 0 | 189 | |
| (-) Debt | (28) | (7) | (901) | (1,262) | (137) | (4,192) | |
| (-) Other Liabilities | (87) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,966 | 862 | 1,471 | 1,993 | 24,124 | 11,930 | |
| (/) Shares Outstanding | 130.6 | 57.0 | 41.0 | 116.1 | 679.9 | 1,689.8 | |
| Implied Stock Price | 15.05 | 15.13 | 35.88 | 17.16 | 35.48 | 7.06 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
| Implied Stock Price (Trading Cur) | 15.05 | 15.13 | 35.88 | 17.16 | 35.48 | 6.08 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |