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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 3.0x - 3.3x | 3.1x |
| Selected Fwd Ps Multiple | 2.8x - 3.1x | 3.0x |
| Fair Value | €8.92 - €9.85 | €9.39 |
| Upside | 44.5% - 59.7% | 52.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| WEBTOON Entertainment Inc. | - | NasdaqGS:WBTN |
| QuinStreet, Inc. | - | NasdaqGS:QNST |
| Ziff Davis, Inc. | - | NasdaqGS:ZD |
| Tripadvisor, Inc. | - | NasdaqGS:TRIP |
| Pinterest, Inc. | - | NYSE:PINS |
| Snap Inc. | - | WBAG:SNAP |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| WBTN | QNST | ZD | TRIP | PINS | SNAP | |||
| NasdaqGS:WBTN | NasdaqGS:QNST | NasdaqGS:ZD | NasdaqGS:TRIP | NYSE:PINS | WBAG:SNAP | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | NM- | 17.4% | 5.9% | 3.3% | 26.1% | 25.6% | ||
| 3Y CAGR | NM- | 23.4% | -0.4% | 26.7% | 12.2% | 9.2% | ||
| Latest Twelve Months | 5.8% | 78.3% | 5.9% | 3.0% | 17.0% | 13.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -11.3% | -2.5% | 12.6% | -11.7% | 7.8% | -23.9% | ||
| Prior Fiscal Year | -9.1% | -5.1% | 3.0% | 0.6% | -1.2% | -28.7% | ||
| Latest Fiscal Year | -10.7% | 0.4% | 4.5% | 0.3% | 51.1% | -13.0% | ||
| Latest Twelve Months | -7.3% | 0.4% | 4.6% | 3.5% | 49.3% | -9.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | -375.1x | 25.3x | 4.2x | 11.6x | 79.2x | -26.0x | ||
| Price / LTM Sales | 1.4x | 0.8x | 1.0x | 1.1x | 6.2x | 2.1x | ||
| LTM P/E Ratio | -18.7x | 184.7x | 22.5x | 30.3x | 12.6x | -21.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.8x | 1.1x | 6.2x | |||||
| Historical LTM P/S Ratio | 3.1x | 6.1x | 34.6x | |||||
| Selected Price / Sales Multiple | 3.0x | 3.1x | 3.3x | |||||
| (x) LTM Sales | 5,638 | 5,638 | 5,638 | |||||
| (=) Equity Value | 16,802 | 17,686 | 18,571 | |||||
| (/) Shares Outstanding | 1,689.8 | 1,689.8 | 1,689.8 | |||||
| Implied Value Range | 9.94 | 10.47 | 10.99 | |||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | ||||
| Implied Value Range (Trading Cur) | 8.48 | 8.93 | 9.38 | 6.17 | ||||
| Upside / (Downside) | 37.5% | 44.7% | 51.9% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | WBTN | QNST | ZD | TRIP | PINS | SNAP | |
| Value of Common Equity | 1,983 | 898 | 1,567 | 2,054 | 24,212 | 12,223 | |
| (/) Shares Outstanding | 130.6 | 57.7 | 41.0 | 116.1 | 679.9 | 1,689.8 | |
| Implied Stock Price | 15.18 | 15.57 | 38.21 | 17.69 | 35.61 | 7.23 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 15.18 | 15.57 | 38.21 | 17.69 | 35.61 | 6.17 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |