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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 12.0x - 13.2x | 12.6x |
| Selected Fwd EBITDA Multiple | 7.4x - 8.2x | 7.8x |
| Fair Value | €1.88 - €2.10 | €1.99 |
| Upside | 11.4% - 24.4% | 17.9% |
| Benchmarks | Ticker | Full Ticker |
| LeadDesk Oyj | LEADD | HLSE:LEADD |
| SSH Communications Security Oyj | SSH1V | HLSE:SSH1V |
| QPR Software Oyj | QPR1V | HLSE:QPR1V |
| WithSecure Oyj | WITH | HLSE:WITH |
| Heeros Oyj | HEEROS | HLSE:HEEROS |
| Innofactor Oyj | IFA1V | HLSE:IFA1V |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LEADD | SSH1V | QPR1V | WITH | HEEROS | IFA1V | ||
| HLSE:LEADD | HLSE:SSH1V | HLSE:QPR1V | HLSE:WITH | HLSE:HEEROS | HLSE:IFA1V | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 56.0% | NM- | NM- | 14.7% | 6.3% | 12.2% | |
| 3Y CAGR | 57.4% | NM- | NM- | NM- | -14.6% | 3.3% | |
| Latest Twelve Months | 284.9% | 591.1% | 113.9% | 292.3% | -50.0% | -9.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 5.1% | -3.9% | -12.4% | -9.2% | 15.4% | 8.1% | |
| Prior Fiscal Year | 4.2% | -1.2% | -9.5% | -10.4% | 21.9% | 8.7% | |
| Latest Fiscal Year | 14.9% | 5.6% | 1.5% | 18.9% | 10.4% | 8.2% | |
| Latest Twelve Months | 14.9% | 5.6% | 1.5% | 18.9% | 10.4% | 8.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.21x | 2.30x | 3.04x | 1.38x | 2.44x | 0.87x | |
| EV / LTM EBITDA | 8.1x | 41.1x | 201.3x | 7.3x | 23.6x | 10.6x | |
| EV / LTM EBIT | -91.2x | -194.4x | -1184.1x | -16.7x | 43.5x | 19.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.3x | 23.6x | 201.3x | ||||
| Historical EV / LTM EBITDA | 7.7x | 10.6x | 21.1x | ||||
| Selected EV / LTM EBITDA | 12.0x | 12.6x | 13.2x | ||||
| (x) LTM EBITDA | 6 | 6 | 6 | ||||
| (=) Implied Enterprise Value | 76 | 80 | 84 | ||||
| (-) Non-shareholder Claims * | (7) | (7) | (7) | ||||
| (=) Equity Value | 69 | 73 | 77 | ||||
| (/) Shares Outstanding | 35.8 | 35.8 | 35.8 | ||||
| Implied Value Range | 1.93 | 2.04 | 2.15 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.93 | 2.04 | 2.15 | 1.69 | |||
| Upside / (Downside) | 14.0% | 20.6% | 27.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LEADD | SSH1V | QPR1V | WITH | HEEROS | IFA1V | |
| Enterprise Value | 38 | 51 | 20 | 130 | 29 | 67 | |
| (+) Cash & Short Term Investments | 4 | 3 | 1 | 27 | 1 | 2 | |
| (+) Investments & Other | 0 | 0 | 0 | 30 | 1 | 0 | |
| (-) Debt | (7) | (2) | (1) | (27) | (1) | (8) | |
| (-) Other Liabilities | 0 | (7) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 35 | 45 | 20 | 161 | 30 | 60 | |
| (/) Shares Outstanding | 5.5 | 41.0 | 19.6 | 175.8 | 5.4 | 35.8 | |
| Implied Stock Price | 6.40 | 1.10 | 1.00 | 0.91 | 5.60 | 1.69 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.40 | 1.10 | 1.00 | 0.91 | 5.60 | 1.69 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |