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13 FCF Valuation Monitor - Q1 2017 Regression Analysis

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FCF Fox Corporate Finance GmbH
Growth & Multiple Regression Analysis
Supporting Document to
FCF Valuation Monitor
German Small- / Midcap Companies
Q1 2017
Data as of March 31, 2017
Published as of April 26, 2017
Executive Summary
I.
FCF Overview
II.
Sector Overview
III. Sector Regression Analysis
a)
Automotive Supply
b)
Communications Services
c)
Construction Products / Services
d)
Consumer Products / Services
e)
Hightech / Advanced Machinery
f)
Industrial / Business Services
g)
Industrial Machinery
h)
Industrial Materials
i)
Industrial Products
j)
Internet Products / Services
k)
IT Services
l)
Media & Entertainment
m)
Pharma & Healthcare
n)
Renewable Products / Services
o)
Software
p)
Technology
q)
Transportation & Logistics
2
Executive Summary
I.
FCF Overview
II.
Sector Overview
III. Sector Regression Analysis
a)
Automotive Supply
b)
Communications Services
c)
Construction Products / Services
d)
Consumer Products / Services
e)
Hightech / Advanced Machinery
f)
Industrial / Business Services
g)
Industrial Machinery
h)
Industrial Materials
i)
Industrial Products
j)
Internet Products / Services
k)
IT Services
l)
Media & Entertainment
m)
Pharma & Healthcare
n)
Renewable Products / Services
o)
Software
p)
Technology
q)
Transportation & Logistics
3
Executive Summary
The Growth &
Multiple Regression
Analysis is a
supporting document
to the FCF Valuation
Monitor, providing
information on the
current valuation
levels of German
small and midcap
companies
More advanced,
detailed and / or
customized reports
are available upon
request
Executive Summary
 The Growth & Multiple Regression Analysis is a standardized publication and a supporting document to the FCF Valuation Monitor
 The analysis offers further information of the current valuation levels of German listed small and midcap companies
 The calculations provide insights into the impact of Sales CAGRs and EBITDA CAGRs on EBITDA multiples by each sector
 As also explained in the FCF Valuation Monitor, the selection of companies is primarily based on the Prime Standard All Share Index as
well as selected companies listed on the regulated market:
– Large cap DAX 30 companies are excluded
– Certain sectors which are dominated by large cap companies or which are of limited relevance for a small / midcap analysis have
been excluded (e.g. financials, utilities, automotive manufacturers and specialty sectors such as biotech and healthcare services /
hospitals)
– The allocation of companies into a specific sector is based on FCF’s understanding & classification of the companies’ business
models and differs in part from the standard Deutsche Börse sector allocation
– The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR 50m,
2017e sales > EUR 50m, 2017e EBITDA > EUR 10m, LFQA Equity > 25m. Smaller companies with a current market capitalization
of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. In addition, certain
companies that do not represent their respective sectors have been excluded
 All input data is provided by S&P Capital IQ and is not independently verified by FCF. Ratio and multiple calculations are driven based
on the input data available. For additional information and disclaimer, please refer to the last page
 Please do not hesitate to contact us, if you have further questions
4
Executive Summary
I.
FCF Overview
II.
Sector Overview
III. Sector Regression Analysis
a)
Automotive Supply
b)
Communications Services
c)
Construction Products / Services
d)
Consumer Products / Services
e)
Hightech / Advanced Machinery
f)
Industrial / Business Services
g)
Industrial Machinery
h)
Industrial Materials
i)
Industrial Products
j)
Internet Products / Services
k)
IT Services
l)
Media & Entertainment
m)
Pharma & Healthcare
n)
Renewable Products / Services
o)
Software
p)
Technology
q)
Transportation & Logistics
5
FCF Overview
(ii) with the highest
flexibility,
(iii) in the shortest
period of time,
(iv) with the highest
closing
probability, and
with
(v) financing partners
that integrate well
into their strategy
Capital Markets Capabilities and Services
 Specialized investment bank and financing specialist
 Advising public and private small / midcap companies
 Advisor for structuring and placement of financing transactions:
– All instruments: Unbiased approach to all available corporate
financing instruments (no product selling approach), allowing
for customized financing structures
– All investors: Close and trusted relationships with senior
executives of virtually all relevant equity and debt investors
– Fast process: Process management skills and direct / personal
access to institutional debt and equity investors enable fast
transactions
 More than 50 transactions with a total placement volume in
Equity
(i) at the lowest
cost,
Who We Are
Private /
Pre-IPO
Public
 Venture capital
 Growth capital
 Receivables financing /
Inventory financing
 Bank loan facility
(straight debt)
Long-term
 Leasing /
Debt
Sale-and-lease back
 High-yield / PIK bond
excess of €2.0 billion since foundation in 2005
Mezzanine  Mezzanine capital
 Approx. 15 professionals, headquartered in Munich
 Private equity
 Capital increase /
 Private Investment in
Initial Public Offering (IPO)
Public Equity (PIPE)
 Dual-track (IPO and
 Block trade
alternative transaction)
Short-term
Factoring / ABS
 Borrowing base /
Debt
Debt
FCF seeks to provide
its clients with
financing
 Overdraft / Revolving /
Working capital facility
 Guarantee /
Letter of Credit
 Corporate bond
(public / private)
 Promissory note
(Schuldscheindarlehen)
 Second lien
 Convertible bond
Selected Transactions
Factoring
Advisor to the Fam ily
and Firm
Debt Financing
Germ an Furniture
Com pany
Max Aicher Group
EUR 105m
W Schulz Group
Sale to Berkshire Hathaway
[confidential]
> EUR 35m
[confidential]
March 2017
February 2017
July 2016
April 2016
Syndicated Loan
[confidential]
[confidential]
Leading German
Logistics Company
Leading German
Logistics Company
EUR 45m
March 2017
Senior Debt Financing
[confidential]
6
Executive Summary
I.
FCF Overview
II.
Sector Overview
III. Sector Regression Analysis
a)
Automotive Supply
b)
Communications Services
c)
Construction Products / Services
d)
Consumer Products / Services
e)
Hightech / Advanced Machinery
f)
Industrial / Business Services
g)
Industrial Machinery
h)
Industrial Materials
i)
Industrial Products
j)
Internet Products / Services
k)
IT Services
l)
Media & Entertainment
m)
Pharma & Healthcare
n)
Renewable Products / Services
o)
Software
p)
Technology
q)
Transportation & Logistics
7
Sector Overview - EV / EBITDA vs. Sales CAGR
25.0x
Internet Products / Services
20.0x
EV / EBITDA 2017
15.0x
IT Services
Software
Hightech / Advanced Machinery
Industrial / Business Services
Industrial Materials
Industrial Machinery
10.0x
Consumer Products / Services
Construction Products / Services
Technology
Pharma & Healthcare
Industrial Products
Communications Services
Renewable Products / Services
Media & Entertainment
Transportation & Logistics
Automotive Supply
5.0x
R² = 0.4774
0.0x
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
8
Sector Overview - EV / EBITDA vs. EBITDA CAGR
25.0x
Internet Products / Services
20.0x
EV / EBITDA 2017
15.0x
Software
Hightech / Advanced Machinery
IT Services
10.0x
Pharma & Healthcare
Industrial Machinery
Communications Services
Media & Entertainment
Industrial Materials
Technology
Industrial / Business Services
Industrial Products
Consumer Products / Services
Construction Products / Services
Renewable Products / Services
Transportation & Logistics
Automotive Supply
5.0x
R² = 0.5682
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
45.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
9
Executive Summary
I.
FCF Overview
II.
Sector Overview
III. Sector Regression Analysis
a)
Automotive Supply
b)
Communications Services
c)
Construction Products / Services
d)
Consumer Products / Services
e)
Hightech / Advanced Machinery
f)
Industrial / Business Services
g)
Industrial Machinery
h)
Industrial Materials
i)
Industrial Products
j)
Internet Products / Services
k)
IT Services
l)
Media & Entertainment
m) Pharma & Healthcare
n)
Renewable Products / Services
o)
Software
p)
Technology
q)
Transportation & Logistics
10
Automotive Supply - EV / EBITDA vs. Sales CAGR
14.0x
Paragon AG
12.0x
EV / EBITDA 2017
10.0x
8.0x
Saf-Holland S.A.
Bertrandt Aktiengesellschaft
ElringKlinger AG
Grammer Aktiengesellschaft
6.0x
Softing AG
DEUTZ Aktiengesellschaft
Schaeffler AG
Rheinmetall AG
Hella KGaA Hueck & Co.
Progress Werk Oberkirch AG
LEONI AG
SHW AG
4.0x
2.0x
R² = 0.4064
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
11
Automotive Supply - EV / EBITDA vs. EBITDA CAGR
14.0x
Paragon AG
12.0x
EV / EBITDA 2017
10.0x
Saf-Holland S.A.
8.0x
Bertrandt Aktiengesellschaft
ElringKlinger AG
Grammer Aktiengesellschaft
Softing AG
6.0x
Rheinmetall AG
LEONI AG
DEUTZ Aktiengesellschaft
Schaeffler AG
Progress Werk Oberkirch AG
Hella KGaA Hueck & Co.
SHW AG
4.0x
2.0x
R² = 0.3249
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
12
Communications Services - EV / EBITDA vs. Sales CAGR
18.0x
16.0x
Drillisch Aktiengesellschaft
14.0x
freenet AG
12.0x
EV / EBITDA 2017
United Internet AG
10.0x
3U Holding AG
Telefónica Deutschland Holding AG
8.0x
QSC AG
6.0x
4.0x
ecotel communication ag
2.0x
R² = 0.4056
0.0x
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
13
Communications Services - EV / EBITDA vs. EBITDA CAGR
16.0x
Drillisch Aktiengesellschaft
14.0x
12.0x
freenet AG
United Internet AG
10.0x
EV / EBITDA 2017
3U Holding AG
8.0x
Telefónica Deutschland Holding AG
QSC AG
6.0x
4.0x
ecotel communication ag
2.0x
R² = 0.0466
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
14
Construction Products / Services - EV / EBITDA vs. Sales CAGR
10.0x
Wacker Neuson SE
HOCHTIEF Aktiengesellschaft
9.0x
STEICO SE
8.0x
Bilfinger SE
Einhell Germany AG
7.0x
A.S. Création Tapeten AG
6.0x
EV / EBITDA 2017
BAUER Aktiengesellschaft
5.0x
4.0x
3.0x
2.0x
1.0x
R² = 0.5326
0.0x
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
15
Construction Products / Services - EV / EBITDA vs. EBITDA CAGR
10.0x
Wacker Neuson SE
HOCHTIEF Aktiengesellschaft
9.0x
8.0x
Bilfinger SE
7.0x
A.S. Création Tapeten AG
6.0x
EV / EBITDA 2017
BAUER Aktiengesellschaft
5.0x
4.0x
3.0x
2.0x
1.0x
R² = 0.0093
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Einhell Germany AG and STEICO SE have been omitted due to missing data
16
Consumer Products / Services - EV / EBITDA vs. Sales CAGR
20.0x
Fielmann AG
18.0x
16.0x
PUMA SE
14.0x
LUDWIG BECK am Rathauseck - Textilhaus
Feldmeier AG
EV / EBITDA 2017
12.0x
Hawesko Holding Aktiengesellschaft
Ahlers AG
Gerry Weber International AG
10.0x
Hugo Boss AG
Leifheit AG
8.0x
Südzucker AG
Tom Tailor Holding AG
Hornbach Holding AG & Co. KGaA
Alno AG
CEWE Stiftung & Co. KGaA
6.0x
Villeroy & Boch AG
4.0x
Adler Modemärkte AG
METRO AG
2.0x
R² = 0.2077
0.0x
-2.0%
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Gigaset AG has been omitted due to missing data
17
Consumer Products / Services - EV / EBITDA vs. EBITDA CAGR
10.0x
Wacker Neuson SE
HOCHTIEF Aktiengesellschaft
9.0x
8.0x
Bilfinger SE
7.0x
A.S. Création Tapeten AG
EV / EBITDA 2017
6.0x
BAUER Aktiengesellschaft
5.0x
4.0x
3.0x
2.0x
1.0x
R² = 0.0093
.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Gigaset AG has been omitted due to missing data
18
Hightech / Advanced Machinery - EV / EBITDA vs. Sales CAGR
50.0x
SLM Solutions Group AG
45.0x
40.0x
35.0x
EV / EBITDA 2017
30.0x
25.0x
20.0x
LPKF Laser & Electronics Aktiengesellschaft
15.0x
MTU Aero Engines AG
10.0x
Dr. Hönle AG
Manz AG
Viscom AG
Basler Aktiengesellschaft
Suss MicroTec AG
5.0x
Singulus Technologies AG
Francotyp-Postalia Holding AG
R² = 0.8503
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Aixtron and PVA TePla AG have been omitted due to missing data
19
Hightech / Advanced Machinery - EV / EBITDA vs. EBITDA CAGR
50.0x
45.0x
SLM Solutions Group AG
40.0x
35.0x
EV / EBITDA 2017
30.0x
25.0x
20.0x
LPKF Laser & Electronics Aktiengesellschaft
15.0x
MTU Aero Engines AG
10.0x
Basler Aktiengesellschaft
5.0x
Viscom AG
Dr. Hönle AG
Manz AG
Suss MicroTec AG
Francotyp-Postalia Holding AG
R² = 0.8346
0.0x
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Aixtron, PVA TePla Ag and Singulus Technologies AG have been omitted due to missing data
20
Industrial / Business Services - EV / EBITDA vs. Sales CAGR
25.0x
KROMI Logistik AG
20.0x
EV / EBITDA 2017
15.0x
Amadeus FiRe AG
GfK SE
10.0x
TAKKT AG
Klöckner & Co SE
5.0x
Muehlhan AG
R² = 0.7865
0.0x
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: msg life AG has been omitted due to missing data
21
Industrial / Business Services - EV / EBITDA vs. EBITDA CAGR
12.0x
Amadeus FiRe AG
10.0x
TAKKT AG
GfK SE
EV / EBITDA 2017
8.0x
msg life ag
Klöckner & Co SE
6.0x
4.0x
Muehlhan AG
2.0x
R² = 0.0023
0.0x
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: KROMI Logistic AG has been omitted due to missing data
22
Industrial Machinery - EV / EBITDA vs. Sales CAGR
16.0x
KUKA Aktiengesellschaft
14.0x
Isra Vision AG
Washtec AG
12.0x
GEA Group Aktiengesellschaft
SMT Scharf AG
Technotrans AG
10.0x
EV / EBITDA 2017
KION GROUP AG
Krones AG
Jungheinrich Aktiengesellschaft
8.0x
Koenig & Bauer AG
Dürr Aktiengesellschaft
6.0x
Heidelberger Druckmaschinen Aktiengesellschaft
4.0x
2.0x
R² = 0.3008
0.0x
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: DMG Mori Aktiengesellschaft has been omitted due to missing data
23
Industrial Machinery - EV / EBITDA vs. EBITDA CAGR
R² = 0.1301
16.0x
KUKA Aktiengesellschaft
14.0x
Isra Vision AG
Washtec AG
12.0x
SMT Scharf AG
GEA Group Aktiengesellschaft
Technotrans AG
EV / EBITDA 2017
10.0x
KION GROUP AG
Jungheinrich Aktiengesellschaft
Krones AG
8.0x
Dürr Aktiengesellschaft
Koenig & Bauer AG
6.0x
4.0x
Heidelberger Druckmaschinen
Aktiengesellschaft
2.0x
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: DMG Mori Aktiengesellschaft has been omitted due to missing data
24
Industrial Materials - EV / EBITDA vs. Sales CAGR
25.0x
SGL Carbon SE
20.0x
EV / EBITDA 2017
15.0x
Symrise AG
Fuchs Petrolub SE
BayWa Aktiengesellschaft
Brenntag AG
KWS Saat SE
10.0x
Aurubis AG
Covestro Aktiengesellschaft
H&R GmbH & Co. KGaA
Siltronic AG
Evonik Industries AG
5.0x
Wacker Chemie AG
R² = 0.1927
0.0x
-1.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
25
Industrial Materials - EV / EBITDA vs. EBITDA CAGR
25.0x
SGL Carbon SE
20.0x
EV / EBITDA 2017
15.0x
Symrise AG
Fuchs Petrolub SE
BayWa Aktiengesellschaft
Brenntag AG
KWS Saat SE
10.0x
H&R GmbH & Co. KGaA
Covestro Aktiengesellschaft
Aurubis AG
Siltronic AG
Wacker Chemie AG
5.0x
Evonik Industries AG
R² = 0.4812
0.0x
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
26
Industrial Products - EV / EBITDA vs. Sales CAGR
30.0x
25.0x
RATIONAL Aktiengesellschaft
EV / EBITDA 2017
20.0x
15.0x
va-Q-tec AG
Schaltbau Holding AG
10.0x
Pfeiffer Vacuum
Technology AG
Gesco AG
5.0x
R. Stahl AG
Nanogate AG
Vossloh AG
NORMA Group SE
K+S Aktiengesellschaft
OSRAM Licht AG
Masterflex SE
LANXESS Aktiengesellschaft
Nabaltec AG
CENTROTEC Sustainable AG
Westag & Getalit AG
Salzgitter Aktiengesellschaft
R² = 0.1691
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Sales CAGR 2017-2019
Source: S&P Capital IQ as of March 31, 2017
Note: Surteco SE has been omitted due to missing data
27
Industrial Products - EV / EBITDA vs. EBITDA CAGR
25.0x
RATIONAL Aktiengesellschaft
20.0x
EV / EBITDA 2017
15.0x
va-Q-tec AG
Pfeiffer Vacuum Technology AG
10.0x
NORMA Group SE
OSRAM Licht AG
LANXESS Aktiengesellschaft
R. Stahl AG
K+S Aktiengesellschaft
Masterflex SE
Gesco AG
Nabaltec AG
Surteco SE
5.0x
Nanogate AG
Schaltbau Holding AG
Vossloh AG
CENTROTEC Sustainable AG
Westag & Getalit AG
Salzgitter Aktiengesellschaft
R² = 0.1376
0.0x
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
EBITDA CAGR 2017-2019
Source: S&P Capital IQ as of March 31, 2017
28
Internet Products / Services - EV / EBITDA vs. Sales CAGR
80.0x
70.0x
elumeo SE
60.0x
EV / EBITDA 2017
50.0x
40.0x
zooplus AG
30.0x
Zalando SE
20.0x
Bet-At-Home.com AG
XING AG
Scout24 AG
Syzygy AG
Delticom AG
Wirecard AG
10.0x
ZEAL Network SE
0.0x
0.0%
5.0%
10.0%
15.0%
R² = 0.0015
20.0%
25.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Lotto24, Rocket Internet and windeln.de have been omitted due to missing data
29
Internet Products / Services - EV / EBITDA vs. EBITDA CAGR
80.0x
70.0x
elumeo SE
60.0x
EV / EBITDA 2017
50.0x
40.0x
zooplus AG
30.0x
Zalando SE
20.0x Bet-At-Home.com AG
Scout24 AG
10.0x
XING AG
Syzygy AG
Wirecard AG
Delticom AG
ZEAL Network SE
0.0x
0.0%
50.0%
R² = 0.7961
100.0%
150.0%
200.0%
250.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Lotto24, Rocket Internet and windeln.de have been omitted due to missing data
30
IT Services - EV / EBITDA vs. Sales CAGR
35.0x
30.0x
InVision Aktiengesellschaft
25.0x
EV / EBITDA 2017
KPS AG
20.0x
SinnerSchrader Aktiengesellschaft
secunet Security
Networks
Aktiengesellschaft
15.0x
CENIT
Aktiengesellschaft
10.0x
Bechtle AG
Cancom SE
Diebold Nixdorf
Aktiengesellschaft
GFT Technologies SE
PSI Aktiengesellschaft für Produkte und
Systeme der Informationstechnologie
5.0x
R² = 0.6477
0.0x
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: All for One Steeb AG and Allgeier SE have been omitted due to missing data
31
IT Services - EV / EBITDA vs. EBITDA CAGR
25.0x
KPS AG
20.0x
SinnerSchrader Aktiengesellschaft
secunet Security Networks Aktiengesellschaft
EV / EBITDA 2017
15.0x
Bechtle AG
CENIT Aktiengesellschaft
10.0x
Diebold Nixdorf Aktiengesellschaft
GFT Technologies SE
Cancom SE
PSI Aktiengesellschaft für Produkte und
Systeme der Informationstechnologie
5.0x
R² = 0.3145
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: All for One Steeb AG, Allgeier SE and InVision Aktiengesellschaft have been omitted due to missing data
32
Media & Entertainment - EV / EBITDA vs. Sales CAGR
16.0x
CTS Eventim AG & Co. KGaA
14.0x
12.0x
Axel Springer SE
Ströer SE & Co. KGaA
EV / EBITDA 2017
10.0x
Tele Columbus AG
8.0x
6.0x
Bastei Lübbe AG
4.0x
2.0x
Constantin Medien AG
R² = 0.0006
0.0x
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: DEAG Deutsche Entertainment Aktiengesellschaft has been omitted due to missing data
33
Media & Entertainment - EV / EBITDA vs. EBITDA CAGR
16.0x
CTS Eventim AG & Co. KGaA
14.0x
12.0x
Axel Springer SE
Ströer SE & Co. KGaA
EV / EBITDA 2017
10.0x
Tele Columbus AG
8.0x
6.0x
Bastei Lübbe AG
4.0x
2.0x
R² = 0.6031
0.0x
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Constantin Medien AG and DEAG Deutsche Entertainment Aktiengesellschaft have been omitted due to missing data
34
Pharma & Healthcare - EV / EBITDA vs. Sales CAGR
20.0x
Carl Zeiss Meditec AG
18.0x
16.0x
STRATEC Biomedical AG
14.0x
Biotest Aktiengesellschaft
Rhön-Klinikum Aktiengesellschaft
EV / EBITDA 2017
12.0x
STADA Arzneimittel Aktiengesellschaft
10.0x
Gerresheimer AG
8.0x
MEDICLIN Aktiengesellschaft
6.0x
Dragerwerk AG & Co. KGaA
Eckert & Ziegler Strahlen- und Medizintechnik AG
AAP Implantate AG
4.0x
2.0x
R² = 0.1908
0.0x
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Biofrontera AG and Geratherm Medical have been omitted due to missing data
35
Pharma & Healthcare - EV / EBITDA vs. EBITDA CAGR
20.0x
18.0x
Carl Zeiss Meditec AG
16.0x
STRATEC Biomedical AG
14.0x
Rhön-Klinikum Aktiengesellschaft
Biotest Aktiengesellschaft
EV / EBITDA 2017
12.0x
STADA Arzneimittel Aktiengesellschaft
10.0x
Gerresheimer AG
8.0x
6.0x
MEDICLIN Aktiengesellschaft
Dragerwerk AG & Co. KGaA
Eckert & Ziegler Strahlen- und
Medizintechnik AG
4.0x
2.0x
R² = 0.1882
0.0x
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
EBITDA CAGR 2017-2019
Source: S&P Capital IQ as of March 31, 2017
Note: AAP Implantate AG, Biofrontera AG and Geratherm Medical have been omitted due to missing data
36
Renewable Products / Services - EV / EBITDA vs. Sales CAGR
14.0x
PNE Wind AG
12.0x
Daldrup & Söhne Aktiengesellschaft
10.0x
EV / EBITDA 2017
CHORUS Clean Energy AG
8.0x
CropEnergies AG
SMA Solar Technology AG
6.0x
Nordex SE
4.0x
2.0x
R² = 0.6445
0.0x
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Sales CAGR 2017-2019
Source: S&P Capital IQ as of March 31, 2017
Note: Phoenix Solar Aktiengesellschaft, SolarWorld Aktiengesellschaft and VERBIO Vereinigte BioEnergie has been omitted due to missing data
37
Renewable Products / Services - EV / EBITDA vs. EBITDA CAGR
14.0x
PNE Wind AG
12.0x
Daldrup & Söhne Aktiengesellschaft
EV / EBITDA 2017
10.0x
8.0x
CropEnergies AG
SMA Solar Technology AG
6.0x
Nordex SE
4.0x
2.0x
R² = 0.5775
0.0x
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: CHORUS Clean Energy AG, Phoenix Solar Aktiengesellschaft, SolarWorld Aktiengesellschaft and VERBIO Vereinigte BioEnergie have been omitted due to missing data
38
Software - EV / EBITDA vs. Sales CAGR
25.0x
Nemetschek SE
20.0x
SNP Schneider-Neureither & Partner AG
USU Software AG
CompuGroup Medical
Societas Europaea
EV / EBITDA 2017
15.0x
Mensch und Maschine Software SE
Nexus AG
10.0x
GK Software AG
Software Aktiengesellschaft
MeVis Medical Solutions AG
5.0x
R² = 0.6811
0.0x
-25.0%
-20.0%
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: ATOSS Software AG and IVU Traffic Technologies have been omitted due to missing data
39
Software - EV / EBITDA vs. EBITDA CAGR
25.0x
Nemetschek SE
20.0x
SNP Schneider-Neureither & Partner AG
CompuGroup Medical
Societas Europaea
USU Software AG
EV / EBITDA 2017
15.0x
Mensch und Maschine Software SE
GK Software AG
10.0x
Nexus AG
Software Aktiengesellschaft
MeVis Medical Solutions AG
5.0x
R² = 0.5284
0.0x
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: ATOSS Software AG, IVU Traffic Technologies have been omitted due to missing data
40
Technology - EV / EBITDA vs. Sales CAGR
18.0x
16.0x
Clere AG
14.0x
init innovation in traffic systems SE
Jenoptik AG
EV / EBITDA 2017
12.0x
DATA MODUL Aktiengesellschaft, Produktion und Vertrieb von
elektronischen Systemen
10.0x
First Sensor AG
euromicron AG
Kontron AG
ELMOS Semiconductor AG
8.0x
OHB SE
6.0x
ADVA Optical Networking SE
4.0x
2.0x
R² = 0.4394
0.0x
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
41
Technology - EV / EBITDA vs. EBITDA CAGR
14.0x
init innovation in traffic systems SE
Jenoptik AG
12.0x
DATA MODUL Aktiengesellschaft, Produktion und Vertrieb von
elektronischen Systemen
10.0x
EV / EBITDA 2017
First Sensor AG
euromicron AG
ELMOS Semiconductor AG
8.0x
OHB SE
6.0x
ADVA Optical Networking SE
4.0x
2.0x
R² = 0.072
0.0x
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
Note: Clere AG and Kontron have been omitted due to missing data
42
Transportation & Logistics - EV / EBITDA vs. Sales CAGR
10.0x
Fraport AG
9.0x
8.0x
7.0x
VTG Aktiengesellschaft
Hapag-Lloyd Aktiengesellschaft
Hamburger Hafen und Logistik
Aktiengesellschaft
EV / EBITDA 2017
6.0x
Sixt SE
5.0x
4.0x
3.0x
2.0x
1.0x
R² = 0.0728
0.0x
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
43
Transportation & Logistics - EV / EBITDA vs. EBITDA CAGR
10.0x
Fraport AG
9.0x
8.0x
7.0x
VTG Aktiengesellschaft
Hapag-Lloyd Aktiengesellschaft
EV / EBITDA 2017
6.0x
Hamburger Hafen und Logistik
Aktiengesellschaft
Sixt SE
5.0x
4.0x
3.0x
2.0x
1.0x
R² = 0.0676
0.0x
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017
44
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45
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