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) H i g h t e c h / 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) P h a r m a & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y 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) H i g h t e c h / 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) P h a r m a & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 3 Executive Summary
The Growth & Executive Summary Multiple Regression . The Growth & Multiple Regression Analysis is a standardized publication and a supporting document to the FCF Valuation Monitor Analysis is a supporting document . The analysis offers further information of the current valuation levels of German listed small and midcap companies to the FCF Valuation . The calculations provide insights into the impact of Sales CAGRs and EBITDA CAGRs on EBITDA multiples by each sector Monitor, providing information on the . As also explained in the FCF Valuation Monitor, the selection of companies is primarily based on the Prime Standard All Share Index as current valuation well as selected companies listed on the regulated market: levels of German Large cap DAX 30 companies are excluded small and midcap – companies – 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) More advanced, – The allocation of companies into a specific sector is based on FCF’s understanding & classification of the companies’ business detailed and / or models and differs in part from the standard Deutsche Börse sector allocation customized reports The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR 50m, are available upon – 2017e sales > EUR 50m, 2017e EBITDA > EUR 10m, LFQA Equity > 25m. Smaller companies with a current market capitalization request 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) H i g h t e c h / 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) P h a r m a & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 5 FCF Overview
FCF seeks to provide Who We Are Capital Markets Capabilities and Services its clients with . Specialized investment bank and financing specialist financing Private / Venture capital Private equity . Advising public and private small / midcap companies Pre-IPO Growth capital (i) at the lowest cost, . Advisor for structuring and placement of financing transactions: Capital increase / Private Investment in
– All instruments: Unbiased approach to all available corporate Equity Initial Public Offering (IPO) Public Equity (PIPE) (ii) with the highest Public Dual-track (IPO and Block trade flexibility, financing instruments (no product selling approach), allowing alternative transaction) for customized financing structures (iii) in the shortest Receivables financing / Overdraft / Revolving / – All investors: Close and trusted relationships with senior period of time, Short-term Factoring / ABS Working capital facility executives of virtually all relevant equity and debt investors Debt Borrowing base / Guarantee / (iv) with the highest – Fast process: Process management skills and direct / personal Inventory financing Letter of Credit closing access to institutional debt and equity investors enable fast Bank loan facility Corporate bond probability, and transactions (straight debt) (public / private)
Debt Long-term with Leasing / Promissory note . More than 50 transactions with a total placement volume in Debt Sale-and-lease back (Schuldscheindarlehen) (v) financing partners excess of €2.0 billion since foundation in 2005 High-yield / PIK bond Second lien that integrate well Approx. 15 professionals, headquartered in Munich Mezzanine Mezzanine capital Convertible bond into their strategy .
Selected Transactions
Factoring Syndicated Loan Advisor to the Family Debt Financing Senior Debt Financing and Firm
[confidential] [confidential] [confidential]
Leading German Leading German W Schulz Group German Furniture Max Aicher Group Logistics Company Logistics Company Sale to Berkshire Hathaway Company EUR 45m EUR 105m [confidential] > EUR 35m [confidential]
March 2017 March 2017 February 2017 July 2016 April 2016
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) H i g h t e c h / 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) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 7 Sector Overview - EV / EBITDA vs. Sales CAGR
25.0x
Internet Products / Services
20.0x
15.0x IT Services Software
Hightech / Advanced Machinery
Industrial / Business Services Industrial Materials Industrial Machinery Technology 10.0x Pharma & Healthcare
EV / EBITDA 2017 / EBITDA EV Industrial Products Consumer Products / Services Communications Services Media & Entertainment Renewable Products / Services Construction Products / Services
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
15.0x Software
Hightech / Advanced Machinery
IT Services
Pharma & Healthcare Communications Services 10.0x Industrial Machinery Industrial Materials Media & Entertainment
EV / EBITDA 2017 / EBITDA EV Industrial / Business Services Technology Industrial Products Consumer Products / Services Renewable Products / Services Construction 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) H i g h t e c h / 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) P h a r m a & Healthcare n) Renewable Products / Services o) S o f t w a r e p) T e c h n o l o g y q) Transportation & Logistics 10 Automotive Supply - EV / EBITDA vs. Sales CAGR
14.0x
Paragon AG 12.0x
10.0x
8.0x Saf-Holland S.A. Bertrandt Aktiengesellschaft
ElringKlinger AG Grammer Aktiengesellschaft 6.0x LEONI AG Softing AG
EV / EBITDA 2017 / EBITDA EV DEUTZ Aktiengesellschaft Schaeffler AG Rheinmetall AG Hella KGaA Hueck & Co. Progress Werk Oberkirch 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
10.0x
Saf-Holland S.A. 8.0x Bertrandt Aktiengesellschaft ElringKlinger AG
Grammer Aktiengesellschaft Softing AG 6.0x LEONI AG Rheinmetall AG
EV / EBITDA 2017 / EBITDA EV Schaeffler AG DEUTZ Aktiengesellschaft Hella KGaA Hueck & Co. Progress Werk Oberkirch AG 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
United Internet AG
10.0x 3U Holding AG Telefónica Deutschland Holding AG 8.0x
QSC AG EV / EBITDA 2017 / EBITDA EV
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
freenet AG 12.0x
United Internet AG 10.0x 3U Holding AG
Telefónica Deutschland Holding AG 8.0x
QSC AG
EV / EBITDA 2017 / EBITDA EV 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
9.0x Wacker Neuson SE HOCHTIEF Aktiengesellschaft
STEICO SE 8.0x Bilfinger SE Einhell Germany AG 7.0x A.S. Création Tapeten AG
6.0x BAUER Aktiengesellschaft
5.0x
4.0x EV / EBITDA 2017 / EBITDA EV
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
9.0x Wacker Neuson SE HOCHTIEF Aktiengesellschaft
8.0x Bilfinger SE
7.0x A.S. Création Tapeten AG
6.0x BAUER Aktiengesellschaft
5.0x
4.0x EV / EBITDA 2017 / EBITDA EV
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 16 Note: Einhell Germany AG and STEICO SE have been omitted due to missing data 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
12.0x Hawesko Holding Aktiengesellschaft
Ahlers AG 10.0x Gerry Weber International AG Hugo Boss AG Leifheit AG 8.0x
EV / EBITDA 2017 / EBITDA EV Südzucker AG Tom Tailor Holding AG Alno AG Hornbach Holding AG & Co. KGaA 6.0x CEWE Stiftung & Co. KGaA 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 17 Note: Gigaset AG has been omitted due to missing data Consumer Products / Services - EV / EBITDA vs. EBITDA CAGR
10.0x
9.0x Wacker Neuson SE HOCHTIEF Aktiengesellschaft
8.0x Bilfinger SE
7.0x A.S. Création Tapeten AG
6.0x BAUER Aktiengesellschaft
5.0x
4.0x EV / EBITDA 2017 / EBITDA EV
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 18 Note: Gigaset AG has been omitted due to missing data Hightech / Advanced Machinery - EV / EBITDA vs. Sales CAGR
50.0x
SLM Solutions Group AG 45.0x
40.0x
35.0x
30.0x
25.0x
20.0x EV / EBITDA 2017 / EBITDA EV 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 19 Note: Aixtron and PVA TePla AG have been omitted due to missing data Hightech / Advanced Machinery - EV / EBITDA vs. EBITDA CAGR
50.0x
45.0x SLM Solutions Group AG
40.0x
35.0x
30.0x
25.0x
20.0x EV / EBITDA 2017 / EBITDA EV
LPKF Laser & Electronics Aktiengesellschaft 15.0x
MTU Aero Engines AG
10.0x Dr. Hönle AG Viscom AG Manz AG
Basler Aktiengesellschaft Suss MicroTec AG 5.0x 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 20 Note: Aixtron, PVA TePla Ag and Singulus Technologies AG have been omitted due to missing data Industrial / Business Services - EV / EBITDA vs. Sales CAGR
25.0x KROMI Logistik AG
20.0x
15.0x
Amadeus FiRe AG
GfK SE
10.0x TAKKT AG EV / EBITDA 2017 / EBITDA EV
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 21 Note: msg life AG has been omitted due to missing data Industrial / Business Services - EV / EBITDA vs. EBITDA CAGR
12.0x
Amadeus FiRe AG
10.0x TAKKT AG
GfK SE
8.0x
Klöckner & Co SE msg life ag
6.0x EV / EBITDA 2017 / EBITDA EV
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 22 Note: KROMI Logistic AG has been omitted due to missing data Industrial Machinery - EV / EBITDA vs. Sales CAGR
16.0x
KUKA Aktiengesellschaft 14.0x
Isra Vision AG
12.0x Washtec AG
GEA Group Aktiengesellschaft Technotrans AG SMT Scharf AG 10.0x KION GROUP AG
Krones AG Jungheinrich Aktiengesellschaft 8.0x Koenig & Bauer AG Dürr Aktiengesellschaft
EV / EBITDA 2017 / EBITDA EV 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 23 Note: DMG Mori Aktiengesellschaft has been omitted due to missing data Industrial Machinery - EV / EBITDA vs. EBITDA CAGR
R² = 0.1301 16.0x
KUKA Aktiengesellschaft 14.0x
Isra Vision AG
12.0x Washtec AG
GEA Group Aktiengesellschaft SMT Scharf AG 10.0x Technotrans AG KION GROUP AG Jungheinrich Aktiengesellschaft Krones AG 8.0x Dürr Aktiengesellschaft Koenig & Bauer AG
EV / EBITDA 2017 / EBITDA EV 6.0x
Heidelberger Druckmaschinen Aktiengesellschaft 4.0x
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 24 Note: DMG Mori Aktiengesellschaft has been omitted due to missing data Industrial Materials - EV / EBITDA vs. Sales CAGR
25.0x
SGL Carbon SE 20.0x
15.0x Symrise AG
Fuchs Petrolub SE
BayWa Aktiengesellschaft Brenntag AG KWS Saat SE
10.0x EV / EBITDA 2017 / EBITDA EV
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
15.0x Symrise AG
Fuchs Petrolub SE
BayWa Aktiengesellschaft Brenntag AG KWS Saat SE
10.0x EV / EBITDA 2017 / EBITDA EV
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
20.0x
15.0x va-Q-tec AG
EV / EBITDA 2017 / EBITDA EV Schaltbau Holding AG R. Stahl AG Nanogate AG
10.0x Vossloh AG Pfeiffer Vacuum NORMA Group SE Technology AG K+S Aktiengesellschaft Masterflex SE OSRAM Licht AG Gesco AG LANXESS Aktiengesellschaft Nabaltec AG 5.0x 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 27 Note: Surteco SE has been omitted due to missing data Industrial Products - EV / EBITDA vs. EBITDA CAGR
25.0x RATIONAL Aktiengesellschaft
20.0x
15.0x va-Q-tec AG
Nanogate AG Pfeiffer Vacuum Technology AG Schaltbau Holding AG R. Stahl AG 10.0x Vossloh AG EV / EBITDA 2017 / EBITDA EV OSRAM Licht AG NORMA Group SE K+S Aktiengesellschaft Masterflex SE LANXESS Aktiengesellschaft Gesco AG
Surteco SE Nabaltec AG 5.0x 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
50.0x
40.0x zooplus AG
EV / EBITDA 2017 / EBITDA EV 30.0x
Zalando SE
20.0x Bet-At-Home.com AG Scout24 AG XING AG Syzygy AG Delticom AG Wirecard AG 10.0x
ZEAL Network SE R² = 0.0015 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 29 Note: Lotto24, Rocket Internet and windeln.de have been omitted due to missing data Internet Products / Services - EV / EBITDA vs. EBITDA CAGR
80.0x
70.0x elumeo SE
60.0x
50.0x
40.0x zooplus AG
EV / EBITDA 2017 / EBITDA EV 30.0x
Zalando SE
20.0x Bet-At-Home.com AG XING AG Scout24 AG Syzygy AG Wirecard AG 10.0x Delticom AG
ZEAL Network SE R² = 0.7961 0.0x 0.0% 50.0% 100.0% 150.0% 200.0% 250.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of March 31, 2017 30 Note: Lotto24, Rocket Internet and windeln.de have been omitted due to missing data IT Services - EV / EBITDA vs. Sales CAGR
35.0x
30.0x
InVision Aktiengesellschaft
25.0x
KPS AG
20.0x
SinnerSchrader Aktiengesellschaft
secunet Security Networks
15.0x Aktiengesellschaft EV / EBITDA 2017 / EBITDA EV CENIT Aktiengesellschaft Bechtle AG GFT Technologies SE 10.0x Cancom SE Diebold Nixdorf PSI Aktiengesellschaft für Produkte und Aktiengesellschaft 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 31 Note: All for One Steeb AG and Allgeier SE have been omitted due to missing data IT Services - EV / EBITDA vs. EBITDA CAGR
25.0x
KPS AG
20.0x
SinnerSchrader Aktiengesellschaft
secunet Security Networks Aktiengesellschaft
15.0x
Bechtle AG 10.0x CENIT Aktiengesellschaft GFT Technologies SE
EV / EBITDA 2017 / EBITDA EV Cancom SE Diebold Nixdorf Aktiengesellschaft 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 32 Note: All for One Steeb AG, Allgeier SE and InVision Aktiengesellschaft have been omitted due to missing data Media & Entertainment - EV / EBITDA vs. Sales CAGR
16.0x
14.0x CTS Eventim AG & Co. KGaA
12.0x
Axel Springer SE Ströer SE & Co. KGaA 10.0x
Tele Columbus AG
8.0x
EV / EBITDA 2017 / EBITDA EV 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 33 Note: DEAG Deutsche Entertainment Aktiengesellschaft has been omitted due to missing data Media & Entertainment - EV / EBITDA vs. EBITDA CAGR
16.0x
14.0x CTS Eventim AG & Co. KGaA
12.0x
Axel Springer SE Ströer SE & Co. KGaA 10.0x
Tele Columbus AG 8.0x
EV / EBITDA 2017 / EBITDA EV 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 34 Note: Constantin Medien AG and DEAG Deutsche Entertainment Aktiengesellschaft have been omitted due to missing data 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 12.0x
STADA Arzneimittel Aktiengesellschaft 10.0x Gerresheimer AG
8.0x EV / EBITDA 2017 / EBITDA EV
MEDICLIN Aktiengesellschaft Dragerwerk AG & Co. KGaA 6.0x
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 35 Note: Biofrontera AG and Geratherm Medical have been omitted due to missing data 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 12.0x
STADA Arzneimittel Aktiengesellschaft 10.0x Gerresheimer AG
8.0x EV / EBITDA 2017 / EBITDA EV
Dragerwerk AG & Co. KGaA 6.0x MEDICLIN Aktiengesellschaft 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 36 Note: AAP Implantate AG, Biofrontera AG and Geratherm Medical have been omitted due to missing data Renewable Products / Services - EV / EBITDA vs. Sales CAGR
14.0x
PNE Wind AG
12.0x
Daldrup & Söhne Aktiengesellschaft
10.0x
CHORUS Clean Energy AG
8.0x
CropEnergies AG
6.0x SMA Solar Technology AG EV / EBITDA 2017 / EBITDA EV
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 37 Note: Phoenix Solar Aktiengesellschaft, SolarWorld Aktiengesellschaft and VERBIO Vereinigte BioEnergie has been omitted due to missing data Renewable Products / Services - EV / EBITDA vs. EBITDA CAGR
14.0x
PNE Wind AG 12.0x
Daldrup & Söhne Aktiengesellschaft
10.0x
8.0x
CropEnergies AG
6.0x SMA Solar Technology AG EV / EBITDA 2017 / EBITDA EV 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 38 Note: CHORUS Clean Energy AG, Phoenix Solar Aktiengesellschaft, SolarWorld Aktiengesellschaft and VERBIO Vereinigte BioEnergie have been omitted due to missing data Software - EV / EBITDA vs. Sales CAGR
25.0x
Nemetschek SE 20.0x
SNP Schneider-Neureither & Partner AG
USU Software AG CompuGroup Medical Societas Europaea 15.0x Mensch und Maschine Software SE
Nexus AG GK Software AG
10.0x Software Aktiengesellschaft EV / EBITDA 2017 / EBITDA EV
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 39 Note: ATOSS Software AG and IVU Traffic Technologies have been omitted due to missing data Software - EV / EBITDA vs. EBITDA CAGR
25.0x
Nemetschek SE 20.0x
SNP Schneider-Neureither & Partner AG
CompuGroup Medical Societas Europaea USU Software AG
15.0x Mensch und Maschine Software SE
Nexus AG GK Software AG
10.0x Software Aktiengesellschaft EV / EBITDA 2017 / EBITDA EV
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 40 Note: ATOSS Software AG, IVU Traffic Technologies have been omitted due to missing data Technology - EV / EBITDA vs. Sales CAGR
18.0x
16.0x Clere AG
14.0x init innovation in traffic systems SE
Jenoptik AG 12.0x
DATA MODUL Aktiengesellschaft, Produktion und Vertrieb von elektronischen Systemen 10.0x
euromicron AG First Sensor AG Kontron AG 8.0x ELMOS Semiconductor AG
EV / EBITDA 2017 / EBITDA EV 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
First Sensor AG euromicron AG
8.0x ELMOS Semiconductor AG
OHB SE
6.0x
ADVA Optical Networking SE EV / EBITDA 2017 / EBITDA EV
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 42 Note: Clere AG and Kontron have been omitted due to missing data Transportation & Logistics - EV / EBITDA vs. Sales CAGR
10.0x
Fraport AG 9.0x
8.0x
7.0x VTG Aktiengesellschaft
Hapag-Lloyd Aktiengesellschaft
6.0x Hamburger Hafen und Logistik Aktiengesellschaft
Sixt SE 5.0x
4.0x EV / EBITDA 2017 / EBITDA EV
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 6.0x Hamburger Hafen und Logistik Aktiengesellschaft
Sixt SE 5.0x
4.0x EV / EBITDA 2017 / EBITDA EV
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 Contact Details & Disclaimer
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