Company Presentation FCF Fox Corporate Finance Gmbh
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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) 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