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FCF Valuation Monitor – Q2 2019

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FCF Valuation Monitor – Q2 2019 FCF Valuation Monitor German Small- / Midcap Companies – Q2 2019 Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x 2 Executive Summary The FCF Valuation Monitor is a FCF Valuation Monitor Recipients standardized report is a comprehensive valuation analysis for the German small / midcap The FCF Valuation Monitor targets the following recipients: on valuations in the market segment and is published by FCF on a quarterly basis German small / ■ Institutional investors ■ Family Offices / High midcap segment and ■ Private equity investors Net-Worth Individuals is a quick reference ■ Venture capital investors ■ Corporates Selection of Companies for investors, ■ Advisors corporates and The selection of companies is primarily based on the regulated professionals market of the Deutsche Börse: Data ■ Large cap DAX 30 companies are excluded All input data is provided by S&P Capital IQ and is not independently More advanced, verified by FCF. Ratio and multiple calculations are driven based on detailed and / or ■ Certain sectors which are dominated by large cap companies the input data available. For additional information and disclaimer, or which are of limited relevance for a small / midcap analysis customized reports please refer to the last page have been excluded (e.g. financials, utilities, automotive are available upon manufacturers and specialty sectors such as biotech and request healthcare services / hospitals) Availability ■ The allocation of companies into a specific sector is based on FCF’s understanding & classification of the companies’ The FCF Valuation Monitor is available on FCF’s website at business models and differs in part from the standard “www.fcf.de“ Deutsche Börse sector allocation ■ The universe includes companies fulfilling one of the following minimum size criteria: Current market capitalization > EUR To recommend colleagues or fellow investors to be added to the 50m, 2019e sales > EUR 50m, 2019e EBITDA > EUR 10m, mailing list, kindly send an email with the respective contact LFQA Equity > EUR 25m. Smaller companies with a current information market capitalization of at least EUR 20m are also included, if they are deemed relevant / representative for their respective sectors. Companies with a current Free Float < 15% have If you have questions, comments or ideas, please do not hesitate been excluded from the analysis as they are deemed less to contact us liquid / more volatile. In addition, certain companies that do not represent their respective sectors have been excluded 3 Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x 4 FCF Overview FCF seeks to Who We Are Capital Markets Capabilities and Services provide its clients ■ Specialized investment bank and financing specialist ■ Venture capital ■ Private equity with financing Private / ■ Advising public and private small / midcap companies Pre-IPO ■ Growth capital solutions ■ Advisor for structuring and placement of financing transactions: ■ Initial Public Offering pursued in tandem) (i) at the lowest (IPO) / Capital increase ■ Private Investment in Equity Public cost, − All instruments: Unbiased approach to all available corporate ■ Dual-track (IPO and Public Equity (PIPE) financing instruments (no product selling approach), allowing alternative transaction ■ Block trade (ii) with the highest for customized financing structures flexibility, ■ Receivables / Factoring / ■ Working capital / − All investors: Close and trusted relationships with senior Short-term Asset-backed Securities Revolving credit facility (iii) in the shortest executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees / Inventory Letter of Credit period of time, − Fast process: Process management skills and direct / personal access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note (iv) with the highest Syndicated loans (Schuldscheindarlehen) closing proba- transactions Debt Long-term ■ Sale-and-lease back / ■ High-yield / PIK bond bility, and with Debt Leasing ■ Second lien / ■ More than 100 transactions with a total placement volume in ■ Corporate bonds (public / Subordinated loans (v) financing excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches partners that ■ Approx. 10 professionals headquartered in Munich Mezzanine ■ Mezzanine capital ■ Convertible bonds integrate well into their strategy Selected Transactions Acquisition Financing Acquisition Financing Syndicated Loan European Investment European Investment R&D Financing Syndicated Loan, Factoring Round Extension Capital Increase Investment in Bilateral Loan Facility Capital Increase and Warehousing Facility Senior Loan & WCF Second Lien Loan Facility Bank Debt Facility Bank Debt Facility Debt Facility [confidential] [confidential] Advisor to AkrosA Doppstadt GSE Group GSE Group Business Service Leading Virtual Synapticon GmbH Synapticon GmbH Private Equity KMP Holding GmbH censhare AG AMW GmbH Voxeljet AG Familienholding GmbH Acquisition by Finexx Acquisition by Finexx Provider Reality Company GmbH & Co. KG EUR 80m [confidential] > EUR 10m > EUR 10m [confidential] [confidential] [confidential] [confidential] [confidential] EUR 25m EUR 25m EUR 25m June 2019 June 2019 January 2019 December 2018 December 2018 November 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017 European Investment Syndicated Loan Bilateral European Investment Syndicated Loan Advisor to the Family Syndicated Loan Senior Debt Capital Increase Promissory Note Factoring Facility Debt Financing Bank Debt Facility Facility Loan Facility Bank Debt Facility Facility and the Company Facility Financing DSD – Duales System W Schulz Group Karl Tönsmeier Ziegler Holzindustrie Schnellecke Group Schnellecke Group Schnellecke Group numares AG MagForce AG Holding Biofrontera AG Sale to Alno AG Entsorgungswirtschaft Max Aicher Group GmbH & Co. KG AG & Co. KG AG & Co. KG AG & Co. KG GmbH & Co. KG Berkshire Hathaway GmbH & Co. KG EUR 11m EUR 35m EUR 70m EUR 55m EUR 30m EUR 20m EUR 105m EUR 50m [confidential] > EUR 35m EUR 82m [confidential] November 2017 July 2017 July 2017 June 2017 June 2017 May 2017 March 2017 March 2017 February 2017 July 2016 May 2016 April 2016 5 FCF Facts & Figures More than Close to More than More than # 1 10 100 100 4 bn Financing advisor in Investment banking Years of aggregated, Completed Total volume of advised Germany, purely focusing professionals investment banking / transactions & closed transactions on corporate financing financing experience since 2005 transactions More than More than Network 2000 25 120 Leading Access to more than Contacts to family offices International conferences Articles and research Advisor for financing 4000 international and ultra high net worth organized papers published transactions with EIB in financial institutions individuals worldwide the DACH region 6 Executive Summary I. FCF Overview II. Market Overview III. Sector Overview IV. Sector Analysis A p p e n d i x 7 Market Overview 36 Month Development of Selected Indices Performance 12 Month Development of Selected Indices Performance Index in % Index in % 200 110 190 TecDax +79.6% TecDax +4.1% 180 105 SDAX +29.6% DAX -0.8% 170 100 160 MDAX +29.1% MDAX -1.3% 150 95 140 DAX +28.1% SDAX -5.5% 130 90 120 85 Rebased Rebased Prices (in%) 110 Rebased Prices (in%) 100 80 90 80 75 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 TecDAX SDAX MDAX DAX TecDAX SDAX MDAX DAX 3 Month Development of Selected Indices Performance Comment Index in % 108 ■ As a result of continued political and monetary support measures and the TecDAX +5.7% generally positive GDP development, all four German market indices have 106 DAX +5.5% shown a positive performance over the last 36 months. The TecDax 104 significantly outperformed its German peers gaining +79.6% since Q2 2016 MDAX +1.8% 102 ■ Over the last 12 months, three out of four German market indices have SDAX +1.8% recorded a negative performance between -0.8% and -5.5%. Only the TecDax 100 achieved a positive performance (+4.1%) over the past 12 months 98 Rebased Rebased Prices (in%) ■ In Q2 2019 all German indices recorded a volatile performance but still show 96 an upward trend, reflecting a positive market sentiment. The four major German market indices are trading slightly higher than 3 months prior with 94 Mar-19 Apr-19 May-19 Jun-19 gains ranging from +1.8% up to +5.7% TecDAX SDAX MDAX DAX Source: S&P Capital IQ as of July 01, 2019 8 Historical EBITDA Multiples (last 10 years) EV / EBITDA 21.0x 19.0x 17.0x 15.0x 13.0x 11.0x 9.0x 7.0x 5.0x DAX MDAX SDAX TecDax Comment ■ The current valuation levels of all major German indices are on a downward / sideways trajectory lately following the record highs reached in late 2017 and mid- 2018 ■ The TecDax trades at an EBITDA multiple that is 8.8x higher than 10 years prior (16.7x vs. 7.9x), while the MDAX, DAX and SDAX trade at EBITDA multiples that are 7.0x, 5.0x and 6.0x (14.2x vs. 7.2x, 12.7x vs. 7.7x and 13.5x vs. 7.5x) higher than 10 years ago, respectively ■ Historically, the TecDax has traded at valuation levels above its fellow German indices. At present, the TecDax is trading at 16.7x EBITDA, 4.0x more than the DAX, 3.2x more than the SDAX and 2.5x more than the MDAX Note: Dax Constituents as provided by Deutsche Börse; Multiples as provided by S&P Capital IQ; EBITDA calculated based on LTM information; EBITDA Multiples calculated as TEV / EBITDA; 9 Calculations contain thresholds of 50.0x for EBITDA Multiples Source: S&P Capital IQ as of July 01, 2019 Historical Price / Earnings Multiples (last 10 years) Price / Earnings 55.0x 50.0x 45.0x 40.0x 35.0x 30.0x 25.0x 20.0x 15.0x 10.0x DAX MDAX SDAX TecDax Comment ■ The current valuation levels of all major German indices are trading below their peak in mid 2018 but still at historically high levels (10 year timeframe) ■ The TecDax trades at a P / E multiple that is 18.9x higher than 10 years prior (40.4x vs.
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