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Company Presentation FCF Fox Corporate Finance Gmbh

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Company Presentation FCF Fox Corporate Finance Gmbh FCF Fox Corporate Finance GmbH Growth & Multiple Regression Analysis Supporting Document to FCF Valuation Monitor German Small- / Midcap Companies Q2 2017 Data as of June 30, 2017 Published as of July 17, 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 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 3 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 4 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 proba- access to institutional debt and equity investors enable fast Bank loan facility Corporate bond bility, and with transactions (straight debt) (public / private) Debt Long-term Leasing / Promissory note (v) financing partners ▪ More than 50 transactions with a total placement volume in Debt Sale-and-lease back (Schuldscheindarlehen) that integrate well excess of €2.0 billion since foundation in 2005 High-yield / PIK bond Second lien into their strategy ▪ Approx. 20 professionals, headquartered in Munich Mezzanine Mezzanine capital Convertible bond Selected Transactions Debt Financing [confidential] German Furniture Company > EUR 35m July 2016 5 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 6 Sector Overview - EV / EBITDA vs. Sales CAGR 30x 25x Internet Products / Services 20x Software IT Services 15x Hightech / Advanced Machinery EV / EBITDA 2016 / EBITDA EV Industrial Machinery Pharma & Healthcare Industrial Materials Industrial / Business Services Industrial Products 10x Communications Services Technology Consumer Products / Services Media & Entertainment Construction Products / Services Renewable Products / Services Transportation & Logistics Automotive Supply 5x R² = 0.4488 x 0% 2% 4% 6% 8% 10% 12% 14% 16% Sales CAGR 2017-19 Source: S&P Capital IQ as of June 30, 2017 7 Sector Overview - EV / EBITDA vs. EBITDA CAGR 25x 20x Internet Products / Services Software 15x IT Services Hightech / Advanced Machinery Industrial Machinery Pharma & Healthcare Industrial Materials Communications Services EV / EBITDA 2016 / EBITDA EV Industrial Products 10x Technology Consumer Products / Services Industrial / Business Services Media & Entertainment Construction Products / Services Renewable Products / Services Transportation & Logistics Automotive Supply 5x R² = 0.3474 x 0% 5% 10% 15% 20% 25% 30% EBITDA CAGR 2017-19 Source: S&P Capital IQ as of June 30, 2017 8 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 9 Automotive Supply - EV / EBITDA vs. Sales CAGR 18.0x Paragon AG 16.0x 14.0x 12.0x 10.0x Bertrandt Aktiengesellschaft 8.0x Saf-Holland S.A. Softing AG EV / EBITDA 2017e / EBITDA EV ElringKlinger AG Rheinmetall AG 6.0x Progress Werk Oberkirch AG DEUTZ Aktiengesellschaft LEONI AG SHW AG Schaeffler AG Hella KGaA Hueck & Co. 4.0x Grammer Aktiengesellschaft 2.0x R² = 0.4626 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 June 30, 2017 10 Automotive Supply - EV / EBITDA vs. EBITDA CAGR 18.0x Paragon AG 16.0x 14.0x 12.0x 10.0x Bertrandt Aktiengesellschaft 8.0x Softing AG Saf-Holland S.A. EV / EBITDA 2017e / EBITDA EV ElringKlinger AG Rheinmetall AG 6.0x DEUTZ Aktiengesellschaft Progress Werk Oberkirch AG SHW AG LEONI AG Hella KGaA Hueck & Co. Schaeffler AG 4.0x Grammer Aktiengesellschaft 2.0x R² = 0.3551 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 June 30, 2017 11 Communications Services - EV / EBITDA vs. Sales CAGR 25x Drillisch Aktiengesellschaft 20x 15x United Internet AG freenet AG EV / EBITDA 2016 / EBITDA EV 10x 3U Holding AG Tele Columbus AG QSC AG 5x ecotel communication ag R² = 0.7174 x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Sales CAGR 2016-18 Source: S&P Capital IQ as of June 30, 2017 12 Communications Services - EV / EBITDA vs. EBITDA CAGR 25x Drillisch Aktiengesellschaft 20x 15x United Internet AG freenet AG 10x EV / EBITDA 2016 / EBITDA EV 3U Holding AG Tele Columbus AG QSC AG Telefónica Deutschland Holding AG 5x ecotel communication ag R² = 0.2572 x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% EBITDA CAGR 2016-18 Source: S&P Capital IQ as of June 30, 2017 13 Construction Products / Services - EV / EBITDA vs. Sales CAGR 10.0x Einhell Germany AG HOCHTIEF Aktiengesellschaft 9.0x Wacker Neuson SE STEICO SE 8.0x Bilfinger SE 7.0x A.S. Création Tapeten AG BAUER Aktiengesellschaft 6.0x 5.0x EV / EBITDA 2017e / EBITDA EV 4.0x 3.0x 2.0x 1.0x R² = 0.3523 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 June 30, 2017 14 Construction Products / Services - EV / EBITDA vs. EBITDA CAGR 10.0x Einhell Germany AG HOCHTIEF Aktiengesellschaft 9.0x Wacker Neuson SE STEICO SE 8.0x Bilfinger SE 7.0x BAUER Aktiengesellschaft A.S.
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