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. Création Tapeten AG 6.0x
5.0x
4.0x EV / EBITDA 2017e / EBITDA EV
3.0x
2.0x
1.0x
R² = 0.1468
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 June 30, 2017 15 Consumer Products / Services - EV / EBITDA vs. Sales CAGR
20.0x
Fielmann AG 18.0x PUMA SE
16.0x
14.0x LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG
Hawesko Holding Aktiengesellschaft 12.0x
Ahlers AG 10.0x Leifheit Aktiengesellschaft Gerry Weber International AG Hugo Boss AG
EV / EBITDA 2017e / EBITDA EV 8.0x
Tom Tailor Holding AG Hornbach Holding AG & Co. KGaA Südzucker AG 6.0x Villeroy & Boch AG CEWE Stiftung & Co. KGaA
4.0x Adler Modemärkte AG METRO AG Gigaset AG 2.0x
R² = 0.3651
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 June 30, 2017 16 Consumer Products / Services - EV / EBITDA vs. EBITDA CAGR
20.0x
18.0x Fielmann AG PUMA SE
16.0x
14.0x LUDWIG BECK am Rathauseck - Textilhaus Feldmeier AG Hawesko Holding Aktiengesellschaft 12.0x
Ahlers AG 10.0x Leifheit Aktiengesellschaft
Hugo Boss AG Gerry Weber International AG
8.0x EV / EBITDA 2017e / EBITDA EV Hornbach Holding AG & Co. KGaA Tom Tailor Holding AG Südzucker AG 6.0x Villeroy & Boch AG
Adler Modemärkte AG 4.0x
METRO AG Gigaset AG 2.0x R² = 0.0472
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 17 Note: CEWE Stiftung has been omittied due to EBITDA CAGR outlier (-67,9% EBITDA CAGR 2017-19) Hightech / Advanced Machinery - EV / EBITDA vs. Sales CAGR
50.0x
45.0x SLM Solutions Group AG
40.0x
35.0x
30.0x
Aumann AG 25.0x
EV / EBITDA 2017e / EBITDA EV 20.0x LPKF Laser & Electronics Aktiengesellschaft
15.0x Basler Aktiengesellschaft Viscom AG PVA TePla AG 10.0x Dr. Hönle AG Singulus Technologies AG Manz AG Suss MicroTec AG MTU Aero Engines AG
5.0x
Francotyp-Postalia Holding AG R² = 0.8421 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 June 30, 2017 18 Note: Aixtron has 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 Aumann AG
20.0x
EV / EBITDA 2017e / EBITDA EV LPKF Laser & Electronics Aktiengesellschaft
15.0x Basler Aktiengesellschaft Viscom AG
Manz AG 10.0x PVA TePla AG Singulus Technologies AG Suss MicroTec AG MTU Aero Engines AG 5.0x Francotyp-Postalia Holding AG R² = 0.4626 0.0x -20.0% -10.0% 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 June 30, 2017 19 Note: Aixtron and Dr. Hönle 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
EV / EBITDA 2017e / EBITDA EV 10.0x GfK SE TAKKT AG
Klöckner & Co SE
5.0x Muehlhan AG
R² = 0.8807
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 June 30, 2017 20 Industrial / Business Services - EV / EBITDA vs. EBITDA CAGR
12.0x
Amadeus FiRe AG
10.0x TAKKT AG
GfK SE
8.0x
Klöckner & Co SE 6.0x
Muehlhan AG EV / EBITDA 2017e / EBITDA EV
4.0x
2.0x
R² = 0.5764
0.0x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of June 30, 2017 21 Note: KROMI Logistik AG has been omitted due to missing data Industrial Machinery - EV / EBITDA vs. Sales CAGR
20.0x
18.0x DMG Mori Aktiengesellschaft
16.0x KUKA Aktiengesellschaft Isra Vision AG SMT Scharf AG Washtec AG 14.0x
Technotrans AG 12.0x
10.0x KION GROUP AG GEA Group Aktiengesellschaft Dürr Aktiengesellschaft Krones AG Jungheinrich Aktiengesellschaft
EV / EBITDA 2017e / EBITDA EV 8.0x Koenig & Bauer AG
6.0x Heidelberger Druckmaschinen Aktiengesellschaft 4.0x
2.0x
R² = 0.1315
0.0x 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of June 30, 2017 22 Industrial Machinery - EV / EBITDA vs. EBITDA CAGR
20x
18x DMG Mori Aktiengesellschaft
16x KUKA Aktiengesellschaft Isra Vision AG SMT Scharf AG Washtec AG 14x
Technotrans AG 12x
10x KION GROUP AG GEA Group Aktiengesellschaft Dürr Aktiengesellschaft Krones AG 8x Jungheinrich Aktiengesellschaft
EV / EBITDA 2017e / EBITDA EV Koenig & Bauer AG
6x Heidelberger Druckmaschinen Aktiengesellschaft 4x
2x R² = 0.1337
x 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 June 30, 2017 23 Industrial Materials - EV / EBITDA vs. Sales CAGR
25.0x
SGL Carbon SE
20.0x
15.0x Symrise AG Fuchs Petrolub SE
KWS Saat SE BayWa Aktiengesellschaft Brenntag AG
EV / EBITDA 2017e / EBITDA EV 10.0x
Aurubis AG Siltronic AG Evonik Industries AG Wacker Chemie AG Covestro Aktiengesellschaft 5.0x H&R GmbH & Co. KGaA
R² = 0.1811
0.0x -1.0% 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 June 30, 2017 24 Industrial Materials - EV / EBITDA vs. EBITDA CAGR
25.0x
SGL Carbon SE
20.0x
15.0x Symrise AG Fuchs Petrolub SE
KWS Saat SE BayWa Aktiengesellschaft Brenntag AG
10.0x EV / EBITDA 2017e / EBITDA EV
Aurubis AG Siltronic AG H&R GmbH & Co. KGaA Wacker Chemie AG Evonik Industries AG 5.0x Covestro Aktiengesellschaft
R² = 0.4846
0.0x -5.0% 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 June 30, 2017 25 Industrial Products - EV / EBITDA vs. Sales CAGR
30.0x
RATIONAL Aktiengesellschaft 25.0x
20.0x va-Q-tec AG
15.0x
Schaltbau Holding AG Nanogate AG
EV / EBITDA 2017e / EBITDA EV R. Stahl AG Pfeiffer Vacuum Technology AG Vossloh AG 10.0x OSRAM Licht AG NORMA Group SE K+S Aktiengesellschaft Masterflex SE Nabaltec AG Gesco AG Westag & Getalit AG
LANXESS Aktiengesellschaft CENTROTEC Sustainable AG 5.0x Surteco SE
Salzgitter Aktiengesellschaft
R² = 0.4108
0.0x -10.0% -5.0% 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 June 30, 2017 26 Industrial Products - EV / EBITDA vs. EBITDA CAGR
30.0x
RATIONAL Aktiengesellschaft 25.0x
20.0x va-Q-tec AG
15.0x Nanogate AG Schaltbau Holding AG
Pfeiffer Vacuum Technology AG EV / EBITDA 2017e / EBITDA EV R. Stahl AG Vossloh AG 10.0x OSRAM Licht AG NORMA Group SE Masterflex SE K+S Aktiengesellschaft Nabaltec AG Gesco AG LANXESS Aktiengesellschaft Surteco SE CENTROTEC Sustainable AG 5.0x Westag & Getalit AG Salzgitter Aktiengesellschaft
R² = 0.3255
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 June 30, 2017 27 Internet Products / Services - EV / EBITDA vs. Sales CAGR
80x
70x elumeo SE
60x
50x zooplus AG
40x EV / EBITDA 2016 / EBITDA EV 30x Zalando SE
XING AG 20x Bet-At-Home.com AG Scout24 AG Syzygy AG Wirecard AG Delticom AG 10x Ströer SE & Co. KGaA
ZEAL Network SE R² = 0.0029 x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0%
Sales CAGR 2016-18
Source: S&P Capital IQ as of June 30, 2017 28 Note: Rocket Internet and windeln.de have been omitted due to missing data. Lotto24 has been omitted due to an EBITDA multiple outlier (EV / EBITDA 2017e 224,4x) Internet Products / Services - EV / EBITDA vs. EBITDA CAGR
50x
45x
40x
35x
30x
Zalando SE
25x
XING AG
20x Bet-At-Home.com AG EV / EBITDA 2016 / EBITDA EV
Scout24 AG
15x Syzygy AG Wirecard AG
Delticom AG
10x Ströer SE & Co. KGaA
5x ZEAL Network SE
R² = 0.6073 x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0%
EBITDA CAGR 2016-18
Source: S&P Capital IQ as of June 30, 2017 29 Note: Rocket Internet and windeln.de have been omitted due to missing data. Lotto24 and elumeo have been omitted due to EBITDA CAGR outliers. (195% and 138% EBTIDA CAGR respectively) IT Services - EV / EBITDA vs. Sales CAGR
45.0x
40.0x
InVision Aktiengesellschaft 35.0x
30.0x SinnerSchrader Aktiengesellschaft secunet Security Networks Aktiengesellschaft 25.0x
20.0x
KPS AG EV / EBITDA 2017e / EBITDA EV
15.0x INTERSHOP Communications Aktiengesellschaft Bechtle AG GFT Technologies SE Cancom SE All for One Steeb AG 10.0x PSI Software AG Diebold Nixdorf CENIT Aktiengesellschaft Aktiengesellschaft Allgeier SE
5.0x
R² = 0.6099
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 June 30, 2017 30 IT Services - EV / EBITDA vs. EBITDA CAGR
40.0x
InVision Aktiengesellschaft 35.0x
30.0x
secunet Security Networks Aktiengesellschaft 25.0x
20.0x KPS AG
EV / EBITDA 2017e / EBITDA EV 15.0x INTERSHOP Communications Aktiengesellschaft Bechtle AG GFT Technologies SE All for One Steeb AG CENIT Aktiengesellschaft 10.0x Cancom SE Diebold Nixdorf PSI Software AG Aktiengesellschaft Allgeier SE 5.0x
R² = 0.3262
0.0x -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0%
EBITDA CAGR 2017-19
Source: S&P Capital IQ as of June 30, 2017 31 Media & Entertainment - EV / EBITDA vs. Sales CAGR
16x
CTS Eventim AG & Co. KGaA
14x
12x
Axel Springer SE
10x
8x EV / EBITDA 2016 / EBITDA EV 6x DEAG Deutsche Entertainment Aktiengesellschaft
4x Bastei Lübbe AG
2x
R² = 0.2958 x 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%
Sales CAGR 2016-18
Source: S&P Capital IQ as of June 30, 2017 32 Note: Constantin Medien AG has been omitted due to missing data Media & Entertainment - EV / EBITDA vs. EBITDA CAGR
16x
CTS Eventim AG & Co. KGaA
14x
12x
Axel Springer SE
10x
8x
EV / EBITDA 2016 / EBITDA EV 6x
DEAG Deutsche Entertainment Aktiengesellschaft
4x Bastei Lübbe AG
2x
R² = 0.1754
x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0%
EBITDA CAGR 2016-18
Source: S&P Capital IQ as of June 30, 2017 33 Note: Constantin Medien AG has been omitted due to missing data Pharma & Healthcare - EV / EBITDA vs. Sales CAGR
25.0x
Carl Zeiss Meditec AG 20.0x
Biotest Aktiengesellschaft
15.0x Rhön-Klinikum Aktiengesellschaft STRATEC Biomedical AG
STADA Arzneimittel Aktiengesellschaft
AAP Implantate AG EV / EBITDA 2017e / EBITDA EV 10.0x Gerresheimer AG
MEDICLIN Aktiengesellschaft Eckert & Ziegler Strahlen- und Medizintechnik AG 5.0x Dragerwerk AG & Co. KGaA
R² = 0.2821
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 June 30, 2017 34 Note: Geratherm Medical AG has been omitted due to missing data Pharma & Healthcare - EV / EBITDA vs. EBITDA CAGR
25.0x
20.0x Carl Zeiss Meditec AG
Biotest Aktiengesellschaft
15.0x STRATEC Biomedical AG
Rhön-Klinikum Aktiengesellschaft
STADA Arzneimittel Aktiengesellschaft
EV / EBITDA 2017e / EBITDA EV 10.0x Gerresheimer AG
MEDICLIN Aktiengesellschaft
Dragerwerk AG & Co. KGaA 5.0x Eckert & Ziegler Strahlen- und Medizintechnik AG
R² = 0.4142
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 June 30, 2017 35 Note: AAP Implantate AG and Geratherm Medical have been omitted due to missing data Renewable Products / Services - EV / EBITDA vs. Sales CAGR
14.0x
12.0x
Daldrup & Söhne Aktiengesellschaft PNE Wind AG
10.0x
8.0x CropEnergies AG
6.0x SMA Solar Technology AG EV / EBITDA 2017e / EBITDA EV
Nordex SE 4.0x
2.0x
R² = 0.7851
0.0x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of June 30, 2017 36 Note: EnviTec Biogas AG and VERBIO Vereinigte BioEnergie have been omitted due to missing data Renewable Products / Services - EV / EBITDA vs. EBITDA CAGR
12.0x
PNE Wind AG Daldrup & Söhne Aktiengesellschaft
10.0x
8.0x
CropEnergies AG
SMA Solar Technology AG 6.0x
Nordex SE EV / EBITDA 2017e / EBITDA EV
4.0x
2.0x
R² = 0.407
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 June 30, 2017 37 Note: EnviTec Biogas AG and VERBIO Vereinigte BioEnergie have been omitted due to missing data Software - EV / EBITDA vs. Sales CAGR
25.0x
Nemetschek SE
20.0x USU Software AG Mensch und Maschine Software SE
CompuGroup Medical Societas Europaea SNP Schneider-Neureither & Partner AG ATOSS Software AG Nexus AG 15.0x GK Software AG
EV / EBITDA 2017e / EBITDA EV 10.0x Software Aktiengesellschaft
5.0x
R² = 0.3964
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 June 30, 2017 38 Note: IVU Traffic Technologies has been omitted due to missing data Software - EV / EBITDA vs. EBITDA CAGR
25.0x
Nemetschek SE
USU Software AG 20.0x
Mensch und Maschine Software SE CompuGroup Medical Societas Europaea
ATOSS Software AG Nexus AG SNP Schneider-Neureither & Partner AG 15.0x GK Software AG
10.0x Software Aktiengesellschaft EV / EBITDA 2017e / EBITDA EV
5.0x
R² = 0.0696
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 June 30, 2017 39 Note: IVU Traffic Technologies has been omitted due to missing data Technology - EV / EBITDA vs. Sales CAGR
16x
14x init innovation in traffic systems SE
DATA MODUL Aktiengesellschaft, Produktion und Vertrieb von elektronischen Systemen 12x Jenoptik AG euromicron AG
10x OHB SE
First Sensor AG Kontron AG
8x
ELMOS Semiconductor AG EV / EBITDA 2017e / EBITDA EV 6x
ADVA Optical Networking SE
4x
2x
R² = 0.005
x 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 50.0%
Sales CAGR 2017-19
Source: S&P Capital IQ as of June 30, 2017 40 Note: Clere AG, Fortec Elektronik AG und Mühlbauer Holding AG & Co.KG have been omitted due to missing data Technology - EV / EBITDA vs. EBITDA CAGR
16.0x
14.0x init innovation in traffic systems SE
Jenoptik AG DATA MODUL Aktiengesellschaft, 12.0x Produktion und Vertrieb von elektronischen Systemen euromicron AG
10.0x OHB SE First Sensor AG Kontron AG
8.0x
ELMOS Semiconductor AG
EV / EBITDA 2017e / EBITDA EV 6.0x
ADVA Optical Networking SE
4.0x
2.0x
R² = 0.0119
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 June 30, 2017 41 Note: Clere AG, Fortec Elektronik AG und Mühlbauer Holding AG & Co.KG have been omitted due to missing data Transportation & Logistics - EV / EBITDA vs. Sales CAGR
12.0x
10.0x Fraport AG
8.0x Hapag-Lloyd Aktiengesellschaft VTG Aktiengesellschaft
6.0x Hamburger Hafen und Logistik Aktiengesellschaft
Sixt SE EV / EBITDA 2017e / EBITDA EV
4.0x
2.0x
R² = 0.0123
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 42 Note: Aves One AG has been omitted due to missing data Transportation & Logistics - EV / EBITDA vs. EBITDA CAGR
12.0x
10.0x Fraport AG
8.0x Hapag-Lloyd Aktiengesellschaft VTG Aktiengesellschaft
6.0x Hamburger Hafen und Logistik Aktiengesellschaft
Sixt SE EV / EBITDA 2017e / EBITDA EV
4.0x
2.0x
R² = 0.0685
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 43 Note: Aves One AG has been omitted due to missing data Contact Details & Disclaimer
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