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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.5x - 0.6x | 0.6x |
| Selected Fwd Revenue Multiple | 0.4x - 0.5x | 0.5x |
| Fair Value | €28.15 - €31.35 | €29.75 |
| Upside | -1.6% - 9.6% | 4.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Mammoth Energy Services, Inc. | TUSK | NasdaqGS:TUSK |
| ProPetro Holding Corp. | PUMP | NYSE:PUMP |
| Forum Energy Technologies, Inc. | FET | NYSE:FET |
| Oil States International, Inc. | OIS | NYSE:OIS |
| DMC Global Inc. | BOOM | NasdaqGS:BOOM |
| NCS Multistage Holdings, Inc. | MUH0 | DB:MUH0 |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| TUSK | PUMP | FET | OIS | BOOM | MUH0 | |||
| NasdaqGS:TUSK | NYSE:PUMP | NYSE:FET | NYSE:OIS | NasdaqGS:BOOM | DB:MUH0 | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | -21.4% | -6.8% | -3.1% | -7.4% | 10.1% | -4.6% | ||
| 3Y CAGR | -6.4% | 18.2% | 14.7% | 6.5% | 35.2% | 11.1% | ||
| Latest Twelve Months | -39.3% | -11.4% | 10.5% | -11.5% | -10.6% | 14.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | -29.3% | 5.9% | -7.9% | -4.2% | 4.8% | -4.4% | ||
| Prior Fiscal Year | -6.8% | 12.8% | 3.2% | 2.8% | 10.6% | -2.5% | ||
| Latest Fiscal Year | -23.2% | 3.9% | 4.4% | 1.1% | 3.2% | 2.7% | ||
| Latest Twelve Months | -23.2% | 3.9% | 4.4% | 1.1% | 3.2% | 2.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.32x | 0.61x | 0.58x | 0.58x | 0.71x | 0.58x | ||
| EV / LTM EBIT | -1.4x | 15.5x | 13.3x | 53.9x | 22.5x | 21.9x | ||
| Price / LTM Sales | 0.52x | 0.53x | 0.30x | 0.46x | 0.27x | 0.55x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.32x | 0.58x | 0.71x | |||||
| Historical EV / LTM Revenue | 0.44x | 0.57x | 0.75x | |||||
| Selected EV / LTM Revenue | 0.54x | 0.57x | 0.59x | |||||
| (x) LTM Revenue | 163 | 163 | 163 | |||||
| (=) Implied Enterprise Value | 87 | 92 | 97 | |||||
| (-) Non-shareholder Claims * | (6) | (6) | (6) | |||||
| (=) Equity Value | 81 | 86 | 91 | |||||
| (/) Shares Outstanding | 2.5 | 2.5 | 2.5 | |||||
| Implied Value Range | 32.04 | 33.85 | 35.66 | |||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | ||||
| Implied Value Range (Trading Cur) | 29.58 | 31.26 | 32.93 | 28.60 | ||||
| Upside / (Downside) | 3.4% | 9.3% | 15.1% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TUSK | PUMP | FET | OIS | BOOM | MUH0 | |
| Enterprise Value | 60 | 875 | 476 | 403 | 459 | 85 | |
| (+) Cash & Short Term Investments | 61 | 58 | 45 | 65 | 14 | 26 | |
| (+) Investments & Other | 4 | 0 | 0 | 0 | 0 | 0 | |
| (-) Debt | (26) | (175) | (273) | (151) | (116) | (15) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | (187) | (17) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 98 | 758 | 248 | 318 | 170 | 79 | |
| (/) Shares Outstanding | 48.1 | 103.2 | 12.3 | 61.8 | 20.2 | 2.5 | |
| Implied Stock Price | 2.04 | 7.35 | 20.11 | 5.15 | 8.42 | 30.97 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 2.04 | 7.35 | 20.11 | 5.15 | 8.42 | 28.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |