DKSH Holding AG (0QQE.L)

Industry: Specialty Business Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
600153.SS	1	Xiamen C&D Inc.	99,087	14.61	18.02	15.09	15.16	24.83	19.80
0QQE.L	2	DKSH Holding AG	27,750	10.41	10.64	5.02	4.66	6.42	6.18
ARMK	3	Aramark	18,506	31.44	31.44	12.29	9.46	17.61	19.38
S7MB.BE	4	Securitas AB (publ	17,224	14.69	12.92	10.58	9.02	12.01	10.43
0QMI.L	5	SGS S.A.	14,889	15.13	15.57	7.22	6.00	18.78	11.29
INPST.AS	6	InPost S.A.	14,525	30.42	20.00	10.74	7.50	25.01	14.21
WKL.AS	7	Wolters Kluwer N.V	13,887	15.33	12.61	9.73	8.46	11.92	10.80
ISS.CO	8	ISS A/S	13,314	11.13	11.13	8.16	6.69	14.16	11.32
RTO.L	9	Rentokil Initial p	13,137	17.14	14.13	8.70	7.56	24.06	9.81
SRP.L	10	Serco Group plc	13,018	11.09	9.41	5.20	4.53	5.45	4.55
7911.T	11	Toppan Inc.	10,993	12.79	12.67	4.90	4.65	22.93	13.65
ELIS.PA	12	Elis S.A.	10,715	9.31	9.31	3.08	2.37	8.39	6.40
0HYJ.L	13	Cintas Corporation	10,557	45.84	39.85	31.05	27.38	35.30	31.47
002183.SZ	14	Eternal Asia Suppl	10,139	171.54	179.60	42.66	44.53	50.73	151.57
7912.T	15	Dai Nippon Printin	9,424	10.63	9.70	7.62	6.85	10.13	8.36
ITRK.L	16	Intertek Group plc	9,034	11.41	10.22	5.89	5.18	7.90	6.72

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.61	12.67	8.16	6.85	14.16	10.80
Full Range Median Multiple	14.69	12.92	8.70	7.50	17.61	11.29
Industry Multiple	28.17	27.11	12.19	11.02	19.28	21.98
Market Implied Multiple	10.09	10.31	4.87	4.53	6.24	6.00
Company (0QQE.L) Multiple	10.41	10.64	5.02	4.66	6.42	6.18
(*) Net Income / EBITDA / Revenue	484	474	1,069	1,150	835	868
Winsorized Enterprise Value	N/A	N/A	8,725	7,874	11,823	9,375
Full Range Median Enterprise Value	N/A	N/A	9,299	8,625	14,703	9,799
(-) Net Debt	320	320	320	320	320	320
Winsorized Equity Value	7,075	6,006	8,405	7,554	11,503	9,055
Full Range Median Equity Value	7,116	6,126	8,979	8,306	14,384	9,479
(/) Shares Outstanding	82	82	82	82	82	82
Winsorized Fair Value	$86.44	$73.38	$102.69	$92.29	$140.53	$110.62
Full Range Median Fair Value	$86.94	$74.84	$109.70	$101.47	$175.72	$115.81
Current Price	$59.71	$59.71	$59.71	$59.71	$59.71	$59.71
Upside / Downside	44.78%	22.90%	71.99%	54.57%	135.37%	85.28%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$60.51	$51.37	$71.88	$64.60	$98.37	$77.43
Buy / Don't Buy	BUY	Don’t Buy	BUY	BUY	BUY	BUY