2015

Sales and services rendered € 4,679,548.00

Growth rate
Bicycles
Revenue
Cost
Gross margin
Gross margin %

Smart Mobility (Bike Sharing)

Revenue
Cost
Gross margin
Gross margin %

Parts and Components

Revenue
Cost
Gross margin
Gross margin %

Health & Fitness

Revenue
Cost
Gross margin
Gross margin %

Maintenace Bikesharing Fee

Fee Revenue
Technological partner cost
Gross margin
Gross margin %
 SALES ORBITA - MIRALOGO
2016 2017 (p) 2018 (p) 2019 (p)
€ 5,370,296.00 € 8,960,000.00 € 11,685,000.00 € 18,315,000.00
15% 67% 30% 57%

2,500,000.00 € 3,900,000.00 € 6,500,000.00 €

1,500,000.00 € 1,950,000.00 € 3,250,000.00 €
1,000,000.00 € 1,950,000.00 € 3,250,000.00 €
40.0% 50.0% 50.0%

4,380,000.00 € 2,500,000.00 € 3,500,000.00 €

2,262,065.00 € 1,250,000.00 € 1,750,000.00 €
2,117,935.00 € 1,250,000.00 € 1,750,000.00 €
48.4% 50.0% 50.0%

1,500,000.00 € 1,600,000.00 € 1,845,000.00 €

600,000.00 € 640,000.00 € 738,000.00 €
900,000.00 € 960,000.00 € 1,107,000.00 €
60.0% 60.0% 60.0%

200,000.00 € 660,000.00 € 870,000.00 €

60,000.00 € 198,000.00 € 261,000.00 €
140,000.00 € 462,000.00 € 609,000.00 €
70.0% 70.0% 70.0%

380,000.00 € 3,025,000.00 € 5,600,000.00 €

286,875.00 € 2,410,000.00 € 4,212,500.00 €
93,125.00 € 615,000.00 € 1,387,500.00 €
24.5% 20.3% 24.8%
 2020 (p) 2021 (p) 2022 (p) AVR
€ 24,255,750.00 € 28,421,488.00 € 32,130,527.00 € 16,727,201.13
32% 17% 13% 33%

8,500,000.00 € 10,500,000.00 € 12,500,000.00 €

4,250,000.00 € 5,250,000.00 € 6,250,000.00 €
4,250,000.00 € 5,250,000.00 € 6,250,000.00 €
50.0% 50.0% 50.0%

4,000,000.00 € 4,500,000.00 € 5,000,000.00 €

2,000,000.00 € 2,250,000.00 € 2,500,000.00 €
2,000,000.00 € 2,250,000.00 € 2,500,000.00 €
50.0% 50.0% 50.0%

2,175,750.00 € 2,631,488.00 € 3,270,527.00 €

870,300.00 € 1,052,595.00 € 1,308,211.00 €
1,305,450.00 € 1,578,893.00 € 1,962,316.00 €
60.0% 60.0% 60.0%

1,080,000.00 € 1,290,000.00 € 860,000.00 €

324,000.00 € 387,000.00 € 258,000.00 €
756,000.00 € 903,000.00 € 602,000.00 €
70.0% 70.0% 70.0%

8,500,000.00 € 9,500,000.00 € 10,500,000.00 €

6,242,500.00 € 6,942,500.00 € 7,642,500.00 €
2,257,500.00 € 2,557,500.00 € 2,857,500.00 €
26.6% 26.9% 27.2%
 INCOME STATEMENT ORBITA - MIRALOGO

2015 2016 2017 (p)

Sales and services rendered 4,679,548 5,370,296 8,960,000
Operating subsidies 30,995 37,926 -
Imputed gains/losses of subsidiaries, associates and joint 96,303 96,430 -
Variance in inventories of productions 315,518 36,552 82,719
Own work capitalised 11,513 114,770 172,620
COGS and material consumed 1,856,622 1,244,802
Supplies and services 937,873 1,540,665 1,284,455
Personnel expenses 1,886,181 2,209,708 2,404,260
Impairment of receivables 1,503 10,355 40,000
Impairment of non-depreciable/amortizable invest 490 120
Other income 99,152 77,166 22,546
Other expenses 109,957 85,087 70,897

EBITDA 250,802 642,644 563,895

Depreciation and amortization 281,792 307,276 671,994

EBIT 30,989 335,368 108,099

Interest and similar income 17 - 0

interest and similar expenses 156,935 185,555 234,894

EBT 187,908 149,812 342,993

Income tax 18,770 33,100 0

Deferred tax 77,173

Net Income 206,678 116,712 265,820

RBITA - MIRALOGO

2018 (p) 2019 (p) 2020 (p) 2021 (p) 2022 (p)
11,685,000 18,315,000 24,255,750 28,421,488 32,130,527
- - - - -
- - - - -

1,120,251 1,403,454 1,661,592 1,846,731 2,013,285

2,522,657 2,648,790 2,781,230 2,920,291 3,066,306
57,500 36,250 64,375 85,469 18,701

- - - - -
38,697 60,653 80,327 94,122 106,405

1,497,896 4,026,853 6,110,177 7,763,718 8,967,120

735,796 828,926 475,904 474,983 426,127

762,099 3,197,927 5,634,273 7,288,734 8,540,992

- - - - -
240,962 219,161 186,754 154,947 122,267

521,137 2,978,766 5,447,519 7,133,787 8,418,726

40,082 670,222 1,225,692 1,605,102 1,894,213

77,173 - - - -

403,881 2,308,544 4,221,827 5,528,685 6,524,512

 BALANCE SHEET ORBITA - MIRALO

2015 2016
ASSETS
Non-current 6,552,225.00 € 7,077,830.00 €
PP&E 1,587,547.00 € 1,643,726.00 €
Investment Properties 102,004.00 € 102,004.00 €
Intagible 21,134.00 € 34,386.00 €
Financial Invest. 1,650,982.00 € 1,683,708.00 €
Other Financial Invest. 3,190,558.00 € 3,614,006.00 €
Deferred tax assets -
6,552,225 7,077,830
Current 4,899,186.00 € 7,052,665.00 €
Inventories 3,566,648.00 € 4,798,124.00 €
Trade receivables 1,033,789.00 € 974,661.00 €
Receivables from state 101,406.00 € 76,586.00 €
Other Trade receivables 116,469.00 € 94,869.00 €
Deferrals 23,096.00 € 958,837.00 €
Cash and other short term deposits 57,778.00 € 149,588.00 €
4,899,186 7,052,665
Total Assets 11,451,411.00 € 14,130,495.00 €

SHAREHOLDER'S EQUITY AND LIABILITIES 2015 2016

Shareholder's Equity
Subscribed Cap 1,598,917.00 € 1,598,917.00 €
Shares held -319,929.00 € -319,929.00 €
Legal Reserves 618,725.00 € 619,223.00 €
Other Reserves 3,340,314.00 € 3,340,314.00 €
R.E. -947,409.00 € -1,164,547.00 €
Revaluation surplus 12,294.00 € 12,294.00 €
Other variances 1,115,305.00 € 1,482,580.00 €
Profit/loss of the period -206,678.00 € 116,712.00 €
5,211,539 5,685,564
Total Shareholder's Equity 5,211,539.00 € 5,685,564.00 €

Liabilities 2015 2016

Non-current 4,034,626 3,301,986
Provisions 8,750.00 € 8,750.00 €
Interest-bearing loans and borrowings 4,025,876.00 € 3,293,236.00 €
4,034,626 3,301,986
Current 2,205,247 5,142,946
A/P 462,456.00 € 836,997.00 €
Customer advances 804.00 € 10,412.00 €
Payables to state 127,600.00 € 326,601.00 €
Interest-bearing loans and borrowings 730,518.00 € 1,320,472.00 €
Other A/P 872,423.00 € 1,441,554.00 €
Deferrals 11,446.00 € 1,206,910.00 €
 2,205,247 5,142,946
Total Liabilities 6,239,873.00 € 8,444,932.00 €

Total Shareholder's Equity and Liabilities 11,451,412.00 € 14,130,496.00 €

11,451,412 14,130,496
Net Debt 4,698,616.00 € 4,464,120.00 €
D/E 1.20 1.49
ANCE SHEET ORBITA - MIRALOGO

2017 (p) 2018 (p) 2019 (p) 2020 (p) 2021 (p) 2022 (p)

7,675,637.00 € 7,747,668.00 € 7,880,042.00 € 7,604,137.00 € 7,329,154.00 € 7,103,026.00 €

1,424,221.00 € 1,955,259.00 € 2,469,467.00 € 2,202,374.00 € 1,927,391.00 € 1,701,263.00 €
102,004.00 € 102,004.00 € 102,004.00 € 102,004.00 € 102,004.00 € 102,004.00 €
772,480.00 € 390,646.00 € 8,812.00 € 0.00 € 0.00 € 0.00 €
1,683,708.00 € 1,683,708.00 € 1,683,708.00 € 1,683,708.00 € 1,683,708.00 € 1,683,708.00 €
3,616,051.00 € 3,616,051.00 € 3,616,051.00 € 3,616,051.00 € 3,616,051.00 € 3,616,051.00 €
77,173.00 € - - - - -
7,675,637 7,747,668 7,880,042 7,604,137 7,329,154 7,103,026
6,960,243.00 € 7,278,821.00 € 10,842,584.00 € 15,701,034.00 € 21,439,097.00 € 27,986,654.00 €
3,650,000.00 € 3,650,000.00 € 4,694,118.00 € 5,463,657.00 € 6,259,814.00 € 6,992,782.00 €
1,342,984.00 € 1,733,429.00 € 2,859,542.00 € 3,900,479.00 € 4,670,726.00 € 5,261,730.00 €
186,154.00 € 147,353.00 € 243,030.00 € 884,114.00 € 1,455,729.00 € 1,856,603.00 €
45,656.00 € 45,656.00 € 45,656.00 € 45,656.00 € 45,656.00 € 45,656.00 €
1,439,309.00 € 1,329,350.00 € 1,219,611.00 € 1,110,847.00 € 1,002,158.00 € 893,545.00 €
296,140.00 € 373,033.00 € 1,780,627.00 € 4,296,281.00 € 8,005,014.00 € 12,936,338.00 €
6,960,243 7,278,821 10,842,584 15,701,034 21,439,097 27,986,654
14,635,880.00 € 15,026,489.00 € 18,722,626.00 € 23,305,171.00 € 28,768,251.00 € 35,089,680.00 €

2017 (p) 2018 (p) 2019 (p) 2020 (p) 2021 (p) 2022 (p)

1,598,917.00 € 1,598,917.00 € 1,598,917.00 € 1,598,917.00 € 1,598,917.00 € 1,598,917.00 €

-319,929.00 € -319,929.00 € -319,929.00 € -319,929.00 € -319,929.00 € -319,929.00 €
619,223.00 € 619,223.00 € 619,223.00 € 619,223.00 € 619,223.00 € 619,223.00 €
3,340,314.00 € 3,340,314.00 € 3,340,314.00 € 3,340,314.00 € 3,340,314.00 € 3,340,314.00 €
-1,047,835.00 € -1,313,655.00 € -909,774.00 € 1,398,770.00 € 5,620,597.00 € 11,149,282.00 €
12,294.00 € 12,294.00 € 12,294.00 € 12,294.00 € 12,294.00 € 12,294.00 €
1,482,580.00 € 1,482,580.00 € 1,482,580.00 € 1,482,580.00 € 1,482,580.00 € 1,482,580.00 €
-265,820.00 € 403,881.00 € 2,308,544.00 € 4,221,827.00 € 5,528,685.00 € 6,524,512.00 €
5,419,744 5,823,625 8,132,169 12,353,996 17,882,681 24,407,193
5,419,744.00 € 5,823,625.00 € 8,132,169.00 € 12,353,996.00 € 17,882,681.00 € 24,407,193.00 €

2017 (p) 2018 (p) 2019 (p) 2020 (p) 2021 (p) 2022 (p)
4,600,808 4,191,015 3,969,015 2,947,332 1,931,443 1,347,906
8,750.00 € 8,750.00 € 8,750.00 € 8,750.00 € 8,750.00 € 8,750.00 €
4,592,058.00 € 4,182,265.00 € 3,960,265.00 € 2,938,582.00 € 1,922,693.00 € 1,339,156.00 €
4,600,808 4,191,015 3,969,015 2,947,332 1,931,443 1,347,906
4,615,328 5,011,850 6,621,442 8,003,842 8,954,129 9,334,582
1,031,013.00 € 1,244,096.00 € 1,909,308.00 € 2,523,023.00 € 2,914,327.00 € 3,283,068.00 €
- - - - - -
202,276.00 € 295,525.00 € 1,052,780.00 € 1,724,169.00 € 2,185,581.00 € 2,548,048.00 €
2,189,725.00 € 2,258,047.00 € 2,415,747.00 € 2,483,825.00 € 2,554,124.00 € 2,175,827.00 €
1,177,580.00 € 1,194,967.00 € 1,213,490.00 € 1,232,939.00 € 1,253,360.00 € 1,274,803.00 €
14,734.00 € 19,215.00 € 30,117.00 € 39,886.00 € 46,737.00 € 52,836.00 €
 4,615,328 5,011,850 6,621,442 8,003,842 8,954,129 9,334,582
9,216,136.00 € 9,202,865.00 € 10,590,457.00 € 10,951,174.00 € 10,885,572.00 € 10,682,488.00 €

14,635,880.00 € 15,026,490.00 € 18,722,626.00 € 23,305,170.00 € 28,768,253.00 € 35,089,681.00 €

14,635,880 15,026,490 18,722,626 23,305,170 28,768,253 35,089,681
6,485,643.00 € 6,067,279.00 € 4,595,385.00 € 1,126,126.00 € -3,528,197.00 € -9,421,355.00 €
1.70 1.58 1.30 0.89 0.61 0.44
 Comparable companies that operate in the bicycle manufacturing industry
Companies
Merida Industry Co Ltd
Dorel Industries Inc. Cl B
Giant Manufacturing Co., Ltd
Accell Group N.V
Shimano Inc.
Description
Merida Industry Co., Ltd. engages in the manufacturing and sale of bicycles and related components. Its
products include mountain, urban cross, and road bikes. The company was founded by Ting Huang
Tseng on September 29, 1972.
Dorel Industries, Inc. is a global consumer, juvenile products, and bicycle company, which engages in
the design, manufacture or sources, market, and distribution of divers portfolio of products brands. It
operates through the following business segments: Dorel Juvenile, Dorel Sports, and Dorel Home
Furnishings. The Dorel Juvenile segment is engaged in the design, sourcing, manufacturing,
distribution, and retail of furniture, and accessories for children, which includes infant car seats, strollers,
high chairs, toddler beds, cribs, and infant health and safety aids. The Dorel Sports segment handles
the design, sourcing, manufacturing, and distribution of recreational and leisure products, and
accessories, which includes bicycles, jogging strollers, scooters, and other recreational products. The
Dorel Home Furnishings segment focuses on the design, sourcing, manufacturing, and distribution of
ready-to-assemble furniture, and home furnishings, which includes metal folding furniture, futons, step
stools, ladders, and other imported furniture items. The company was founded by Leo Schwartz on
March 5, 1962 and is headquartered in Westmount, Canada.
Giant Manufacturing Co., Ltd. engages in the manufacture and sale of bicycles and related spare parts.
Its products include mountain, children, folding, electric, off-road riding, and racing bicycles. The
company was founded by Chin Piao Liu on October 27, 1972 and is headquartered in Taichung, Taiwan.
Accell Group NV is a holding company, which engages in the design, development, production,
marketing, and sale of bicycles. It operates through the Bicycles; and Parts and Accessories segments.
Its brands include Batavus, Sparta, Winora, Tunturi, and Raleigh. The company is headquartered in
Heerenveen, the Netherlands.
Shimano, Inc. engages in the development, production and distribution of bicycle components, fishing
tackle, and rowing equipments. It operates through the following segments: Bicycle Components,
Fishing Tackle, and Others. The Bicycle Components segment manufactures and sells derailleur gears,
brakes, wheel and other related products. The Fishing Tackle segment includes reels, rods, and fishing
gears. The Others segment comprises of cold-forged products and rowing equipment. The company
was founded by Shozaburo Shimano in February 1921
 Source: Wall Street Jornal
at operate in the bicycle manufacturing industry:
Description Headquarters Sector

ages in the manufacturing and sale of bicycles and related components. Its
rban cross, and road bikes. The company was founded by Ting Huang Taiwan Sports Goods
2.

obal consumer, juvenile products, and bicycle company, which engages in

sources, market, and distribution of divers portfolio of products brands. It
wing business segments: Dorel Juvenile, Dorel Sports, and Dorel Home
Juvenile segment is engaged in the design, sourcing, manufacturing,
ture, and accessories for children, which includes infant car seats, strollers, Canada Sports Goods
ribs, and infant health and safety aids. The Dorel Sports segment handles
anufacturing, and distribution of recreational and leisure products, and
s bicycles, jogging strollers, scooters, and other recreational products. The
gment focuses on the design, sourcing, manufacturing, and distribution of
, and home furnishings, which includes metal folding furniture, futons, step
imported furniture items. The company was founded by Leo Schwartz on
5, 1962 and is headquartered in Westmount, Canada.

d. engages in the manufacture and sale of bicycles and related spare parts.
ntain, children, folding, electric, off-road riding, and racing bicycles. The Taiwan Sports Goods
hin Piao Liu on October 27, 1972 and is headquartered in Taichung, Taiwan.

company, which engages in the design, development, production,

es. It operates through the Bicycles; and Parts and Accessories segments.
Sparta, Winora, Tunturi, and Raleigh. The company is headquartered in Netherlands Sports Goods
s.

e development, production and distribution of bicycle components, fishing

ts. It operates through the following segments: Bicycle Components,
The Bicycle Components segment manufactures and sells derailleur gears,
ed products. The Fishing Tackle segment includes reels, rods, and fishing Japan Sports Goods
omprises of cold-forged products and rowing equipment. The company
Shimano in February 1921
 MARKET DATA OF COMPARABLE COMPAN
Company Share Price Shares Outstanding (Mio)
MOTORCYCLING AND CYCLING INDUSTRY
Merida Industry Co Ltd € 3.50 298.98
Dorel Industries Inc. Cl B 21.59 USD 32.44
Giant Manufacturing Co., Ltd € 4.58 375.06
Accell Group N.V € 19.42 26.28
Health and Fitness

Company
Motorcycles
Merida Industry Co Ltd
Dorel Industries Inc. Cl B
Giant Manufacturing
Accell Group N.V (euro)
Health and Fitness
A
Sales (Mio)
N-1 N
€ 642.40 € 652.80
€ 2,603.19 € 2,577.67
€ 1,605.00 € 1,609.30
€ 1,048.15 € 1,068.47

M
EV/Sales
Company
2016 2017
Motorcycles
Merida Industry Co Ltd 1.55 1.52
Dorel Industries Inc. Cl B 0.49 0.49
Giant Manufacturing 1.17 1.17
Accell Group N.V 0.60 0.59
Average of Motorcycles 0.95 0.94
Median of Motorcycles 0.88 0.88

ACCOUN
Sales
Company
 Company
2016 2017
MIRALOGO -ORBITA 5,370,296.00 € 8,960,000.00 €
Estimated EV (Mio) of MIRALOGO -ORBITA based on:
Merida Industry Co Ltd 8,309,998.04 € 13,643,823.53 €
Atlas Cycle Industries Ltd 2,628,509.23 € 4,428,920.07 €
Giant Manufacturing 6,282,057.83 € 10,453,211.59 €
Accell Group N.V 3,219,199.77 € 5,268,881.48 €
Average of Motorcycle 5,740,188.37 € 9,508,651.73 €
Estimated EV (Mio) of MIRALOGO -ORBITA based on:

Average of Health and Fitness

Max 8,309,998.04 € 4,428,920.07 €
Min 2,628,509.23 € 8,448,709.17 €
Average 5,109,941.22 € 10,453,211.59 €
Median 4,750,628.80 € 10,453,211.59 €
% Range between Average and media 0.07 € 0.00 €

ESTIMATED VALUE OF EQUITY

EV of MIRALOGO -ORBITA - Range of co 7,861,046.5 € 10,143,667.3 €
EV of MIRALOGO -ORBITA - Range of co 6,989,667.2 € 6,463,850.4 €
EV of MIRALOGO -ORBITA - Range of co 5,061,699.3 € 10,704,671.3 €
Selected Range 6,989,667.2 € 10,143,667.3 €

Debt of MIRALOGO -ORBITA 8,060,502.0 € 8,060,502.0 €

Cash 296,140.0 € 296,140.0 €
Net Debt 6,485,643.0 € 6,485,643.0 €
Equity Value 504,024.2 € 3,658,024.3 €
Average of the range 2,081,024.24 €
ARKET DATA OF COMPARABLE COMPANIES
Equity Market Value (Mio) Net Debt (Mio)= Debt-Cash EV (Mio)

€ 1,046.43 -€ 52.38 € 994.05

700.38 USD 573.76 USD 1,274.14 USD
€ 1,717.77 € 159.72 € 1,877.49
€ 510.36 € 117.95 € 628.31

ACCOUNTING DATA OF COMPARABLE FIRMS

Mio) EBITDA (Mio)
N+1 N-1 N

€ 701.30 € 50.10 € 37.40

€ 2,648.00 € 154.52 € 169.35
€ 1,588.90 € 139.00 € 121.90
€ 1,133.00 € 70,545.00 € 48,170.00

MULTIPLES OF COMPARABLE FIRMS

ales EV/EBITDA
2018 2016 2017

1.42 19.84 26.58

0.48 8.25 7.52
1.18 13.51 15.40
0.55 0.01 0.01
0.91 13.86 16.50
0.87 10.88 11.46

ACCOUNTING DATA OF MIRALOGO -ORBITA

es EBITDA
 2018 2016 2017
11,685,000.00 € 642,644.00 € 563,895.00 €

16,562,775.20 € 12,750,903.56 € 14,987,695.85 €

5,622,479.57 € 5,299,041.08 € 4,242,631.59 €
13,807,367.83 € 8,680,293.30 € 8,685,069.16 €
6,479,966.77 € 5,723.72 € 7,355.22 €
11,997,540.87 € 8,910,079.31 € 9,305,132.20 €

16,562,775.20 € 12,750,903.56 € 14,987,695.85 €

5,622,479.57 € 5,723.72 € 7,355.22 €
11,997,540.87 € 8,910,079.31 € 9,305,132.20 €
13,807,367.83 € 8,680,293.30 € 8,685,069.16 €
-0.15 € 0.03 € 0.07 €

Based on EV/sales
Based on EV/EBITDA
The range of comparable to each category is the minimum and maximum value between the
Based on EV/EBIT

The range of comparable to each category is the minimum and maximum value between the
 Source

https://finance.yahoo.com/quote/9914.TW/key-statistics?p=9914.TW

https://finance.yahoo.com/quote/9921.TW/key-statistics?p=9921.TW
http://financials.morningstar.com/balance-sheet/bs.html?t=ACCEL&region=nld&culture=en-US&platform=sal

Mio) EBIT (Mio)

N+1 N-1 N N+1

€ 49.60 € 43.20 € 30.00 € 39.40

€ 145.54 € 101.34 € 119.19 € 134.07
€ 132.90 € 106.60 € 86.00 € 101.00
€ 67,480.00 € 60,397.00 € 38,009.00 € 59,540.00

TDA EV/EBIT
2018 2016 2017 2018

20.04 23.01 33.14 25.23

8.75 12.57 10.69 9.50
14.13 17.61 21.83 18.59
0.01 0.01 0.02 0.01
14.31 13.30 16.42 13.33
11.44 15.09 16.26 14.05

RBITA
DA EBIT
 2018 2016 2017 2018
1,497,896.00 € 335,368.00 € -108,099.00 € 762,099.00 €

30,019,829.01 € 7,716,957.42 € -3,581,860.37 € 19,227,525.66 €

13,113,434.17 € 4,216,722.42 € -1,155,577.31 € 7,242,640.56 €
21,160,962.76 € 5,906,676.14 € -2,359,945.47 € 14,166,702.08 €
13,946.99 € 3,488.83 € -1,786.94 € 8,042.23 €
21,431,408.65 € 5,946,785.33 € -2,365,794.38 € 13,545,622.76 €

30,019,829.01 € 7,716,957.42 € -1,786.94 € 19,227,525.66 €

13,946.99 € 3,488.83 € -3,581,860.37 € 8,042.23 €
21,431,408.65 € 5,946,785.33 € -2,365,794.38 € 13,545,622.76 €
21,160,962.76 € 5,906,676.14 € -2,359,945.47 € 14,166,702.08 €
0.01 € 0.01 € 0.00 € -0.05 €

s the minimum and maximum value between the median and the average to each category.

s the minimum and maximum value between the median and the average to each category.
platform=sal

Source

https://finance.yahoo.com/quote/9914.TW/financials?p=9914.TW
https://quotes.wsj.com/IN/XNSE/BEATLASCYCLE/financials/annual/income-statement
https://finance.yahoo.com/quote/9921.TW/financials?p=9921.TW
https://quotes.wsj.com/NL/XAMS/ACCEL/financials
 INCOME STATEMENT (Mio) N-1 N
Sales € 5,370,296.00 € 8,960,000.00
EBITDA € 642,644.00 € 563,895.00
% sales 11.97% 6.29%
EBIT 335,368.00 € - 108,099.00 €
% sales 6.2% -1.2%

BALANCE SHEET N-1

Equity 5,685,564.00
Debt 8,060,502.00
Capital Employed 13,746,066.00

Total Assets 14,635,880.00

Operational liabilities 889,814.00
Invested Capital 13,746,066.00
APPENDIX 5.3 COMPARABLE FIRMS

Share Price

Miralago-Órbita
MOTORCYCLING AND CYCLING INDUSTRY
Merida Industry Co Ltd € 3.50
Dorel Industries Inc. Cl B 21.59 USD
Giant Manufacturing Co., Ltd € 4.58
Accell Group N.V 19.42 €

0.0 €

D/E Ratio ORBITA-MIRALOGO E/(E+D)

Target Stable-growth period 82.06%
Orbita explicit period 45.52%

WACC BASED ON VARIOUS CAPITAL STRUCTURES Stable-growth period

E/EV 82.1%
D/EV 17.9%
D/E 0.22

Risk free rate ( Portuguese 10 years bond yield) 1.67%

Levered Beta 0.80
Equity risk premium Portugal 7.96%

Size premium 5.60%

Cost of equity 13.05%
Recreation'' Industry coefficient of determination (source: Damodaran) 0.2073
Beta of of Miralago-Órbita, adjusted for beta correlation with the market 1.4296
Cost of debt 5.24%
Marginal tax rate (Portugal) 21.0%
Cost of debt net of taxes 4.1%

WACC 11.5%
Target D/E+D 18%
Target E/E+D 82%
Pre-Tax WACC 11.6%
cost of debt net of taxe
d/ev
risk free rate
beta
size premium
wacc explicit period
terminal value growth
Shares Outstanding (Mio) Equity Market Value (Mio) Net Debt EV (Mio)

5.4 € 6.5 € 11.9 €

298.98 € 1,046.43 -€ 52.38 € 994.05

32.44 700.38 USD 573.76 USD 1,274.14 USD
375.06 € 1,717.77 € 159.72 € 1,877.49
26.28 510.36 € 117.95 € 628.31 €

0.00 0.0 € 0.0 € 0.0 €

Min
D/(D+E) Max
17.94% Average
54.48% Median

Explicit period

54.5% Cost of Equity (stable-growth period)

45.5% Ke
0.84

1.67% Source: Bloomberg

0.68
7.96% Source: http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ctryprem.html

5.60% Size premium based on long-term historical returns observed in the stock markets
13.05% Assumption: fx Ke
0.2073
1.4296
5.24%
21.0% TX Rate company for the FCT years
4.1%

9.0%
54.48%
46%
8.8%
 7.96%
4.14%
17.90%
1.67%
1.43%
5.60%
9%
 Yahoo Finance

D/E Levered Beta Tax rate Unlevered Beta

1.20 0.65 21.0%

-0.05 1.28 21.0% 1.33

0.82 0.67 21.0% 0.41
0.09 0.39 21.0% 0.36
0.23 0.85 21.0% 0.72

0.00 0.24 21.0% 0.24

-0.05 0.24 0.24

0.82 1.28 1.33
0.22 0.69 0.61
0.09 0.67 0.41

uity (stable-growth period) 2015 2016 2017(p)

13.05% EBITDA 250,802.00 € 642,644.00 € 563,895.00 €
Interest expense 156,935.00 € 185,555.00 € 234,894.00 €

Interest coverage ra 1.60 3.46 2.40

e_Page/datafile/ctryprem.html Spread

ed in the stock markets Marginal Tax rate in Portugal

Risk-free cost of debt
Before tax cost of debt
Rd
After Tax cost of debt
 Interest coverage ratio
2018(p) 2019(p) 2020(p) 2021(p)
1,497,896.00 € 4,026,853.00 € 6,110,177.00 € 7,763,718.00 €
240,962.00 € 219,161.00 € 186,754.00 € 154,947.00 €

6.22 18.37 32.72 50.11

3.57% Spread for smaller and riskier firms with Interest coverage ratio below 2.4999999

21.00%
1.67% Portuguese treasury bond 10 year yield
5.24%

4.14%
 2022(p)
8,967,120.00 €
122,267.00 €

73.34

ratio below 2.4999999

 2016 2017
Sales € 8,960,000.00
Growth rate 0.00%

EBITDA 563,895.00 €
EBITDA/Sales 6.3%

Depreciation and Amortization 671,994.00 €

EBIT - 108,099.00 €
EBIT/Sales -1.2%

CAPEX 452,489.00 €
Working Capital Requirements 4,238,500.00 €
WCR/sales 0.47
Increase of WCR 4,238,500.00 €
Marginal tax rate (Portugal) 21.0%
Net operational profit after taxes (NOPAT) - € - 85,398.21 €

FCF - 4,104,393.21 €
Stable-growth period 11.5%
WACC for the explicit period 9.0%
TV 33,014,421.6 €
PV of CF for the explicit period 6,814,706.6 €
Company Value for the Operations 39,829,128.2 €
Debt 8,060,502.0 €
Cash 296,140.0 €

Instrinsec Value of Equity 32,064,766.2 €

Control premium 1441%

If Transaction Price = Instrinsec Value

Intrinsec Value 32,064,766.2 €

Intrinsec Value 32,064,766.2 €

Relative Valuation Based on Stock Market 2,081,024.2 €
Control Premium (absolute value) 29,983,741.9 €
Control Premium (%) 1440.8%
 Cash Flow WACC METHOD
2018 2019 2020 2021
11,685,000.00 € 18,315,000.00 € 24,255,750.00 € 28,421,488.00 €
30.41% 56.74% 32.44% 17.17%

1,497,896.00 € 4,026,853.00 € 6,110,177.00 € 7,763,718.00 €

12.8% 22.0% 25.2% 27.3%

735,796.00 € 828,926.00 € 475,904.00 € 474,983.00 €

762,100.00 € 3,197,927.00 € 5,634,273.00 € 7,288,735.00 €
6.5% 17.5% 23.2% 25.6%

1,266,834.00 € 1,343,134.00 € 208,811.00 € 200,000.00 €

4,151,985.00 € 4,856,262.00 € 5,884,736.00 € 7,034,078.00 €
0.36 0.27 0.24 0.25
- 86,515.00 € 704,277.00 € 1,028,474.00 € 1,149,342.00 €

602,059.00 € 2,526,362.33 € 4,451,075.67 € 5,758,100.65 €

157,536.00 € 1,307,877.33 € 3,689,694.67 € 4,883,741.65 €

Terminal Value

market size premium

cost of debt net of taxes
d/ev
risk free rate
beta
size premium
wacc explicit period
terminal value growth
 2022 TV
32,130,527.00 € 32,933,790.18 €
13.05% 2.50%

8,967,120.00 € 9,191,298.00 €
27.9% 27.9%
Depreciation =
426,127.00 € 199,999.00 € Investments
8,540,993.00 € 8,991,299.00 €
26.6% 27.3%

Depreciation =
199,999.00 € 199,999.00 € Investments
7,891,561.00 € 10,040,623.95 €
0.25 0.30 Average
857,483.00 € 2,149,062.95 €

6,747,384.47 € 7,103,126.21 €

6,116,029.47 € 4,954,063.26 €

55,348,102.8 €

7.96%
4.14%
17.90%
1.67%
1.43%
5.60%
9%
2.50%
From Balance Sheet
Year 2016 2017
PPE 1,643,726.00 € 1,424,221.00 €
DEPRECIATION 307,276.00 € 671,994.00 €
CAPEX 452,489.00 €

Year 2016 2017

Current Assets - Cash and Short Term Deposits 6,903,077.00 € 6,664,103.00 €

Current Liabilities 3,822,474.00 € 2,425,603.00 €
Working Capital Requirements 3,080,603.00 € 4,238,500.00 €
NWC 1,157,897.00 €
 2018 2019 2020 2021
1,955,259.00 € 2,469,467.00 € 2,202,374.00 € 1,927,391.00 €
735,796.00 € 828,926.00 € 475,904.00 € 474,983.00 €
1,266,834.00 € 1,343,134.00 € 208,811.00 € 200,000.00 €

2018 2019 2020 2021

6,905,788.00 € 9,061,957.00 € 11,404,753.00 € 13,434,083.00 €

2,753,803.00 € 4,205,695.00 € 5,520,017.00 € 6,400,005.00 €
4,151,985.00 € 4,856,262.00 € 5,884,736.00 € 7,034,078.00 €
- 86,515.00 € 704,277.00 € 1,028,474.00 € 1,149,342.00 €
 2022
1,701,263.00 €
426,127.00 €
199,999.00 €

2022

15,050,316.00 € Current Assets - Cash and Short-Term deposits

7,158,755.00 €
7,891,561.00 €
857,483.00 €