Thread by @mavix_leon

@Mindbreeze (76 % owned by $FAA @Fabasoft) is recognized as a Leader and positioned highest for Ability to Execute in the @Gartner_inc Magic Quadrant for Insight Engines 2021.

💸I think the 76 % share owned by publicly listed $FAA is pretty undervalued.

Why? A Thread

👇🏻 1/x

▫️$ESTC is also mentioned in the Gartner quadrant
▫️$ESTC is currently valued at an EV/S multiple of ~ 16 and ist unprofitable on an EBITDA basis
▫️@Mindbreeze is a much smaller company but if this multiple would be applied for them their value would be ~ 248m €

2/x

▫️@Mindbreeze is already highly profitable with 50 % EBITDA Margin
▫️the value of the 76 % owned by $FAA would be ~188m €
▫️the remaining part of $FAA would the be valued with ~222m € or:

EV/S of 4.6
EV/EBITDA of 17

3/x

▫️main business of $FAA is growing with 25 % in top line and even faster in the bottom line with over 25 % EBITDA margin in a growing sector
▫️$FAA is one of the leading software product companies and providers of cloud services in Europe for the digital control of documents
4/x

Summary:

▫️The balance sheet of $FAA consists of a hidden gem 💎 called @Mindbreeze
▫️By valuating mindbreeze it can be recognized that the remaining part of $FAA is undervalued
▫️If the market realizes the value of @Mindbreeze it could lead to a revaluation of $FAA

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