Significant European Movers Valuations: Jul-19 vs. Aug-19 Enterprise Value (€m) * Company Apr-19 May-19 % Change Gainers 70 122 +74% 1,279 1,876 +47% 3,652 4,420 +21% 773 908 +17% 4,852 5,509 +14% Losers 413 314 -24% 513 391 -24% 634 489 -23% 138 110 -20% 20,836 17,695 -15% EV/EBITDA 2019E Company Apr-19 May-19 % Change Gainers 31.4x 50.9x +62% 8.8x 11.4x +29% 18.6x 21.2x +14% 19.4x 22.1x +14% 8.3x 9.1x +10% Losers 18.0x 6.9x -62% 15.0x 10.9x -27% 19.9x 15.3x -23% 16.2x 13.8x -14% 35.5x 30.9x -13% Source: Capital IQ (September 2019). 17 Note: * Companies with enterprise value <€100m excluded.