EXAIL TECHNOLOGIES (+) : Valuation disagreement

研报英文原文证据摘录

EXAIL TECHNOLOGIES (+) : Valuation disagreement

EQUITIES

AEROSPACE & DEFENSE

EXAIL TECHNOLOGIES OUTPERFORMPRICE* EUR118.8  TARGET PRICE EUR165 (UPSIDE 39%)

FLASH NOTE

Valuation disagreement

11 JUNE 2026 Securities Research Report Production time: 19:04* (London time)

Research Analyst & Publishing Entities

Geoffrey D'Halluin BNP Paribas SA (+ 33) 1 57 43 74 88 geoffrey.dhalluin@bnpparibas.com

What happened?

Exail posted a press release regarding negotiations with ICG in connection to the refinancing of the company. This

shows a disagreement on the value of ICG Exit and the Minority Shareholders Liquidity, and so on the value of Exail

Holding.

Exail has engaged an independent valuation firm, which found a value of EUR580m for the ICG Exit (including the

buyback of the bonds and the preferred shares held by ICG in Exail Holding) and approximately EUR130m for the

Minority Shareholders Liquidity in 2026. This suggests a total amount of ~EUR710m.

On its side, ICG estimates that the amounts payable for the ICG Exit and the Minority Shareholders Liquidity in 2026

would total ~EUR1.1bn. ICG has notably indicated that it intends to use Exail Technologies’ share price as its primary

reference to determine, on a look-through basis, the valuation of Exail Holding.

This suggests a difference of ~EUR380m with Exail’s estimates.

Exail said in the release that it will continue discussions with ICG, noting that the contractual framework provides, in the

event of a deadlock, for a valuation process involving investment banks.

Meanwhile, Exail mentioned that it continues its discussions with financial partners in order to secure, if necessary, the

additional financing required for the ICG Exit and the Minority Shareholders Liquidity and assessing the various options

available to it.