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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 17.0x - 18.8x | 17.9x |
Selected Fwd EBIT Multiple | 25.4x - 28.1x | 26.7x |
Fair Value | €1.23 - €1.37 | €1.30 |
Upside | -26.2% - -18.2% | -22.2% |
Benchmarks | Ticker | Full Ticker |
Qualco Group S.A. | QLCO | ATSE:QLCO |
Serviceware SE | SJJ | XTRA:SJJ |
Agile Content, S.A. | AGIL | BME:AGIL |
B+S Banksysteme Aktiengesellschaft | DTD2 | DB:DTD2 |
SA Energisme | 54Z | DB:54Z |
Logismos Information Systems S.A. | LOGISMOS | ATSE:LOGISMOS |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
QLCO | SJJ | AGIL | DTD2 | 54Z | LOGISMOS | ||
ATSE:QLCO | XTRA:SJJ | BME:AGIL | DB:DTD2 | DB:54Z | ATSE:LOGISMOS | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | 116.3% | NM- | NM- | 77.5% | |
3Y CAGR | -3.3% | NM- | NM- | 103.3% | NM- | NM- | |
Latest Twelve Months | -12.1% | 96.4% | 351.4% | 270.5% | 36.3% | 262.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 17.3% | -4.1% | -0.7% | 3.8% | -117.3% | -2.2% | |
Prior Fiscal Year | 16.9% | -5.2% | 3.1% | 2.1% | -88.7% | 3.2% | |
Latest Fiscal Year | 14.1% | -0.1% | 17.1% | 13.7% | -64.5% | 10.6% | |
Latest Twelve Months | 14.1% | -0.1% | 17.1% | 17.4% | -64.5% | 10.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.53x | 1.42x | 0.88x | 1.17x | 1.92x | 2.42x | |
EV / LTM EBITDA | 16.4x | 106.2x | 3.1x | 4.9x | -7.4x | 17.6x | |
EV / LTM EBIT | 17.9x | -1283.1x | 5.1x | 6.7x | -3.0x | 22.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -1283.1x | 5.1x | 17.9x | ||||
Historical EV / LTM EBIT | -93.0x | -22.5x | 49.7x | ||||
Selected EV / LTM EBIT | 17.0x | 17.9x | 18.8x | ||||
(x) LTM EBIT | 0 | 0 | 0 | ||||
(=) Implied Enterprise Value | 6 | 6 | 7 | ||||
(-) Non-shareholder Claims * | (0) | (0) | (0) | ||||
(=) Equity Value | 6 | 6 | 6 | ||||
(/) Shares Outstanding | 4.7 | 4.7 | 4.7 | ||||
Implied Value Range | 1.23 | 1.29 | 1.36 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.23 | 1.29 | 1.36 | 1.67 | |||
Upside / (Downside) | -26.5% | -22.5% | -18.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | QLCO | SJJ | AGIL | DTD2 | 54Z | LOGISMOS | |
Enterprise Value | 413 | 153 | 74 | 15 | 96 | 8 | |
(+) Cash & Short Term Investments | 0 | 27 | 14 | 1 | 2 | 0 | |
(+) Investments & Other | 0 | 0 | 5 | 0 | 0 | 0 | |
(-) Debt | 0 | (5) | (40) | (6) | (3) | (0) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 413 | 175 | 53 | 11 | 95 | 8 | |
(/) Shares Outstanding | 70.0 | 10.5 | 23.0 | 6.2 | 29,732.8 | 4.7 | |
Implied Stock Price | 5.90 | 16.70 | 2.30 | 1.72 | 0.00 | 1.67 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 5.90 | 16.70 | 2.30 | 1.72 | 0.00 | 1.67 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |