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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 6.9x - 7.6x | 7.3x |
Selected Fwd EBITDA Multiple | 5.6x - 6.1x | 5.8x |
Fair Value | €43.85 - €48.24 | €46.04 |
Upside | 11.8% - 23.0% | 17.4% |
Benchmarks | Ticker | Full Ticker |
Koninklijke Ahold Delhaize N.V. | AD | ENXTAM:AD |
Kesko Oyj | KESKOA | HLSE:KESKOA |
Carrefour SA | CA | ENXTPA:CA |
Marks and Spencer Group plc | MA6 | DB:MA6 |
Metro Inc. | 62M | DB:62M |
Colruyt Group N.V. | COLRB | BATS-CHIXE:COLRB |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
AD | KESKOA | CA | MA6 | 62M | COLRB | ||
ENXTAM:AD | HLSE:KESKOA | ENXTPA:CA | DB:MA6 | DB:62M | BATS-CHIXE:COLRB | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 3.5% | 5.5% | 0.7% | 6.5% | 6.0% | 0.9% | |
3Y CAGR | 0.8% | -4.3% | 2.5% | 10.9% | 5.1% | 0.6% | |
Latest Twelve Months | 2.6% | -4.6% | 0.4% | 15.7% | 3.3% | 0.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 6.4% | 7.4% | 4.6% | 8.3% | 8.7% | 7.3% | |
Prior Fiscal Year | 5.8% | 7.3% | 4.3% | 9.0% | 8.6% | 6.1% | |
Latest Fiscal Year | 5.7% | 6.8% | 4.2% | 9.8% | 8.4% | 7.2% | |
Latest Twelve Months | 5.8% | 6.7% | 4.2% | 9.8% | 8.5% | 7.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.55x | 0.96x | 0.28x | 0.65x | 1.28x | 0.43x | |
EV / LTM EBITDA | 9.6x | 14.3x | 6.7x | 6.6x | 15.2x | 6.0x | |
EV / LTM EBIT | 14.4x | 19.4x | 11.1x | 8.2x | 19.2x | 9.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 6.6x | 9.6x | 15.2x | ||||
Historical EV / LTM EBITDA | 6.9x | 7.6x | 8.2x | ||||
Selected EV / LTM EBITDA | 6.9x | 7.3x | 7.6x | ||||
(x) LTM EBITDA | 766 | 766 | 766 | ||||
(=) Implied Enterprise Value | 5,292 | 5,570 | 5,849 | ||||
(-) Non-shareholder Claims * | 273 | 273 | 273 | ||||
(=) Equity Value | 5,565 | 5,843 | 6,122 | ||||
(/) Shares Outstanding | 124.5 | 124.5 | 124.5 | ||||
Implied Value Range | 44.70 | 46.93 | 49.17 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 44.70 | 46.93 | 49.17 | 39.22 | |||
Upside / (Downside) | 14.0% | 19.7% | 25.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | AD | KESKOA | CA | MA6 | 62M | COLRB | |
Enterprise Value | 49,805 | 11,353 | 24,226 | 9,015 | 27,441 | 4,610 | |
(+) Cash & Short Term Investments | 4,755 | 148 | 6,745 | 1,154 | 39 | 978 | |
(+) Investments & Other | 256 | 257 | 1,604 | 414 | 0 | 297 | |
(-) Debt | (20,374) | (3,561) | (21,533) | (2,945) | (4,482) | (1,002) | |
(-) Other Liabilities | 0 | (16) | (1,665) | (11) | (17) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 34,442 | 8,181 | 9,377 | 7,627 | 22,981 | 4,883 | |
(/) Shares Outstanding | 913.6 | 398.1 | 645.8 | 2,024.1 | 219.2 | 124.5 | |
Implied Stock Price | 37.70 | 20.55 | 14.52 | 3.77 | 104.83 | 39.22 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 0.84 | 1.56 | 1.00 | |
Implied Stock Price (Trading Cur) | 37.70 | 20.55 | 14.52 | 4.50 | 67.14 | 39.22 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 0.84 | 1.56 | 1.00 |