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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 64.4x - 71.2x | 67.8x |
| Selected Fwd EBIT Multiple | 20.5x - 22.7x | 21.6x |
| Fair Value | €5.94 - €6.07 | €6.01 |
| Upside | -37.0% - -35.7% | -36.4% |
| Benchmarks | Ticker | Full Ticker |
| AHT Syngas Technology N.V. | 3SQ1 | XTRA:3SQ1 |
| McPhy Energy S.A. | M6P | DB:M6P |
| BAUER Aktiengesellschaft | B5A0 | HMSE:B5A0 |
| HOCHTIEF Aktiengesellschaft | HOT | XTRA:HOT |
| Ellaktor S.A. | HLL | DB:HLL |
| thyssenkrupp nucera AG & Co. KGaA | NCH2D | BATS-CHIXE:NCH2D |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 3SQ1 | M6P | B5A0 | HOT | HLL | NCH2D | ||
| XTRA:3SQ1 | DB:M6P | HMSE:B5A0 | XTRA:HOT | DB:HLL | BATS-CHIXE:NCH2D | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 599.7% | NM- | 30.3% | -9.9% | 50.1% | NM- | |
| 3Y CAGR | 316.5% | NM- | 22.2% | 12.7% | NM- | NM- | |
| Latest Twelve Months | 477.2% | -16.1% | -30.6% | 32.0% | -18.3% | 169.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -9.8% | -201.5% | 1.3% | 1.0% | 7.4% | 2.5% | |
| Prior Fiscal Year | -25.4% | -267.4% | 4.9% | 2.0% | 26.3% | 3.8% | |
| Latest Fiscal Year | 9.2% | -441.7% | 2.8% | 1.7% | 32.8% | -2.0% | |
| Latest Twelve Months | 8.4% | -441.7% | 2.8% | 2.0% | 32.8% | 0.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.56x | 0.25x | 0.29x | 0.37x | 2.19x | 0.49x | |
| EV / LTM EBITDA | 5.9x | -0.1x | 4.2x | 11.0x | 3.9x | 68.1x | |
| EV / LTM EBIT | 6.6x | -0.1x | 10.4x | 18.1x | 6.7x | 238.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -0.1x | 6.7x | 18.1x | ||||
| Historical EV / LTM EBIT | -54.7x | 28.3x | 111.3x | ||||
| Selected EV / LTM EBIT | 64.4x | 67.8x | 71.2x | ||||
| (x) LTM EBIT | 2 | 2 | 2 | ||||
| (=) Implied Enterprise Value | 129 | 136 | 142 | ||||
| (-) Non-shareholder Claims * | 674 | 674 | 674 | ||||
| (=) Equity Value | 803 | 810 | 816 | ||||
| (/) Shares Outstanding | 141.8 | 141.8 | 141.8 | ||||
| Implied Value Range | 5.66 | 5.71 | 5.76 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.66 | 5.71 | 5.76 | 9.44 | |||
| Upside / (Downside) | -40.0% | -39.5% | -39.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 3SQ1 | M6P | B5A0 | HOT | HLL | NCH2D | |
| Enterprise Value | 9 | 4 | 254 | 13,097 | 543 | 665 | |
| (+) Cash & Short Term Investments | 1 | 40 | 0 | 5,904 | 244 | 702 | |
| (+) Investments & Other | 0 | 0 | 0 | 2,365 | 219 | 0 | |
| (-) Debt | (0) | (41) | 0 | (8,779) | (550) | (28) | |
| (-) Other Liabilities | 0 | 0 | 0 | (47) | (20) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11 | 2 | 254 | 12,541 | 437 | 1,339 | |
| (/) Shares Outstanding | 2.3 | 29.1 | 43.0 | 75.2 | 347.0 | 141.8 | |
| Implied Stock Price | 4.64 | 0.08 | 5.90 | 166.70 | 1.26 | 9.44 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.64 | 0.08 | 5.90 | 166.70 | 1.26 | 9.44 | |
| 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 | |