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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.5x - 0.5x | 0.5x |
| Selected Fwd Ps Multiple | 0.4x - 0.5x | 0.5x |
| Fair Value | €1.82 - €2.02 | €1.92 |
| Upside | -17.1% - -8.3% | -12.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Hera S.p.A. | - | BIT:HER |
| Iren SpA | - | BIT:IRE |
| ACEA S.p.A. | - | BIT:ACE |
| Ascopiave S.p.A. | - | BIT:ASC |
| Italgas S.p.A. | - | BIT:IG |
| A2A S.p.A. | - | BIT:A2A |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| HER | IRE | ACE | ASC | IG | A2A | |||
| BIT:HER | BIT:IRE | BIT:ACE | BIT:ASC | BIT:IG | BIT:A2A | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 19.1% | 11.0% | 6.9% | 10.4% | 6.1% | 12.4% | ||
| 3Y CAGR | 27.2% | 21.4% | 3.3% | 15.0% | 5.4% | 4.1% | ||
| Latest Twelve Months | -26.9% | -12.0% | -5.8% | 13.4% | -4.2% | -12.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 3.5% | 5.7% | 8.4% | 70.2% | 19.5% | 4.9% | ||
| Prior Fiscal Year | 1.2% | 2.9% | 6.5% | 20.0% | 16.9% | 4.5% | ||
| Latest Fiscal Year | 2.9% | 4.0% | 7.8% | 17.5% | 19.2% | 6.7% | ||
| Latest Twelve Months | 3.3% | 4.6% | 7.8% | 17.5% | 19.2% | 6.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 8.1x | 6.4x | 6.4x | 9.3x | 9.6x | 5.9x | ||
| Price / LTM Sales | 0.4x | 0.5x | 0.9x | 3.1x | 2.1x | 0.5x | ||
| LTM P/E Ratio | 13.3x | 10.6x | 12.0x | 17.9x | 10.8x | 7.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 0.9x | 3.1x | |||||
| Historical LTM P/S Ratio | 0.2x | 0.5x | 0.6x | |||||
| Selected Price / Sales Multiple | 0.5x | 0.5x | 0.5x | |||||
| (x) LTM Sales | 12,857 | 12,857 | 12,857 | |||||
| (=) Equity Value | 5,989 | 6,304 | 6,620 | |||||
| (/) Shares Outstanding | 3,132.9 | 3,132.9 | 3,132.9 | |||||
| Implied Value Range | 1.91 | 2.01 | 2.11 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.91 | 2.01 | 2.11 | 2.20 | ||||
| Upside / (Downside) | -13.1% | -8.5% | -4.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | HER | IRE | ACE | ASC | IG | A2A | |
| Value of Common Equity | 5,684 | 2,925 | 3,987 | 637 | 5,220 | 6,892 | |
| (/) Shares Outstanding | 1,441.2 | 1,283.1 | 212.5 | 216.4 | 811.8 | 3,132.9 | |
| Implied Stock Price | 3.94 | 2.28 | 18.76 | 2.95 | 6.43 | 2.20 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.94 | 2.28 | 18.76 | 2.95 | 6.43 | 2.20 | |
| 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 | |