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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.3x - 1.4x | 1.3x |
| Selected Fwd Ps Multiple | 1.2x - 1.3x | 1.2x |
| Fair Value | €2.01 - €2.22 | €2.12 |
| Upside | 20.2% - 32.8% | 26.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Banco di Desio e della Brianza S.p.A. | - | BIT:BDB |
| UniCredit S.p.A. | - | BIT:UCG |
| Mediobanca Banca di Credito Finanziario S.p.A. | - | BIT:MB |
| Banca Popolare di Sondrio S.p.A | - | BIT:BPSO |
| FinecoBank Banca Fineco S.p.A. | - | BIT:FBK |
| Banca Sistema S.p.A. | - | BIT:BST |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BDB | UCG | MB | BPSO | FBK | BST | |||
| BIT:BDB | BIT:UCG | BIT:MB | BIT:BPSO | BIT:FBK | BIT:BST | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.5% | 9.7% | 8.3% | 16.3% | 14.9% | 5.5% | ||
| 3Y CAGR | 16.1% | 18.9% | 11.5% | 18.3% | 18.0% | 7.3% | ||
| Latest Twelve Months | -1.9% | 4.7% | 7.9% | 16.2% | 0.6% | 30.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 23.8% | 25.1% | 35.3% | 31.2% | 47.2% | 22.8% | ||
| Prior Fiscal Year | 28.3% | 40.6% | 35.3% | 36.1% | 49.5% | 16.7% | ||
| Latest Fiscal Year | 22.1% | 39.5% | 39.0% | 39.3% | 49.7% | 21.0% | ||
| Latest Twelve Months | 21.1% | 41.8% | 38.7% | 41.0% | 50.1% | 25.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 1.8x | 4.0x | 4.7x | 3.5x | 8.3x | 1.0x | ||
| LTM P/E Ratio | 8.4x | 9.6x | 12.0x | 8.5x | 16.6x | 4.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.8x | 4.0x | 8.3x | |||||
| Historical LTM P/S Ratio | 0.9x | 1.2x | 1.8x | |||||
| Selected Price / Sales Multiple | 1.3x | 1.3x | 1.4x | |||||
| (x) LTM Sales | 135 | 135 | 135 | |||||
| (=) Equity Value | 169 | 178 | 187 | |||||
| (/) Shares Outstanding | 80.4 | 80.4 | 80.4 | |||||
| Implied Value Range | 2.11 | 2.22 | 2.33 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.11 | 2.22 | 2.33 | 1.67 | ||||
| Upside / (Downside) | 25.8% | 32.4% | 39.1% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BDB | UCG | MB | BPSO | FBK | BST | |
| Value of Common Equity | 955 | 101,498 | 16,355 | 5,443 | 11,123 | 135 | |
| (/) Shares Outstanding | 132.3 | 1,557.7 | 813.3 | 449.8 | 611.5 | 80.4 | |
| Implied Stock Price | 7.22 | 65.16 | 20.11 | 12.10 | 18.19 | 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) | 7.22 | 65.16 | 20.11 | 12.10 | 18.19 | 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 | |