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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.6x - 9.5x | 9.0x |
| Selected Fwd EBIT Multiple | 6.6x - 7.3x | 6.9x |
| Fair Value | €1.17 - €1.31 | €1.24 |
| Upside | 7.2% - 19.3% | 13.2% |
| Benchmarks | Ticker | Full Ticker |
| Cairo Communication S.p.A. | CAI | BIT:CAI |
| RCS MediaGroup S.p.A. | RCS | BIT:RCS |
| Beewize S.p.A. | BWZ | BIT:BWZ |
| SG Company S.p.A. | SGC | BIT:SGC |
| Gambero Rosso S.p.A. | GAMB | BIT:GAMB |
| Il Sole 24 ORE S.p.A. | S24 | BIT:S24 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| CAI | RCS | BWZ | SGC | GAMB | S24 | ||
| BIT:CAI | BIT:RCS | BIT:BWZ | BIT:SGC | BIT:GAMB | BIT:S24 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.2% | -1.6% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 0.4% | 0.1% | NM- | NM- | NM- | 34.7% | |
| Latest Twelve Months | 20.2% | 13.2% | -6.4% | -62.7% | -107.7% | -28.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.9% | 9.8% | -32.3% | -5.8% | 6.2% | 3.4% | |
| Prior Fiscal Year | 8.0% | 10.3% | -24.2% | 4.0% | 14.9% | 6.1% | |
| Latest Fiscal Year | 9.9% | 12.0% | -30.2% | 1.3% | -1.4% | 5.6% | |
| Latest Twelve Months | 10.0% | 12.3% | -29.1% | 1.3% | -1.4% | 3.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.73x | 0.77x | 2.63x | 0.44x | 1.19x | 0.36x | |
| EV / LTM EBITDA | 5.6x | 4.7x | -12.8x | 8.5x | 10.6x | 4.5x | |
| EV / LTM EBIT | 7.3x | 6.3x | -9.0x | 34.7x | -85.2x | 9.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -85.2x | 6.3x | 34.7x | ||||
| Historical EV / LTM EBIT | -25.9x | 5.9x | 31.4x | ||||
| Selected EV / LTM EBIT | 8.6x | 9.0x | 9.5x | ||||
| (x) LTM EBIT | 8 | 8 | 8 | ||||
| (=) Implied Enterprise Value | 72 | 76 | 79 | ||||
| (-) Non-shareholder Claims * | (5) | (5) | (5) | ||||
| (=) Equity Value | 67 | 70 | 74 | ||||
| (/) Shares Outstanding | 65.0 | 65.0 | 65.0 | ||||
| Implied Value Range | 1.02 | 1.08 | 1.14 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.02 | 1.08 | 1.14 | 1.10 | |||
| Upside / (Downside) | -6.4% | -1.1% | 4.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CAI | RCS | BWZ | SGC | GAMB | S24 | |
| Enterprise Value | 801 | 629 | 13 | 16 | 18 | 76 | |
| (+) Cash & Short Term Investments | 118 | 71 | 0 | 3 | 0 | 75 | |
| (+) Investments & Other | 34 | 0 | 0 | 2 | 0 | 0 | |
| (-) Debt | (227) | (180) | (8) | (10) | (15) | (80) | |
| (-) Other Liabilities | (357) | 0 | 0 | (2) | (0) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 369 | 519 | 5 | 9 | 4 | 71 | |
| (/) Shares Outstanding | 134.4 | 517.4 | 11.2 | 28.4 | 14.4 | 65.0 | |
| Implied Stock Price | 2.75 | 1.00 | 0.44 | 0.32 | 0.26 | 1.10 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 2.75 | 1.00 | 0.44 | 0.32 | 0.26 | 1.10 | |
| 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 | |