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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 4.4x - 4.8x | 4.6x |
| Selected Fwd EBITDA Multiple | 1.8x - 2.0x | 1.9x |
| Fair Value | €1.95 - €2 | €1.98 |
| Upside | 14.0% - 17.1% | 15.5% |
| Benchmarks | Ticker | Full Ticker |
| Inmobiliaria del Sur, S.A. | ISUR | BME:ISUR |
| Aedas Homes, S.A. | AEDAS | BME:AEDAS |
| Montebalito, S.A. | MTB | BME:MTB |
| BASSAC Société anonyme | BASS | ENXTPA:BASS |
| MIDI p.l.c. | MDI | MTSE:MDI |
| Libertas 7, S.A. | LIB | BME:LIB |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| ISUR | AEDAS | MTB | BASS | MDI | LIB | ||
| BME:ISUR | BME:AEDAS | BME:MTB | ENXTPA:BASS | MTSE:MDI | BME:LIB | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 11.4% | 26.2% | NM- | 1.4% | NM- | NM- | |
| 3Y CAGR | 18.6% | 10.4% | 18.7% | -3.7% | NM- | 30.5% | |
| Latest Twelve Months | 46.7% | 16.6% | -14.2% | -1.4% | -164.7% | 53.2% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 15.0% | 16.8% | -19.4% | 13.9% | 7.5% | -3.7% | |
| Prior Fiscal Year | 12.8% | 17.4% | 9.7% | 12.5% | 0.6% | 37.5% | |
| Latest Fiscal Year | 16.3% | 15.1% | 13.0% | 11.4% | -17.9% | 50.2% | |
| Latest Twelve Months | 16.3% | 15.0% | 13.0% | 11.4% | -17.1% | 50.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.36x | 1.34x | 4.52x | 0.83x | 18.99x | 1.15x | |
| EV / LTM EBITDA | 14.5x | 8.9x | 34.7x | 7.3x | -111.2x | 2.3x | |
| EV / LTM EBIT | 17.2x | 9.0x | 35.3x | 9.1x | -70.4x | 2.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -111.2x | 8.9x | 34.7x | ||||
| Historical EV / LTM EBITDA | -7.3x | 2.3x | 22.4x | ||||
| Selected EV / LTM EBITDA | 4.4x | 4.6x | 4.8x | ||||
| (x) LTM EBITDA | 3 | 3 | 3 | ||||
| (=) Implied Enterprise Value | 12 | 13 | 13 | ||||
| (-) Non-shareholder Claims * | 31 | 31 | 31 | ||||
| (=) Equity Value | 43 | 43 | 44 | ||||
| (/) Shares Outstanding | 21.3 | 21.3 | 21.3 | ||||
| Implied Value Range | 2.01 | 2.04 | 2.07 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.01 | 2.04 | 2.07 | 1.71 | |||
| Upside / (Downside) | 17.5% | 19.3% | 21.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ISUR | AEDAS | MTB | BASS | MDI | LIB | |
| Enterprise Value | 391 | 1,638 | 47 | 1,169 | 78 | 6 | |
| (+) Cash & Short Term Investments | 56 | 154 | 2 | 494 | 19 | 28 | |
| (+) Investments & Other | 19 | 110 | 13 | 37 | 29 | 41 | |
| (-) Debt | (256) | (664) | (17) | (690) | (76) | (37) | |
| (-) Other Liabilities | (3) | (0) | 0 | (9) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 206 | 1,238 | 45 | 1,001 | 51 | 36 | |
| (/) Shares Outstanding | 18.4 | 43.2 | 32.0 | 16.6 | 214.2 | 21.3 | |
| Implied Stock Price | 11.20 | 28.65 | 1.40 | 60.20 | 0.24 | 1.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.20 | 28.65 | 1.40 | 60.20 | 0.24 | 1.71 | |
| 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 | |