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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 388.0x - 428.9x | 408.5x |
| Selected Fwd EBITDA Multiple | 26.8x - 29.6x | 28.2x |
| Fair Value | €0.0019 - €0.0023 | €0.0021 |
| Upside | -11.8% - 10.0% | -0.9% |
| Benchmarks | Ticker | Full Ticker |
| Montebalito, S.A. | MTB | BME:MTB |
| Renta Corporación Real Estate, S.A. | REN | BME:REN |
| Ayco Grupo Inmobiliario, S.A. | AYC | BDM:AYC |
| Nyesa Valores Corporación, S.A. | NYE | BME:NYE |
| Dimand S.A. | DIMAND | ATSE:DIMAND |
| Urbas Grupo Financiero, S.A. | UBS | BME:UBS |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| MTB | REN | AYC | NYE | DIMAND | UBS | ||
| BME:MTB | BME:REN | BDM:AYC | BME:NYE | ATSE:DIMAND | BME:UBS | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | -14.8% | NM- | NM- | NM- | NM- | |
| 3Y CAGR | 5.2% | -3.8% | NM- | NM- | NM- | NM- | |
| Latest Twelve Months | -19.6% | 321.3% | 63.8% | 49.0% | -12.5% | -97.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -0.3% | 2.9% | -17.3% | -58.8% | -22.9% | 2.7% | |
| Prior Fiscal Year | 9.7% | -16.3% | NA | -45.4% | -21.7% | 9.3% | |
| Latest Fiscal Year | 10.4% | 33.4% | -53.4% | -15.0% | -8.1% | 0.3% | |
| Latest Twelve Months | 16.4% | 23.5% | -53.4% | -15.0% | -8.1% | 0.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.12x | 0.51x | 22.99x | 6.18x | 5.43x | 1.26x | |
| EV / LTM EBITDA | 19.0x | 2.2x | -43.0x | -41.1x | -67.2x | 432.2x | |
| EV / LTM EBIT | 19.0x | 2.3x | -40.0x | -35.1x | -65.4x | -35.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -67.2x | -41.1x | 19.0x | ||||
| Historical EV / LTM EBITDA | -254.2x | 37.4x | 2212.1x | ||||
| Selected EV / LTM EBITDA | 388.0x | 408.5x | 428.9x | ||||
| (x) LTM EBITDA | 1 | 1 | 1 | ||||
| (=) Implied Enterprise Value | 194 | 204 | 214 | ||||
| (-) Non-shareholder Claims * | (116) | (116) | (116) | ||||
| (=) Equity Value | 78 | 88 | 98 | ||||
| (/) Shares Outstanding | 46,721.1 | 46,721.1 | 46,721.1 | ||||
| Implied Value Range | 0.00 | 0.00 | 0.00 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.00 | 0.00 | 0.00 | 0.00 | |||
| Upside / (Downside) | -20.5% | -10.1% | 0.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MTB | REN | AYC | NYE | DIMAND | UBS | |
| Enterprise Value | 40 | 15 | 21 | 28 | 154 | 214 | |
| (+) Cash & Short Term Investments | 4 | 3 | 0 | 2 | 38 | 30 | |
| (+) Investments & Other | 13 | 22 | 0 | 3 | 87 | 2 | |
| (-) Debt | (8) | (16) | (2) | (19) | (74) | (137) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1) | (20) | (12) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 50 | 25 | 19 | 14 | 185 | 98 | |
| (/) Shares Outstanding | 32.0 | 32.2 | 33.2 | 1,597.6 | 18.6 | 46,721.1 | |
| Implied Stock Price | 1.56 | 0.76 | 0.57 | 0.01 | 9.94 | 0.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.56 | 0.76 | 0.57 | 0.01 | 9.94 | 0.00 | |
| 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 | |