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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | -166.6x - -184.1x | -175.4x |
Selected Fwd EBITDA Multiple | 5.5x - 6.1x | 5.8x |
Fair Value | €0.070 - €0.077 | €0.073 |
Upside | -12.2% - -3.4% | -7.8% |
Benchmarks | Ticker | Full Ticker |
Image Power S.A. | IPW | WSE:IPW |
Prime Bit Games S.A. | PBT | WSE:PBT |
Ruch Chorzów S.A. | RCW | WSE:RCW |
T-Bull S.A. | TBL | WSE:TBL |
Ovid Works S.A. | OVI | WSE:OVI |
Vivid Games S.A. | 6V2 | BST:6V2 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
IPW | PBT | RCW | TBL | OVI | 6V2 | ||
WSE:IPW | WSE:PBT | WSE:RCW | WSE:TBL | WSE:OVI | BST:6V2 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | -19.4% | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | -44.5% | |
Latest Twelve Months | 37.7% | -750.9% | -412.7% | 7.8% | 150.5% | 90.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -264.0% | -95.7% | -4.1% | -50.4% | -31.5% | 4.6% | |
Prior Fiscal Year | -43.3% | -14.5% | -0.1% | -31.0% | 13.6% | 4.5% | |
Latest Fiscal Year | -69.0% | -271.1% | -5.7% | -18.3% | 17.7% | 2.8% | |
Latest Twelve Months | -68.2% | -274.0% | -21.2% | -26.6% | 11.5% | -0.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.20x | 4.51x | 1.02x | 0.91x | 5.38x | 1.62x | |
EV / LTM EBITDA | -6.2x | -1.6x | -4.8x | -3.4x | 46.9x | -209.1x | |
EV / LTM EBIT | -6.1x | -1.2x | -4.7x | -3.3x | -19.8x | -100.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -6.2x | -3.4x | 46.9x | ||||
Historical EV / LTM EBITDA | -2779.0x | 9.1x | 139.5x | ||||
Selected EV / LTM EBITDA | -166.6x | -175.4x | -184.1x | ||||
(x) LTM EBITDA | (0) | (0) | (0) | ||||
(=) Implied Enterprise Value | 24 | 25 | 26 | ||||
(-) Non-shareholder Claims * | 1 | 1 | 1 | ||||
(=) Equity Value | 25 | 26 | 28 | ||||
(/) Shares Outstanding | 86.1 | 86.1 | 86.1 | ||||
Implied Value Range | 0.29 | 0.31 | 0.32 | ||||
FX Rate: PLN/EUR | 4.3 | 4.3 | 4.3 | Market Price | |||
Implied Value Range (Trading Cur) | 0.07 | 0.07 | 0.08 | 0.08 | |||
Upside / (Downside) | -14.0% | -9.7% | -5.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | IPW | PBT | RCW | TBL | OVI | 6V2 | |
Enterprise Value | 4 | 2 | 27 | 5 | 7 | 28 | |
(+) Cash & Short Term Investments | 0 | 0 | 1 | 1 | 0 | 1 | |
(+) Investments & Other | 0 | 0 | 13 | 0 | 0 | 0 | |
(-) Debt | 0 | (1) | (12) | (1) | 0 | (0) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4 | 1 | 29 | 5 | 7 | 29 | |
(/) Shares Outstanding | 1.6 | 12.9 | 71.2 | 1.2 | 12.7 | 86.1 | |
Implied Stock Price | 2.36 | 0.07 | 0.41 | 4.26 | 0.57 | 0.34 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 4.26 | |
Implied Stock Price (Trading Cur) | 2.36 | 0.07 | 0.41 | 4.26 | 0.57 | 0.08 | |
Trading Currency | PLN | PLN | PLN | PLN | PLN | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 4.26 |