Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.6x - 11.7x | 11.2x |
| Selected Fwd EBITDA Multiple | 9.6x - 10.6x | 10.1x |
| Fair Value | €21.37 - €25.03 | €23.20 |
| Upside | 6.9% - 25.3% | 16.1% |
| Benchmarks | Ticker | Full Ticker |
| XPLR Infrastructure, LP | 1N6 | DB:1N6 |
| Brookfield Renewable Partners L.P. | BEP.PRR | TSX:BEP.PRR |
| Clearway Energy, Inc. | NY4B | DB:NY4B |
| Ellomay Capital Ltd. | NUR | DB:NUR |
| Energix - Renewable Energies Ltd. | ENRG | TASE:ENRG |
| Alerion Clean Power S.p.A. | FCW3 | BST:FCW3 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| 1N6 | BEP.PRR | NY4B | NUR | ENRG | FCW3 | ||
| DB:1N6 | TSX:BEP.PRR | DB:NY4B | DB:NUR | TASE:ENRG | BST:FCW3 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.4% | 3.3% | 6.7% | 27.2% | 25.5% | 29.0% | |
| 3Y CAGR | 17.9% | 8.0% | 2.7% | -10.8% | 45.3% | 16.5% | |
| Latest Twelve Months | 23.4% | 11.0% | 17.3% | 6.9% | -0.2% | 59.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 60.4% | 58.9% | 74.0% | 24.0% | 68.7% | 74.8% | |
| Prior Fiscal Year | 53.6% | 57.8% | 75.3% | 32.0% | 61.5% | 72.8% | |
| Latest Fiscal Year | 59.8% | 52.6% | 73.9% | 32.8% | 63.9% | 75.9% | |
| Latest Twelve Months | 63.9% | 52.8% | 74.0% | 34.9% | 57.0% | 73.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 10.51x | 11.27x | 11.05x | 16.24x | 16.50x | 7.07x | |
| EV / LTM EBITDA | 16.4x | 21.3x | 14.9x | 46.6x | 27.7x | 9.6x | |
| EV / LTM EBIT | 83.8x | 64.5x | 67.3x | -616.7x | 43.3x | 13.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 14.9x | 21.3x | 46.6x | ||||
| Historical EV / LTM EBITDA | 9.8x | 10.9x | 21.1x | ||||
| Selected EV / LTM EBITDA | 10.6x | 11.2x | 11.7x | ||||
| (x) LTM EBITDA | 167 | 167 | 167 | ||||
| (=) Implied Enterprise Value | 1,774 | 1,868 | 1,961 | ||||
| (-) Non-shareholder Claims * | (631) | (631) | (631) | ||||
| (=) Equity Value | 1,143 | 1,237 | 1,330 | ||||
| (/) Shares Outstanding | 46.9 | 46.9 | 46.9 | ||||
| Implied Value Range | 24.38 | 26.38 | 28.37 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 24.38 | 26.38 | 28.37 | 19.98 | |||
| Upside / (Downside) | 22.0% | 32.0% | 42.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1N6 | BEP.PRR | NY4B | NUR | ENRG | FCW3 | |
| Enterprise Value | 13,001 | 69,479 | 15,725 | 656 | 13,808 | 1,568 | |
| (+) Cash & Short Term Investments | 880 | 2,446 | 281 | 71 | 628 | 254 | |
| (+) Investments & Other | 1,753 | 6,730 | 406 | 40 | 0 | 69 | |
| (-) Debt | (6,634) | (38,170) | (9,376) | (566) | (7,540) | (947) | |
| (-) Other Liabilities | (8,077) | (24,195) | (3,731) | (12) | (1) | (7) | |
| (-) Preferred Stock | 0 | (634) | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 923 | 15,656 | 3,305 | 190 | 6,896 | 937 | |
| (/) Shares Outstanding | 94.0 | 999.9 | 117.9 | 12.9 | 551.2 | 46.9 | |
| Implied Stock Price | 9.82 | 15.66 | 28.04 | 14.80 | 12.51 | 19.98 | |
| FX Conversion Rate to Trading Currency | 1.17 | 0.73 | 1.17 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.41 | 21.55 | 24.00 | 14.80 | 12.51 | 19.98 | |
| Trading Currency | EUR | CAD | EUR | EUR | ILS | EUR | |
| FX Rate to Reporting Currency | 1.17 | 0.73 | 1.17 | 1.00 | 1.00 | 1.00 | |