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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 1.5x - 1.6x | 1.6x |
| Selected Fwd Revenue Multiple | 0.7x - 0.8x | 0.8x |
| Fair Value | lei 0.37 - lei 0.40 | lei 0.39 |
| Upside | -9.5% - -1.5% | -5.5% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| S.C. Foraj Sonde S.A. | FOJE | BVB:FOJE |
| Rompetrol Well Services SA | PTR | BVB:PTR |
| SC Comrep SA | COTN | BVB:COTN |
| S.C. Upet S.A. | UPET | BVB:UPET |
| S.C.Prospectiuni S.A. | PRSN | BVB:PRSN |
| SC Foraj Sonde SA Craiova | FOSB | BVB:FOSB |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| FOJE | PTR | COTN | UPET | PRSN | FOSB | |||
| BVB:FOJE | BVB:PTR | BVB:COTN | BVB:UPET | BVB:PRSN | BVB:FOSB | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 4.7% | 2.5% | -6.1% | -11.4% | -0.7% | 2.1% | ||
| 3Y CAGR | 35.8% | 18.8% | -1.1% | 39.0% | 14.0% | 30.8% | ||
| Latest Twelve Months | 19.2% | -1.6% | 6.6% | -2.9% | -38.5% | 91.1% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.7% | 3.0% | -1.9% | -15.8% | -2.2% | 1.2% | ||
| Prior Fiscal Year | 14.9% | 13.6% | 2.1% | 18.7% | 14.4% | -3.8% | ||
| Latest Fiscal Year | 11.8% | 7.9% | 2.6% | 22.7% | 2.4% | 3.3% | ||
| Latest Twelve Months | 11.8% | 5.6% | 2.6% | 22.7% | -4.5% | 3.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 1.29x | 2.20x | 0.16x | 2.39x | 0.36x | 1.69x | ||
| EV / LTM EBIT | 10.9x | 39.2x | 6.1x | 10.6x | -7.8x | 51.2x | ||
| Price / LTM Sales | 1.06x | 2.40x | 0.11x | 3.18x | 0.48x | 1.98x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.16x | 1.29x | 2.39x | |||||
| Historical EV / LTM Revenue | 0.64x | 1.21x | 3.10x | |||||
| Selected EV / LTM Revenue | 1.48x | 1.56x | 1.64x | |||||
| (x) LTM Revenue | 134 | 134 | 134 | |||||
| (=) Implied Enterprise Value | 198 | 209 | 219 | |||||
| (-) Non-shareholder Claims * | 38 | 38 | 38 | |||||
| (=) Equity Value | 236 | 247 | 257 | |||||
| (/) Shares Outstanding | 654.7 | 654.7 | 654.7 | |||||
| Implied Value Range | 0.36 | 0.38 | 0.39 | |||||
| FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 0.36 | 0.38 | 0.39 | 0.41 | ||||
| Upside / (Downside) | -11.6% | -7.7% | -3.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FOJE | PTR | COTN | UPET | PRSN | FOSB | |
| Enterprise Value | 212 | 158 | 4 | 24 | 52 | 229 | |
| (+) Cash & Short Term Investments | 17 | 0 | 3 | 8 | 19 | 24 | |
| (+) Investments & Other | 0 | 20 | 0 | 0 | 0 | 14 | |
| (-) Debt | (56) | (6) | (4) | (0) | 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 | 173 | 172 | 3 | 32 | 71 | 267 | |
| (/) Shares Outstanding | 11.3 | 278.2 | 0.7 | 11.9 | 718.0 | 654.7 | |
| Implied Stock Price | 15.30 | 0.62 | 3.92 | 2.68 | 0.10 | 0.41 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 15.30 | 0.62 | 3.92 | 2.68 | 0.10 | 0.41 | |
| Trading Currency | RON | RON | RON | RON | RON | RON | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |