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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.6x - 9.5x | 9.1x |
| Selected Fwd EBIT Multiple | 9.4x - 10.4x | 9.9x |
| Fair Value | lei 1.06 - lei 1.13 | lei 1.10 |
| Upside | 7.8% - 15.1% | 11.5% |
| Benchmarks | Ticker | Full Ticker |
| S.C. Ropharma S.A. | RPH | BVB:RPH |
| S.C. Comturist S.A. | COUT | BVB:COUT |
| S.C. Bucur S.A. | BUCV | BVB:BUCV |
| Comaliment SA (Resita) | OMAL | BVB:OMAL |
| Alimentara SA Slatina | ALRV | BVB:ALRV |
| S.C. Moldova S.A. | MODY | BVB:MODY |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| RPH | COUT | BUCV | OMAL | ALRV | MODY | ||
| BVB:RPH | BVB:COUT | BVB:BUCV | BVB:OMAL | BVB:ALRV | BVB:MODY | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 22.9% | NM- | NM- | NM- | 5.7% | 9.2% | |
| 3Y CAGR | 12.6% | NM- | NM- | 60.3% | 2.4% | 11.0% | |
| Latest Twelve Months | 21.9% | -1031.4% | 643.7% | 41.3% | 15.0% | 30.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.5% | 2.8% | 26.8% | 8.6% | 47.6% | 19.7% | |
| Prior Fiscal Year | 1.8% | 1.2% | 32.0% | 17.0% | 43.6% | 24.6% | |
| Latest Fiscal Year | 1.8% | -12.2% | -0.9% | 30.1% | 46.7% | 21.5% | |
| Latest Twelve Months | 1.8% | -12.2% | 58.2% | 30.1% | 46.7% | 21.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.18x | -0.14x | 1.28x | 6.37x | 1.90x | 2.00x | |
| EV / LTM EBITDA | 5.8x | 12.6x | 2.1x | 15.2x | 2.9x | 5.5x | |
| EV / LTM EBIT | 9.8x | 1.1x | 2.2x | 21.2x | 4.1x | 9.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 1.1x | 4.1x | 21.2x | ||||
| Historical EV / LTM EBIT | 9.8x | 15.3x | 26.4x | ||||
| Selected EV / LTM EBIT | 8.6x | 9.1x | 9.5x | ||||
| (x) LTM EBIT | 0 | 0 | 0 | ||||
| (=) Implied Enterprise Value | 3 | 3 | 4 | ||||
| (-) Non-shareholder Claims * | 2 | 2 | 2 | ||||
| (=) Equity Value | 5 | 5 | 6 | ||||
| (/) Shares Outstanding | 5.3 | 5.3 | 5.3 | ||||
| Implied Value Range | 1.00 | 1.03 | 1.06 | ||||
| FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1.00 | 1.03 | 1.06 | 0.99 | |||
| Upside / (Downside) | 1.4% | 4.7% | 8.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | RPH | COUT | BUCV | OMAL | ALRV | MODY | |
| Enterprise Value | 245 | (0) | 34 | 4 | 3 | 3 | |
| (+) Cash & Short Term Investments | 20 | 6 | 50 | 0 | 8 | 2 | |
| (+) Investments & Other | 0 | 0 | 0 | 0 | 2 | 0 | |
| (-) Debt | (162) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other Liabilities | (14) | 0 | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 88 | 5 | 84 | 4 | 13 | 5 | |
| (/) Shares Outstanding | 511.3 | 0.2 | 83.3 | 5.9 | 0.4 | 5.3 | |
| Implied Stock Price | 0.17 | 32.00 | 1.01 | 0.63 | 31.20 | 0.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.17 | 32.00 | 1.01 | 0.63 | 31.20 | 0.99 | |
| 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 | |