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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 21.5x - 23.7x | 22.6x |
Selected Fwd EBITDA Multiple | 12.7x - 14.0x | 13.3x |
Fair Value | lei 0.40 - lei 0.45 | lei 0.43 |
Upside | -23.9% - -12.9% | -18.4% |
Benchmarks | Ticker | Full Ticker |
S.C. Promateris S.A. | PPL | BVB:PPL |
Alum S.A. | BBGA | BVB:BBGA |
S.C. Romcarbon S.A. | ROCE | BVB:ROCE |
Chimcomplex S.A. | CRC | BVB:CRC |
Sinteza S.A. | STZ | BVB:STZ |
Teraplast S.A. | TRP | BVB:TRP |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
PPL | BBGA | ROCE | CRC | STZ | TRP | ||
BVB:PPL | BVB:BBGA | BVB:ROCE | BVB:CRC | BVB:STZ | BVB:TRP | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 17.3% | -36.6% | -22.0% | 7.9% | NM- | 4.6% | |
3Y CAGR | -16.9% | -36.7% | -37.8% | -37.1% | NM- | -8.6% | |
Latest Twelve Months | 59.0% | 111.0% | -54.7% | -43.4% | 54.6% | -2.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 12.1% | 0.5% | 5.3% | 18.5% | -65.8% | 7.3% | |
Prior Fiscal Year | 8.8% | -32.8% | 2.6% | 11.9% | -54.6% | 8.6% | |
Latest Fiscal Year | 15.4% | 9.7% | 1.6% | 11.0% | -207.1% | 5.9% | |
Latest Twelve Months | 16.3% | 9.7% | 0.9% | 7.3% | -635.2% | 6.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.02x | 1.61x | 0.39x | 2.35x | 87.60x | 1.67x | |
EV / LTM EBITDA | 12.4x | 16.7x | 45.5x | 32.3x | -13.8x | 26.9x | |
EV / LTM EBIT | 43.3x | 29.2x | -10.1x | -61.0x | -8.3x | 161.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -13.8x | 16.7x | 45.5x | ||||
Historical EV / LTM EBITDA | 24.1x | 29.3x | 36.1x | ||||
Selected EV / LTM EBITDA | 21.5x | 22.6x | 23.7x | ||||
(x) LTM EBITDA | 61 | 61 | 61 | ||||
(=) Implied Enterprise Value | 1,305 | 1,374 | 1,443 | ||||
(-) Non-shareholder Claims * | (356) | (356) | (356) | ||||
(=) Equity Value | 950 | 1,018 | 1,087 | ||||
(/) Shares Outstanding | 2,401.2 | 2,401.2 | 2,401.2 | ||||
Implied Value Range | 0.40 | 0.42 | 0.45 | ||||
FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.40 | 0.42 | 0.45 | 0.52 | |||
Upside / (Downside) | -24.2% | -18.8% | -13.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PPL | BBGA | ROCE | CRC | STZ | TRP | |
Enterprise Value | 239 | 180 | 119 | 3,258 | 60 | 1,609 | |
(+) Cash & Short Term Investments | 7 | 1 | 17 | 108 | 0 | 23 | |
(+) Investments & Other | 2 | 0 | 0 | 49 | 0 | 0 | |
(-) Debt | (74) | 0 | (62) | (641) | (4) | (345) | |
(-) Other Liabilities | (2) | 0 | (1) | (1) | 0 | (34) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 172 | 181 | 73 | 2,774 | 57 | 1,253 | |
(/) Shares Outstanding | 28.7 | 82.1 | 528.2 | 303.5 | 66.1 | 2,401.2 | |
Implied Stock Price | 6.00 | 2.20 | 0.14 | 9.14 | 0.86 | 0.52 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 6.00 | 2.20 | 0.14 | 9.14 | 0.86 | 0.52 | |
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 |