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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.6x - 18.3x | 17.5x |
| Selected Fwd EBIT Multiple | 13.3x - 14.7x | 14.0x |
| Fair Value | kr417.33 - kr480.73 | kr449.03 |
| Upside | 35.3% - 55.8% | 45.6% |
| Benchmarks | Ticker | Full Ticker |
| Audax Renovables, S.A. | ADX | BME:ADX |
| ERG S.p.A. | ERG | BIT:ERG |
| EDP Renováveis, S.A. | EDPR | ENXTLS:EDPR |
| Voltalia SA | VLTSA | ENXTPA:VLTSA |
| Italgas S.p.A. | IG | BIT:IG |
| Ørsted A/S | ORSTED | CPSE:ORSTED |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADX | ERG | EDPR | VLTSA | IG | ORSTED | ||
| BME:ADX | BIT:ERG | ENXTLS:EDPR | ENXTPA:VLTSA | BIT:IG | CPSE:ORSTED | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 17.3% | 4.9% | -33.5% | 14.4% | 6.7% | 2.8% | |
| 3Y CAGR | 55.2% | 13.1% | -43.8% | 2.6% | 9.6% | 18.8% | |
| Latest Twelve Months | 10.4% | -19.5% | -67.6% | -41.6% | 35.3% | 12.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.9% | 31.1% | 20.8% | 17.9% | 28.1% | 14.5% | |
| Prior Fiscal Year | 3.4% | 40.5% | 10.9% | 24.2% | 26.2% | 16.2% | |
| Latest Fiscal Year | 4.7% | 34.8% | 3.8% | 12.8% | 30.0% | 19.9% | |
| Latest Twelve Months | 4.6% | 32.5% | 3.3% | 12.8% | 32.5% | 21.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.48x | 6.92x | 9.93x | 5.52x | 6.34x | 2.87x | |
| EV / LTM EBITDA | 8.7x | 10.1x | 22.4x | 16.4x | 12.4x | 8.5x | |
| EV / LTM EBIT | 10.3x | 21.3x | 297.3x | 43.2x | 19.5x | 13.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 10.3x | 21.3x | 297.3x | ||||
| Historical EV / LTM EBIT | 12.3x | 27.7x | 61.4x | ||||
| Selected EV / LTM EBIT | 16.6x | 17.5x | 18.3x | ||||
| (x) LTM EBIT | 15,236 | 15,236 | 15,236 | ||||
| (=) Implied Enterprise Value | 252,702 | 266,002 | 279,302 | ||||
| (-) Non-shareholder Claims * | (77,739) | (77,739) | (77,739) | ||||
| (=) Equity Value | 174,963 | 188,263 | 201,563 | ||||
| (/) Shares Outstanding | 420.2 | 420.2 | 420.2 | ||||
| Implied Value Range | 416.35 | 448.00 | 479.65 | ||||
| FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 416.35 | 448.00 | 479.65 | 308.50 | |||
| Upside / (Downside) | 35.0% | 45.2% | 55.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADX | ERG | EDPR | VLTSA | IG | ORSTED | |
| Enterprise Value | 990 | 5,034 | 20,932 | 2,985 | 18,582 | 207,380 | |
| (+) Cash & Short Term Investments | 236 | 496 | 867 | 375 | 385 | 22,873 | |
| (+) Investments & Other | 14 | 27 | 1,259 | 27 | 191 | 1,220 | |
| (-) Debt | (585) | (2,688) | (10,836) | (2,322) | (11,368) | (91,775) | |
| (-) Other Liabilities | (13) | (72) | (1,386) | (106) | (332) | (10,057) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 642 | 2,797 | 10,836 | 959 | 7,458 | 129,641 | |
| (/) Shares Outstanding | 450.6 | 145.4 | 1,051.0 | 130.9 | 1,014.7 | 420.2 | |
| Implied Stock Price | 1.42 | 19.24 | 10.31 | 7.33 | 7.35 | 308.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.42 | 19.24 | 10.31 | 7.33 | 7.35 | 308.50 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | DKK | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |