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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.3x - 7.0x | 6.6x |
| Selected Fwd EBITDA Multiple | 6.8x - 7.6x | 7.2x |
| Fair Value | €0.69 - €0.83 | €0.76 |
| Upside | -15.9% - 0.8% | -7.6% |
| Benchmarks | Ticker | Full Ticker |
| Leptos Calypso Hotels Public Limited | LCH | CSE:LCH |
| Constantinou Bros Hotels Public Company Limited | CBH | CSE:CBH |
| Louis plc | LUI | CSE:LUI |
| Pierre et Vacances SA | VAC | ENXTPA:VAC |
| Meliá Hotels International, S.A. | MEL | BME:MEL |
| Lordos Hotels (Holdings) Public Limited | LHH | CSE:LHH |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| LCH | CBH | LUI | VAC | MEL | LHH | ||
| CSE:LCH | CSE:CBH | CSE:LUI | ENXTPA:VAC | BME:MEL | CSE:LHH | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -5.2% | 1.0% | -16.1% | 35.2% | 3.6% | 14.6% | |
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | 32.0% | |
| Latest Twelve Months | 41.1% | 6.3% | 36.8% | -2.7% | 16.7% | -1.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 10.0% | -9.3% | 3.3% | 6.4% | -5.2% | 17.8% | |
| Prior Fiscal Year | 16.2% | 23.8% | 15.0% | 17.4% | 16.5% | 28.7% | |
| Latest Fiscal Year | 16.6% | 23.5% | 18.1% | 16.7% | 18.5% | 29.2% | |
| Latest Twelve Months | 18.4% | 23.4% | 19.2% | 16.7% | 18.5% | 29.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.90x | 1.66x | 2.87x | 2.11x | 1.82x | 2.07x | |
| EV / LTM EBITDA | 10.3x | 7.1x | 14.9x | 12.7x | 9.9x | 6.9x | |
| EV / LTM EBIT | 14.5x | 8.5x | 18.7x | 15.2x | 12.7x | 9.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 7.1x | 10.3x | 14.9x | ||||
| Historical EV / LTM EBITDA | 6.9x | 10.9x | 68.2x | ||||
| Selected EV / LTM EBITDA | 6.3x | 6.6x | 7.0x | ||||
| (x) LTM EBITDA | 7 | 7 | 7 | ||||
| (=) Implied Enterprise Value | 45 | 47 | 50 | ||||
| (-) Non-shareholder Claims * | (22) | (22) | (22) | ||||
| (=) Equity Value | 23 | 26 | 28 | ||||
| (/) Shares Outstanding | 35.0 | 35.0 | 35.0 | ||||
| Implied Value Range | 0.67 | 0.74 | 0.80 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.67 | 0.74 | 0.80 | 0.83 | |||
| Upside / (Downside) | -19.1% | -10.9% | -2.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | LCH | CBH | LUI | VAC | MEL | LHH | |
| Enterprise Value | 64 | 96 | 340 | 3,808 | 3,667 | 50 | |
| (+) Cash & Short Term Investments | 1 | 21 | 23 | 87 | 192 | 4 | |
| (+) Investments & Other | 8 | 0 | 0 | 23 | 291 | 0 | |
| (-) Debt | (62) | (99) | (337) | (3,254) | (2,421) | (12) | |
| (-) Other Liabilities | (4) | (0) | 0 | (0) | (312) | (14) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7 | 18 | 26 | 663 | 1,418 | 29 | |
| (/) Shares Outstanding | 129.0 | 160.7 | 460.5 | 461.8 | 220.2 | 35.0 | |
| Implied Stock Price | 0.06 | 0.11 | 0.06 | 1.44 | 6.44 | 0.83 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.06 | 0.11 | 0.06 | 1.44 | 6.44 | 0.83 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |