Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 17.6x - 19.4x | 18.5x |
Selected Fwd EBITDA Multiple | 12.9x - 14.2x | 13.5x |
Fair Value | €3.65 - €3.96 | €3.81 |
Upside | -15.3% - -8.1% | -11.7% |
Benchmarks | Ticker | Full Ticker |
Inner Mongolia Yili Industrial Group Co., Ltd. | 600887 | SHSE:600887 |
Danone S.A. | GPDN.F | OTCPK:GPDN.F |
PGG Wrightson Limited | PGW | NZSE:PGW |
Seeka Limited | SEK | NZSE:SEK |
Fonterra Co-operative Group Limited | FCG | NZSE:FCG |
The a2 Milk Company Limited | 14L | DB:14L |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
600887 | GPDN.F | PGW | SEK | FCG | 14L | ||
SHSE:600887 | OTCPK:GPDN.F | NZSE:PGW | NZSE:SEK | NZSE:FCG | DB:14L | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 10.3% | -4.5% | -2.2% | 20.8% | 8.7% | -11.4% | |
3Y CAGR | 6.8% | -0.8% | -15.7% | 15.5% | 16.2% | 20.8% | |
Latest Twelve Months | 1.1% | -14.8% | -7.7% | 450.2% | -17.5% | 6.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 11.5% | 17.2% | 3.6% | 10.9% | 8.0% | 16.1% | |
Prior Fiscal Year | 12.7% | 17.2% | 4.0% | 3.9% | 10.8% | 13.5% | |
Latest Fiscal Year | 12.9% | 14.8% | 2.2% | 15.6% | 8.9% | 13.7% | |
Latest Twelve Months | 14.0% | 14.8% | 2.7% | 15.6% | 8.9% | 13.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.70x | 1.91x | 0.38x | 0.87x | 0.55x | 2.89x | |
EV / LTM EBITDA | 12.1x | 12.9x | 14.0x | 5.6x | 6.2x | 21.6x | |
EV / LTM EBIT | 16.3x | 16.4x | 18.0x | 7.6x | 7.9x | 25.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 5.6x | 12.1x | 14.0x | ||||
Historical EV / LTM EBITDA | 13.1x | 19.5x | 27.7x | ||||
Selected EV / LTM EBITDA | 17.6x | 18.5x | 19.4x | ||||
(x) LTM EBITDA | 235 | 235 | 235 | ||||
(=) Implied Enterprise Value | 4,128 | 4,345 | 4,562 | ||||
(-) Non-shareholder Claims * | 1,022 | 1,022 | 1,022 | ||||
(=) Equity Value | 5,150 | 5,367 | 5,584 | ||||
(/) Shares Outstanding | 724.0 | 724.0 | 724.0 | ||||
Implied Value Range | 7.11 | 7.41 | 7.71 | ||||
FX Rate: NZD/EUR | 1.9 | 1.9 | 1.9 | Market Price | |||
Implied Value Range (Trading Cur) | 3.68 | 3.83 | 3.99 | 4.31 | |||
Upside / (Downside) | -14.7% | -11.1% | -7.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 600887 | GPDN.F | PGW | SEK | FCG | 14L | |
Enterprise Value | 197,881 | 52,622 | 354 | 358 | 13,408 | 5,018 | |
(+) Cash & Short Term Investments | 27,087 | 6,160 | 2 | 3 | 218 | 1,042 | |
(+) Investments & Other | 8,407 | 1,322 | 1 | 9 | 0 | 55 | |
(-) Debt | (53,429) | (14,802) | (202) | (203) | (5,956) | (95) | |
(-) Other Liabilities | (3,973) | (59) | 0 | 0 | (82) | 19 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 175,973 | 45,243 | 155 | 167 | 7,588 | 6,040 | |
(/) Shares Outstanding | 6,302.8 | 646.0 | 75.5 | 41.9 | 1,604.2 | 724.0 | |
Implied Stock Price | 27.92 | 70.04 | 2.05 | 3.98 | 4.73 | 8.34 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 1.93 | |
Implied Stock Price (Trading Cur) | 27.92 | 81.98 | 2.05 | 3.98 | 4.73 | 4.31 | |
Trading Currency | CNY | USD | NZD | NZD | NZD | EUR | |
FX Rate to Reporting Currency | 1.00 | 0.85 | 1.00 | 1.00 | 1.00 | 1.93 |