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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 12.4x - 13.7x | 13.1x |
| Selected Fwd EBIT Multiple | 8.0x - 8.9x | 8.4x |
| Fair Value | €3.79 - €4.58 | €4.19 |
| Upside | 46.2% - 76.8% | 61.5% |
| Benchmarks | Ticker | Full Ticker |
| Sodexo S.A. | SW | ENXTPA:SW |
| Mitchells & Butlers plc | MABB | DB:MABB |
| SSP Group plc | 83S2 | DB:83S2 |
| Pierre et Vacances SA | VAC | ENXTPA:VAC |
| Bernard Loiseau S.A. | ALDBL | ENXTPA:ALDBL |
| Elior Group SA | 21E | DB:21E |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| SW | MABB | 83S2 | VAC | ALDBL | 21E | ||
| ENXTPA:SW | DB:MABB | DB:83S2 | ENXTPA:VAC | ENXTPA:ALDBL | DB:21E | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -2.3% | 0.0% | 2.2% | 56.6% | 12.7% | -4.1% | |
| 3Y CAGR | 24.0% | NM- | NM- | NM- | -25.8% | NM- | |
| Latest Twelve Months | 9.4% | 14.9% | 21.9% | -11.1% | 138.9% | 78.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.5% | 1.2% | -13.4% | 4.2% | -3.7% | -0.7% | |
| Prior Fiscal Year | 3.9% | 8.9% | 6.6% | 14.3% | -1.5% | 0.6% | |
| Latest Fiscal Year | 4.3% | 11.9% | 7.1% | 13.9% | 0.6% | 2.1% | |
| Latest Twelve Months | 4.4% | 12.4% | 7.1% | 12.5% | 0.6% | 2.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.46x | 1.14x | 0.97x | 2.27x | 1.29x | 0.26x | |
| EV / LTM EBITDA | 8.3x | 7.1x | 9.0x | 14.5x | 18.0x | 7.2x | |
| EV / LTM EBIT | 10.5x | 9.2x | 13.7x | 18.2x | 203.9x | 10.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.2x | 13.7x | 203.9x | ||||
| Historical EV / LTM EBIT | -18.0x | 236.0x | 490.1x | ||||
| Selected EV / LTM EBIT | 12.4x | 13.1x | 13.7x | ||||
| (x) LTM EBIT | 159 | 159 | 159 | ||||
| (=) Implied Enterprise Value | 1,971 | 2,075 | 2,179 | ||||
| (-) Non-shareholder Claims * | (952) | (952) | (952) | ||||
| (=) Equity Value | 1,019 | 1,123 | 1,227 | ||||
| (/) Shares Outstanding | 253.4 | 253.4 | 253.4 | ||||
| Implied Value Range | 4.02 | 4.43 | 4.84 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 4.02 | 4.43 | 4.84 | 2.59 | |||
| Upside / (Downside) | 55.2% | 71.0% | 86.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | SW | MABB | 83S2 | VAC | ALDBL | 21E | |
| Enterprise Value | 11,091 | 3,005 | 3,469 | 4,069 | 10 | 1,609 | |
| (+) Cash & Short Term Investments | 1,478 | 253 | 207 | 80 | 2 | 180 | |
| (+) Investments & Other | 458 | 0 | 23 | 21 | 0 | 165 | |
| (-) Debt | (5,606) | (1,587) | (2,115) | (3,392) | (7) | (1,296) | |
| (-) Other Liabilities | (21) | 0 | (173) | 0 | 0 | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,400 | 1,671 | 1,412 | 778 | 5 | 657 | |
| (/) Shares Outstanding | 146.0 | 593.3 | 883.1 | 461.9 | 1.8 | 253.4 | |
| Implied Stock Price | 50.70 | 2.82 | 1.60 | 1.68 | 3.00 | 2.59 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.87 | 0.87 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50.70 | 3.24 | 1.84 | 1.68 | 3.00 | 2.59 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.87 | 0.87 | 1.00 | 1.00 | 1.00 | |