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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.8x - 13.1x | 12.4x |
Selected Fwd EBIT Multiple | 11.2x - 12.4x | 11.8x |
Fair Value | €13.56 - €17.26 | €15.41 |
Upside | -18.8% - 3.4% | -7.7% |
Benchmarks | Ticker | Full Ticker |
The Kroger Co. | KR | NYSE:KR |
Costco Wholesale Corporation | COST | NasdaqGS:COST |
Target Corporation | TGT | NYSE:TGT |
Walmart Inc. | WMT | NYSE:WMT |
Koninklijke Ahold Delhaize N.V. | AHOD.F | OTCPK:AHOD.F |
Albertsons Companies, Inc. | 27S | DB:27S |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
KR | COST | TGT | WMT | AHOD.F | 27S | ||
NYSE:KR | NasdaqGS:COST | NYSE:TGT | NYSE:WMT | OTCPK:AHOD.F | DB:27S | ||
Historical EBIT Growth | |||||||
5Y CAGR | 11.7% | 14.4% | 4.0% | 6.4% | 3.9% | 13.9% | |
3Y CAGR | 7.8% | 11.0% | -14.1% | 4.1% | 0.2% | -8.3% | |
Latest Twelve Months | -5.0% | 11.7% | 0.7% | 7.0% | 7.7% | -14.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 2.9% | 3.5% | 6.1% | 4.4% | 4.3% | 2.9% | |
Prior Fiscal Year | 3.3% | 3.5% | 5.5% | 4.2% | 3.8% | 3.0% | |
Latest Fiscal Year | 3.2% | 3.6% | 5.4% | 4.3% | 3.8% | 2.5% | |
Latest Twelve Months | 3.2% | 3.8% | 5.6% | 4.3% | 3.9% | 2.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.47x | 1.61x | 0.60x | 1.31x | 0.52x | 0.31x | |
EV / LTM EBITDA | 8.7x | 34.7x | 7.1x | 21.0x | 8.9x | 6.9x | |
EV / LTM EBIT | 15.0x | 42.8x | 10.8x | 30.3x | 13.3x | 13.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 10.8x | 15.0x | 42.8x | ||||
Historical EV / LTM EBIT | 8.9x | 11.7x | 17.1x | ||||
Selected EV / LTM EBIT | 11.8x | 12.4x | 13.1x | ||||
(x) LTM EBIT | 1,912 | 1,912 | 1,912 | ||||
(=) Implied Enterprise Value | 22,589 | 23,777 | 24,966 | ||||
(-) Non-shareholder Claims * | (14,036) | (14,036) | (14,036) | ||||
(=) Equity Value | 8,553 | 9,742 | 10,931 | ||||
(/) Shares Outstanding | 559.8 | 559.8 | 559.8 | ||||
Implied Value Range | 15.28 | 17.40 | 19.52 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 13.17 | 15.00 | 16.83 | 16.70 | |||
Upside / (Downside) | -21.2% | -10.2% | 0.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | KR | COST | TGT | WMT | AHOD.F | 27S | |
Enterprise Value | 69,458 | 431,992 | 63,835 | 893,250 | 46,838 | 24,884 | |
(+) Cash & Short Term Investments | 4,738 | 14,850 | 2,887 | 9,311 | 3,953 | 166 | |
(+) Investments & Other | 164 | 0 | 0 | 2,392 | 254 | 112 | |
(-) Debt | (25,208) | (8,358) | (19,463) | (68,693) | (19,555) | (14,314) | |
(-) Other Liabilities | 5 | 0 | 0 | (6,855) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 49,157 | 438,484 | 47,259 | 829,405 | 31,490 | 10,849 | |
(/) Shares Outstanding | 661.2 | 443.5 | 454.4 | 7,980.4 | 906.0 | 559.8 | |
Implied Stock Price | 74.35 | 988.74 | 104.01 | 103.93 | 34.76 | 19.38 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.16 | |
Implied Stock Price (Trading Cur) | 74.35 | 988.74 | 104.01 | 103.93 | 40.33 | 16.70 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | 1.16 |