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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 16.7x - 18.5x | 17.6x |
Selected Fwd EBIT Multiple | 27.8x - 30.7x | 29.2x |
Fair Value | €13.78 - €17 | €15.39 |
Upside | 7.6% - 32.8% | 20.2% |
Benchmarks | Ticker | Full Ticker |
City Developments Limited | CDEV.F | OTCPK:CDEV.F |
Israel Canada (T.R) Ltd | ISCN | TASE:ISCN |
DCI Advisors Limited | DCI | AIM:DCI |
Summit Hotel Properties, Inc. | INN | NYSE:INN |
InnSuites Hospitality Trust | IHT | NYSEAM:IHT |
Dream Unlimited Corp. | 50DA | DB:50DA |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CDEV.F | ISCN | DCI | INN | IHT | 50DA | ||
OTCPK:CDEV.F | TASE:ISCN | AIM:DCI | NYSE:INN | NYSEAM:IHT | DB:50DA | ||
Historical EBIT Growth | |||||||
5Y CAGR | -5.0% | -11.7% | NM- | 1.2% | NM- | -14.8% | |
3Y CAGR | 37.8% | -22.6% | NM- | NM- | NM- | 44.2% | |
Latest Twelve Months | -36.7% | -41.9% | 20.1% | -4.1% | 4.1% | 120.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 5.7% | 22.1% | -1035.3% | -4.1% | -15.5% | 17.3% | |
Prior Fiscal Year | 13.4% | 14.6% | -3714.8% | 10.3% | -9.6% | 14.1% | |
Latest Fiscal Year | 12.9% | 8.9% | -840.7% | 11.1% | -9.8% | 21.7% | |
Latest Twelve Months | 12.9% | 9.1% | -840.7% | 10.7% | -9.3% | 23.3% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 4.16x | 21.02x | 84.56x | 3.28x | 3.36x | 3.77x | |
EV / LTM EBITDA | 20.6x | 115.1x | -10.2x | 10.5x | 1559.4x | 15.7x | |
EV / LTM EBIT | 32.4x | 229.9x | -10.1x | 30.7x | -36.1x | 16.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -36.1x | 30.7x | 229.9x | ||||
Historical EV / LTM EBIT | 2.6x | 29.2x | 139.3x | ||||
Selected EV / LTM EBIT | 16.7x | 17.6x | 18.5x | ||||
(x) LTM EBIT | 124 | 124 | 124 | ||||
(=) Implied Enterprise Value | 2,080 | 2,189 | 2,299 | ||||
(-) Non-shareholder Claims * | (1,134) | (1,134) | (1,134) | ||||
(=) Equity Value | 946 | 1,055 | 1,165 | ||||
(/) Shares Outstanding | 42.2 | 42.2 | 42.2 | ||||
Implied Value Range | 22.42 | 25.02 | 27.61 | ||||
FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | |||
Implied Value Range (Trading Cur) | 14.05 | 15.68 | 17.30 | 12.80 | |||
Upside / (Downside) | 9.8% | 22.5% | 35.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CDEV.F | ISCN | DCI | INN | IHT | 50DA | |
Enterprise Value | 12,028 | 11,002 | 50 | 2,387 | 25 | 1,996 | |
(+) Cash & Short Term Investments | 3,193 | 492 | 0 | 56 | 0 | 68 | |
(+) Investments & Other | 3,248 | 1,358 | 31 | 0 | 1 | 680 | |
(-) Debt | (13,977) | (6,537) | (27) | (1,442) | (13) | (1,882) | |
(-) Other Liabilities | (221) | (967) | (4) | (447) | 4 | 0 | |
(-) Preferred Stock | (281) | 0 | 0 | (0) | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,990 | 5,347 | 50 | 553 | 17 | 862 | |
(/) Shares Outstanding | 893.4 | 330.9 | 904.6 | 109.3 | 8.8 | 42.2 | |
Implied Stock Price | 4.47 | 16.16 | 0.06 | 5.06 | 1.93 | 20.43 | |
FX Conversion Rate to Trading Currency | 1.29 | 1.00 | 1.15 | 1.00 | 1.00 | 1.60 | |
Implied Stock Price (Trading Cur) | 3.47 | 16.16 | 0.05 | 5.06 | 1.93 | 12.80 | |
Trading Currency | USD | ILS | GBP | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.29 | 1.00 | 1.15 | 1.00 | 1.00 | 1.60 |