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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 5.7x - 6.3x | 6.0x |
Selected Fwd EBITDA Multiple | 4.2x - 4.6x | 4.4x |
Fair Value | €2.99 - €3.30 | €3.15 |
Upside | 4.5% - 15.5% | 10.0% |
Benchmarks | Ticker | Full Ticker |
The Bidvest Group Limited | BVT | JSE:BVT |
South Ocean Holdings Limited | SOH | JSE:SOH |
Hosken Consolidated Investments Limited | HCI | JSE:HCI |
KAP Limited | KAP | JSE:KAP |
Ayala Corporation | AYYL.F | OTCPK:AYYL.F |
Reunert Limited | 6W0 | DB:6W0 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
BVT | SOH | HCI | KAP | AYYL.F | 6W0 | ||
JSE:BVT | JSE:SOH | JSE:HCI | JSE:KAP | OTCPK:AYYL.F | DB:6W0 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 13.1% | NM- | -1.7% | -1.4% | 1.1% | 3.7% | |
3Y CAGR | 13.9% | -14.7% | 24.8% | -0.4% | 14.5% | 14.4% | |
Latest Twelve Months | 5.8% | -42.2% | -5.5% | 8.1% | 5.2% | 2.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 10.9% | 4.0% | 25.2% | 12.4% | 26.8% | 12.1% | |
Prior Fiscal Year | 11.3% | 5.8% | 24.6% | 11.0% | 28.5% | 11.8% | |
Latest Fiscal Year | 11.6% | 3.1% | 25.5% | 11.1% | 26.5% | 11.9% | |
Latest Twelve Months | 11.4% | 3.1% | 24.5% | 10.7% | 27.4% | 11.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.94x | 0.14x | 1.28x | 0.54x | 2.22x | 0.65x | |
EV / LTM EBITDA | 8.2x | 4.6x | 5.2x | 5.0x | 8.1x | 5.5x | |
EV / LTM EBIT | 10.2x | 6.2x | 6.7x | 8.5x | 9.5x | 6.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 4.6x | 5.2x | 8.2x | ||||
Historical EV / LTM EBITDA | 4.9x | 6.7x | 7.2x | ||||
Selected EV / LTM EBITDA | 5.7x | 6.0x | 6.3x | ||||
(x) LTM EBITDA | 1,617 | 1,617 | 1,617 | ||||
(=) Implied Enterprise Value | 9,203 | 9,687 | 10,171 | ||||
(-) Non-shareholder Claims * | (12) | (12) | (12) | ||||
(=) Equity Value | 9,191 | 9,675 | 10,159 | ||||
(/) Shares Outstanding | 157.1 | 157.1 | 157.1 | ||||
Implied Value Range | 58.49 | 61.57 | 64.66 | ||||
FX Rate: ZAR/EUR | 20.2 | 20.2 | 20.2 | Market Price | |||
Implied Value Range (Trading Cur) | 2.89 | 3.04 | 3.19 | 2.86 | |||
Upside / (Downside) | 1.0% | 6.4% | 11.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BVT | SOH | HCI | KAP | AYYL.F | 6W0 | |
Enterprise Value | 117,988 | 366 | 29,995 | 15,777 | 832,696 | 9,107 | |
(+) Cash & Short Term Investments | 4,956 | 122 | 2,114 | 1,218 | 86,213 | 1,079 | |
(+) Investments & Other | 2,311 | 0 | 4,544 | 255 | 445,981 | 283 | |
(-) Debt | (40,781) | (219) | (14,803) | (10,536) | (711,501) | (1,273) | |
(-) Other Liabilities | (3,263) | 28 | (11,458) | (261) | (288,752) | (101) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | (7,200) | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 81,213 | 297 | 10,392 | 6,453 | 357,438 | 9,095 | |
(/) Shares Outstanding | 339.9 | 203.3 | 80.9 | 2,501.0 | 624.0 | 157.1 | |
Implied Stock Price | 238.94 | 1.46 | 128.50 | 2.58 | 572.78 | 57.88 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 55.61 | 20.24 | |
Implied Stock Price (Trading Cur) | 238.94 | 1.46 | 128.50 | 2.58 | 10.30 | 2.86 | |
Trading Currency | ZAR | ZAR | ZAR | ZAR | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 55.61 | 20.24 |