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 EBIT Multiple | 20.0x - 22.1x | 21.1x |
| Selected Fwd EBIT Multiple | 18.4x - 20.3x | 19.3x |
| Fair Value | €89.08 - €105.19 | €97.13 |
| Upside | -8.1% - 8.5% | 0.2% |
| Benchmarks | Ticker | Full Ticker |
| The Kroger Co. | KR | NYSE:KR |
| Walgreens Boots Alliance, Inc. | WBA | NasdaqGS:WBA |
| Target Corporation | TGT | NYSE:TGT |
| Costco Wholesale Corporation | COST | NasdaqGS:COST |
| Walmart Inc. | WMT | NYSE:WMT |
| Dollar General Corporation | 7DG | DB:7DG |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KR | WBA | TGT | COST | WMT | 7DG | ||
| NYSE:KR | NasdaqGS:WBA | NYSE:TGT | NasdaqGS:COST | NYSE:WMT | DB:7DG | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 11.7% | -30.0% | 4.0% | 14.4% | 6.4% | -3.6% | |
| 3Y CAGR | 7.8% | -40.1% | -14.1% | 11.0% | 4.1% | -15.6% | |
| Latest Twelve Months | -6.8% | -154.6% | 0.7% | 11.7% | 7.0% | -12.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 2.9% | 1.7% | 6.1% | 3.5% | 4.4% | 8.1% | |
| Prior Fiscal Year | 3.3% | 0.9% | 5.5% | 3.5% | 4.2% | 6.3% | |
| Latest Fiscal Year | 3.2% | 0.6% | 5.4% | 3.6% | 4.3% | 4.8% | |
| Latest Twelve Months | 3.2% | -0.5% | 5.6% | 3.8% | 4.3% | 4.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.46x | 0.25x | 0.57x | 1.59x | 1.22x | 0.99x | |
| EV / LTM EBITDA | 8.6x | 29.0x | 6.7x | 34.4x | 19.5x | 13.7x | |
| EV / LTM EBIT | 14.6x | -53.1x | 10.1x | 42.5x | 28.2x | 20.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -53.1x | 14.6x | 42.5x | ||||
| Historical EV / LTM EBIT | 16.3x | 17.3x | 21.4x | ||||
| Selected EV / LTM EBIT | 20.0x | 21.1x | 22.1x | ||||
| (x) LTM EBIT | 1,971 | 1,971 | 1,971 | ||||
| (=) Implied Enterprise Value | 39,483 | 41,561 | 43,639 | ||||
| (-) Non-shareholder Claims * | (16,168) | (16,168) | (16,168) | ||||
| (=) Equity Value | 23,315 | 25,393 | 27,471 | ||||
| (/) Shares Outstanding | 220.1 | 220.1 | 220.1 | ||||
| Implied Value Range | 105.94 | 115.39 | 124.83 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 92.21 | 100.43 | 108.65 | 96.95 | |||
| Upside / (Downside) | -4.9% | 3.6% | 12.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KR | WBA | TGT | COST | WMT | 7DG | |
| Enterprise Value | 68,098 | 38,513 | 59,986 | 428,066 | 831,459 | 40,681 | |
| (+) Cash & Short Term Investments | 3,959 | 1,134 | 2,887 | 14,850 | 9,311 | 850 | |
| (+) Investments & Other | 593 | 1,389 | 0 | 0 | 2,392 | 0 | |
| (-) Debt | (25,082) | (31,107) | (19,463) | (8,180) | (68,693) | (17,018) | |
| (-) Other Liabilities | 4 | (146) | 0 | 0 | (6,855) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 47,572 | 9,783 | 43,410 | 434,736 | 767,614 | 24,513 | |
| (/) Shares Outstanding | 661.0 | 865.0 | 454.4 | 443.5 | 7,986.0 | 220.1 | |
| Implied Stock Price | 71.97 | 11.31 | 95.54 | 980.29 | 96.12 | 111.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |
| Implied Stock Price (Trading Cur) | 71.97 | 11.31 | 95.54 | 980.29 | 96.12 | 96.95 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.15 | |