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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.9x - 8.8x | 8.4x |
| Selected Fwd EBIT Multiple | 3.3x - 3.7x | 3.5x |
| Fair Value | €5.89 - €6.26 | €6.08 |
| Upside | -12.1% - -6.6% | -9.4% |
| Benchmarks | Ticker | Full Ticker |
| Koninklijke Heijmans N.V. | HEIJM | ENXTAM:HEIJM |
| Fugro N.V. | FUR | ENXTAM:FUR |
| Eiffage SA | FGR | ENXTPA:FGR |
| Strabag SE | STR | WBAG:STR |
| Vinci SA | DG | ENXTPA:DG |
| Koninklijke BAM Groep nv | BGPA | DB:BGPA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HEIJM | FUR | FGR | STR | DG | BGPA | ||
| ENXTAM:HEIJM | ENXTAM:FUR | ENXTPA:FGR | WBAG:STR | ENXTPA:DG | DB:BGPA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 32.2% | 56.9% | 4.5% | 10.3% | 9.5% | 30.5% | |
| 3Y CAGR | 7.4% | 78.7% | 10.1% | 3.4% | 24.5% | 22.6% | |
| Latest Twelve Months | 64.6% | 25.0% | 2.5% | 26.8% | 7.0% | -13.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.5% | 5.8% | 9.6% | 3.5% | 9.7% | 1.2% | |
| Prior Fiscal Year | 3.2% | 11.3% | 10.7% | 3.4% | 11.5% | 2.5% | |
| Latest Fiscal Year | 4.3% | 13.6% | 10.2% | 4.4% | 11.8% | 2.1% | |
| Latest Twelve Months | 4.3% | 13.6% | 10.2% | 4.4% | 11.8% | 2.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.50x | 0.57x | 0.89x | 0.34x | 1.28x | 0.18x | |
| EV / LTM EBITDA | 9.5x | 3.1x | 6.0x | 4.7x | 7.9x | 6.3x | |
| EV / LTM EBIT | 11.8x | 4.2x | 8.7x | 7.8x | 10.8x | 8.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 4.2x | 8.7x | 11.8x | ||||
| Historical EV / LTM EBIT | -5.1x | -2.0x | 8.3x | ||||
| Selected EV / LTM EBIT | 7.9x | 8.4x | 8.8x | ||||
| (x) LTM EBIT | 137 | 137 | 137 | ||||
| (=) Implied Enterprise Value | 1,093 | 1,150 | 1,208 | ||||
| (-) Non-shareholder Claims * | 621 | 621 | 621 | ||||
| (=) Equity Value | 1,714 | 1,771 | 1,829 | ||||
| (/) Shares Outstanding | 263.5 | 263.5 | 263.5 | ||||
| Implied Value Range | 6.50 | 6.72 | 6.94 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.50 | 6.72 | 6.94 | 6.71 | |||
| Upside / (Downside) | -3.0% | 0.2% | 3.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HEIJM | FUR | FGR | STR | DG | BGPA | |
| Enterprise Value | 1,304 | 1,299 | 21,375 | 5,922 | 93,684 | 1,146 | |
| (+) Cash & Short Term Investments | 105 | 319 | 6,025 | 3,724 | 16,094 | 765 | |
| (+) Investments & Other | 106 | 64 | 2,339 | 786 | 3,229 | 179 | |
| (-) Debt | (115) | (416) | (16,699) | (927) | (39,407) | (323) | |
| (-) Other Liabilities | 0 | (17) | (1,434) | (22) | (4,085) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,400 | 1,250 | 11,606 | 9,481 | 69,515 | 1,767 | |
| (/) Shares Outstanding | 27.5 | 110.5 | 92.3 | 118.2 | 546.3 | 263.5 | |
| Implied Stock Price | 50.95 | 11.31 | 125.80 | 80.20 | 127.25 | 6.71 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 50.95 | 11.31 | 125.80 | 80.20 | 127.25 | 6.71 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |