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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.5x - 9.4x | 8.9x |
| Selected Fwd EBIT Multiple | 5.1x - 5.6x | 5.4x |
| Fair Value | €11.94 - €12.68 | €12.31 |
| Upside | 25.9% - 33.7% | 29.8% |
| Benchmarks | Ticker | Full Ticker |
| Eiffage SA | FGR | ENXTPA:FGR |
| Koninklijke BAM Groep nv | BAMNB | ENXTAM:BAMNB |
| PORR AG | POS | WBAG:POS |
| HOCHTIEF Aktiengesellschaft | HOT | DB:HOT |
| Strabag SE | STR | WBAG:STR |
| Compagnie d'Entreprises CFE SA | C70 | DB:C70 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FGR | BAMNB | POS | HOT | STR | C70 | ||
| ENXTPA:FGR | ENXTAM:BAMNB | WBAG:POS | DB:HOT | WBAG:STR | DB:C70 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.5% | 30.5% | NM- | -9.9% | 10.3% | -29.0% | |
| 3Y CAGR | 10.1% | 22.6% | 154.8% | 12.7% | 3.4% | -19.4% | |
| Latest Twelve Months | 2.5% | 24.5% | 1342.7% | -7.6% | 26.8% | 156.7% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 9.6% | 1.5% | -0.3% | 0.9% | 3.5% | 7.9% | |
| Prior Fiscal Year | 10.7% | 2.5% | 0.0% | 2.0% | 3.4% | 0.8% | |
| Latest Fiscal Year | 10.2% | 2.1% | 1.5% | 1.7% | 4.4% | 2.1% | |
| Latest Twelve Months | 10.2% | 2.8% | 1.4% | 1.9% | 4.4% | 2.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.87x | 0.25x | 0.21x | 0.43x | 0.37x | 0.09x | |
| EV / LTM EBITDA | 5.9x | 7.1x | 5.9x | 13.4x | 5.1x | 3.2x | |
| EV / LTM EBIT | 8.6x | 9.1x | 15.1x | 23.0x | 8.4x | 4.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.4x | 9.1x | 23.0x | ||||
| Historical EV / LTM EBIT | 4.1x | 4.2x | 152.0x | ||||
| Selected EV / LTM EBIT | 8.5x | 8.9x | 9.4x | ||||
| (x) LTM EBIT | 25 | 25 | 25 | ||||
| (=) Implied Enterprise Value | 209 | 220 | 231 | ||||
| (-) Non-shareholder Claims * | 134 | 134 | 134 | ||||
| (=) Equity Value | 343 | 354 | 365 | ||||
| (/) Shares Outstanding | 27.4 | 27.4 | 27.4 | ||||
| Implied Value Range | 12.53 | 12.93 | 13.33 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.53 | 12.93 | 13.33 | 9.48 | |||
| Upside / (Downside) | 32.2% | 36.4% | 40.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FGR | BAMNB | POS | HOT | STR | C70 | |
| Enterprise Value | 20,937 | 1,682 | 1,322 | 15,960 | 6,406 | 125 | |
| (+) Cash & Short Term Investments | 6,025 | 501 | 355 | 5,833 | 3,724 | 174 | |
| (+) Investments & Other | 2,339 | 289 | 92 | 2,164 | 786 | 176 | |
| (-) Debt | (16,699) | (347) | (615) | (8,193) | (927) | (216) | |
| (-) Other Liabilities | (1,434) | 0 | (29) | (69) | (22) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,168 | 2,124 | 1,125 | 15,695 | 9,966 | 259 | |
| (/) Shares Outstanding | 92.3 | 263.1 | 37.6 | 75.2 | 118.2 | 27.4 | |
| Implied Stock Price | 121.05 | 8.08 | 29.95 | 208.60 | 84.30 | 9.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 121.05 | 8.08 | 29.95 | 208.60 | 84.30 | 9.48 | |
| 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 | |