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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.9x - 1.0x | 1.0x |
| Selected Fwd Ps Multiple | 1.1x - 1.2x | 1.1x |
| Fair Value | €6.39 - €7.07 | €6.73 |
| Upside | 37.8% - 52.3% | 45.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Metro Bank Holdings PLC | - | LSE:MTRO |
| Secure Trust Bank PLC | - | LSE:STB |
| Barclays PLC | - | LSE:BARC |
| Lloyds Banking Group plc | - | LSE:LLOY |
| NatWest Group plc | - | LSE:NWG |
| Close Brothers Group plc | - | DB:CS3 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| MTRO | STB | BARC | LLOY | NWG | CS3 | |||
| LSE:MTRO | LSE:STB | LSE:BARC | LSE:LLOY | LSE:NWG | DB:CS3 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -0.3% | 1.3% | 4.2% | 0.4% | 3.3% | 2.4% | ||
| 3Y CAGR | 0.5% | -0.8% | 2.4% | 0.7% | 6.9% | -0.2% | ||
| Latest Twelve Months | -22.8% | 0.2% | 10.3% | -4.7% | 8.1% | 8.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -42.6% | 21.5% | 24.6% | 26.9% | 25.5% | 13.8% | ||
| Prior Fiscal Year | 5.7% | 18.6% | 18.2% | 26.8% | 31.8% | 10.1% | ||
| Latest Fiscal Year | 10.7% | 13.9% | 21.9% | 22.4% | 30.9% | 9.6% | ||
| Latest Twelve Months | 10.7% | 13.9% | 22.6% | 22.9% | 32.6% | -10.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 2.1x | 1.3x | 2.0x | 2.5x | 2.8x | 0.7x | ||
| LTM P/E Ratio | 19.6x | 9.4x | 8.3x | 11.1x | 8.5x | -6.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.3x | 2.1x | 2.8x | |||||
| Historical LTM P/S Ratio | 0.9x | 1.8x | 2.7x | |||||
| Selected Price / Sales Multiple | 0.9x | 1.0x | 1.0x | |||||
| (x) LTM Sales | 918 | 918 | 918 | |||||
| (=) Equity Value | 849 | 894 | 939 | |||||
| (/) Shares Outstanding | 150.5 | 150.5 | 150.5 | |||||
| Implied Value Range | 5.64 | 5.94 | 6.24 | |||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 6.46 | 6.80 | 7.14 | 4.64 | ||||
| Upside / (Downside) | 39.3% | 46.6% | 54.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MTRO | STB | BARC | LLOY | NWG | CS3 | |
| Value of Common Equity | 832 | 186 | 50,188 | 44,897 | 41,353 | 610 | |
| (/) Shares Outstanding | 673.0 | 19.1 | 14,072.0 | 59,277.3 | 8,083.1 | 150.5 | |
| Implied Stock Price | 1.24 | 9.74 | 3.57 | 0.76 | 5.12 | 4.05 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |
| Implied Stock Price (Trading Cur) | 1.24 | 9.74 | 3.57 | 0.76 | 5.12 | 4.64 | |
| Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |