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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 4.3x - 4.8x | 4.6x |
| Selected Fwd Ps Multiple | 5.8x - 6.4x | 6.1x |
| Fair Value | €17.98 - €19.88 | €18.93 |
| Upside | 6.7% - 17.9% | 12.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Klépierre SA | - | ENXTPA:LI |
| Mercialys SA | - | ENXTPA:MERY |
| Unibail-Rodamco-Westfield SE | - | ENXTPA:URW |
| Selectirente | - | ENXTPA:SELER |
| Wereldhave N.V. | - | ENXTAM:WHA |
| Carmila S.A. | - | DB:CUX1 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| LI | MERY | URW | SELER | WHA | CUX1 | |||
| ENXTPA:LI | ENXTPA:MERY | ENXTPA:URW | ENXTPA:SELER | ENXTAM:WHA | DB:CUX1 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 0.7% | -1.3% | -0.1% | 16.6% | -4.4% | 3.0% | ||
| 3Y CAGR | 6.4% | 1.4% | 19.1% | 11.1% | 0.2% | 5.8% | ||
| Latest Twelve Months | 6.6% | -2.6% | 21.6% | -2.3% | 7.3% | 18.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 20.1% | 36.2% | -127.1% | 51.2% | -5.1% | 24.2% | ||
| Prior Fiscal Year | 12.5% | 30.0% | -56.3% | 36.3% | 43.1% | 0.6% | ||
| Latest Fiscal Year | 64.7% | 29.9% | 4.4% | 80.3% | 60.3% | 59.7% | ||
| Latest Twelve Months | 67.7% | 17.8% | 4.4% | 95.2% | 43.6% | 61.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 16.6x | 17.1x | 13.3x | NA | 15.9x | 15.1x | ||
| Price / LTM Sales | 5.7x | 5.8x | 3.4x | 9.5x | 4.1x | 4.3x | ||
| LTM P/E Ratio | 8.3x | 32.7x | 16.0x | 10.0x | 9.3x | 6.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 3.4x | 5.7x | 9.5x | |||||
| Historical LTM P/S Ratio | 3.8x | 4.5x | 4.6x | |||||
| Selected Price / Sales Multiple | 4.3x | 4.6x | 4.8x | |||||
| (x) LTM Sales | 570 | 570 | 570 | |||||
| (=) Equity Value | 2,474 | 2,604 | 2,735 | |||||
| (/) Shares Outstanding | 140.7 | 140.7 | 140.7 | |||||
| Implied Value Range | 17.58 | 18.51 | 19.43 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 17.58 | 18.51 | 19.43 | 16.86 | ||||
| Upside / (Downside) | 4.3% | 9.8% | 15.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | LI | MERY | URW | SELER | WHA | CUX1 | |
| Value of Common Equity | 9,834 | 1,028 | 12,319 | 339 | 827 | 2,372 | |
| (/) Shares Outstanding | 285.5 | 93.3 | 143.2 | 4.2 | 46.1 | 140.7 | |
| Implied Stock Price | 34.44 | 11.02 | 86.00 | 81.50 | 17.94 | 16.86 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 34.44 | 11.02 | 86.00 | 81.50 | 17.94 | 16.86 | |
| 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 | |