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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 1.3x - 1.5x | 1.4x |
Selected Fwd Ps Multiple | 1.2x - 1.4x | 1.3x |
Fair Value | €13.18 - €14.56 | €13.87 |
Upside | -7.9% - 1.8% | -3.0% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
DFS Furniture plc | - | LSE:DFS |
NEXT plc | - | LSE:NXT |
Kingfisher plc | - | LSE:KGF |
Marks Electrical Group PLC | - | AIM:MRK |
Victorian Plumbing Group plc | - | AIM:VIC |
Dunelm Group plc | - | DB:DFQ |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
DFS | NXT | KGF | MRK | VIC | DFQ | |||
LSE:DFS | LSE:NXT | LSE:KGF | AIM:MRK | AIM:VIC | DB:DFQ | |||
Historical Sales Growth | ||||||||
5Y CAGR | 0.1% | 7.5% | 2.1% | 30.0% | 14.3% | 9.2% | ||
3Y CAGR | -2.4% | 9.8% | -1.0% | 13.3% | 3.2% | 8.5% | ||
Latest Twelve Months | -6.0% | 11.4% | -1.5% | 2.6% | 7.4% | 3.1% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 1.2% | 12.9% | 3.6% | 4.2% | 4.5% | 9.4% | ||
Prior Fiscal Year | 2.1% | 14.6% | 2.7% | 0.4% | 4.1% | 9.3% | ||
Latest Fiscal Year | -0.5% | 12.0% | 1.4% | -1.2% | 1.9% | 8.9% | ||
Latest Twelve Months | 0.7% | 12.0% | 1.4% | -1.2% | 2.2% | 8.8% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 11.0x | 12.5x | 7.9x | -69.2x | 13.2x | 10.9x | ||
Price / LTM Sales | 0.4x | 2.2x | 0.4x | 0.5x | 0.7x | 1.4x | ||
LTM P/E Ratio | 55.0x | 18.6x | 26.0x | -43.7x | 33.3x | 16.0x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.4x | 0.5x | 2.2x | |||||
Historical LTM P/S Ratio | 1.1x | 1.4x | 2.3x | |||||
Selected Price / Sales Multiple | 1.3x | 1.4x | 1.5x | |||||
(x) LTM Sales | 1,728 | 1,728 | 1,728 | |||||
(=) Equity Value | 2,303 | 2,424 | 2,546 | |||||
(/) Shares Outstanding | 201.3 | 201.3 | 201.3 | |||||
Implied Value Range | 11.44 | 12.04 | 12.65 | |||||
FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | ||||
Implied Value Range (Trading Cur) | 13.22 | 13.92 | 14.62 | 14.30 | ||||
Upside / (Downside) | -7.5% | -2.7% | 2.2% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | DFS | NXT | KGF | MRK | VIC | DFQ | |
Value of Common Equity | 358 | 13,680 | 4,796 | 63 | 225 | 2,491 | |
(/) Shares Outstanding | 230.7 | 116.6 | 1,736.5 | 104.3 | 327.5 | 201.3 | |
Implied Stock Price | 1.55 | 117.30 | 2.76 | 0.61 | 0.69 | 12.37 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |
Implied Stock Price (Trading Cur) | 1.55 | 117.30 | 2.76 | 0.61 | 0.69 | 14.30 | |
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 |