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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.9x - 2.1x | 2.0x |
| Selected Fwd Ps Multiple | 1.8x - 1.9x | 1.8x |
| Fair Value | €52.47 - €57.99 | €55.23 |
| Upside | -13.3% - -4.2% | -8.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Raiffeisen Bank International AG | - | WBAG:RBI |
| ABN AMRO Bank N.V. | - | WBAG:ABN |
| Banco BPM S.p.A. | - | WBAG:BAMI |
| ING Groep N.V. | - | WBAG:INGA |
| Nordea Bank Abp | - | CPSE:NDADK |
| Erste Group Bank AG | - | DB:EBO |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| RBI | ABN | BAMI | INGA | NDA DK | EBO | |||
| WBAG:RBI | WBAG:ABN | WBAG:BAMI | WBAG:INGA | CPSE:NDADK | DB:EBO | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 10.1% | 2.3% | 8.1% | 3.2% | 8.0% | 8.4% | ||
| 3Y CAGR | 17.0% | 5.1% | 18.3% | 0.9% | 8.3% | 12.5% | ||
| Latest Twelve Months | 0.7% | 1.2% | 18.9% | 13.8% | 1.8% | 5.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 30.0% | 19.7% | 19.0% | 28.9% | 36.9% | 30.8% | ||
| Prior Fiscal Year | 25.4% | 29.7% | 27.5% | 23.5% | 42.3% | 28.3% | ||
| Latest Fiscal Year | 20.2% | 25.7% | 35.1% | 26.6% | 42.6% | 27.7% | ||
| Latest Twelve Months | 20.2% | 25.7% | 35.1% | 26.6% | 42.6% | 27.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 0.8x | 1.7x | 2.5x | 2.5x | 3.3x | 2.2x | ||
| LTM P/E Ratio | 4.1x | 6.5x | 7.1x | 9.3x | 7.7x | 8.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.8x | 2.5x | 3.3x | |||||
| Historical LTM P/S Ratio | 1.5x | 1.6x | 2.4x | |||||
| Selected Price / Sales Multiple | 1.9x | 2.0x | 2.1x | |||||
| (x) LTM Sales | 10,789 | 10,789 | 10,789 | |||||
| (=) Equity Value | 20,577 | 21,660 | 22,743 | |||||
| (/) Shares Outstanding | 388.1 | 388.1 | 388.1 | |||||
| Implied Value Range | 53.02 | 55.81 | 58.60 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 53.02 | 55.81 | 58.60 | 60.55 | ||||
| Upside / (Downside) | -12.4% | -7.8% | -3.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | RBI | ABN | BAMI | INGA | NDA DK | EBO | |
| Value of Common Equity | 7,225 | 15,087 | 13,869 | 50,209 | 38,610 | 23,501 | |
| (/) Shares Outstanding | 328.4 | 833.0 | 1,503.9 | 3,050.0 | 3,473.9 | 388.1 | |
| Implied Stock Price | 22.00 | 18.11 | 9.22 | 16.46 | 11.11 | 60.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | 1.00 | |
| Implied Stock Price (Trading Cur) | 22.00 | 18.11 | 9.22 | 16.46 | 83.00 | 60.55 | |
| Trading Currency | EUR | EUR | EUR | EUR | DKK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.13 | 1.00 | |