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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.5x - 9.4x | 8.9x |
| Selected Fwd EBIT Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | €23.72 - €28.50 | €26.11 |
| Upside | 10.8% - 33.2% | 22.0% |
| Benchmarks | Ticker | Full Ticker |
| PORR AG | POS | WBAG:POS |
| Koninklijke Heijmans N.V. | HEIJM | ENXTAM:HEIJM |
| Koninklijke BAM Groep nv | BAMNB | ENXTAM:BAMNB |
| Fugro N.V. | FUR | ENXTAM:FUR |
| Compagnie d'Entreprises CFE SA | CFEB | ENXTBR:CFEB |
| Eiffage SA | EF30 | DB:EF30 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| POS | HEIJM | BAMNB | FUR | CFEB | EF30 | ||
| WBAG:POS | ENXTAM:HEIJM | ENXTAM:BAMNB | ENXTAM:FUR | ENXTBR:CFEB | DB:EF30 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 32.2% | 30.5% | 56.9% | -27.1% | 4.2% | |
| 3Y CAGR | NM- | 7.4% | 22.6% | 78.7% | -15.8% | 9.7% | |
| Latest Twelve Months | 5958.3% | 64.6% | -13.7% | 25.0% | 5.0% | 1.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -0.4% | 3.5% | 1.2% | 5.8% | 8.0% | 9.6% | |
| Prior Fiscal Year | 0.0% | 3.2% | 2.5% | 11.3% | 2.1% | 10.6% | |
| Latest Fiscal Year | 1.5% | 4.3% | 2.1% | 13.6% | 2.4% | 10.0% | |
| Latest Twelve Months | 1.5% | 4.3% | 2.1% | 13.6% | 2.4% | 10.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.15x | 0.37x | 0.11x | 0.66x | 0.05x | 0.82x | |
| EV / LTM EBITDA | 4.1x | 7.0x | 4.1x | 3.6x | 1.2x | 5.6x | |
| EV / LTM EBIT | 10.0x | 8.6x | 5.3x | 4.8x | 2.2x | 8.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 2.2x | 5.3x | 10.0x | ||||
| Historical EV / LTM EBIT | 8.2x | 8.9x | 15.7x | ||||
| Selected EV / LTM EBIT | 8.5x | 8.9x | 9.4x | ||||
| (x) LTM EBIT | 2,408 | 2,408 | 2,408 | ||||
| (=) Implied Enterprise Value | 20,406 | 21,480 | 22,554 | ||||
| (-) Non-shareholder Claims * | (9,702) | (9,702) | (9,702) | ||||
| (=) Equity Value | 10,704 | 11,778 | 12,852 | ||||
| (/) Shares Outstanding | 446.6 | 446.6 | 446.6 | ||||
| Implied Value Range | 23.97 | 26.37 | 28.78 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 23.97 | 26.37 | 28.78 | 21.40 | |||
| Upside / (Downside) | 12.0% | 23.2% | 34.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | POS | HEIJM | BAMNB | FUR | CFEB | EF30 | |
| Enterprise Value | 909 | 954 | 732 | 1,501 | 60 | 19,258 | |
| (+) Cash & Short Term Investments | 637 | 105 | 765 | 319 | 174 | 6,025 | |
| (+) Investments & Other | 85 | 106 | 179 | 64 | 176 | 2,406 | |
| (-) Debt | (592) | (115) | (323) | (416) | (216) | (16,699) | |
| (-) Other Liabilities | (28) | 0 | (0) | (17) | (0) | (1,434) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,010 | 1,050 | 1,353 | 1,452 | 194 | 9,556 | |
| (/) Shares Outstanding | 38.1 | 27.5 | 263.5 | 110.5 | 24.8 | 446.6 | |
| Implied Stock Price | 26.55 | 38.20 | 5.14 | 13.14 | 7.84 | 21.40 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 26.55 | 38.20 | 5.14 | 13.14 | 7.84 | 21.40 | |
| 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 | |