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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.1x - 6.7x | 6.4x |
| Selected Fwd EBITDA Multiple | 4.8x - 5.3x | 5.1x |
| Fair Value | €25.21 - €30.16 | €27.69 |
| Upside | 6.8% - 27.8% | 17.3% |
| Benchmarks | Ticker | Full Ticker |
| Vinci SA | DG | ENXTPA:DG |
| Koninklijke BAM Groep nv | BAMNB | ENXTAM:BAMNB |
| Koninklijke Heijmans N.V. | HEIJM | ENXTAM:HEIJM |
| Fugro N.V. | FUR | ENXTAM:FUR |
| PORR AG | POS | WBAG:POS |
| Eiffage SA | EF30 | DB:EF30 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| DG | BAMNB | HEIJM | FUR | POS | EF30 | ||
| ENXTPA:DG | ENXTAM:BAMNB | ENXTAM:HEIJM | ENXTAM:FUR | WBAG:POS | DB:EF30 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 8.2% | 14.6% | 29.3% | 28.4% | 49.8% | 5.1% | |
| 3Y CAGR | 18.7% | 12.3% | 10.9% | 43.7% | 20.0% | 8.8% | |
| Latest Twelve Months | 4.4% | 21.7% | 46.3% | -24.7% | 51.5% | 2.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.9% | 2.3% | 4.5% | 12.2% | 2.1% | 14.6% | |
| Prior Fiscal Year | 16.0% | 3.2% | 4.0% | 15.9% | 2.1% | 15.5% | |
| Latest Fiscal Year | 16.2% | 2.8% | 5.3% | 18.5% | 3.6% | 14.8% | |
| Latest Twelve Months | 16.4% | 3.5% | 6.2% | 14.4% | 3.4% | 14.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.20x | 0.23x | 0.59x | 0.80x | 0.23x | 0.83x | |
| EV / LTM EBITDA | 7.4x | 6.5x | 9.5x | 5.6x | 6.6x | 5.6x | |
| EV / LTM EBIT | 10.1x | 8.4x | 11.0x | 9.1x | 16.8x | 8.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.6x | 6.6x | 9.5x | ||||
| Historical EV / LTM EBITDA | 5.6x | 6.1x | 9.1x | ||||
| Selected EV / LTM EBITDA | 6.1x | 6.4x | 6.7x | ||||
| (x) LTM EBITDA | 3,564 | 3,564 | 3,564 | ||||
| (=) Implied Enterprise Value | 21,707 | 22,850 | 23,992 | ||||
| (-) Non-shareholder Claims * | (9,769) | (9,769) | (9,769) | ||||
| (=) Equity Value | 11,938 | 13,081 | 14,223 | ||||
| (/) Shares Outstanding | 446.6 | 446.6 | 446.6 | ||||
| Implied Value Range | 26.73 | 29.29 | 31.85 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 26.73 | 29.29 | 31.85 | 23.60 | |||
| Upside / (Downside) | 13.3% | 24.1% | 35.0% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | DG | BAMNB | HEIJM | FUR | POS | EF30 | |
| Enterprise Value | 88,268 | 1,546 | 1,572 | 1,678 | 1,423 | 20,308 | |
| (+) Cash & Short Term Investments | 16,181 | 501 | 78 | 119 | 308 | 6,025 | |
| (+) Investments & Other | 3,832 | 289 | 114 | 101 | 95 | 2,339 | |
| (-) Debt | (42,623) | (347) | (118) | (556) | (609) | (16,699) | |
| (-) Other Liabilities | (3,805) | 0 | 0 | (16) | (30) | (1,434) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 61,853 | 1,988 | 1,646 | 1,326 | 1,186 | 10,539 | |
| (/) Shares Outstanding | 540.4 | 263.1 | 27.5 | 110.5 | 39.3 | 446.6 | |
| Implied Stock Price | 114.45 | 7.56 | 59.90 | 12.00 | 30.20 | 23.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 114.45 | 7.56 | 59.90 | 12.00 | 30.20 | 23.60 | |
| 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 | |