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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 6.6x - 7.3x | 7.0x |
Selected Fwd EBIT Multiple | 28.8x - 31.9x | 30.3x |
Fair Value | €24.65 - €27.84 | €26.24 |
Upside | -1.0% - 11.8% | 5.4% |
Benchmarks | Ticker | Full Ticker |
Deutsche Rohstoff AG | DR0 | XTRA:DR0 |
Friedrich Vorwerk Group SE | VH2 | XTRA:VH2 |
Verbio SE | VBK | XTRA:VBK |
HELLENiQ ENERGY Holdings S.A. | HLPN | DB:HLPN |
OMV Aktiengesellschaft | OMV | XTRA:OMV |
EnviTec Biogas AG | ETG | DB:ETG |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DR0 | VH2 | VBK | HLPN | OMV | ETG | ||
XTRA:DR0 | XTRA:VH2 | XTRA:VBK | DB:HLPN | XTRA:OMV | DB:ETG | ||
Historical EBIT Growth | |||||||
5Y CAGR | 55.0% | 15.0% | -2.9% | 3.2% | 8.5% | 26.1% | |
3Y CAGR | 31.2% | 14.1% | -22.8% | 0.1% | -5.5% | 20.8% | |
Latest Twelve Months | -10.6% | 89802.8% | -106.7% | -76.4% | 8.5% | -48.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 29.8% | 7.4% | 11.6% | 3.9% | 13.0% | 12.0% | |
Prior Fiscal Year | 39.9% | -0.5% | 10.3% | 5.8% | 12.1% | 18.0% | |
Latest Fiscal Year | 31.9% | 10.4% | 3.9% | 3.3% | 14.9% | 11.0% | |
Latest Twelve Months | 31.2% | 11.6% | -0.3% | 1.6% | 14.5% | 11.0% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.20x | 1.98x | 0.53x | 0.39x | 0.48x | 1.17x | |
EV / LTM EBITDA | 1.7x | 13.0x | 16.2x | 10.4x | 2.3x | 6.9x | |
EV / LTM EBIT | 3.9x | 17.0x | -194.1x | 25.3x | 3.3x | 10.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -194.1x | 3.9x | 25.3x | ||||
Historical EV / LTM EBIT | 6.6x | 17.6x | 31.6x | ||||
Selected EV / LTM EBIT | 6.6x | 7.0x | 7.3x | ||||
(x) LTM EBIT | 41 | 41 | 41 | ||||
(=) Implied Enterprise Value | 273 | 287 | 301 | ||||
(-) Non-shareholder Claims * | (85) | (85) | (85) | ||||
(=) Equity Value | 188 | 203 | 217 | ||||
(/) Shares Outstanding | 14.9 | 14.9 | 14.9 | ||||
Implied Value Range | 12.68 | 13.64 | 14.61 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 12.68 | 13.64 | 14.61 | 24.90 | |||
Upside / (Downside) | -49.1% | -45.2% | -41.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DR0 | VH2 | VBK | HLPN | OMV | ETG | |
Enterprise Value | 287 | 1,084 | 787 | 4,862 | 16,014 | 454 | |
(+) Cash & Short Term Investments | 26 | 110 | 73 | 513 | 6,821 | 27 | |
(+) Investments & Other | 25 | 13 | 0 | 212 | 6,991 | 17 | |
(-) Debt | (160) | (31) | (267) | (3,225) | (7,705) | (121) | |
(-) Other Liabilities | (7) | 0 | (3) | (56) | (6,834) | (8) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 171 | 1,176 | 590 | 2,306 | 15,287 | 370 | |
(/) Shares Outstanding | 4.9 | 20.0 | 63.7 | 305.6 | 326.9 | 14.9 | |
Implied Stock Price | 34.85 | 58.80 | 9.26 | 7.55 | 46.76 | 24.90 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 34.85 | 58.80 | 9.26 | 7.55 | 46.76 | 24.90 | |
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 |