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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.6x - 4.0x | 3.8x |
| Selected Fwd EBITDA Multiple | 2.9x - 3.2x | 3.0x |
| Fair Value | €2.85 - €3.57 | €3.21 |
| Upside | -2.0% - 22.7% | 10.3% |
| Benchmarks | Ticker | Full Ticker |
| Air France-KLM SA | AF | ENXTPA:AF |
| Wizz Air Holdings Plc | WI2 | DB:WI2 |
| International Consolidated Airlines Group S.A. | IAG | BME:IAG |
| Deutsche Lufthansa AG | LHA | DB:LHA |
| Norwegian Air Shuttle ASA | NAS | OB:NAS |
| Finnair Oyj | FAI0 | DB:FAI0 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AF | WI2 | IAG | LHA | NAS | FAI0 | ||
| ENXTPA:AF | DB:WI2 | BME:IAG | DB:LHA | OB:NAS | DB:FAI0 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 1.9% | 0.8% | 6.0% | -2.6% | -5.6% | 3.4% | |
| 3Y CAGR | NM- | NM- | NM- | 193.9% | NM- | NM- | |
| Latest Twelve Months | 14.3% | 10.4% | 27.1% | 21.8% | -43.9% | -23.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -0.4% | -9.6% | -9.2% | 0.6% | -40.1% | -9.9% | |
| Prior Fiscal Year | 9.8% | 9.1% | 15.1% | 11.1% | 9.5% | 17.2% | |
| Latest Fiscal Year | 9.5% | 9.7% | 17.2% | 8.4% | 7.9% | 13.8% | |
| Latest Twelve Months | 9.9% | 9.7% | 17.4% | 8.8% | 5.1% | 12.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.46x | 1.14x | 0.85x | 0.34x | 0.65x | 0.46x | |
| EV / LTM EBITDA | 4.7x | 11.7x | 4.9x | 3.9x | 12.7x | 3.8x | |
| EV / LTM EBIT | 8.5x | 37.7x | 6.0x | 9.1x | 10.4x | 29.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.9x | 4.9x | 12.7x | ||||
| Historical EV / LTM EBITDA | -11.2x | -9.5x | 5.0x | ||||
| Selected EV / LTM EBITDA | 3.6x | 3.8x | 4.0x | ||||
| (x) LTM EBITDA | 372 | 372 | 372 | ||||
| (=) Implied Enterprise Value | 1,333 | 1,403 | 1,473 | ||||
| (-) Non-shareholder Claims * | (817) | (817) | (817) | ||||
| (=) Equity Value | 516 | 586 | 656 | ||||
| (/) Shares Outstanding | 204.8 | 204.8 | 204.8 | ||||
| Implied Value Range | 2.52 | 2.86 | 3.20 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.52 | 2.86 | 3.20 | 2.91 | |||
| Upside / (Downside) | -13.4% | -1.6% | 10.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AF | WI2 | IAG | LHA | NAS | FAI0 | |
| Enterprise Value | 14,785 | 6,162 | 27,986 | 13,010 | 23,506 | 1,412 | |
| (+) Cash & Short Term Investments | 4,582 | 1,658 | 9,799 | 8,837 | 13,790 | 804 | |
| (+) Investments & Other | 212 | 9 | 0 | 1,156 | 0 | 0 | |
| (-) Debt | (14,043) | (6,621) | (17,345) | (14,099) | (18,687) | (1,620) | |
| (-) Other Liabilities | (2,605) | 50 | 0 | (49) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,931 | 1,257 | 20,440 | 8,855 | 18,609 | 596 | |
| (/) Shares Outstanding | 262.7 | 103.4 | 4,655.0 | 1,198.3 | 1,055.2 | 204.8 | |
| Implied Stock Price | 11.16 | 12.16 | 4.39 | 7.39 | 17.64 | 2.91 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 11.16 | 12.16 | 4.39 | 7.39 | 17.64 | 2.91 | |
| Trading Currency | EUR | EUR | EUR | EUR | NOK | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |