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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 37.1x - 41.0x | 39.1x |
| Selected Fwd P/E Multiple | 8.2x - 9.1x | 8.7x |
| Fair Value | €2.67 - €2.95 | €2.81 |
| Upside | -15.5% - -6.6% | -11.0% |
| Benchmarks | - | Full Ticker |
| International Consolidated Airlines Group S.A. | - | BME:IAG |
| Air France-KLM SA | - | ENXTPA:AF |
| Wizz Air Holdings Plc | - | DB:WI2 |
| Deutsche Lufthansa AG | - | DB:LHA |
| Norwegian Air Shuttle ASA | - | OB:NAS |
| Finnair Oyj | - | DB:FAI0 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| IAG | AF | WI2 | LHA | NAS | FAI0 | |||
| BME:IAG | ENXTPA:AF | DB:WI2 | DB:LHA | OB:NAS | DB:FAI0 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 9.8% | -2.2% | -4.3% | 2.7% | NM- | -9.8% | ||
| 3Y CAGR | NM- | NM- | NM- | NM- | -12.9% | NM- | ||
| Latest Twelve Months | 18.5% | 357.9% | -19.3% | 46.7% | 8.3% | -83.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -22.1% | -14.3% | -20.0% | -9.3% | -84.3% | -29.3% | ||
| Prior Fiscal Year | 9.0% | 2.6% | 7.4% | 5.4% | 6.3% | 7.2% | ||
| Latest Fiscal Year | 8.5% | 0.8% | 4.3% | 3.7% | 3.4% | 1.2% | ||
| Latest Twelve Months | 9.4% | 2.9% | 4.8% | 4.6% | 4.9% | 0.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 4.3x | 4.0x | 12.6x | 4.1x | 11.1x | 4.0x | ||
| Price / LTM Sales | 0.6x | 0.1x | 0.3x | 0.3x | 0.5x | 0.2x | ||
| LTM P/E Ratio | 6.7x | 4.1x | 6.4x | 5.6x | 9.7x | 63.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 4.1x | 6.4x | 9.7x | |||||
| Historical LTM P/E Ratio | -2.2x | -0.9x | 6.6x | |||||
| Selected P/E Multiple | 37.1x | 39.1x | 41.0x | |||||
| (x) LTM Net Income | 11 | 11 | 11 | |||||
| (=) Equity Value | 394 | 414 | 435 | |||||
| (/) Shares Outstanding | 204.8 | 204.8 | 204.8 | |||||
| Implied Value Range | 1.92 | 2.02 | 2.12 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.92 | 2.02 | 2.12 | 3.16 | ||||
| Upside / (Downside) | -39.2% | -36.0% | -32.8% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | IAG | AF | WI2 | LHA | NAS | FAI0 | |
| Value of Common Equity | 21,123 | 3,921 | 1,675 | 9,850 | 17,485 | 647 | |
| (/) Shares Outstanding | 4,632.2 | 262.6 | 103.4 | 1,198.3 | 1,055.2 | 204.8 | |
| Implied Stock Price | 4.56 | 14.93 | 16.20 | 8.22 | 16.57 | 3.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.56 | 14.93 | 16.20 | 8.22 | 16.57 | 3.16 | |
| 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 | |