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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 9.7x - 10.7x | 10.2x |
| Selected Fwd EBITDA Multiple | 5.1x - 5.6x | 5.3x |
| Fair Value | €5.99 - €6.72 | €6.35 |
| Upside | -19.1% - -9.2% | -14.2% |
| Benchmarks | Ticker | Full Ticker |
| Corporate Travel Management Limited | CTD | ASX:CTD |
| Web Travel Group Limited | WEB | ASX:WEB |
| InterContinental Hotels Group PLC | IHG | LSE:IHG |
| Accor SA | ACRF.F | OTCPK:ACRF.F |
| Domino's Pizza Enterprises Limited | DMP | ASX:DMP |
| Flight Centre Travel Group Limited | FLI | DB:FLI |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| CTD | WEB | IHG | ACRF.F | DMP | FLI | ||
| ASX:CTD | ASX:WEB | LSE:IHG | OTCPK:ACRF.F | ASX:DMP | DB:FLI | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 0.7% | NM- | 2.1% | 8.0% | 0.0% | -6.9% | |
| 3Y CAGR | NM- | NM- | 17.3% | NM- | -8.3% | NM- | |
| Latest Twelve Months | -45.1% | -33.1% | 1.5% | 10.3% | -12.6% | -5.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 1.5% | -22.0% | 22.8% | 3.0% | 12.7% | -50.3% | |
| Prior Fiscal Year | 18.8% | 44.0% | 22.8% | 17.9% | 11.1% | 8.3% | |
| Latest Fiscal Year | 19.2% | 28.7% | 21.8% | 17.8% | 10.4% | 10.6% | |
| Latest Twelve Months | 13.5% | 28.7% | 21.8% | 17.8% | 9.8% | 10.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.08x | 4.95x | 4.30x | 2.28x | 1.32x | 1.19x | |
| EV / LTM EBITDA | 22.8x | 17.3x | 19.7x | 12.8x | 13.5x | 11.9x | |
| EV / LTM EBIT | 24.8x | 20.9x | 20.3x | 16.4x | 18.4x | 13.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 12.8x | 17.3x | 22.8x | ||||
| Historical EV / LTM EBITDA | -20.1x | -2.8x | 50.3x | ||||
| Selected EV / LTM EBITDA | 9.7x | 10.2x | 10.7x | ||||
| (x) LTM EBITDA | 274 | 274 | 274 | ||||
| (=) Implied Enterprise Value | 2,658 | 2,798 | 2,938 | ||||
| (-) Non-shareholder Claims * | (373) | (373) | (373) | ||||
| (=) Equity Value | 2,285 | 2,425 | 2,565 | ||||
| (/) Shares Outstanding | 216.8 | 216.8 | 216.8 | ||||
| Implied Value Range | 10.54 | 11.19 | 11.83 | ||||
| FX Rate: AUD/EUR | 1.8 | 1.8 | 1.8 | Market Price | |||
| Implied Value Range (Trading Cur) | 5.91 | 6.28 | 6.64 | 7.40 | |||
| Upside / (Downside) | -20.1% | -15.2% | -10.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CTD | WEB | IHG | ACRF.F | DMP | FLI | |
| Enterprise Value | 2,115 | 1,610 | 20,876 | 12,318 | 3,045 | 3,232 | |
| (+) Cash & Short Term Investments | 76 | 364 | 1,015 | 1,244 | 119 | 526 | |
| (+) Investments & Other | 7 | 0 | 51 | 1,583 | 2 | 52 | |
| (-) Debt | (36) | (247) | (3,688) | (3,757) | (1,436) | (951) | |
| (-) Other Liabilities | (17) | 0 | (4) | (437) | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,145 | 1,727 | 18,250 | 10,951 | 1,729 | 2,859 | |
| (/) Shares Outstanding | 138.9 | 361.3 | 153.7 | 240.6 | 94.4 | 216.8 | |
| Implied Stock Price | 15.44 | 4.78 | 118.72 | 45.51 | 18.31 | 13.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.34 | 0.86 | 1.00 | 1.78 | |
| Implied Stock Price (Trading Cur) | 15.44 | 4.78 | 88.42 | 53.10 | 18.31 | 7.40 | |
| Trading Currency | AUD | AUD | GBP | USD | AUD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.34 | 0.86 | 1.00 | 1.78 | |