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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -16.3x - -18.1x | -17.2x |
Selected Fwd EBIT Multiple | 6.8x - 7.5x | 7.1x |
Fair Value | €1.19 - €1.44 | €1.32 |
Upside | -5.2% - 14.6% | 4.7% |
Benchmarks | Ticker | Full Ticker |
Reco International Group Inc. | RGI | TSXV:RGI |
Urban Infrastructure Group Inc. | UIG | TSXV:UIG |
Minaean SP Construction Corp. | MSP | TSXV:MSP |
Aecon Group Inc. | ARE | TSX:ARE |
WSP Global Inc. | WSP | TSX:WSP |
SolarBank Corporation | GY2 | DB:GY2 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
RGI | UIG | MSP | ARE | WSP | GY2 | ||
TSXV:RGI | TSXV:UIG | TSXV:MSP | TSX:ARE | TSX:WSP | DB:GY2 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | 21.3% | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | 24.1% | NM- | |
Latest Twelve Months | -43.0% | -244.6% | 83.2% | -16657.3% | 22.5% | -419.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -19.3% | -6.0% | -132.8% | 0.6% | 7.6% | -7.0% | |
Prior Fiscal Year | -18.3% | 17.5% | NA | 0.0% | 8.2% | -14.0% | |
Latest Fiscal Year | -10.5% | -17.0% | NA | -2.8% | 8.9% | 0.7% | |
Latest Twelve Months | -14.1% | -42.5% | NA | -3.3% | 8.9% | -23.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.36x | 1.17x | NA | 0.28x | 2.45x | 3.76x | |
EV / LTM EBITDA | -2.2x | -2.9x | -42.2x | -13.0x | 22.4x | -31.6x | |
EV / LTM EBIT | -2.6x | -2.8x | -41.9x | -8.5x | 27.7x | -16.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -41.9x | -2.8x | 27.7x | ||||
Historical EV / LTM EBIT | -67.8x | 7.0x | 81.8x | ||||
Selected EV / LTM EBIT | -16.3x | -17.2x | -18.1x | ||||
(x) LTM EBIT | (9) | (9) | (9) | ||||
(=) Implied Enterprise Value | 141 | 148 | 155 | ||||
(-) Non-shareholder Claims * | (66) | (66) | (66) | ||||
(=) Equity Value | 74 | 82 | 89 | ||||
(/) Shares Outstanding | 35.3 | 35.3 | 35.3 | ||||
Implied Value Range | 2.10 | 2.31 | 2.52 | ||||
FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | |||
Implied Value Range (Trading Cur) | 1.31 | 1.44 | 1.57 | 1.26 | |||
Upside / (Downside) | 4.0% | 14.3% | 24.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RGI | UIG | MSP | ARE | WSP | GY2 | |
Enterprise Value | 2 | 5 | 6 | 1,258 | 41,561 | 138 | |
(+) Cash & Short Term Investments | 0 | 1 | 0 | 386 | 413 | 25 | |
(+) Investments & Other | 0 | 0 | 0 | 273 | 0 | 0 | |
(-) Debt | (1) | (0) | (0) | (616) | (5,603) | (76) | |
(-) Other Liabilities | 0 | 0 | 0 | (6) | 0 | (15) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1 | 5 | 6 | 1,293 | 36,371 | 71 | |
(/) Shares Outstanding | 49.6 | 104.5 | 121.6 | 63.0 | 130.5 | 35.3 | |
Implied Stock Price | 0.02 | 0.05 | 0.05 | 20.54 | 278.69 | 2.02 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.60 | |
Implied Stock Price (Trading Cur) | 0.02 | 0.05 | 0.05 | 20.54 | 278.69 | 1.26 | |
Trading Currency | CAD | CAD | CAD | CAD | CAD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.60 |