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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 9.5x - 10.5x | 10.0x |
Selected Fwd EBIT Multiple | 10.4x - 11.5x | 10.9x |
Fair Value | €103.96 - €122.93 | €113.44 |
Upside | 4.3% - 23.3% | 13.8% |
Benchmarks | Ticker | Full Ticker |
Bike24 Holding AG | BIKE | XTRA:BIKE |
Byggmax Group AB (publ) | BYY | DB:BYY |
Delticom AG | DEX | XTRA:DEX |
Fielmann Group AG | FIE | XTRA:FIE |
Weng Fine Art AG | WFA | XTRA:WFA |
HORNBACH Holding AG & Co. KGaA | HBH | DB:HBH |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BIKE | BYY | DEX | FIE | WFA | HBH | ||
XTRA:BIKE | DB:BYY | XTRA:DEX | XTRA:FIE | XTRA:WFA | DB:HBH | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | -3.8% | NM- | NM- | -15.9% | 14.7% | |
3Y CAGR | NM- | -39.8% | 23.4% | NM- | -52.0% | -8.1% | |
Latest Twelve Months | 38.2% | 122.8% | -18.9% | 22.4% | -77.0% | 39.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -1.7% | 6.5% | 0.5% | 11.3% | 29.3% | 5.2% | |
Prior Fiscal Year | -9.5% | 2.0% | 2.6% | 10.4% | 14.6% | 4.6% | |
Latest Fiscal Year | -5.9% | 3.1% | 2.1% | 11.1% | 11.1% | 4.1% | |
Latest Twelve Months | -5.9% | 3.7% | 2.1% | 11.1% | 5.9% | 4.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.51x | 0.90x | 0.22x | 2.37x | 5.14x | 0.46x | |
EV / LTM EBITDA | -104.4x | 12.5x | 9.1x | 15.3x | 69.6x | 6.9x | |
EV / LTM EBIT | -8.6x | 24.2x | 10.7x | 21.4x | 86.9x | 9.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -8.6x | 21.4x | 86.9x | ||||
Historical EV / LTM EBIT | 6.0x | 10.5x | 11.9x | ||||
Selected EV / LTM EBIT | 9.5x | 10.0x | 10.5x | ||||
(x) LTM EBIT | 301 | 301 | 301 | ||||
(=) Implied Enterprise Value | 2,874 | 3,025 | 3,177 | ||||
(-) Non-shareholder Claims * | (1,220) | (1,220) | (1,220) | ||||
(=) Equity Value | 1,655 | 1,806 | 1,957 | ||||
(/) Shares Outstanding | 16.0 | 16.0 | 16.0 | ||||
Implied Value Range | 103.47 | 112.93 | 122.39 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 103.47 | 112.93 | 122.39 | 99.70 | |||
Upside / (Downside) | 3.8% | 13.3% | 22.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BIKE | BYY | DEX | FIE | WFA | HBH | |
Enterprise Value | 142 | 5,306 | 107 | 5,300 | 28 | 2,814 | |
(+) Cash & Short Term Investments | 14 | 14 | 5 | 102 | 0 | 391 | |
(+) Investments & Other | 0 | 31 | 0 | 5 | 11 | 0 | |
(-) Debt | (47) | (2,596) | (79) | (874) | (15) | (1,530) | |
(-) Other Liabilities | 0 | 0 | 0 | (14) | 0 | (81) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 109 | 2,755 | 33 | 4,519 | 24 | 1,594 | |
(/) Shares Outstanding | 44.2 | 58.6 | 14.7 | 84.0 | 5.4 | 16.0 | |
Implied Stock Price | 2.47 | 47.00 | 2.23 | 53.80 | 4.50 | 99.70 | |
FX Conversion Rate to Trading Currency | 1.00 | 10.86 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.47 | 4.33 | 2.23 | 53.80 | 4.50 | 99.70 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 10.86 | 1.00 | 1.00 | 1.00 | 1.00 |