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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.9x - 3.2x | 3.1x |
| Selected Fwd Ps Multiple | 2.6x - 2.9x | 2.7x |
| Fair Value | €4.14 - €4.58 | €4.36 |
| Upside | -21.9% - -13.7% | -17.8% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| BPER Banca SpA | - | BIT:BPE |
| Credito Emiliano S.p.A. | - | BIT:CE |
| UniCredit S.p.A. | - | BIT:UCG |
| Banca Popolare di Sondrio S.p.A | - | BIT:BPSO |
| Banca Monte dei Paschi di Siena S.p.A. | - | BIT:BMPS |
| Intesa Sanpaolo S.p.A. | - | DB:IES |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BPE | CE | UCG | BPSO | BMPS | IES | |||
| BIT:BPE | BIT:CE | BIT:UCG | BIT:BPSO | BIT:BMPS | DB:IES | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 23.8% | 11.7% | 9.7% | 16.3% | 6.0% | 9.9% | ||
| 3Y CAGR | 26.9% | 14.5% | 18.9% | 18.3% | 8.8% | 11.9% | ||
| Latest Twelve Months | 1.1% | -2.2% | 4.7% | 16.2% | 7.9% | 5.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 28.7% | 27.4% | 25.1% | 31.2% | 11.3% | 28.1% | ||
| Prior Fiscal Year | 30.9% | 30.8% | 40.6% | 36.1% | 62.5% | 33.4% | ||
| Latest Fiscal Year | 27.2% | 32.0% | 39.5% | 39.3% | 55.3% | 34.2% | ||
| Latest Twelve Months | 26.7% | 32.0% | 41.8% | 40.3% | 46.7% | 35.6% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 3.3x | 2.5x | 4.2x | 3.4x | 2.8x | 3.7x | ||
| LTM P/E Ratio | 10.7x | 6.9x | 10.1x | 8.3x | 6.0x | 10.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 2.5x | 3.3x | 4.2x | |||||
| Historical LTM P/S Ratio | 2.2x | 2.5x | 2.8x | |||||
| Selected Price / Sales Multiple | 2.9x | 3.1x | 3.2x | |||||
| (x) LTM Sales | 25,577 | 25,577 | 25,577 | |||||
| (=) Equity Value | 74,713 | 78,645 | 82,577 | |||||
| (/) Shares Outstanding | 17,778.0 | 17,778.0 | 17,778.0 | |||||
| Implied Value Range | 4.20 | 4.42 | 4.64 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 4.20 | 4.42 | 4.64 | 5.30 | ||||
| Upside / (Downside) | -20.8% | -16.6% | -12.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BPE | CE | UCG | BPSO | BMPS | IES | |
| Value of Common Equity | 16,950 | 4,600 | 105,190 | 5,407 | 10,154 | 94,277 | |
| (/) Shares Outstanding | 1,943.8 | 340.7 | 1,557.7 | 449.8 | 1,259.7 | 17,778.0 | |
| Implied Stock Price | 8.72 | 13.50 | 67.53 | 12.02 | 8.06 | 5.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 8.72 | 13.50 | 67.53 | 12.02 | 8.06 | 5.30 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |