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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16.4x - 18.1x | 17.3x |
| Selected Fwd EBIT Multiple | 12.5x - 13.8x | 13.1x |
| Fair Value | €33.73 - €38.70 | €36.21 |
| Upside | -16.5% - -4.2% | -10.4% |
| Benchmarks | Ticker | Full Ticker |
| Monarch Casino & Resort, Inc. | MCRI | NasdaqGS:MCRI |
| Choice Hotels International, Inc. | CHH | NYSE:CHH |
| Marriott International, Inc. | MAR | NasdaqGS:MAR |
| Red Rock Resorts, Inc. | RRR | NasdaqGS:RRR |
| Travel + Leisure Co. | TNL | NYSE:TNL |
| Las Vegas Sands Corp. | LCR | DB:LCR |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| MCRI | CHH | MAR | RRR | TNL | LCR | ||
| NasdaqGS:MCRI | NYSE:CHH | NasdaqGS:MAR | NasdaqGS:RRR | NYSE:TNL | DB:LCR | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 25.1% | 7.6% | 13.7% | 16.5% | -1.9% | -6.6% | |
| 3Y CAGR | 8.6% | 3.8% | 30.1% | 0.9% | 5.0% | NM- | |
| Latest Twelve Months | 5.0% | 14.5% | 2.2% | -5.7% | 0.0% | -12.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 20.9% | 56.8% | 51.7% | 28.9% | 17.4% | -3.1% | |
| Prior Fiscal Year | 23.1% | 57.3% | 62.3% | 34.3% | 19.9% | 22.6% | |
| Latest Fiscal Year | 23.2% | 60.7% | 58.6% | 29.7% | 19.5% | 21.7% | |
| Latest Twelve Months | 23.3% | 60.7% | 59.0% | 29.5% | 19.5% | 20.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.01x | 9.94x | 13.80x | 3.41x | 2.41x | 4.04x | |
| EV / LTM EBITDA | 9.1x | 14.9x | 21.3x | 8.7x | 10.7x | 12.3x | |
| EV / LTM EBIT | 12.9x | 16.4x | 23.4x | 11.6x | 12.3x | 19.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.6x | 12.9x | 23.4x | ||||
| Historical EV / LTM EBIT | -280.1x | -61.7x | 31.4x | ||||
| Selected EV / LTM EBIT | 16.4x | 17.3x | 18.1x | ||||
| (x) LTM EBIT | 2,337 | 2,337 | 2,337 | ||||
| (=) Implied Enterprise Value | 38,363 | 40,382 | 42,401 | ||||
| (-) Non-shareholder Claims * | (11,149) | (11,149) | (11,149) | ||||
| (=) Equity Value | 27,214 | 29,233 | 31,252 | ||||
| (/) Shares Outstanding | 706.6 | 706.6 | 706.6 | ||||
| Implied Value Range | 38.51 | 41.37 | 44.23 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 32.90 | 35.34 | 37.78 | 40.40 | |||
| Upside / (Downside) | -18.6% | -12.5% | -6.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | MCRI | CHH | MAR | RRR | TNL | LCR | |
| Enterprise Value | 1,582 | 7,882 | 91,281 | 6,630 | 9,258 | 44,568 | |
| (+) Cash & Short Term Investments | 75 | 40 | 523 | 151 | 188 | 3,036 | |
| (+) Investments & Other | 0 | 122 | 300 | 0 | 0 | 0 | |
| (-) Debt | (14) | (1,987) | (15,851) | (3,406) | (5,741) | (13,851) | |
| (-) Other Liabilities | 0 | 0 | 0 | (123) | 0 | (334) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,643 | 6,058 | 76,253 | 3,253 | 3,705 | 33,419 | |
| (/) Shares Outstanding | 18.5 | 46.1 | 273.9 | 59.3 | 66.4 | 706.6 | |
| Implied Stock Price | 88.99 | 131.52 | 278.40 | 54.85 | 55.81 | 47.30 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 88.99 | 131.52 | 278.40 | 54.85 | 55.81 | 40.40 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |