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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 16.6x - 18.3x | 17.4x |
| Selected Fwd P/E Multiple | 8.3x - 9.2x | 8.8x |
| Fair Value | €3.10 - €3.42 | €3.26 |
| Upside | -19.6% - -11.2% | -15.4% |
| Benchmarks | - | Full Ticker |
| Tesco PLC | - | LSE:TSCO |
| J Sainsbury plc | - | LSE:SBRY |
| Ocado Group plc | - | LSE:OCDO |
| Jerónimo Martins, SGPS, S.A. | - | LSE:0EXG |
| Kesko Oyj | - | LSE:0BNT |
| Marks and Spencer Group plc | - | DB:MA6 |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| TSCO | SBRY | OCDO | 0EXG | 0BNT | MA6 | |||
| LSE:TSCO | LSE:SBRY | LSE:OCDO | LSE:0EXG | LSE:0BNT | DB:MA6 | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 16.8% | 26.6% | NM- | 9.0% | 3.0% | 65.7% | ||
| 3Y CAGR | 1.7% | -14.7% | NM- | 9.0% | -12.8% | -1.2% | ||
| Latest Twelve Months | -9.1% | 36.4% | -341.0% | -5.8% | -11.2% | -31.4% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 3.6% | 0.7% | -15.8% | 2.2% | 4.4% | 1.7% | ||
| Prior Fiscal Year | 2.6% | 1.0% | -16.9% | 2.5% | 4.2% | 3.3% | ||
| Latest Fiscal Year | 2.3% | 1.3% | -24.8% | 1.8% | 3.2% | 2.1% | ||
| Latest Twelve Months | 2.3% | 1.3% | -26.7% | 1.8% | 3.1% | 2.1% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 8.5x | 6.9x | 25.4x | 9.4x | 13.1x | 6.1x | ||
| Price / LTM Sales | 0.4x | 0.2x | 2.4x | 0.4x | 0.6x | 0.5x | ||
| LTM P/E Ratio | 16.8x | 16.0x | -8.8x | 21.2x | 20.1x | 23.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -8.8x | 16.8x | 21.2x | |||||
| Historical LTM P/E Ratio | -16.4x | 12.9x | 23.3x | |||||
| Selected P/E Multiple | 16.6x | 17.4x | 18.3x | |||||
| (x) LTM Net Income | 296 | 296 | 296 | |||||
| (=) Equity Value | 4,895 | 5,152 | 5,410 | |||||
| (/) Shares Outstanding | 2,016.4 | 2,016.4 | 2,016.4 | |||||
| Implied Value Range | 2.43 | 2.56 | 2.68 | |||||
| FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | ||||
| Implied Value Range (Trading Cur) | 2.81 | 2.95 | 3.10 | 3.85 | ||||
| Upside / (Downside) | -27.1% | -23.3% | -19.5% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | TSCO | SBRY | OCDO | 0EXG | 0BNT | MA6 | |
| Value of Common Equity | 26,779 | 6,700 | 3,084 | 13,009 | 7,648 | 6,718 | |
| (/) Shares Outstanding | 6,507.7 | 2,254.3 | 825.9 | 628.4 | 398.1 | 2,016.4 | |
| Implied Stock Price | 4.12 | 2.97 | 3.73 | 20.70 | 19.21 | 3.33 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
| Implied Stock Price (Trading Cur) | 4.12 | 2.97 | 3.73 | 20.70 | 19.21 | 3.85 | |
| Trading Currency | GBP | GBP | GBP | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |