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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.8x - 8.7x | 8.2x |
| Selected Fwd P/E Multiple | 7.8x - 8.7x | 8.2x |
| Fair Value | €1.35 - €1.49 | €1.42 |
| Upside | -10.9% - -1.5% | -6.2% |
| Benchmarks | - | Full Ticker |
| Air Canada | - | DB:ADH2 |
| American Airlines Group Inc. | - | DB:A1G |
| Finnair Oyj | - | HLSE:FIA1S |
| Air China Limited | - | DB:AD2 |
| International Consolidated Airlines Group S.A. | - | BME:IAG |
| Norwegian Air Shuttle ASA | - | DB:NWC |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| ADH2 | A1G | FIA1S | AD2 | IAG | NWC | |||
| DB:ADH2 | DB:A1G | HLSE:FIA1S | DB:AD2 | BME:IAG | DB:NWC | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 3.1% | -12.9% | -9.8% | NM- | 9.8% | NM- | ||
| 3Y CAGR | NM- | NM- | NM- | NM- | NM- | -12.9% | ||
| Latest Twelve Months | -22.5% | 37.0% | -83.3% | -395.2% | 6.4% | 10.5% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -30.7% | -9.9% | -29.9% | -23.7% | -23.4% | -84.2% | ||
| Prior Fiscal Year | 10.4% | 1.6% | 7.2% | -0.7% | 9.0% | 6.3% | ||
| Latest Fiscal Year | 7.7% | 1.6% | 1.2% | -0.1% | 8.5% | 3.4% | ||
| Latest Twelve Months | 7.6% | 1.3% | 0.5% | -0.4% | 8.9% | 4.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 4.5x | 6.8x | 3.7x | 24.6x | 4.9x | 12.7x | ||
| Price / LTM Sales | 0.3x | 0.1x | 0.2x | 0.7x | 0.6x | 0.5x | ||
| LTM P/E Ratio | 3.8x | 11.8x | 37.9x | -191.6x | 7.0x | 10.6x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -191.6x | 7.0x | 37.9x | |||||
| Historical LTM P/E Ratio | -0.7x | 6.0x | 7.7x | |||||
| Selected P/E Multiple | 7.8x | 8.2x | 8.7x | |||||
| (x) LTM Net Income | 1,811 | 1,811 | 1,811 | |||||
| (=) Equity Value | 14,189 | 14,935 | 15,682 | |||||
| (/) Shares Outstanding | 1,055.2 | 1,055.2 | 1,055.2 | |||||
| Implied Value Range | 13.45 | 14.15 | 14.86 | |||||
| FX Rate: NOK/EUR | 12.0 | 12.0 | 12.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.12 | 1.18 | 1.24 | 1.51 | ||||
| Upside / (Downside) | -25.5% | -21.6% | -17.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADH2 | A1G | FIA1S | AD2 | IAG | NWC | |
| Value of Common Equity | 6,362 | 8,016 | 599 | 121,739 | 20,672 | 19,051 | |
| (/) Shares Outstanding | 296.1 | 659.5 | 204.8 | 25,346.5 | 4,656.9 | 1,055.2 | |
| Implied Stock Price | 21.48 | 12.15 | 2.93 | 4.80 | 4.44 | 18.05 | |
| FX Conversion Rate to Trading Currency | 1.59 | 1.16 | 1.00 | 8.33 | 1.00 | 11.96 | |
| Implied Stock Price (Trading Cur) | 13.48 | 10.48 | 2.93 | 0.58 | 4.44 | 1.51 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.59 | 1.16 | 1.00 | 8.33 | 1.00 | 11.96 | |