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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.1x - 12.2x | 11.6x |
| Selected Fwd EBIT Multiple | 5.0x - 5.5x | 5.2x |
| Fair Value | €45.59 - €49.68 | €47.64 |
| Upside | -14.4% - -6.7% | -10.5% |
| Benchmarks | Ticker | Full Ticker |
| Obrascón Huarte Lain, S.A. | OHLA | BME:OHLA |
| Sacyr, S.A. | SCYR | BME:SCYR |
| Elecnor, S.A. | ENO | BME:ENO |
| Chiyoda Corporation | CYA | DB:CYA |
| Webuild S.p.A. | WBD | BIT:WBD |
| ACS, Actividades de Construcción y Servicios, S.A. | OCI1 | DB:OCI1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| OHLA | SCYR | ENO | CYA | WBD | OCI1 | ||
| BME:OHLA | BME:SCYR | BME:ENO | DB:CYA | BIT:WBD | DB:OCI1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 19.0% | NM- | NM- | 21.8% | -11.9% | |
| 3Y CAGR | 44.4% | 18.6% | NM- | NM- | NM- | 14.7% | |
| Latest Twelve Months | -19.6% | -3.3% | -182.7% | -158.3% | 1214.9% | 9.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 1.1% | 19.5% | 3.1% | 2.5% | 0.8% | 2.2% | |
| Prior Fiscal Year | 2.9% | 27.2% | 1.9% | 4.2% | 0.5% | 2.1% | |
| Latest Fiscal Year | 2.0% | 26.5% | -1.6% | -3.0% | 4.9% | 2.0% | |
| Latest Twelve Months | 2.0% | 26.5% | -1.6% | -2.9% | 4.9% | 2.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.10x | 2.35x | 0.20x | -0.11x | 0.26x | 0.28x | |
| EV / LTM EBITDA | 2.3x | 7.9x | -109.1x | 5.1x | 3.9x | 8.2x | |
| EV / LTM EBIT | 4.8x | 8.8x | -12.3x | 3.7x | 5.4x | 14.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -12.3x | 4.8x | 8.8x | ||||
| Historical EV / LTM EBIT | 3.6x | 11.4x | 28.6x | ||||
| Selected EV / LTM EBIT | 11.1x | 11.6x | 12.2x | ||||
| (x) LTM EBIT | 835 | 835 | 835 | ||||
| (=) Implied Enterprise Value | 9,238 | 9,724 | 10,210 | ||||
| (-) Non-shareholder Claims * | 1,706 | 1,706 | 1,706 | ||||
| (=) Equity Value | 10,943 | 11,430 | 11,916 | ||||
| (/) Shares Outstanding | 254.8 | 254.8 | 254.8 | ||||
| Implied Value Range | 42.95 | 44.86 | 46.77 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 42.95 | 44.86 | 46.77 | 53.25 | |||
| Upside / (Downside) | -19.3% | -15.8% | -12.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | OHLA | SCYR | ENO | CYA | WBD | OCI1 | |
| Enterprise Value | 348 | 10,744 | 766 | (55,860) | 3,107 | 11,862 | |
| (+) Cash & Short Term Investments | 707 | 1,719 | 429 | 160,656 | 3,215 | 12,343 | |
| (+) Investments & Other | 28 | 274 | 571 | 5,847 | 0 | 4,100 | |
| (-) Debt | (694) | (9,128) | (270) | (23,599) | (2,940) | (14,337) | |
| (-) Other Liabilities | (5) | (1,056) | (0) | (1,847) | (236) | (401) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 385 | 2,552 | 1,496 | 85,197 | 3,146 | 13,568 | |
| (/) Shares Outstanding | 1,190.1 | 791.2 | 84.7 | 259.1 | 993.5 | 254.8 | |
| Implied Stock Price | 0.32 | 3.23 | 17.66 | 328.80 | 3.17 | 53.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 162.77 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.32 | 3.23 | 17.66 | 2.02 | 3.17 | 53.25 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 162.77 | 1.00 | 1.00 | |