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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7.9x - 8.7x | 8.3x |
Selected Fwd EBITDA Multiple | 4.5x - 4.9x | 4.7x |
Fair Value | €41.67 - €47.38 | €44.52 |
Upside | -26.0% - -15.9% | -20.9% |
Benchmarks | Ticker | Full Ticker |
Sacyr, S.A. | SCYR | BME:SCYR |
Obrascón Huarte Lain, S.A. | OHLA | BME:OHLA |
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 EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SCYR | OHLA | ENO | CYA | WBD | OCI1 | ||
BME:SCYR | BME:OHLA | BME:ENO | DB:CYA | BIT:WBD | DB:OCI1 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 15.2% | 25.6% | NM- | -1.2% | -1.9% | -8.0% | |
3Y CAGR | 16.6% | 15.7% | NM- | 27.4% | NM- | 19.0% | |
Latest Twelve Months | -8.0% | -5.7% | -107.5% | 343.5% | 10.7% | 50.0% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 23.0% | 3.1% | 4.8% | 3.3% | 2.4% | 3.4% | |
Prior Fiscal Year | 29.9% | 4.8% | 3.2% | -2.3% | 2.7% | 3.1% | |
Latest Fiscal Year | 29.5% | 3.5% | -0.2% | 6.2% | 2.6% | 3.5% | |
Latest Twelve Months | 28.1% | 3.8% | -0.2% | 6.2% | 2.6% | 3.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.38x | 0.08x | 0.46x | -0.09x | 0.27x | 0.39x | |
EV / LTM EBITDA | 8.5x | 2.2x | -276.8x | -1.5x | 10.7x | 10.7x | |
EV / LTM EBIT | 9.5x | 3.4x | -28.0x | -1.8x | 52.8x | 18.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -276.8x | 2.2x | 10.7x | ||||
Historical EV / LTM EBITDA | 6.8x | 9.9x | 10.9x | ||||
Selected EV / LTM EBITDA | 7.9x | 8.3x | 8.7x | ||||
(x) LTM EBITDA | 1,649 | 1,649 | 1,649 | ||||
(=) Implied Enterprise Value | 13,018 | 13,703 | 14,388 | ||||
(-) Non-shareholder Claims * | (3,206) | (3,206) | (3,206) | ||||
(=) Equity Value | 9,812 | 10,497 | 11,182 | ||||
(/) Shares Outstanding | 254.8 | 254.8 | 254.8 | ||||
Implied Value Range | 38.51 | 41.20 | 43.89 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 38.51 | 41.20 | 43.89 | 56.30 | |||
Upside / (Downside) | -31.6% | -26.8% | -22.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SCYR | OHLA | ENO | CYA | WBD | OCI1 | |
Enterprise Value | 11,042 | 294 | 1,734 | (51,167) | 3,014 | 17,551 | |
(+) Cash & Short Term Investments | 1,477 | 532 | 429 | 153,340 | 3,217 | 10,879 | |
(+) Investments & Other | 0 | 25 | 0 | 7,394 | 779 | 0 | |
(-) Debt | (8,604) | (406) | (270) | (23,599) | (2,945) | (13,758) | |
(-) Other Liabilities | (1,087) | (5) | 0 | (1,750) | (236) | (327) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,828 | 440 | 1,893 | 84,218 | 3,829 | 14,345 | |
(/) Shares Outstanding | 791.2 | 1,382.5 | 84.7 | 259.1 | 993.5 | 254.8 | |
Implied Stock Price | 3.57 | 0.32 | 22.35 | 325.01 | 3.85 | 56.30 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 171.06 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 3.57 | 0.32 | 22.35 | 1.90 | 3.85 | 56.30 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 171.06 | 1.00 | 1.00 |