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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 2.7x - 2.9x | 2.8x |
| Selected Fwd Ps Multiple | 2.5x - 2.7x | 2.6x |
| Fair Value | €8.17 - €9.03 | €8.60 |
| Upside | 10.0% - 21.5% | 15.7% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| RCM Beteiligungs AG | - | XTRA:RCMN |
| City Developments Limited | - | DB:CDE |
| Eurocastle Investment Limited | - | ENXTAM:ECT |
| Dream Unlimited Corp. | - | DB:50DA |
| KCI Spolka Akcyjna | - | WSE:KCI |
| PATRIZIA SE | - | DB:PAT |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| RCMN | CDE | ECT | 50DA | KCI | PAT | |||
| XTRA:RCMN | DB:CDE | ENXTAM:ECT | DB:50DA | WSE:KCI | DB:PAT | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | -32.0% | -0.9% | NM- | 1.5% | -10.9% | -3.6% | ||
| 3Y CAGR | -46.6% | 7.6% | 7.4% | 24.2% | -14.2% | -1.1% | ||
| Latest Twelve Months | -71.3% | -33.8% | -6.7% | 61.4% | -83.4% | -9.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -4.1% | -4.2% | -87.7% | 27.0% | 12.2% | 6.1% | ||
| Prior Fiscal Year | -31.4% | 6.2% | -185.9% | -30.3% | -13.0% | 2.1% | ||
| Latest Fiscal Year | -86.3% | 5.8% | -134.2% | 30.1% | 3.7% | 2.0% | ||
| Latest Twelve Months | -63.2% | 5.8% | -105.8% | 30.1% | 36.7% | -7.9% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 88.3x | 18.3x | NA | 14.1x | 2.7x | 153.3x | ||
| Price / LTM Sales | 6.3x | 1.4x | 18.4x | 1.3x | 4.4x | 2.4x | ||
| LTM P/E Ratio | -10.0x | 23.5x | -17.4x | 4.4x | 12.1x | 51.3x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.3x | 4.4x | 18.4x | |||||
| Historical LTM P/S Ratio | 2.3x | 2.7x | 6.2x | |||||
| Selected Price / Sales Multiple | 2.7x | 2.8x | 2.9x | |||||
| (x) LTM Sales | 265 | 265 | 265 | |||||
| (=) Equity Value | 706 | 743 | 780 | |||||
| (/) Shares Outstanding | 86.2 | 86.2 | 86.2 | |||||
| Implied Value Range | 8.18 | 8.61 | 9.04 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 8.18 | 8.61 | 9.04 | 7.43 | ||||
| Upside / (Downside) | 10.1% | 15.9% | 21.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | RCMN | CDE | ECT | 50DA | KCI | PAT | |
| Value of Common Equity | 16 | 4,439 | 9 | 829 | 65 | 641 | |
| (/) Shares Outstanding | 12.9 | 893.4 | 1.0 | 42.0 | 68.6 | 86.2 | |
| Implied Stock Price | 1.26 | 4.97 | 8.50 | 19.73 | 0.94 | 7.43 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.45 | 1.00 | 1.55 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.26 | 3.42 | 8.50 | 12.70 | 0.94 | 7.43 | |
| Trading Currency | EUR | EUR | EUR | EUR | PLN | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.45 | 1.00 | 1.55 | 1.00 | 1.00 | |