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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 1.4x - 1.6x | 1.5x |
| Selected Fwd Ps Multiple | 1.2x - 1.3x | 1.2x |
| Fair Value | €10.45 - €11.55 | €11 |
| Upside | 10.2% - 21.8% | 16.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| UniCredit S.p.A. | - | XTRA:CRIN |
| Société Générale Société anonyme | - | XTRA:SGE |
| Commerzbank AG | - | XTRA:CBK |
| Banca Popolare di Sondrio S.p.A | 59,300.0% | DB:593 |
| Banco Santander, S.A. | - | XTRA:BSD2 |
| ProCredit Holding AG | - | DB:PCZ |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CRIN | SGE | CBK | 593 | BSD2 | PCZ | |||
| XTRA:CRIN | XTRA:SGE | XTRA:CBK | DB:593 | XTRA:BSD2 | DB:PCZ | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 9.7% | 1.5% | 5.0% | 16.3% | 4.4% | 11.9% | ||
| 3Y CAGR | 18.9% | -0.6% | 9.2% | 18.3% | 9.2% | 17.2% | ||
| Latest Twelve Months | 4.7% | 7.8% | 10.4% | 16.2% | 5.4% | 8.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 25.1% | 15.8% | 6.9% | 31.2% | 19.1% | 21.7% | ||
| Prior Fiscal Year | 40.6% | 7.2% | 20.5% | 36.1% | 23.1% | 28.4% | ||
| Latest Fiscal Year | 39.5% | 13.8% | 23.6% | 39.3% | 23.5% | 23.1% | ||
| Latest Twelve Months | 41.8% | 18.2% | 21.8% | 41.0% | 25.1% | 21.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 4.3x | 1.8x | 3.7x | 3.6x | 2.4x | 1.2x | ||
| LTM P/E Ratio | 10.4x | 9.7x | 17.2x | 8.8x | 9.7x | 5.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.8x | 3.6x | 4.3x | |||||
| Historical LTM P/S Ratio | 0.9x | 1.3x | 1.8x | |||||
| Selected Price / Sales Multiple | 1.4x | 1.5x | 1.6x | |||||
| (x) LTM Sales | 451 | 451 | 451 | |||||
| (=) Equity Value | 643 | 677 | 710 | |||||
| (/) Shares Outstanding | 58.9 | 58.9 | 58.9 | |||||
| Implied Value Range | 10.91 | 11.49 | 12.06 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 10.91 | 11.49 | 12.06 | 9.48 | ||||
| Upside / (Downside) | 15.1% | 21.2% | 27.2% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CRIN | SGE | CBK | 593 | BSD2 | PCZ | |
| Value of Common Equity | 106,483 | 45,397 | 41,537 | 5,497 | 120,820 | 558 | |
| (/) Shares Outstanding | 1,557.7 | 786.8 | 1,127.5 | 449.8 | 14,866.5 | 58.9 | |
| Implied Stock Price | 68.36 | 57.70 | 36.84 | 12.22 | 8.13 | 9.48 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 68.36 | 57.70 | 36.84 | 12.22 | 8.13 | 9.48 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |