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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.9x - 13.1x | 12.5x |
Selected Fwd EBIT Multiple | 8.8x - 9.7x | 9.2x |
Fair Value | €14.62 - €18.01 | €16.31 |
Upside | 6.1% - 30.8% | 18.5% |
Benchmarks | Ticker | Full Ticker |
Holaluz-Clidom, S.A. | HLZ | BME:HLZ |
eVISO S.p.A. | 6Z8 | DB:6Z8 |
MINT Société anonyme | ALMIN | ENXTPA:ALMIN |
Elektro Ljubljana d.d. | ELOG | LJSE:ELOG |
Elektro Gorenjska, d. d. | EGKG | LJSE:EGKG |
Public Power Corporation S.A. | PU8 | DB:PU8 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
HLZ | 6Z8 | ALMIN | ELOG | EGKG | PU8 | ||
BME:HLZ | DB:6Z8 | ENXTPA:ALMIN | LJSE:ELOG | LJSE:EGKG | DB:PU8 | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 38.7% | 127.6% | -11.7% | -6.3% | NM- | |
3Y CAGR | NM- | 53.0% | NM- | -14.9% | -9.9% | 63.6% | |
Latest Twelve Months | 25.4% | 103.3% | -78.3% | 22.1% | -48.8% | 17.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -2.9% | 2.1% | 5.9% | 6.5% | 13.0% | 4.7% | |
Prior Fiscal Year | -5.3% | -0.2% | 21.2% | 6.7% | 20.4% | 8.2% | |
Latest Fiscal Year | -9.0% | 3.3% | 5.4% | 7.8% | 11.6% | 10.2% | |
Latest Twelve Months | -9.0% | 3.1% | 5.4% | 7.8% | 11.6% | 9.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.23x | 0.79x | 0.04x | 1.72x | 2.08x | 1.11x | |
EV / LTM EBITDA | -2.7x | 20.2x | 0.6x | 5.2x | 5.5x | 6.0x | |
EV / LTM EBIT | -2.6x | 25.2x | 0.8x | 22.2x | 17.8x | 12.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -2.6x | 17.8x | 25.2x | ||||
Historical EV / LTM EBIT | 9.9x | 25.2x | 96.4x | ||||
Selected EV / LTM EBIT | 11.9x | 12.5x | 13.1x | ||||
(x) LTM EBIT | 867 | 867 | 867 | ||||
(=) Implied Enterprise Value | 10,280 | 10,821 | 11,362 | ||||
(-) Non-shareholder Claims * | (5,867) | (5,867) | (5,867) | ||||
(=) Equity Value | 4,413 | 4,954 | 5,495 | ||||
(/) Shares Outstanding | 332.0 | 332.0 | 332.0 | ||||
Implied Value Range | 13.29 | 14.92 | 16.55 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 13.29 | 14.92 | 16.55 | 13.77 | |||
Upside / (Downside) | -3.5% | 8.4% | 20.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | HLZ | 6Z8 | ALMIN | ELOG | EGKG | PU8 | |
Enterprise Value | 63 | 222 | 3 | 201 | 55 | 10,438 | |
(+) Cash & Short Term Investments | 5 | 21 | 40 | 4 | 0 | 2,761 | |
(+) Investments & Other | 1 | 0 | 0 | 4 | 0 | 0 | |
(-) Debt | (36) | (9) | (11) | (124) | 0 | (7,621) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (1,007) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 33 | 234 | 32 | 86 | 55 | 4,571 | |
(/) Shares Outstanding | 25.4 | 22.2 | 6.0 | 39.1 | 17.3 | 332.0 | |
Implied Stock Price | 1.31 | 10.52 | 5.40 | 2.20 | 3.20 | 13.77 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.31 | 10.52 | 5.40 | 2.20 | 3.20 | 13.77 | |
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 |