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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 36.4x - 40.2x | 38.3x |
Selected Fwd EBIT Multiple | 10.7x - 11.8x | 11.2x |
Fair Value | €0.81 - €0.97 | €0.89 |
Upside | -34.5% - -21.9% | -28.2% |
Benchmarks | Ticker | Full Ticker |
Eurocastle Investment Limited | ECT | ENXTAM:ECT |
PATRIZIA SE | PAT | XTRA:PAT |
DCI Advisors Limited | DCI | AIM:DCI |
KCI Spolka Akcyjna | KCI | WSE:KCI |
Israel Canada (T.R) Ltd | ISCN | TASE:ISCN |
RCM Beteiligungs AG | RCMN | DB:RCMN |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ECT | PAT | DCI | KCI | ISCN | RCMN | ||
ENXTAM:ECT | XTRA:PAT | AIM:DCI | WSE:KCI | TASE:ISCN | DB:RCMN | ||
Historical EBIT Growth | |||||||
5Y CAGR | -53.5% | NM- | NM- | NM- | -11.7% | -33.6% | |
3Y CAGR | -31.4% | NM- | NM- | NM- | -22.6% | NM- | |
Latest Twelve Months | 176.1% | 69.8% | 20.1% | -252.0% | -41.9% | 172.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -61.8% | 2.0% | -1035.3% | 38.6% | 22.1% | -2.7% | |
Prior Fiscal Year | -133.8% | -9.0% | -3714.8% | 26.8% | 14.6% | -28.0% | |
Latest Fiscal Year | 29.0% | -7.4% | -840.7% | 126.4% | 8.9% | 8.6% | |
Latest Twelve Months | 32.9% | -3.9% | -840.7% | 135.7% | 9.1% | 8.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | -1.19x | 1.08x | 85.00x | -4.48x | 21.40x | 4.18x | |
EV / LTM EBITDA | NA | 59.2x | -10.2x | -3.3x | 117.1x | 28.4x | |
EV / LTM EBIT | -3.6x | -27.7x | -10.1x | -3.3x | 234.0x | 48.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -27.7x | -3.6x | 234.0x | ||||
Historical EV / LTM EBIT | -22.6x | 4.2x | 48.5x | ||||
Selected EV / LTM EBIT | 36.4x | 38.3x | 40.2x | ||||
(x) LTM EBIT | 1 | 1 | 1 | ||||
(=) Implied Enterprise Value | 19 | 20 | 21 | ||||
(-) Non-shareholder Claims * | (9) | (9) | (9) | ||||
(=) Equity Value | 10 | 11 | 12 | ||||
(/) Shares Outstanding | 12.9 | 12.9 | 12.9 | ||||
Implied Value Range | 0.79 | 0.86 | 0.94 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.79 | 0.86 | 0.94 | 1.24 | |||
Upside / (Downside) | -36.7% | -30.5% | -24.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ECT | PAT | DCI | KCI | ISCN | RCMN | |
Enterprise Value | (9) | 268 | 50 | (235) | 11,283 | 25 | |
(+) Cash & Short Term Investments | 12 | 136 | 0 | 0 | 492 | 5 | |
(+) Investments & Other | 6 | 662 | 31 | 317 | 1,358 | 11 | |
(-) Debt | 0 | (319) | (27) | (21) | (6,537) | (14) | |
(-) Other Liabilities | 0 | (34) | (4) | 0 | (967) | (10) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 10 | 712 | 50 | 61 | 5,629 | 16 | |
(/) Shares Outstanding | 1.0 | 86.3 | 904.6 | 68.6 | 330.9 | 12.9 | |
Implied Stock Price | 9.55 | 8.25 | 0.06 | 0.88 | 17.01 | 1.24 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.16 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 9.55 | 8.25 | 0.05 | 0.88 | 17.01 | 1.24 | |
Trading Currency | EUR | EUR | GBP | PLN | ILS | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.16 | 1.00 | 1.00 | 1.00 |