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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 2.3x - 2.5x | 2.4x |
| Selected Fwd Revenue Multiple | 2.0x - 2.3x | 2.1x |
| Fair Value | €68.54 - €76.79 | €72.66 |
| Upside | -25.5% - -16.5% | -21.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| WSP Global Inc. | WSP | TSX:WSP |
| AtkinsRéalis Group Inc. | ATRL | TSX:ATRL |
| ACS, Actividades de Construcción y Servicios, S.A. | ACSA.F | OTCPK:ACSA.F |
| JGC Holdings Corporation | 1963 | TSE:1963 |
| China Railway Group Limited | 601390 | SHSE:601390 |
| Stantec Inc. | S3A | DB:S3A |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| WSP | ATRL | ACSA.F | 1963 | 601390 | S3A | |||
| TSX:WSP | TSX:ATRL | OTCPK:ACSA.F | TSE:1963 | SHSE:601390 | DB:S3A | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 12.6% | 4.8% | 1.3% | 12.3% | 6.4% | 9.6% | ||
| 3Y CAGR | 16.3% | 9.5% | 14.4% | 26.1% | 2.6% | 17.3% | ||
| Latest Twelve Months | 18.2% | 13.1% | 25.5% | -1.5% | -9.0% | 13.5% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 7.7% | 3.3% | 2.2% | 2.7% | 4.0% | 10.1% | ||
| Prior Fiscal Year | 8.2% | 6.0% | 2.1% | -2.3% | 4.2% | 11.0% | ||
| Latest Fiscal Year | 8.9% | 6.0% | 2.0% | -1.3% | 4.1% | 11.2% | ||
| Latest Twelve Months | 9.1% | 6.5% | 3.6% | -1.4% | 4.1% | 11.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 2.36x | 1.51x | 0.35x | 0.08x | 0.40x | 3.08x | ||
| EV / LTM EBIT | 26.0x | 23.1x | 9.9x | -6.1x | 9.8x | 26.0x | ||
| Price / LTM Sales | 2.09x | 1.50x | 0.35x | 0.40x | 0.12x | 2.79x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.08x | 0.40x | 2.36x | |||||
| Historical EV / LTM Revenue | 1.53x | 2.50x | 2.82x | |||||
| Selected EV / LTM Revenue | 2.28x | 2.41x | 2.53x | |||||
| (x) LTM Revenue | 6,153 | 6,153 | 6,153 | |||||
| (=) Implied Enterprise Value | 14,058 | 14,798 | 15,538 | |||||
| (-) Non-shareholder Claims * | (1,797) | (1,797) | (1,797) | |||||
| (=) Equity Value | 12,261 | 13,001 | 13,741 | |||||
| (/) Shares Outstanding | 114.1 | 114.1 | 114.1 | |||||
| Implied Value Range | 107.49 | 113.98 | 120.47 | |||||
| FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | ||||
| Implied Value Range (Trading Cur) | 67.03 | 71.07 | 75.12 | 92.00 | ||||
| Upside / (Downside) | -27.1% | -22.7% | -18.3% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WSP | ATRL | ACSA.F | 1963 | 601390 | S3A | |
| Enterprise Value | 41,501 | 15,555 | 16,433 | (3,648) | 466,613 | 18,626 | |
| (+) Cash & Short Term Investments | 433 | 953 | 10,866 | 302,711 | 184,824 | 345 | |
| (+) Investments & Other | 0 | 397 | 3,451 | 75,225 | 195,317 | 0 | |
| (-) Debt | (5,228) | (1,318) | (14,239) | (34,408) | (554,096) | (2,141) | |
| (-) Other Liabilities | 0 | (67) | (230) | (1,532) | (151,882) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 36,706 | 15,520 | 16,282 | 338,348 | 140,776 | 16,829 | |
| (/) Shares Outstanding | 130.5 | 165.7 | 255.6 | 241.7 | 24,741.0 | 114.1 | |
| Implied Stock Price | 281.21 | 93.66 | 63.71 | 1,400.00 | 5.69 | 147.54 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 1.60 | |
| Implied Stock Price (Trading Cur) | 281.21 | 93.66 | 74.10 | 1,400.00 | 5.69 | 92.00 | |
| Trading Currency | CAD | CAD | USD | JPY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.86 | 1.00 | 1.00 | 1.60 | |