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Metrics | Range | Conclusion |
---|---|---|
Selected LTM P/E Multiple | 35.1x - 38.8x | 36.9x |
Selected Fwd P/E Multiple | 41.4x - 45.8x | 43.6x |
Fair Value | €1,611 - €1,781 | €1,696 |
Upside | 10.4% - 22.0% | 16.2% |
Benchmarks | - | Full Ticker |
TLG Immobilien AG | - | HMSE:TLG |
DEFAMA Deutsche Fachmarkt AG | - | DB:DEF |
DEMIRE Deutsche Mittelstand Real Estate AG | - | DB:DMRE |
Webac Holding AG | - | DB:RKB |
Realia Business, S.A. | - | DB:RBS |
Sedlmayr Grund und Immobilien AG | - | DB:SPB |
- | - | - |
Select Price / LTM EPS Ratio | ||||||||
Benchmark Companies | ||||||||
TLG | DEF | DMRE | RKB | RBS | SPB | |||
HMSE:TLG | DB:DEF | DB:DMRE | DB:RKB | DB:RBS | DB:SPB | |||
Historical Net Income Growth | ||||||||
5Y CAGR | -40.9% | 17.3% | NM- | NM- | -4.1% | -1.7% | ||
3Y CAGR | -48.0% | -3.2% | NM- | NM- | -14.3% | -8.9% | ||
Latest Twelve Months | 107.3% | 9.9% | 27.1% | -480.0% | 47.5% | 171.3% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 306.7% | 21.7% | -36.1% | -122.2% | 29.2% | 24.0% | ||
Prior Fiscal Year | 995.5% | 17.8% | -103.3% | -7.1% | 16.1% | 10.0% | ||
Latest Fiscal Year | 30.0% | 16.7% | -47.3% | -16.8% | 27.1% | 25.0% | ||
Latest Twelve Months | 30.0% | 16.3% | -134.4% | -16.8% | 27.1% | 25.0% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 29.0x | 19.6x | -12.4x | 2.7x | 27.7x | 23.8x | ||
Price / LTM Sales | 10.8x | 4.7x | 0.9x | 2.0x | 10.3x | 7.8x | ||
LTM P/E Ratio | 35.9x | 29.2x | -0.7x | -12.2x | 38.0x | 31.0x | ||
Low | Mid | High | ||||||
Benchmark LTM P/E Ratio | -12.2x | 29.2x | 38.0x | |||||
Historical LTM P/E Ratio | 31.0x | 58.9x | 133.9x | |||||
Selected P/E Multiple | 35.1x | 36.9x | 38.8x | |||||
(x) LTM Net Income | 35 | 35 | 35 | |||||
(=) Equity Value | 1,212 | 1,276 | 1,340 | |||||
(/) Shares Outstanding | 0.7 | 0.7 | 0.7 | |||||
Implied Value Range | 1,650.94 | 1,737.84 | 1,824.73 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 1,650.94 | 1,737.84 | 1,824.73 | 1,460.00 | ||||
Upside / (Downside) | 13.1% | 19.0% | 25.0% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | TLG | DEF | DMRE | RKB | RBS | SPB | |
Value of Common Equity | 1,485 | 132 | 68 | 2 | 1,404 | 1,072 | |
(/) Shares Outstanding | 106.8 | 4.8 | 105.5 | 0.8 | 1,509.6 | 0.7 | |
Implied Stock Price | 13.90 | 27.40 | 0.64 | 2.22 | 0.93 | 1,460.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 13.90 | 27.40 | 0.64 | 2.22 | 0.93 | 1,460.00 | |
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 |