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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 22.7x - 25.1x | 23.9x |
| Selected Fwd EBIT Multiple | 18.5x - 20.5x | 19.5x |
| Fair Value | €15.70 - €18.07 | €16.88 |
| Upside | -4.2% - 10.2% | 3.0% |
| Benchmarks | Ticker | Full Ticker |
| Aeroports de Paris SA | ADP | ENXTPA:ADP |
| Aena S.M.E., S.A. | AENA | BME:AENA |
| Flughafen Zürich AG | FHZN | SWX:FHZN |
| Fraport AG | FRA | DB:FRA |
| Touax SCA | TOUP | ENXTPA:TOUP |
| Getlink SE | TNU3 | DB:TNU3 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| ADP | AENA | FHZN | FRA | TOUP | TNU3 | ||
| ENXTPA:ADP | BME:AENA | SWX:FHZN | DB:FRA | ENXTPA:TOUP | DB:TNU3 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 3.8% | 6.1% | 1.9% | 0.7% | 12.6% | 10.0% | |
| 3Y CAGR | NM- | NM- | 186.7% | NM- | -2.5% | 85.7% | |
| Latest Twelve Months | 2.6% | 16.1% | 12.9% | -0.8% | -6.2% | -16.4% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 7.7% | 20.6% | 17.5% | 5.0% | 14.5% | 31.2% | |
| Prior Fiscal Year | 19.8% | 39.3% | 31.6% | 16.3% | 14.5% | 40.3% | |
| Latest Fiscal Year | 18.8% | 45.0% | 33.2% | 15.8% | 13.4% | 37.3% | |
| Latest Twelve Months | 18.2% | 45.2% | 33.2% | 16.4% | 13.4% | 35.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.95x | 7.09x | 6.16x | 3.44x | 2.15x | 8.17x | |
| EV / LTM EBITDA | 9.2x | 12.2x | 11.3x | 12.5x | 7.4x | 16.8x | |
| EV / LTM EBIT | 16.2x | 15.7x | 18.5x | 20.9x | 16.1x | 22.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 15.7x | 16.2x | 20.9x | ||||
| Historical EV / LTM EBIT | 16.6x | 25.7x | 126.6x | ||||
| Selected EV / LTM EBIT | 22.7x | 23.9x | 25.1x | ||||
| (x) LTM EBIT | 557 | 557 | 557 | ||||
| (=) Implied Enterprise Value | 12,661 | 13,327 | 13,993 | ||||
| (-) Non-shareholder Claims * | (3,689) | (3,689) | (3,689) | ||||
| (=) Equity Value | 8,972 | 9,638 | 10,304 | ||||
| (/) Shares Outstanding | 542.3 | 542.3 | 542.3 | ||||
| Implied Value Range | 16.54 | 17.77 | 19.00 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.54 | 17.77 | 19.00 | 16.39 | |||
| Upside / (Downside) | 0.9% | 8.4% | 15.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | ADP | AENA | FHZN | FRA | TOUP | TNU3 | |
| Enterprise Value | 18,984 | 42,395 | 8,119 | 15,171 | 426 | 12,577 | |
| (+) Cash & Short Term Investments | 1,939 | 950 | 363 | 2,941 | 49 | 1,355 | |
| (+) Investments & Other | 1,811 | 245 | 286 | 1,163 | 2 | 347 | |
| (-) Debt | (10,592) | (6,923) | (1,480) | (12,023) | (366) | (5,391) | |
| (-) Other Liabilities | (1,014) | 53 | (0) | (313) | (72) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,128 | 36,720 | 7,288 | 6,939 | 38 | 8,888 | |
| (/) Shares Outstanding | 98.7 | 1,500.0 | 30.7 | 92.4 | 7.0 | 542.3 | |
| Implied Stock Price | 112.70 | 24.48 | 237.40 | 75.10 | 5.50 | 16.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 112.70 | 24.48 | 237.40 | 75.10 | 5.50 | 16.39 | |
| Trading Currency | EUR | EUR | CHF | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |