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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.4x - 9.2x | 8.8x |
| Selected Fwd EBIT Multiple | 4.5x - 5.0x | 4.8x |
| Fair Value | €9.69 - €11.18 | €10.43 |
| Upside | 21.0% - 39.6% | 30.3% |
| Benchmarks | Ticker | Full Ticker |
| HBX Group International plc | Q1D | MUN:Q1D |
| Accor SA | ACR | XTRA:ACR |
| Dalata Hotel Group plc | DHG | DB:DHG |
| Meliá Hotels International, S.A. | MEL | DB:MEL |
| Carnival Corporation & plc | POH1 | XTRA:POH1 |
| TUI AG | TUI1 | DB:TUI1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| Q1D | ACR | DHG | MEL | POH1 | TUI1 | ||
| MUN:Q1D | XTRA:ACR | DB:DHG | DB:MEL | XTRA:POH1 | DB:TUI1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 9.4% | 6.1% | 5.7% | 1.3% | 14.1% | |
| 3Y CAGR | NM- | NM- | 123.8% | NM- | NM- | NM- | |
| Latest Twelve Months | NM | 7.6% | 0.5% | 12.6% | 51.7% | 18.6% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 34.8% | -3.0% | 11.4% | -15.0% | -338.0% | -21.0% | |
| Prior Fiscal Year | 37.3% | 14.3% | 26.1% | 12.2% | 8.6% | 2.9% | |
| Latest Fiscal Year | 41.1% | 13.9% | 24.4% | 14.4% | 14.1% | 3.8% | |
| Latest Twelve Months | 42.0% | 13.9% | 24.4% | 14.3% | 16.0% | 3.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 5.10x | 2.38x | 3.62x | 2.10x | 2.51x | 0.27x | |
| EV / LTM EBITDA | 9.5x | 13.4x | 11.9x | 11.4x | 9.6x | 6.4x | |
| EV / LTM EBIT | 12.1x | 17.1x | 14.8x | 14.7x | 15.7x | 7.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 12.1x | 14.8x | 17.1x | ||||
| Historical EV / LTM EBIT | -8.7x | -3.8x | 11.6x | ||||
| Selected EV / LTM EBIT | 8.4x | 8.8x | 9.2x | ||||
| (x) LTM EBIT | 894 | 894 | 894 | ||||
| (=) Implied Enterprise Value | 7,474 | 7,868 | 8,261 | ||||
| (-) Non-shareholder Claims * | (2,268) | (2,268) | (2,268) | ||||
| (=) Equity Value | 5,206 | 5,600 | 5,993 | ||||
| (/) Shares Outstanding | 507.4 | 507.4 | 507.4 | ||||
| Implied Value Range | 10.26 | 11.04 | 11.81 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 10.26 | 11.04 | 11.81 | 8.01 | |||
| Upside / (Downside) | 28.1% | 37.8% | 47.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | Q1D | ACR | DHG | MEL | POH1 | TUI1 | |
| Enterprise Value | 3,488 | 13,335 | 2,361 | 3,914 | 65,846 | 6,331 | |
| (+) Cash & Short Term Investments | 311 | 1,244 | 40 | 192 | 2,146 | 1,796 | |
| (+) Investments & Other | 33 | 1,583 | 0 | 0 | 0 | 1,662 | |
| (-) Debt | (1,204) | (3,757) | (1,050) | (2,421) | (28,653) | (4,807) | |
| (-) Other Liabilities | (2) | (437) | 0 | 0 | 0 | (919) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,626 | 11,968 | 1,350 | 1,686 | 39,339 | 4,064 | |
| (/) Shares Outstanding | 247.2 | 240.6 | 211.3 | 220.2 | 1,454.0 | 507.4 | |
| Implied Stock Price | 10.62 | 49.74 | 6.39 | 7.66 | 27.06 | 8.01 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | |
| Implied Stock Price (Trading Cur) | 10.62 | 49.74 | 6.39 | 7.66 | 23.03 | 8.01 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | 1.00 | |