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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 12.6x - 13.9x | 13.3x |
Selected Fwd EBIT Multiple | 9.9x - 11.0x | 10.5x |
Fair Value | €25.52 - €29.08 | €27.30 |
Upside | -26.2% - -16.0% | -21.1% |
Benchmarks | Ticker | Full Ticker |
Vantea SMART S.p.A. | VNT | BIT:VNT |
SYS-DAT S.p.A. | SYS | BIT:SYS |
Planisware SAS | PLNW | ENXTPA:PLNW |
Tecnotree Oyj | TEM1V | HLSE:TEM1V |
Mensch und Maschine Software SE | MUM | DB:MUM |
TXT e-solutions S.p.A. | TXE | DB:TXE |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
VNT | SYS | PLNW | TEM1V | MUM | TXE | ||
BIT:VNT | BIT:SYS | ENXTPA:PLNW | HLSE:TEM1V | DB:MUM | DB:TXE | ||
Historical EBIT Growth | |||||||
5Y CAGR | 14.9% | NM- | NM- | 12.9% | 11.3% | 51.6% | |
3Y CAGR | -10.4% | 15.6% | 20.0% | 0.2% | 10.3% | 42.4% | |
Latest Twelve Months | 104.2% | 33.1% | 20.8% | -3.0% | -4.5% | 45.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.2% | 13.9% | 27.2% | 31.4% | 13.5% | 9.1% | |
Prior Fiscal Year | 7.9% | 14.2% | 27.4% | 30.4% | 14.5% | 9.2% | |
Latest Fiscal Year | 16.6% | 13.4% | 28.3% | 33.3% | 14.3% | 9.4% | |
Latest Twelve Months | 16.6% | 12.6% | 28.3% | 33.3% | 15.7% | 9.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.40x | 2.14x | 7.75x | 1.21x | 3.03x | 1.68x | |
EV / LTM EBITDA | 5.6x | 13.8x | 26.2x | 3.4x | 15.9x | 14.8x | |
EV / LTM EBIT | 8.5x | 17.0x | 27.4x | 3.6x | 19.3x | 17.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 3.6x | 17.0x | 27.4x | ||||
Historical EV / LTM EBIT | 12.2x | 14.2x | 19.0x | ||||
Selected EV / LTM EBIT | 12.6x | 13.3x | 13.9x | ||||
(x) LTM EBIT | 32 | 32 | 32 | ||||
(=) Implied Enterprise Value | 408 | 429 | 451 | ||||
(-) Non-shareholder Claims * | (105) | (105) | (105) | ||||
(=) Equity Value | 303 | 325 | 346 | ||||
(/) Shares Outstanding | 12.7 | 12.7 | 12.7 | ||||
Implied Value Range | 23.98 | 25.67 | 27.37 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 23.98 | 25.67 | 27.37 | 34.60 | |||
Upside / (Downside) | -30.7% | -25.8% | -20.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | VNT | SYS | PLNW | TEM1V | MUM | TXE | |
Enterprise Value | 15 | 140 | 1,420 | 88 | 886 | 542 | |
(+) Cash & Short Term Investments | 4 | 51 | 176 | 18 | 47 | 87 | |
(+) Investments & Other | 1 | 0 | 1 | 0 | 0 | 5 | |
(-) Debt | (5) | (7) | (17) | (28) | (24) | (194) | |
(-) Other Liabilities | 0 | (0) | 0 | 0 | (7) | (3) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 15 | 185 | 1,580 | 78 | 902 | 438 | |
(/) Shares Outstanding | 12.6 | 31.3 | 70.2 | 16.3 | 16.6 | 12.7 | |
Implied Stock Price | 1.21 | 5.90 | 22.50 | 4.80 | 54.20 | 34.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.21 | 5.90 | 22.50 | 4.80 | 54.20 | 34.60 | |
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 |