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Metrics | Range | Conclusion |
---|---|---|
Selected LTM P/E Multiple | -6.8x - -7.6x | -7.2x |
Selected Fwd P/E Multiple | 7.4x - 8.2x | 7.8x |
Fair Value | €3.68 - €4.07 | €3.87 |
Upside | 8.4% - 19.8% | 14.1% |
Benchmarks | - | Full Ticker |
TAG Immobilien AG | - | DB:TEG |
Vonovia SE | - | DB:VNA |
Deutsche Wohnen SE | - | DB:DWNI |
LEG Immobilien SE | - | DB:LEG |
Hufvudstaden AB (publ) | - | OM:HUFVA |
Citycon Oyj | - | DB:TY2B |
- | - | - |
Select Price / LTM EPS Ratio | ||||||||
Benchmark Companies | ||||||||
TEG | VNA | DWNI | LEG | HUFV A | TY2B | |||
DB:TEG | DB:VNA | DB:DWNI | DB:LEG | OM:HUFVA | DB:TY2B | |||
Historical Net Income Growth | ||||||||
5Y CAGR | -23.0% | NM- | NM- | -39.5% | -35.0% | NM- | ||
3Y CAGR | -40.3% | NM- | NM- | -66.3% | -50.2% | NM- | ||
Latest Twelve Months | 130.5% | 85.0% | 73.9% | 104.2% | 118.9% | 38.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 37.0% | 4.7% | -16.8% | 51.3% | 13.0% | 1.7% | ||
Prior Fiscal Year | -29.5% | -101.9% | -156.9% | -114.5% | -65.1% | -46.6% | ||
Latest Fiscal Year | 11.0% | -13.1% | -32.6% | 4.2% | 11.5% | -22.8% | ||
Latest Twelve Months | 11.0% | -13.1% | -32.6% | 4.2% | 11.5% | -22.8% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 19.0x | 38.9x | 64.7x | 25.0x | 22.3x | 13.0x | ||
Price / LTM Sales | 2.3x | 3.4x | 4.7x | 3.5x | 7.5x | 2.0x | ||
LTM P/E Ratio | 20.7x | -26.1x | -14.4x | 84.1x | 65.2x | -8.9x | ||
Low | Mid | High | ||||||
Benchmark LTM P/E Ratio | -26.1x | 20.7x | 84.1x | |||||
Historical LTM P/E Ratio | -23.9x | -8.9x | 26.5x | |||||
Selected P/E Multiple | -6.8x | -7.2x | -7.6x | |||||
(x) LTM Net Income | (73) | (73) | (73) | |||||
(=) Equity Value | 500 | 526 | 553 | |||||
(/) Shares Outstanding | 184.3 | 184.3 | 184.3 | |||||
Implied Value Range | 2.71 | 2.86 | 3.00 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 2.71 | 2.86 | 3.00 | 3.40 | ||||
Upside / (Downside) | -20.1% | -15.9% | -11.7% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | TEG | VNA | DWNI | LEG | HUFV A | TY2B | |
Value of Common Equity | 2,482 | 24,027 | 8,713 | 5,395 | 23,771 | 626 | |
(/) Shares Outstanding | 175.4 | 822.9 | 396.9 | 74.5 | 202.3 | 184.3 | |
Implied Stock Price | 14.15 | 29.20 | 21.95 | 72.45 | 117.50 | 3.40 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 14.15 | 29.20 | 21.95 | 72.45 | 117.50 | 3.40 | |
Trading Currency | EUR | EUR | EUR | EUR | SEK | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |