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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 10.7x - 11.8x | 11.2x |
| Selected Fwd EBITDA Multiple | 9.0x - 10.0x | 9.5x |
| Fair Value | €52.49 - €65.98 | €59.24 |
| Upside | 23.2% - 54.9% | 39.1% |
| Benchmarks | Ticker | Full Ticker |
| Marriott Vacations Worldwide Corporation | VAC | NYSE:VAC |
| Wynn Resorts, Limited | WYNN | NasdaqGS:WYNN |
| Las Vegas Sands Corp. | LVS | NYSE:LVS |
| Royal Caribbean Cruises Ltd. | RCL | NYSE:RCL |
| Hilton Grand Vacations Inc. | HGV | NYSE:HGV |
| Travel + Leisure Co. | WD5A | DB:WD5A |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| VAC | WYNN | LVS | RCL | HGV | WD5A | ||
| NYSE:VAC | NasdaqGS:WYNN | NYSE:LVS | NYSE:RCL | NYSE:HGV | DB:WD5A | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | -1.2% | 3.9% | -3.4% | 11.4% | 20.6% | -1.8% | |
| 3Y CAGR | 3.0% | 78.3% | 114.9% | NM- | 15.7% | 3.9% | |
| Latest Twelve Months | -7.9% | 3.9% | 6.0% | 31.5% | 4.0% | 0.8% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 20.8% | 11.8% | 17.1% | -199.9% | 21.7% | 20.9% | |
| Prior Fiscal Year | 22.8% | 26.5% | 34.2% | 31.3% | 25.9% | 22.9% | |
| Latest Fiscal Year | 20.3% | 25.3% | 33.3% | 34.7% | 21.7% | 22.4% | |
| Latest Twelve Months | 20.3% | 25.3% | 33.3% | 34.7% | 21.7% | 22.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.23x | 2.41x | 3.42x | 4.65x | 2.30x | 2.22x | |
| EV / LTM EBITDA | 11.0x | 9.5x | 10.3x | 13.4x | 10.6x | 9.9x | |
| EV / LTM EBIT | 14.1x | 14.9x | 15.7x | 18.6x | 14.7x | 11.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 9.5x | 10.6x | 13.4x | ||||
| Historical EV / LTM EBITDA | 9.9x | 10.0x | 29.6x | ||||
| Selected EV / LTM EBITDA | 10.7x | 11.2x | 11.8x | ||||
| (x) LTM EBITDA | 867 | 867 | 867 | ||||
| (=) Implied Enterprise Value | 9,258 | 9,746 | 10,233 | ||||
| (-) Non-shareholder Claims * | (5,452) | (5,452) | (5,452) | ||||
| (=) Equity Value | 3,806 | 4,294 | 4,781 | ||||
| (/) Shares Outstanding | 66.7 | 66.7 | 66.7 | ||||
| Implied Value Range | 57.07 | 64.38 | 71.68 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 52.86 | 59.63 | 66.40 | 42.60 | |||
| Upside / (Downside) | 24.1% | 40.0% | 55.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VAC | WYNN | LVS | RCL | HGV | WD5A | |
| Enterprise Value | 7,318 | 17,162 | 38,594 | 76,557 | 10,199 | 8,519 | |
| (+) Cash & Short Term Investments | 197 | 2,430 | 3,650 | 388 | 365 | 201 | |
| (+) Investments & Other | 0 | 648 | 0 | 58 | 73 | 18 | |
| (-) Debt | (5,319) | (12,266) | (13,940) | (20,820) | (7,019) | (5,670) | |
| (-) Other Liabilities | 1 | 744 | (276) | (172) | (143) | (1) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,197 | 8,718 | 28,028 | 56,011 | 3,475 | 3,067 | |
| (/) Shares Outstanding | 34.9 | 105.4 | 715.9 | 269.1 | 94.7 | 66.7 | |
| Implied Stock Price | 62.94 | 82.73 | 39.15 | 208.12 | 36.71 | 45.99 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |
| Implied Stock Price (Trading Cur) | 62.94 | 82.73 | 39.15 | 208.12 | 36.71 | 42.60 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.08 | |