Looks like there`s been an error while trying to load this page.
Our team has been notified but please contact us using the email support widget if the problem persists.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 44.5x - 49.1x | 46.8x |
| Selected Fwd EBIT Multiple | 27.1x - 29.9x | 28.5x |
| Fair Value | €1,614 - €1,751 | €1,683 |
| Upside | 1.9% - 10.6% | 6.3% |
| Benchmarks | Ticker | Full Ticker |
| Payoneer Global Inc. | 915 | BST:915 |
| Toast, Inc. | 71Y | BST:71Y |
| Nexi S.p.A. | NEXI | BIT:NEXI |
| Block, Inc. | SQ3 | DB:SQ3 |
| Shift4 Payments, Inc. | FOUR | NYSE:FOUR |
| Adyen N.V. | ADYEN | ENXTAM:ADYEN |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 915 | 71Y | NEXI | SQ3 | FOUR | ADYEN | ||
| BST:915 | BST:71Y | BIT:NEXI | DB:SQ3 | NYSE:FOUR | ENXTAM:ADYEN | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 113.2% | NM- | 29.7% | 108.2% | 65.8% | 25.0% | |
| 3Y CAGR | NM- | NM- | 50.8% | 86.1% | NM- | 14.8% | |
| Latest Twelve Months | 12.1% | 162.9% | 268.4% | 470.6% | 50.5% | 31.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.6% | -10.5% | 10.1% | 0.2% | 1.1% | 50.8% | |
| Prior Fiscal Year | 13.5% | -7.1% | -8.3% | -0.4% | 7.0% | 41.9% | |
| Latest Fiscal Year | 16.4% | 1.4% | 13.2% | 4.3% | 8.1% | 44.6% | |
| Latest Twelve Months | 15.2% | 2.5% | 13.2% | 4.6% | 8.1% | 44.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.77x | 4.24x | 1.63x | 1.21x | 2.25x | 19.90x | |
| EV / LTM EBITDA | 11.0x | 120.2x | 7.1x | 20.5x | 15.2x | 42.0x | |
| EV / LTM EBIT | 11.7x | 167.6x | 12.4x | 26.0x | 27.9x | 44.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.7x | 26.0x | 167.6x | ||||
| Historical EV / LTM EBIT | 44.6x | 51.7x | 158.3x | ||||
| Selected EV / LTM EBIT | 44.5x | 46.8x | 49.1x | ||||
| (x) LTM EBIT | 900 | 900 | 900 | ||||
| (=) Implied Enterprise Value | 40,000 | 42,105 | 44,210 | ||||
| (-) Non-shareholder Claims * | 9,770 | 9,770 | 9,770 | ||||
| (=) Equity Value | 49,770 | 51,875 | 53,981 | ||||
| (/) Shares Outstanding | 31.5 | 31.5 | 31.5 | ||||
| Implied Value Range | 1,580.75 | 1,647.61 | 1,714.48 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 1,580.75 | 1,647.61 | 1,714.48 | 1,583.60 | |||
| Upside / (Downside) | -0.2% | 4.0% | 8.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 915 | 71Y | NEXI | SQ3 | FOUR | ADYEN | |
| Enterprise Value | 1,830 | 18,704 | 10,272 | 28,978 | 7,812 | 40,090 | |
| (+) Cash & Short Term Investments | 524 | 1,489 | 2,728 | 7,516 | 1,167 | 9,989 | |
| (+) Investments & Other | 0 | 0 | 172 | 517 | 0 | 9 | |
| (-) Debt | (22) | (22) | (6,450) | (6,045) | (2,882) | (228) | |
| (-) Other Liabilities | 0 | 0 | (23) | 34 | (211) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 2,332 | 20,171 | 6,700 | 31,000 | 5,886 | 49,860 | |
| (/) Shares Outstanding | 361.7 | 577.9 | 1,229.4 | 615.0 | 68.8 | 31.5 | |
| Implied Stock Price | 6.45 | 34.90 | 5.45 | 50.41 | 85.53 | 1,583.60 | |
| FX Conversion Rate to Trading Currency | 1.13 | 1.13 | 1.00 | 1.13 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.73 | 31.02 | 5.45 | 44.79 | 85.53 | 1,583.60 | |
| Trading Currency | EUR | EUR | EUR | EUR | USD | EUR | |
| FX Rate to Reporting Currency | 1.13 | 1.13 | 1.00 | 1.13 | 1.00 | 1.00 | |