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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.7x - 0.7x | 0.7x |
| Selected Fwd Ps Multiple | 0.6x - 0.7x | 0.7x |
| Fair Value | €1.89 - €2.09 | €1.99 |
| Upside | 35.9% - 50.3% | 43.1% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Publicis Groupe S.A. | - | ENXTPA:PUB |
| Ipsos SA | - | ENXTPA:IPS |
| Omnicom Group Inc. | - | DB:OCN |
| Hakuhodo DY Holdings Inc | 243,300.0% | TSE:2433 |
| The Interpublic Group of Companies, Inc. | - | DB:IPG |
| Havas N.V. | - | ENXTAM:HAVAS |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| PUB | IPS | OCN | 2433 | IPG | HAVAS | |||
| ENXTPA:PUB | ENXTPA:IPS | DB:OCN | TSE:2433 | DB:IPG | ENXTAM:HAVAS | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 7.8% | 4.0% | 1.0% | -8.1% | 1.3% | NM- | ||
| 3Y CAGR | 10.9% | 4.4% | 3.2% | -10.0% | 0.3% | 6.9% | ||
| Latest Twelve Months | 8.3% | 2.1% | 5.8% | -2.5% | -2.3% | -0.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 8.2% | 7.7% | 9.6% | 3.4% | 9.1% | 6.5% | ||
| Prior Fiscal Year | 8.9% | 6.7% | 9.5% | 3.1% | 11.7% | 5.8% | ||
| Latest Fiscal Year | 10.4% | 8.4% | 9.4% | 2.6% | 7.5% | 6.0% | ||
| Latest Twelve Months | 10.4% | 8.4% | 9.2% | 3.2% | 7.5% | 6.0% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.1x | 4.6x | 7.3x | 3.3x | 6.8x | 3.3x | ||
| Price / LTM Sales | 1.3x | 0.7x | 0.9x | 0.4x | 1.0x | 0.5x | ||
| LTM P/E Ratio | 12.8x | 8.8x | 10.0x | 12.6x | 13.6x | 8.0x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.4x | 0.9x | 1.3x | |||||
| Historical LTM P/S Ratio | 0.5x | 0.5x | 0.5x | |||||
| Selected Price / Sales Multiple | 0.7x | 0.7x | 0.7x | |||||
| (x) LTM Sales | 2,863 | 2,863 | 2,863 | |||||
| (=) Equity Value | 1,891 | 1,990 | 2,090 | |||||
| (/) Shares Outstanding | 991.8 | 991.8 | 991.8 | |||||
| Implied Value Range | 1.91 | 2.01 | 2.11 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 1.91 | 2.01 | 2.11 | 1.39 | ||||
| Upside / (Downside) | 37.1% | 44.4% | 51.6% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | PUB | IPS | OCN | 2433 | IPG | HAVAS | |
| Value of Common Equity | 21,890 | 1,820 | 15,210 | 383,920 | 9,270 | 1,379 | |
| (/) Shares Outstanding | 250.7 | 43.1 | 196.6 | 367.4 | 372.6 | 991.8 | |
| Implied Stock Price | 87.30 | 42.28 | 77.37 | 1,045.00 | 24.87 | 1.39 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.14 | 1.00 | |
| Implied Stock Price (Trading Cur) | 87.30 | 42.28 | 67.98 | 1,045.00 | 21.86 | 1.39 | |
| Trading Currency | EUR | EUR | EUR | JPY | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.14 | 1.00 | |