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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Revenue Multiple | 0.3x - 0.3x | 0.3x |
| Selected Fwd Revenue Multiple | 0.2x - 0.3x | 0.3x |
| Fair Value | €30.61 - €39.05 | €34.83 |
| Upside | 8.4% - 38.2% | 23.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Ceconomy AG | CEC | DB:CEC |
| Avolta AG | AVOL | SWX:AVOL |
| JB Hi-Fi Limited | JB3 | DB:JB3 |
| Kumulus Vape S.A. | ALVAP | ENXTPA:ALVAP |
| Samse SA | SAMS | ENXTPA:SAMS |
| Fnac Darty SA | FNAC | ENXTPA:FNAC |
| Select LTM Revenue Multiple | ||||||||
| Benchmark Companies | ||||||||
| CEC | AVOL | JB3 | ALVAP | SAMS | FNAC | |||
| DB:CEC | SWX:AVOL | DB:JB3 | ENXTPA:ALVAP | ENXTPA:SAMS | ENXTPA:FNAC | |||
| Historical Revenue Growth | ||||||||
| 5Y CAGR | 0.9% | 9.2% | 6.2% | 55.7% | 5.8% | 2.3% | ||
| 3Y CAGR | 1.7% | 51.9% | 2.5% | 38.6% | 7.7% | 0.9% | ||
| Latest Twelve Months | 3.9% | 7.3% | 6.2% | -1.6% | 2.3% | 4.8% | ||
| Historical EBIT Profit Margin | ||||||||
| 5 Year Average Margin | 0.8% | -10.7% | 7.6% | 5.0% | 5.4% | 2.8% | ||
| Prior Fiscal Year | 0.8% | 6.9% | 8.0% | 5.5% | 5.6% | 2.2% | ||
| Latest Fiscal Year | 1.0% | 7.3% | 6.7% | 6.0% | 2.6% | 2.3% | ||
| Latest Twelve Months | 1.2% | 7.3% | 6.7% | 5.8% | 2.6% | 2.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM Revenue | 0.06x | 1.24x | 1.04x | 0.15x | 0.48x | 0.27x | ||
| EV / LTM EBIT | 5.6x | 17.0x | 15.4x | 2.5x | 18.2x | 12.0x | ||
| Price / LTM Sales | 0.07x | 0.41x | 1.02x | 0.24x | 0.26x | 0.10x | ||
| Low | Mid | High | ||||||
| Benchmark EV / LTM Revenue | 0.06x | 0.48x | 1.24x | |||||
| Historical EV / LTM Revenue | 0.27x | 0.37x | 0.40x | |||||
| Selected EV / LTM Revenue | 0.28x | 0.30x | 0.31x | |||||
| (x) LTM Revenue | 8,253 | 8,253 | 8,253 | |||||
| (=) Implied Enterprise Value | 2,313 | 2,435 | 2,556 | |||||
| (-) Non-shareholder Claims * | (1,436) | (1,436) | (1,436) | |||||
| (=) Equity Value | 877 | 999 | 1,121 | |||||
| (/) Shares Outstanding | 29.0 | 29.0 | 29.0 | |||||
| Implied Value Range | 30.25 | 34.45 | 38.65 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 30.25 | 34.45 | 38.65 | 28.25 | ||||
| Upside / (Downside) | 7.1% | 21.9% | 36.8% | |||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | CEC | AVOL | JB3 | ALVAP | SAMS | FNAC | |
| Enterprise Value | 1,506 | 16,982 | 10,495 | 9 | 928 | 2,255 | |
| (+) Cash & Short Term Investments | 2,491 | 756 | 556 | 5 | 122 | 1,092 | |
| (+) Investments & Other | 268 | 34 | 0 | 3 | 71 | 52 | |
| (-) Debt | (2,592) | (11,909) | (692) | (3) | (617) | (2,452) | |
| (-) Other Liabilities | 1 | (171) | (5) | 0 | (4) | (127) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 1,674 | 5,692 | 10,354 | 14 | 500 | 819 | |
| (/) Shares Outstanding | 485.2 | 145.1 | 109.3 | 3.1 | 3.4 | 29.0 | |
| Implied Stock Price | 3.45 | 39.22 | 94.70 | 4.58 | 146.00 | 28.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.72 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 3.45 | 39.22 | 55.00 | 4.58 | 146.00 | 28.25 | |
| Trading Currency | EUR | CHF | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.72 | 1.00 | 1.00 | 1.00 | |