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Metrics | Range | Conclusion |
---|---|---|
Selected LTM P/E Multiple | 9.0x - 9.9x | 9.5x |
Selected Fwd P/E Multiple | 10.6x - 11.8x | 11.2x |
Fair Value | €29.97 - €33.12 | €31.54 |
Upside | 7.6% - 19.0% | 13.3% |
Benchmarks | - | Full Ticker |
Italgas S.p.A. | - | BIT:IG |
Veolia Environnement SA | - | ENXTPA:VIE |
UGI Corporation | - | DB:3U6 |
Engie SA | - | ENXTPA:ENGI |
Elia Group SA/NV | - | ENXTBR:ELI |
Rubis | - | ENXTPA:RUI |
- | - | - |
Select Price / LTM EPS Ratio | ||||||||
Benchmark Companies | ||||||||
IG | VIE | 3U6 | ENGI | ELI | RUI | |||
BIT:IG | ENXTPA:VIE | DB:3U6 | ENXTPA:ENGI | ENXTBR:ELI | ENXTPA:RUI | |||
Historical Net Income Growth | ||||||||
5Y CAGR | 2.8% | 10.4% | 1.0% | 37.5% | 10.6% | 4.2% | ||
3Y CAGR | 9.7% | 43.8% | -43.2% | 5.2% | 15.1% | 5.4% | ||
Latest Twelve Months | 16.9% | 25.0% | 883.8% | 89.4% | 29.8% | -3.2% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 19.4% | 2.3% | 5.5% | 2.6% | 12.3% | 5.7% | ||
Prior Fiscal Year | 16.9% | 2.1% | -16.8% | 2.6% | 8.4% | 5.3% | ||
Latest Fiscal Year | 19.2% | 2.7% | 3.7% | 5.5% | 11.2% | 5.2% | ||
Latest Twelve Months | 20.6% | 2.7% | 7.3% | 5.5% | 11.2% | 5.2% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 9.1x | 7.0x | 7.7x | 5.7x | 15.6x | 6.3x | ||
Price / LTM Sales | 2.2x | 0.5x | 1.0x | 0.7x | 2.8x | 0.4x | ||
LTM P/E Ratio | 10.8x | 18.5x | 14.2x | 12.0x | 25.3x | 8.4x | ||
Low | Mid | High | ||||||
Benchmark LTM P/E Ratio | 10.8x | 14.2x | 25.3x | |||||
Historical LTM P/E Ratio | 7.5x | 8.5x | 9.4x | |||||
Selected P/E Multiple | 9.0x | 9.5x | 9.9x | |||||
(x) LTM Net Income | 342 | 342 | 342 | |||||
(=) Equity Value | 3,075 | 3,237 | 3,398 | |||||
(/) Shares Outstanding | 102.7 | 102.7 | 102.7 | |||||
Implied Value Range | 29.92 | 31.50 | 33.07 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 29.92 | 31.50 | 33.07 | 27.84 | ||||
Upside / (Downside) | 7.5% | 13.1% | 18.8% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | IG | VIE | 3U6 | ENGI | ELI | RUI | |
Value of Common Equity | 5,751 | 22,276 | 7,462 | 48,371 | 10,640 | 2,860 | |
(/) Shares Outstanding | 811.8 | 730.3 | 214.4 | 2,425.8 | 109.1 | 102.7 | |
Implied Stock Price | 7.09 | 30.50 | 34.80 | 19.94 | 97.55 | 27.84 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.18 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 7.09 | 30.50 | 29.50 | 19.94 | 97.55 | 27.84 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.18 | 1.00 | 1.00 | 1.00 |