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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -7.4x - -8.2x | -7.8x |
Selected Fwd EBIT Multiple | -17.0x - -18.8x | -17.9x |
Fair Value | $0.95 - $1.28 | $1.12 |
Upside | 4.1% - 40.1% | 22.1% |
Benchmarks | Ticker | Full Ticker |
Offerpad Solutions Inc. | OPAD | NYSE:OPAD |
RE/MAX Holdings, Inc. | RMAX | NYSE:RMAX |
Anywhere Real Estate Inc. | HOUS | NYSE:HOUS |
Zillow Group, Inc. | ZG | NasdaqGS:ZG |
Redfin Corporation | RDFN | NasdaqGS:RDFN |
Opendoor Technologies Inc. | OPEN | NasdaqGS:OPEN |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
OPAD | RMAX | HOUS | ZG | RDFN | OPEN | ||
NYSE:OPAD | NYSE:RMAX | NYSE:HOUS | NasdaqGS:ZG | NasdaqGS:RDFN | NasdaqGS:OPEN | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | -7.3% | -30.0% | NM- | NM- | NM- | |
3Y CAGR | NM- | 5.1% | -53.9% | NM- | NM- | NM- | |
Latest Twelve Months | 55.9% | 14.6% | 900.0% | 23.1% | 28.8% | 18.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -3.4% | 15.3% | 4.3% | -1.4% | -12.4% | -7.1% | |
Prior Fiscal Year | -7.9% | 12.9% | -0.1% | -12.7% | -21.5% | -5.2% | |
Latest Fiscal Year | -5.0% | 15.7% | 1.1% | -8.5% | -14.3% | -5.7% | |
Latest Twelve Months | -5.0% | 15.7% | 1.1% | -8.5% | -14.3% | -5.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.27x | 0.09x | 0.55x | 6.39x | 1.89x | 0.44x | |
EV / LTM EBITDA | -5.5x | 0.4x | 11.9x | -145.7x | -18.5x | -9.0x | |
EV / LTM EBIT | -5.4x | 0.6x | 48.8x | -75.2x | -13.2x | -7.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -75.2x | -5.4x | 48.8x | ||||
Historical EV / LTM EBIT | -74.5x | -10.3x | -7.6x | ||||
Selected EV / LTM EBIT | -7.4x | -7.8x | -8.2x | ||||
(x) LTM EBIT | (296) | (296) | (296) | ||||
(=) Implied Enterprise Value | 2,202 | 2,318 | 2,434 | ||||
(-) Non-shareholder Claims * | (1,579) | (1,579) | (1,579) | ||||
(=) Equity Value | 623 | 739 | 855 | ||||
(/) Shares Outstanding | 723.5 | 723.5 | 723.5 | ||||
Implied Value Range | 0.86 | 1.02 | 1.18 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.86 | 1.02 | 1.18 | 0.92 | |||
Upside / (Downside) | -5.9% | 11.5% | 29.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | OPAD | RMAX | HOUS | ZG | RDFN | OPEN | |
Enterprise Value | 249 | 28 | 3,118 | 14,094 | 1,973 | 2,242 | |
(+) Cash & Short Term Investments | 43 | 97 | 118 | 1,862 | 128 | 679 | |
(+) Investments & Other | 0 | 0 | 182 | 0 | 0 | 59 | |
(-) Debt | (252) | (472) | (3,065) | (660) | (995) | (2,317) | |
(-) Other Liabilities | 0 | 488 | (3) | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 40 | 140 | 350 | 15,296 | 1,106 | 663 | |
(/) Shares Outstanding | 27.4 | 19.0 | 111.8 | 242.6 | 127.8 | 723.5 | |
Implied Stock Price | 1.45 | 7.38 | 3.13 | 63.06 | 8.66 | 0.92 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.45 | 7.38 | 3.13 | 63.06 | 8.66 | 0.92 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |