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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -17.9x - -19.7x | -18.8x |
Selected Fwd EBIT Multiple | 123.9x - 136.9x | 130.4x |
Fair Value | $2.52 - $2.76 | $2.64 |
Upside | 1.9% - 11.8% | 6.9% |
Benchmarks | Ticker | Full Ticker |
Ballard Power Systems Inc. | PO0 | DB:PO0 |
Advent Technologies Holdings, Inc. | ADN | NasdaqCM:ADN |
Enapter AG | H2O | DB:H2O |
SeaTwirl AB (publ) | STW | OM:STW |
Climeon AB (publ) | CLIME B | OM:CLIMEB |
PowerCell Sweden AB (publ) | PCEL.F | OTCPK:PCEL.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
PO0 | ADN | H2O | STW | CLIME B | PCEL.F | ||
DB:PO0 | NasdaqCM:ADN | DB:H2O | OM:STW | OM:CLIMEB | OTCPK:PCEL.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | 6.4% | 49.4% | -165.3% | -5.3% | -15.5% | -17.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -131.0% | -810.2% | -51.1% | -119.9% | -333.7% | -47.6% | |
Prior Fiscal Year | -156.9% | -2666.0% | -16.2% | -113.3% | -639.8% | -21.1% | |
Latest Fiscal Year | -238.4% | -560.7% | -61.8% | -316.2% | -192.8% | -22.8% | |
Latest Twelve Months | -216.0% | -2528.7% | -61.8% | -426.9% | -271.7% | -20.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | -0.01x | 8.64x | 4.35x | 38.22x | 2.95x | 3.62x | |
EV / LTM EBITDA | 0.0x | -0.4x | -9.3x | -9.0x | -1.5x | -22.5x | |
EV / LTM EBIT | 0.0x | -0.3x | -7.0x | -9.0x | -1.1x | -17.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -9.0x | -1.1x | 0.0x | ||||
Historical EV / LTM EBIT | -183.8x | -61.4x | -21.0x | ||||
Selected EV / LTM EBIT | -17.9x | -18.8x | -19.7x | ||||
(x) LTM EBIT | (73) | (73) | (73) | ||||
(=) Implied Enterprise Value | 1,300 | 1,368 | 1,437 | ||||
(-) Non-shareholder Claims * | 117 | 117 | 117 | ||||
(=) Equity Value | 1,417 | 1,485 | 1,553 | ||||
(/) Shares Outstanding | 57.9 | 57.9 | 57.9 | ||||
Implied Value Range | 24.47 | 25.65 | 26.83 | ||||
FX Rate: SEK/USD | 9.5 | 9.5 | 9.5 | Market Price | |||
Implied Value Range (Trading Cur) | 2.57 | 2.70 | 2.82 | 2.47 | |||
Upside / (Downside) | 4.2% | 9.2% | 14.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | PO0 | ADN | H2O | STW | CLIME B | PCEL.F | |
Enterprise Value | (25) | 6 | 107 | 196 | 116 | 1,243 | |
(+) Cash & Short Term Investments | 579 | 0 | 5 | 41 | 12 | 141 | |
(+) Investments & Other | 50 | 0 | 0 | 0 | 42 | 0 | |
(-) Debt | (23) | (1) | (38) | (1) | 0 | (24) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 580 | 6 | 74 | 237 | 170 | 1,360 | |
(/) Shares Outstanding | 299.8 | 2.7 | 29.1 | 6.0 | 42.6 | 57.9 | |
Implied Stock Price | 1.93 | 2.07 | 2.55 | 39.60 | 4.00 | 23.48 | |
FX Conversion Rate to Trading Currency | 1.17 | 1.00 | 1.00 | 1.00 | 1.00 | 9.51 | |
Implied Stock Price (Trading Cur) | 1.65 | 2.07 | 2.55 | 39.60 | 4.00 | 2.47 | |
Trading Currency | EUR | USD | EUR | SEK | SEK | USD | |
FX Rate to Reporting Currency | 1.17 | 1.00 | 1.00 | 1.00 | 1.00 | 9.51 |