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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 5.7x - 6.3x | 6.0x |
Selected Fwd Ps Multiple | 4.3x - 4.7x | 4.5x |
Fair Value | $4.16 - $4.60 | $4.38 |
Upside | 31.7% - 45.5% | 38.6% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Ballard Power Systems Inc. | - | DB:PO0 |
Enapter AG | - | DB:H2O |
Advent Technologies Holdings, Inc. | - | NasdaqCM:ADN |
Hexatronic Group AB (publ) | - | OM:HTRO |
Climeon AB (publ) | - | OM:CLIMEB |
PowerCell Sweden AB (publ) | - | OTCPK:PCEL.F |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
PO0 | H2O | ADN | HTRO | CLIME B | PCEL.F | |||
DB:PO0 | DB:H2O | NasdaqCM:ADN | OM:HTRO | OM:CLIMEB | OTCPK:PCEL.F | |||
Historical Sales Growth | ||||||||
5Y CAGR | -8.0% | 55.5% | 39.5% | 32.7% | -18.3% | 38.0% | ||
3Y CAGR | -12.6% | 28.2% | -22.6% | 29.5% | -3.3% | 27.9% | ||
Latest Twelve Months | -30.5% | -30.4% | -97.6% | -0.3% | 54.1% | 33.0% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | -197.0% | -51.1% | -2524.5% | 8.1% | -380.1% | -45.3% | ||
Prior Fiscal Year | -140.9% | -20.1% | -3313.9% | 10.4% | -852.3% | -20.3% | ||
Latest Fiscal Year | -464.0% | -83.5% | -916.2% | 4.6% | -199.1% | -14.1% | ||
Latest Twelve Months | -408.7% | -83.5% | -15179.1% | 4.7% | -266.2% | -1.6% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | -0.2x | -8.8x | -0.7x | 8.1x | -0.8x | 163.2x | ||
Price / LTM Sales | 8.4x | 2.8x | 117.5x | 0.7x | 3.4x | 4.0x | ||
LTM P/E Ratio | -2.0x | -3.3x | -0.8x | 14.1x | -1.3x | -243.8x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 0.7x | 3.4x | 117.5x | |||||
Historical LTM P/S Ratio | 5.8x | 31.1x | 183.6x | |||||
Selected Price / Sales Multiple | 5.7x | 6.0x | 6.3x | |||||
(x) LTM Sales | 420 | 420 | 420 | |||||
(=) Equity Value | 2,375 | 2,500 | 2,625 | |||||
(/) Shares Outstanding | 57.9 | 57.9 | 57.9 | |||||
Implied Value Range | 41.03 | 43.19 | 45.35 | |||||
FX Rate: SEK/USD | 9.5 | 9.5 | 9.5 | Market Price | ||||
Implied Value Range (Trading Cur) | 4.32 | 4.55 | 4.77 | 3.16 | ||||
Upside / (Downside) | 36.7% | 43.9% | 51.1% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | PO0 | H2O | ADN | HTRO | CLIME B | PCEL.F | |
Value of Common Equity | 597 | 69 | 14 | 5,044 | 153 | 1,738 | |
(/) Shares Outstanding | 300.6 | 29.1 | 2.7 | 209.5 | 42.6 | 57.9 | |
Implied Stock Price | 1.99 | 2.36 | 5.06 | 24.08 | 3.60 | 30.02 | |
FX Conversion Rate to Trading Currency | 1.17 | 1.00 | 1.00 | 1.00 | 1.00 | 9.50 | |
Implied Stock Price (Trading Cur) | 1.70 | 2.36 | 5.06 | 24.08 | 3.60 | 3.16 | |
Trading Currency | EUR | EUR | USD | SEK | SEK | USD | |
FX Rate to Reporting Currency | 1.17 | 1.00 | 1.00 | 1.00 | 1.00 | 9.50 |