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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 18.3x - 20.2x | 19.3x |
Selected Fwd EBIT Multiple | 12.2x - 13.5x | 12.9x |
Fair Value | $6.22 - $7.51 | $6.87 |
Upside | -38.6% - -25.9% | -32.2% |
Benchmarks | Ticker | Full Ticker |
Terna S.p.A. | TRN | BIT:TRN |
EDP, S.A. | EDP | ENXTLS:EDP |
Enel SpA | ENL | DB:ENL |
Elia Group SA/NV | ELI | ENXTBR:ELI |
REN - Redes Energéticas Nacionais, SGPS, S.A. | RENE | ENXTLS:RENE |
Redeia Corporación, S.A. | RDEI.Y | OTCPK:RDEI.Y |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
TRN | EDP | ENL | ELI | RENE | RDEI.Y | ||
BIT:TRN | ENXTLS:EDP | DB:ENL | ENXTBR:ELI | ENXTLS:RENE | OTCPK:RDEI.Y | ||
Historical EBIT Growth | |||||||
5Y CAGR | 8.2% | 6.9% | 6.7% | 7.9% | -0.9% | -10.6% | |
3Y CAGR | 13.0% | 25.7% | 14.3% | 41.1% | 3.5% | -13.8% | |
Latest Twelve Months | 15.9% | 2.9% | 3.5% | 24.3% | -8.5% | -19.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 45.5% | 9.4% | 13.1% | 18.1% | 25.4% | 44.2% | |
Prior Fiscal Year | 43.3% | 12.2% | 13.6% | 19.7% | 24.8% | 43.8% | |
Latest Fiscal Year | 46.3% | 10.9% | 18.5% | 25.0% | 21.8% | 36.2% | |
Latest Twelve Months | 46.1% | 11.6% | 17.7% | 25.0% | 20.8% | 36.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 7.60x | 2.56x | 1.95x | 6.37x | 3.93x | 8.94x | |
EV / LTM EBITDA | 11.0x | 9.7x | 8.3x | 16.0x | 8.5x | 12.8x | |
EV / LTM EBIT | 16.5x | 22.1x | 11.0x | 25.5x | 18.9x | 24.6x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 11.0x | 18.9x | 25.5x | ||||
Historical EV / LTM EBIT | 14.2x | 15.6x | 22.8x | ||||
Selected EV / LTM EBIT | 18.3x | 19.3x | 20.2x | ||||
(x) LTM EBIT | 607 | 607 | 607 | ||||
(=) Implied Enterprise Value | 11,116 | 11,701 | 12,286 | ||||
(-) Non-shareholder Claims * | (5,577) | (5,577) | (5,577) | ||||
(=) Equity Value | 5,539 | 6,124 | 6,709 | ||||
(/) Shares Outstanding | 1,088.0 | 1,088.0 | 1,088.0 | ||||
Implied Value Range | 5.09 | 5.63 | 6.17 | ||||
FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 5.98 | 6.61 | 7.24 | 10.13 | |||
Upside / (Downside) | -41.0% | -34.7% | -28.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | TRN | EDP | ENL | ELI | RENE | RDEI.Y | |
Enterprise Value | 28,120 | 39,304 | 152,837 | 24,041 | 4,011 | 14,961 | |
(+) Cash & Short Term Investments | 3,096 | 3,180 | 8,368 | 2,030 | 47 | 654 | |
(+) Investments & Other | 0 | 1,823 | 2,809 | 657 | 358 | 0 | |
(-) Debt | (14,223) | (23,694) | (69,978) | (14,829) | (2,386) | (6,231) | |
(-) Other Liabilities | (20) | (4,773) | (15,632) | (621) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 16,973 | 15,840 | 78,404 | 11,278 | 2,030 | 9,384 | |
(/) Shares Outstanding | 2,005.8 | 4,132.5 | 10,154.6 | 109.1 | 663.3 | 1,088.0 | |
Implied Stock Price | 8.46 | 3.83 | 7.72 | 103.40 | 3.06 | 8.62 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 | |
Implied Stock Price (Trading Cur) | 8.46 | 3.83 | 7.72 | 103.40 | 3.06 | 10.13 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.85 |