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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 13.9x - 15.4x | 14.6x |
Selected Fwd EBIT Multiple | 11.2x - 12.4x | 11.8x |
Fair Value | $83.15 - $94.91 | $89.03 |
Upside | 31.0% - 49.5% | 40.3% |
Benchmarks | Ticker | Full Ticker |
Elior Group SA | ELIOR | ENXTPA:ELIOR |
Yum! Brands, Inc. | TGR | DB:TGR |
Darden Restaurants, Inc. | DDN | DB:DDN |
McDonald's Corporation | MCD | SWX:MCD |
Aramark | 0AK | DB:0AK |
Sodexo S.A. | SDXO.F | PINC:SDXO.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ELIOR | TGR | DDN | MCD | 0AK | SDXO.F | ||
ENXTPA:ELIOR | DB:TGR | DB:DDN | SWX:MCD | DB:0AK | PINC:SDXO.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | -4.1% | 5.6% | 9.3% | 5.8% | -1.6% | -2.3% | |
3Y CAGR | NM- | 5.5% | 26.5% | 5.3% | 185.3% | 24.0% | |
Latest Twelve Months | 312.9% | 6.5% | 5.5% | 0.9% | 12.5% | 9.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -0.8% | 32.5% | 9.9% | 43.1% | 2.2% | 3.5% | |
Prior Fiscal Year | 0.6% | 33.5% | 11.4% | 46.1% | 3.9% | 3.9% | |
Latest Fiscal Year | 2.1% | 33.6% | 11.6% | 45.7% | 4.0% | 4.3% | |
Latest Twelve Months | 2.1% | 33.2% | 11.7% | 45.7% | 4.2% | 4.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.32x | 6.74x | 2.68x | 10.57x | 0.82x | 0.49x | |
EV / LTM EBITDA | 8.3x | 18.9x | 17.0x | 19.6x | 12.2x | 8.7x | |
EV / LTM EBIT | 15.2x | 20.3x | 22.9x | 23.1x | 19.5x | 11.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 15.2x | 20.3x | 23.1x | ||||
Historical EV / LTM EBIT | 14.7x | 15.4x | 42.1x | ||||
Selected EV / LTM EBIT | 13.9x | 14.6x | 15.4x | ||||
(x) LTM EBIT | 1,057 | 1,057 | 1,057 | ||||
(=) Implied Enterprise Value | 14,684 | 15,457 | 16,230 | ||||
(-) Non-shareholder Claims * | (3,691) | (3,691) | (3,691) | ||||
(=) Equity Value | 10,993 | 11,766 | 12,539 | ||||
(/) Shares Outstanding | 146.4 | 146.4 | 146.4 | ||||
Implied Value Range | 75.11 | 80.39 | 85.67 | ||||
FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 84.92 | 90.89 | 96.86 | 63.47 | |||
Upside / (Downside) | 33.8% | 43.2% | 52.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ELIOR | TGR | DDN | MCD | 0AK | SDXO.F | |
Enterprise Value | 1,935 | 52,158 | 30,383 | 273,106 | 14,101 | 11,907 | |
(+) Cash & Short Term Investments | 142 | 607 | 224 | 1,119 | 529 | 1,478 | |
(+) Investments & Other | 14 | 0 | 0 | 2,710 | 182 | 458 | |
(-) Debt | (1,413) | (11,357) | (7,883) | (51,988) | (6,221) | (5,606) | |
(-) Other Liabilities | (1) | 0 | 0 | 0 | (10) | (21) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 677 | 41,408 | 22,724 | 224,947 | 8,581 | 8,216 | |
(/) Shares Outstanding | 253.0 | 278.5 | 117.0 | 715.1 | 265.1 | 146.4 | |
Implied Stock Price | 2.67 | 148.67 | 194.18 | 314.58 | 32.37 | 56.14 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.13 | 1.13 | 1.21 | 1.13 | 0.88 | |
Implied Stock Price (Trading Cur) | 2.67 | 131.50 | 171.75 | 260.00 | 28.63 | 63.47 | |
Trading Currency | EUR | EUR | EUR | CHF | EUR | USD | |
FX Rate to Reporting Currency | 1.00 | 1.13 | 1.13 | 1.21 | 1.13 | 0.88 |