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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 7.0x - 7.7x | 7.3x |
Selected Fwd EBIT Multiple | 7.4x - 8.2x | 7.8x |
Fair Value | $6.57 - $8.04 | $7.30 |
Upside | 0.6% - 23.1% | 11.9% |
Benchmarks | Ticker | Full Ticker |
Franchetti S.p.A. | FCH | BIT:FCH |
ENAV S.p.A. | ENAV | BIT:ENAV |
Toscana Aeroporti S.p.A. | TYA | BIT:TYA |
Luka Ploce d.d. | LKPC | ZGSE:LKPC |
TAV Havalimanlari Holding A.S. | 5THA | BST:5THA |
TraWell Co S.p.A. | TRWA.F | OTCPK:TRWA.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
FCH | ENAV | TYA | LKPC | 5THA | TRWA.F | ||
BIT:FCH | BIT:ENAV | BIT:TYA | ZGSE:LKPC | BST:5THA | OTCPK:TRWA.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 2.2% | 8.0% | 44.3% | 12.1% | 14.3% | |
3Y CAGR | 26.7% | 27.5% | NM- | 19.3% | 61.1% | 67.1% | |
Latest Twelve Months | 12.1% | -3.5% | 9.6% | -51.8% | 13.0% | -15.6% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 33.9% | 13.0% | -7.2% | 10.2% | 10.3% | 9.6% | |
Prior Fiscal Year | 32.5% | 16.5% | 7.7% | 18.6% | 19.7% | 18.9% | |
Latest Fiscal Year | 39.9% | 17.3% | 21.9% | 9.2% | 18.7% | 16.1% | |
Latest Twelve Months | 39.9% | 15.7% | 22.7% | 7.9% | 18.0% | 16.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 9.62x | 2.23x | 3.02x | 0.49x | 1.97x | 1.09x | |
EV / LTM EBITDA | 16.3x | 7.7x | 10.0x | 4.1x | 7.5x | 3.6x | |
EV / LTM EBIT | 24.1x | 14.2x | 13.3x | 6.2x | 10.9x | 6.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 6.2x | 13.3x | 24.1x | ||||
Historical EV / LTM EBIT | -18.7x | 6.7x | 161.6x | ||||
Selected EV / LTM EBIT | 7.0x | 7.3x | 7.7x | ||||
(x) LTM EBIT | 5 | 5 | 5 | ||||
(=) Implied Enterprise Value | 34 | 35 | 37 | ||||
(-) Non-shareholder Claims * | (18) | (18) | (18) | ||||
(=) Equity Value | 16 | 18 | 20 | ||||
(/) Shares Outstanding | 2.8 | 2.8 | 2.8 | ||||
Implied Value Range | 5.73 | 6.36 | 6.99 | ||||
FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 6.69 | 7.43 | 8.17 | 6.53 | |||
Upside / (Downside) | 2.5% | 13.8% | 25.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | FCH | ENAV | TYA | LKPC | 5THA | TRWA.F | |
Enterprise Value | 58 | 2,249 | 371 | 41 | 2,777 | 33 | |
(+) Cash & Short Term Investments | 6 | 388 | 18 | 33 | 375 | 4 | |
(+) Investments & Other | 0 | 54 | 5 | 0 | 730 | 1 | |
(-) Debt | (5) | (588) | (93) | (13) | (2,147) | (19) | |
(-) Other Liabilities | 0 | (1) | (1) | 0 | (14) | (4) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 59 | 2,102 | 300 | 62 | 1,721 | 16 | |
(/) Shares Outstanding | 8.7 | 541.4 | 18.6 | 0.4 | 79.0 | 2.8 | |
Implied Stock Price | 6.80 | 3.88 | 16.10 | 146.00 | 21.80 | 5.59 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
Implied Stock Price (Trading Cur) | 6.80 | 3.88 | 16.10 | 146.00 | 21.80 | 6.53 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 |