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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 3.9x - 4.3x | 4.1x |
| Selected Fwd EBITDA Multiple | 3.8x - 4.2x | 4.0x |
| Fair Value | $7.26 - $8.80 | $8.03 |
| Upside | 11.2% - 34.8% | 23.0% |
| Benchmarks | Ticker | Full Ticker |
| Autostrade Meridionali S.p.A. | AUTME | BIT:AUTME |
| Franchetti S.p.A. | FCH | BIT:FCH |
| ENAV S.p.A. | ENAV | BIT:ENAV |
| Toscana Aeroporti S.p.A. | TYA | BIT:TYA |
| TAV Havalimanlari Holding A.S. | 5THA | BST:5THA |
| TraWell Co S.p.A. | TRWA.F | OTCPK:TRWA.F |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AUTME | FCH | ENAV | TYA | 5THA | TRWA.F | ||
| BIT:AUTME | BIT:FCH | BIT:ENAV | BIT:TYA | BST:5THA | OTCPK:TRWA.F | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | 0.7% | 4.9% | 50.1% | 20.6% | |
| 3Y CAGR | NM- | 42.9% | 12.8% | NM- | 96.0% | 72.6% | |
| Latest Twelve Months | -107.0% | 32.7% | -7.8% | 7.3% | 30.9% | 6.7% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 44.2% | 40.8% | 28.0% | 6.0% | 21.3% | 16.9% | |
| Prior Fiscal Year | 42.8% | 40.6% | 29.7% | 18.7% | 28.4% | 28.1% | |
| Latest Fiscal Year | -9.8% | 59.0% | 30.3% | 29.5% | 26.7% | 30.2% | |
| Latest Twelve Months | -9.8% | 59.0% | 27.7% | 30.3% | 26.8% | 30.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.61x | 9.69x | 2.61x | 3.05x | 1.86x | 1.08x | |
| EV / LTM EBITDA | -26.7x | 16.4x | 9.4x | 10.1x | 6.9x | 3.6x | |
| EV / LTM EBIT | -24.6x | 24.3x | 17.2x | 13.4x | 10.3x | 6.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -26.7x | 9.4x | 16.4x | ||||
| Historical EV / LTM EBITDA | -45.7x | 4.5x | 28.7x | ||||
| Selected EV / LTM EBITDA | 3.9x | 4.1x | 4.3x | ||||
| (x) LTM EBITDA | 9 | 9 | 9 | ||||
| (=) Implied Enterprise Value | 35 | 37 | 39 | ||||
| (-) Non-shareholder Claims * | (18) | (18) | (18) | ||||
| (=) Equity Value | 18 | 20 | 21 | ||||
| (/) Shares Outstanding | 2.8 | 2.8 | 2.8 | ||||
| Implied Value Range | 6.32 | 6.99 | 7.65 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 7.40 | 8.17 | 8.95 | 6.53 | |||
| Upside / (Downside) | 13.3% | 25.2% | 37.1% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AUTME | FCH | ENAV | TYA | 5THA | TRWA.F | |
| Enterprise Value | 5 | 55 | 2,598 | 375 | 129,504 | 33 | |
| (+) Cash & Short Term Investments | 8 | 6 | 254 | 18 | 16,969 | 4 | |
| (+) Investments & Other | 0 | 0 | 53 | 5 | 32,564 | 1 | |
| (-) Debt | (1) | (5) | (588) | (93) | (84,022) | (19) | |
| (-) Other Liabilities | 0 | 0 | (1) | (1) | (785) | (4) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 12 | 56 | 2,316 | 303 | 94,231 | 16 | |
| (/) Shares Outstanding | 4.4 | 8.7 | 541.6 | 18.6 | 85.7 | 2.8 | |
| Implied Stock Price | 2.72 | 6.50 | 4.28 | 16.30 | 1,100.17 | 5.58 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 47.83 | 0.85 | |
| Implied Stock Price (Trading Cur) | 2.72 | 6.50 | 4.28 | 16.30 | 23.00 | 6.53 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 47.83 | 0.85 | |