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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 14.6x - 16.1x | 15.4x |
| Selected Fwd P/E Multiple | 8.3x - 9.2x | 8.8x |
| Fair Value | €14.74 - €16.29 | €15.52 |
| Upside | 12.1% - 23.8% | 17.9% |
| Benchmarks | - | Full Ticker |
| Kesko Oyj | - | HLSE:KESKOA |
| Jerónimo Martins, SGPS, S.A. | - | ENXTLS:JMT |
| Colruyt Group N.V. | - | DB:EFC1 |
| Casino, Guichard-Perrachon S.A. | - | ENXTPA:CO |
| Metro AG | - | BRSE:B4B |
| Carrefour SA | - | WBAG:CARR |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| KESKOA | JMT | EFC1 | CO | B4B | CARR | |||
| HLSE:KESKOA | ENXTLS:JMT | DB:EFC1 | ENXTPA:CO | BRSE:B4B | WBAG:CARR | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 3.0% | 9.0% | 22.9% | NM- | NM- | 90.3% | ||
| 3Y CAGR | -12.8% | 9.0% | 37.2% | NM- | NM- | -10.3% | ||
| Latest Twelve Months | -22.3% | -11.8% | -66.0% | 291.8% | -248.7% | -22.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 4.4% | 2.2% | 4.9% | -24.3% | 0.4% | 1.7% | ||
| Prior Fiscal Year | 4.2% | 2.5% | 2.2% | -12.9% | 1.4% | 1.1% | ||
| Latest Fiscal Year | 3.2% | 1.8% | 9.9% | 26.1% | -0.4% | 0.8% | ||
| Latest Twelve Months | 3.1% | 1.9% | 3.3% | 26.1% | -0.4% | 0.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.4x | 10.4x | 6.1x | 5.2x | 10.7x | 6.7x | ||
| Price / LTM Sales | 0.7x | 0.4x | 0.5x | 0.0x | 0.1x | 0.1x | ||
| LTM P/E Ratio | 22.9x | 22.1x | 14.0x | 0.1x | -14.3x | 12.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | -14.3x | 14.0x | 22.9x | |||||
| Historical LTM P/E Ratio | 10.2x | 12.7x | 21.0x | |||||
| Selected P/E Multiple | 14.6x | 15.4x | 16.1x | |||||
| (x) LTM Net Income | 723 | 723 | 723 | |||||
| (=) Equity Value | 10,558 | 11,114 | 11,670 | |||||
| (/) Shares Outstanding | 704.1 | 704.1 | 704.1 | |||||
| Implied Value Range | 15.00 | 15.78 | 16.57 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 15.00 | 15.78 | 16.57 | 13.16 | ||||
| Upside / (Downside) | 14.0% | 20.0% | 26.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | KESKOA | JMT | EFC1 | CO | B4B | CARR | |
| Value of Common Equity | 8,300 | 13,926 | 4,903 | 206 | 1,845 | 9,263 | |
| (/) Shares Outstanding | 398.1 | 628.4 | 124.5 | 400.9 | 96.4 | 704.1 | |
| Implied Stock Price | 20.85 | 22.16 | 39.38 | 0.52 | 19.14 | 13.16 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.07 | 1.00 | |
| Implied Stock Price (Trading Cur) | 20.85 | 22.16 | 39.38 | 0.52 | 17.88 | 13.16 | |
| Trading Currency | EUR | EUR | EUR | EUR | CHF | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.07 | 1.00 | |