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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 11.5x - 12.7x | 12.1x |
Selected Fwd EBITDA Multiple | 8.1x - 9.0x | 8.6x |
Fair Value | zł63.73 - zł70.31 | zł67.02 |
Upside | -16.9% - -8.3% | -12.6% |
Benchmarks | Ticker | Full Ticker |
Sevenet S.A. | SEV | WSE:SEV |
MakoLab Spólka Akcyjna | MLB | WSE:MLB |
Passus S.A. | PAS | WSE:PAS |
Betacom S.A. | BCM | WSE:BCM |
Talex S.A. | TLX | WSE:TLX |
Asseco South Eastern Europe S.A. | ASE | WSE:ASE |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
SEV | MLB | PAS | BCM | TLX | ASE | ||
WSE:SEV | WSE:MLB | WSE:PAS | WSE:BCM | WSE:TLX | WSE:ASE | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 5.3% | 0.4% | 28.6% | NM- | -18.4% | 12.6% | |
3Y CAGR | -6.5% | 23.1% | 1.9% | 9.8% | 65.4% | 6.8% | |
Latest Twelve Months | -34.2% | 2.3% | -2.8% | -38.5% | -48.9% | 2.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 3.3% | 9.9% | 11.3% | 0.9% | 5.0% | 17.7% | |
Prior Fiscal Year | 2.8% | 8.7% | 13.3% | 2.6% | 6.2% | 16.7% | |
Latest Fiscal Year | 3.0% | 10.1% | 8.8% | 1.5% | 4.5% | 16.2% | |
Latest Twelve Months | 2.5% | 8.6% | 9.3% | 1.5% | 4.2% | 16.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.10x | 0.19x | 0.86x | 0.03x | 0.88x | 2.26x | |
EV / LTM EBITDA | 4.2x | 2.2x | 9.2x | 0.9x | 21.0x | 14.1x | |
EV / LTM EBIT | 8.5x | 2.7x | 9.7x | 2.8x | -196.9x | 17.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 0.9x | 4.2x | 21.0x | ||||
Historical EV / LTM EBITDA | 8.5x | 9.9x | 11.9x | ||||
Selected EV / LTM EBITDA | 11.5x | 12.1x | 12.7x | ||||
(x) LTM EBITDA | 280 | 280 | 280 | ||||
(=) Implied Enterprise Value | 3,206 | 3,375 | 3,544 | ||||
(-) Non-shareholder Claims * | 63 | 63 | 63 | ||||
(=) Equity Value | 3,269 | 3,438 | 3,606 | ||||
(/) Shares Outstanding | 51.9 | 51.9 | 51.9 | ||||
Implied Value Range | 62.99 | 66.24 | 69.49 | ||||
FX Rate: PLN/PLN | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 62.99 | 66.24 | 69.49 | 76.70 | |||
Upside / (Downside) | -17.9% | -13.6% | -9.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SEV | MLB | PAS | BCM | TLX | ASE | |
Enterprise Value | 15 | 14 | 97 | 5 | 63 | 3,918 | |
(+) Cash & Short Term Investments | 15 | 21 | 15 | 16 | 2 | 309 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 3 | |
(-) Debt | (2) | (0) | (1) | (1) | (3) | (240) | |
(-) Other Liabilities | 0 | 0 | (2) | (0) | 0 | (9) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 28 | 34 | 109 | 20 | 62 | 3,980 | |
(/) Shares Outstanding | 10.1 | 7.0 | 1.8 | 4.0 | 3.0 | 51.9 | |
Implied Stock Price | 2.80 | 4.90 | 61.00 | 4.96 | 20.80 | 76.70 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.80 | 4.90 | 61.00 | 4.96 | 20.80 | 76.70 | |
Trading Currency | PLN | PLN | PLN | PLN | PLN | PLN | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |