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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.9x - 1.0x | 0.9x |
| Selected Fwd Ps Multiple | 0.7x - 0.7x | 0.7x |
| Fair Value | zł18.61 - zł20.57 | zł19.59 |
| Upside | -24.0% - -16.0% | -20.0% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Budimex SA | - | WSE:BDX |
| Onde S.A. | - | WSE:OND |
| ZUE S.A. | - | WSE:ZUE |
| Erbud S.A. | - | WSE:ERB |
| Mirbud S.A. | - | WSE:MRB |
| Atrem S.A. | - | WSE:ATR |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| BDX | OND | ZUE | ERB | MRB | ATR | |||
| WSE:BDX | WSE:OND | WSE:ZUE | WSE:ERB | WSE:MRB | WSE:ATR | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 5.8% | 16.1% | 12.3% | 5.2% | 23.8% | 10.1% | ||
| 3Y CAGR | 8.3% | -12.9% | 18.1% | -1.3% | 38.8% | 23.1% | ||
| Latest Twelve Months | 0.8% | -25.8% | 28.0% | -7.9% | 17.1% | 31.6% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 7.4% | 3.2% | 1.1% | 0.9% | 4.1% | 3.1% | ||
| Prior Fiscal Year | 6.2% | 3.1% | 1.8% | 0.3% | 3.6% | 4.2% | ||
| Latest Fiscal Year | 7.5% | 3.8% | 1.4% | -1.0% | 4.1% | 8.3% | ||
| Latest Twelve Months | 7.9% | 3.8% | 1.2% | -1.0% | 4.0% | 8.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 14.6x | 13.4x | 6.8x | 11.8x | 3.3x | 11.3x | ||
| Price / LTM Sales | 1.5x | 0.7x | 0.1x | 0.1x | 0.4x | 1.2x | ||
| LTM P/E Ratio | 19.1x | 18.7x | 11.4x | -14.5x | 9.6x | 14.5x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.1x | 0.4x | 1.5x | |||||
| Historical LTM P/S Ratio | 0.2x | 0.3x | 1.2x | |||||
| Selected Price / Sales Multiple | 0.9x | 0.9x | 1.0x | |||||
| (x) LTM Sales | 187 | 187 | 187 | |||||
| (=) Equity Value | 168 | 177 | 185 | |||||
| (/) Shares Outstanding | 9.2 | 9.2 | 9.2 | |||||
| Implied Value Range | 18.17 | 19.13 | 20.08 | |||||
| FX Rate: PLN/PLN | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 18.17 | 19.13 | 20.08 | 24.50 | ||||
| Upside / (Downside) | -25.8% | -21.9% | -18.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | BDX | OND | ZUE | ERB | MRB | ATR | |
| Value of Common Equity | 14,057 | 565 | 203 | 419 | 1,375 | 226 | |
| (/) Shares Outstanding | 25.5 | 54.5 | 22.8 | 11.9 | 110.1 | 9.2 | |
| Implied Stock Price | 550.60 | 10.36 | 8.90 | 35.15 | 12.49 | 24.50 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 550.60 | 10.36 | 8.90 | 35.15 | 12.49 | 24.50 | |
| 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 | |