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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14.2x - 15.6x | 14.9x |
Selected Fwd EBIT Multiple | 4.0x - 4.4x | 4.2x |
Fair Value | €2.06 - €2.39 | €2.22 |
Upside | -3.7% - 11.5% | 3.9% |
Benchmarks | Ticker | Full Ticker |
DigiTouch S.p.A. | DGT | BIT:DGT |
Simone S.p.A. | SMN | BIT:SMN |
Italian Exhibition Group S.p.A. | IEG | BIT:IEG |
Caltagirone Editore SpA | CED | BIT:CED |
Fiera Milano S.p.A. | FM | BIT:FM |
Promotica S.p.A. | PMT | BIT:PMT |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DGT | SMN | IEG | CED | FM | PMT | ||
BIT:DGT | BIT:SMN | BIT:IEG | BIT:CED | BIT:FM | BIT:PMT | ||
Historical EBIT Growth | |||||||
5Y CAGR | 20.2% | NM- | 15.1% | NM- | -13.5% | 1.3% | |
3Y CAGR | 6.7% | NM- | NM- | NM- | NM- | 26.9% | |
Latest Twelve Months | 8.3% | -81.0% | 44.3% | -619.3% | -74.0% | -42.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 7.9% | 8.4% | -22.9% | 0.6% | -38.4% | 6.4% | |
Prior Fiscal Year | 8.9% | 11.9% | 12.1% | -0.7% | 15.2% | 7.3% | |
Latest Fiscal Year | 10.6% | 2.4% | 18.8% | -5.1% | 10.3% | 3.7% | |
Latest Twelve Months | 10.6% | 2.4% | 19.3% | -5.1% | 5.8% | 3.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.83x | 0.64x | 1.21x | 1.68x | 1.16x | 0.56x | |
EV / LTM EBITDA | 4.9x | 6.0x | 4.7x | -62.9x | 13.9x | 11.8x | |
EV / LTM EBIT | 7.8x | 26.6x | 6.2x | -32.8x | 20.0x | 15.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -32.8x | 7.8x | 26.6x | ||||
Historical EV / LTM EBIT | 12.0x | 15.4x | 21.7x | ||||
Selected EV / LTM EBIT | 14.2x | 14.9x | 15.6x | ||||
(x) LTM EBIT | 4 | 4 | 4 | ||||
(=) Implied Enterprise Value | 50 | 53 | 55 | ||||
(-) Non-shareholder Claims * | (17) | (17) | (17) | ||||
(=) Equity Value | 33 | 35 | 38 | ||||
(/) Shares Outstanding | 17.0 | 17.0 | 17.0 | ||||
Implied Value Range | 1.93 | 2.08 | 2.24 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.93 | 2.08 | 2.24 | 2.14 | |||
Upside / (Downside) | -10.0% | -2.7% | 4.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DGT | SMN | IEG | CED | FM | PMT | |
Enterprise Value | 33 | 10 | 310 | (208) | 306 | 54 | |
(+) Cash & Short Term Investments | 6 | 8 | 60 | 24 | 114 | 6 | |
(+) Investments & Other | 1 | 0 | 20 | 387 | 0 | 2 | |
(-) Debt | (15) | (6) | (129) | (27) | 0 | (25) | |
(-) Other Liabilities | 0 | 0 | (4) | 0 | (0) | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 26 | 12 | 257 | 176 | 420 | 36 | |
(/) Shares Outstanding | 13.6 | 7.5 | 30.5 | 106.8 | 70.9 | 17.0 | |
Implied Stock Price | 1.92 | 1.60 | 8.42 | 1.65 | 5.92 | 2.14 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.92 | 1.60 | 8.42 | 1.65 | 5.92 | 2.14 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |