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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 72.7x - 80.4x | 76.5x |
| Selected Fwd EBIT Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | €17.92 - €20.56 | €19.24 |
| Upside | -37.0% - -27.7% | -32.4% |
| Benchmarks | Ticker | Full Ticker |
| Strabag SE | STR | WBAG:STR |
| Webuild S.p.A. | WBD | BIT:WBD |
| Eiffage SA | FGR | WBAG:FGR |
| Koninklijke BAM Groep nv | BAMNB | ENXTAM:BAMNB |
| HOCHTIEF Aktiengesellschaft | HOT | WBAG:HOT |
| PORR AG | ABS2 | XTRA:ABS2 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| STR | WBD | FGR | BAMNB | HOT | ABS2 | ||
| WBAG:STR | BIT:WBD | WBAG:FGR | ENXTAM:BAMNB | WBAG:HOT | XTRA:ABS2 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 13.4% | 21.8% | 4.2% | 30.5% | -9.9% | NM- | |
| 3Y CAGR | 7.8% | NM- | 9.7% | 22.6% | 12.7% | NM- | |
| Latest Twelve Months | 28.1% | 1214.9% | 2.3% | -13.7% | 2.3% | -81.9% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.3% | 0.8% | 9.6% | 1.2% | 1.1% | -0.5% | |
| Prior Fiscal Year | 2.9% | 0.5% | 10.6% | 2.5% | 2.0% | 0.3% | |
| Latest Fiscal Year | 3.2% | 4.9% | 10.1% | 2.1% | 1.7% | 0.0% | |
| Latest Twelve Months | 3.4% | 4.9% | 10.1% | 2.1% | 1.7% | 0.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.33x | 0.29x | 0.85x | 0.12x | 0.38x | 0.21x | |
| EV / LTM EBITDA | 5.5x | 4.4x | 5.2x | 4.4x | 13.3x | 8.9x | |
| EV / LTM EBIT | 9.8x | 6.0x | 8.4x | 5.8x | 22.5x | 108.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.8x | 8.4x | 22.5x | ||||
| Historical EV / LTM EBIT | -25.4x | -6.8x | 19.8x | ||||
| Selected EV / LTM EBIT | 72.7x | 76.5x | 80.4x | ||||
| (x) LTM EBIT | 12 | 12 | 12 | ||||
| (=) Implied Enterprise Value | 894 | 941 | 988 | ||||
| (-) Non-shareholder Claims * | (275) | (275) | (275) | ||||
| (=) Equity Value | 619 | 666 | 713 | ||||
| (/) Shares Outstanding | 38.3 | 38.3 | 38.3 | ||||
| Implied Value Range | 16.18 | 17.41 | 18.64 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 16.18 | 17.41 | 18.64 | 28.45 | |||
| Upside / (Downside) | -43.1% | -38.8% | -34.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | STR | WBD | FGR | BAMNB | HOT | ABS2 | |
| Enterprise Value | 5,743 | 3,340 | 20,262 | 814 | 12,880 | 1,364 | |
| (+) Cash & Short Term Investments | 2,408 | 3,215 | 6,025 | 765 | 6,529 | 249 | |
| (+) Investments & Other | 759 | 0 | 2,465 | 179 | 1,744 | 87 | |
| (-) Debt | (897) | (2,940) | (16,699) | (323) | (8,224) | (586) | |
| (-) Other Liabilities | (20) | (236) | (1,434) | (0) | (124) | (26) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 7,992 | 3,378 | 10,619 | 1,435 | 12,804 | 1,089 | |
| (/) Shares Outstanding | 118.2 | 993.5 | 95.5 | 263.5 | 75.2 | 38.3 | |
| Implied Stock Price | 67.60 | 3.40 | 111.20 | 5.45 | 170.20 | 28.45 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 67.60 | 3.40 | 111.20 | 5.45 | 170.20 | 28.45 | |
| 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 | |