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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 15.9x - 17.6x | 16.8x |
Selected Fwd EBITDA Multiple | 15.5x - 17.2x | 16.4x |
Fair Value | €26.07 - €29.09 | €27.58 |
Upside | -34.8% - -27.3% | -31.0% |
Benchmarks | Ticker | Full Ticker |
Technical Olympic S.A. | OLYMP | ATSE:OLYMP |
Kiriacoulis Mediterranean Cruises Shipping SA | KYRI | ATSE:KYRI |
Intralot S.A. Integrated Lottery Systems and Services | INLOT | ATSE:INLOT |
Nebelhornbahn-Aktiengesellschaft | NHB0 | MUN:NHB0 |
Warimpex Finanz- und Beteiligungs AG | WXF | WBAG:WXF |
Lampsa Hellenic Hotels S.A. | LAMPS | ATSE:LAMPS |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
OLYMP | KYRI | INLOT | NHB0 | WXF | LAMPS | ||
ATSE:OLYMP | ATSE:KYRI | ATSE:INLOT | MUN:NHB0 | WBAG:WXF | ATSE:LAMPS | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | NM- | 8.5% | 13.6% | NM- | 10.5% | |
3Y CAGR | 74.7% | NM- | 2.7% | 29.0% | NM- | 30.2% | |
Latest Twelve Months | 4.6% | -20.2% | -1.7% | 1.7% | -115.8% | 15.8% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | -131.5% | -3.5% | 25.4% | 19.7% | 16.3% | 20.8% | |
Prior Fiscal Year | 53.4% | -2.3% | 29.7% | 33.7% | 4.6% | 29.5% | |
Latest Fiscal Year | 47.6% | -2.7% | 27.2% | 32.6% | -18.4% | 31.2% | |
Latest Twelve Months | 47.6% | -2.7% | 26.5% | 32.6% | -17.1% | 31.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.47x | 0.58x | 2.66x | 3.86x | 9.27x | 7.42x | |
EV / LTM EBITDA | 7.3x | -21.7x | 10.0x | 11.8x | -54.3x | 23.7x | |
EV / LTM EBIT | 17.2x | -10.9x | 19.3x | 46.9x | -40.8x | 30.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -54.3x | 7.3x | 11.8x | ||||
Historical EV / LTM EBITDA | 23.7x | 71.3x | 181.6x | ||||
Selected EV / LTM EBITDA | 15.9x | 16.8x | 17.6x | ||||
(x) LTM EBITDA | 38 | 38 | 38 | ||||
(=) Implied Enterprise Value | 611 | 644 | 676 | ||||
(-) Non-shareholder Claims * | (57) | (57) | (57) | ||||
(=) Equity Value | 555 | 587 | 619 | ||||
(/) Shares Outstanding | 21.4 | 21.4 | 21.4 | ||||
Implied Value Range | 25.96 | 27.47 | 28.97 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 25.96 | 27.47 | 28.97 | 40.00 | |||
Upside / (Downside) | -35.1% | -31.3% | -27.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | OLYMP | KYRI | INLOT | NHB0 | WXF | LAMPS | |
Enterprise Value | 66 | 24 | 1,024 | 22 | 167 | 911 | |
(+) Cash & Short Term Investments | 45 | 1 | 76 | 0 | 2 | 31 | |
(+) Investments & Other | 24 | 0 | 16 | 0 | 0 | 39 | |
(-) Debt | (17) | (7) | (420) | 0 | (140) | (117) | |
(-) Other Liabilities | (12) | 0 | (25) | 0 | (0) | (9) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 107 | 17 | 671 | 22 | 28 | 855 | |
(/) Shares Outstanding | 39.8 | 7.6 | 604.1 | 1.4 | 52.1 | 21.4 | |
Implied Stock Price | 2.68 | 2.30 | 1.11 | 16.50 | 0.54 | 40.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 2.68 | 2.30 | 1.11 | 16.50 | 0.54 | 40.00 | |
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 |