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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -10.3x - -11.3x | -10.8x |
Selected Fwd EBIT Multiple | 6.4x - 7.0x | 6.7x |
Fair Value | €0.31 - €0.35 | €0.33 |
Upside | 14.6% - 29.8% | 22.2% |
Benchmarks | Ticker | Full Ticker |
Deodato.Gallery S.p.A. | ART | BIT:ART |
Longino & Cardenal S.p.A. | LON | BIT:LON |
Soges Group S.p.A. | SOGES | BIT:SOGES |
Destination Italia S.p.A. | DIT | BIT:DIT |
I Grandi Viaggi S.p.A. | IGV | BIT:IGV |
Alfonsino S.p.A. | ALFO | BIT:ALFO |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ART | LON | SOGES | DIT | IGV | ALFO | ||
BIT:ART | BIT:LON | BIT:SOGES | BIT:DIT | BIT:IGV | BIT:ALFO | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | -42.9% | NM- | NM- | 7.6% | NM- | |
3Y CAGR | -43.3% | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | -418.4% | 182.7% | -95.3% | 34.5% | -21.6% | 71.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 5.2% | -2.6% | 2.2% | -26.3% | -5.5% | -22.1% | |
Prior Fiscal Year | 0.7% | -4.5% | 3.6% | -4.3% | 0.6% | -32.8% | |
Latest Fiscal Year | -2.7% | 0.3% | 0.2% | -3.5% | 5.6% | -13.9% | |
Latest Twelve Months | -2.7% | 1.3% | 0.2% | -1.4% | 4.6% | -13.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.12x | 0.39x | 0.85x | 0.30x | 1.10x | 1.26x | |
EV / LTM EBITDA | -2801.4x | 14.5x | 19.2x | -654.4x | 12.1x | -21.3x | |
EV / LTM EBIT | -41.4x | 30.1x | 526.4x | -20.9x | 24.0x | -9.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -41.4x | 24.0x | 526.4x | ||||
Historical EV / LTM EBIT | -174.9x | -7.2x | -2.0x | ||||
Selected EV / LTM EBIT | -10.3x | -10.8x | -11.3x | ||||
(x) LTM EBIT | (1) | (1) | (1) | ||||
(=) Implied Enterprise Value | 5 | 6 | 6 | ||||
(-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
(=) Equity Value | 4 | 4 | 5 | ||||
(/) Shares Outstanding | 13.1 | 13.1 | 13.1 | ||||
Implied Value Range | 0.32 | 0.34 | 0.36 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.32 | 0.34 | 0.36 | 0.27 | |||
Upside / (Downside) | 17.1% | 24.9% | 32.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ART | LON | SOGES | DIT | IGV | ALFO | |
Enterprise Value | 10 | 15 | 14 | 22 | 67 | 5 | |
(+) Cash & Short Term Investments | 2 | 1 | 3 | 5 | 18 | 0 | |
(+) Investments & Other | 0 | 0 | 13 | 0 | 0 | 0 | |
(-) Debt | (3) | (8) | (17) | (17) | (5) | (1) | |
(-) Other Liabilities | (0) | 1 | 0 | (0) | (2) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 9 | 9 | 13 | 10 | 77 | 4 | |
(/) Shares Outstanding | 31.3 | 6.3 | 6.1 | 21.1 | 47.6 | 13.1 | |
Implied Stock Price | 0.29 | 1.36 | 2.06 | 0.48 | 1.63 | 0.27 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.29 | 1.36 | 2.06 | 0.48 | 1.63 | 0.27 | |
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 |