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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Ps Multiple | 4.9x - 5.4x | 5.1x |
Selected Fwd Ps Multiple | 3.7x - 4.1x | 3.9x |
Fair Value | lei 41.81 - lei 46.21 | lei 44.01 |
Upside | -4.3% - 5.7% | 0.7% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Hellenic Exchanges - Athens Stock Exchange S.A. | - | ATSE:EXAE |
Gielda Papierów Wartosciowych w Warszawie S.A. | - | WSE:GPW |
Deutsche Börse AG | - | DB:DB1 |
Bulgarian Stock Exchange AD | - | BUL:BSE |
Euronext N.V. | - | ENXTPA:ENX |
Bursa de Valori Bucuresti SA | - | BVB:BVB |
Select Price / LTM Sales Ratio | ||||||||
Benchmark Companies | ||||||||
EXAE | GPW | DB1 | BSE | ENX | BVB | |||
ATSE:EXAE | WSE:GPW | DB:DB1 | BUL:BSE | ENXTPA:ENX | BVB:BVB | |||
Historical Sales Growth | ||||||||
5Y CAGR | 10.8% | 6.7% | 16.3% | 12.9% | 19.1% | 17.6% | ||
3Y CAGR | 14.4% | 4.5% | 17.2% | 6.1% | 7.8% | 19.4% | ||
Latest Twelve Months | 20.4% | 4.5% | 9.0% | 9.7% | 12.1% | -10.7% | ||
Historical Net Income Profit Margin | ||||||||
5 Year Average Margin | 25.0% | 36.1% | 29.4% | 50.0% | 34.9% | 17.8% | ||
Prior Fiscal Year | 28.8% | 35.1% | 28.3% | 70.5% | 34.8% | 29.8% | ||
Latest Fiscal Year | 33.3% | 32.0% | 27.7% | 88.2% | 36.0% | 16.7% | ||
Latest Twelve Months | 36.4% | 32.0% | 27.5% | 97.3% | 37.6% | 13.1% | ||
Current Trading Multiples | ||||||||
EV / LTM EBITDA | 12.5x | 13.9x | 16.0x | 1.9x | 15.6x | 24.3x | ||
Price / LTM Sales | 6.8x | 5.2x | 6.5x | 5.8x | 8.1x | 4.9x | ||
LTM P/E Ratio | 18.6x | 16.3x | 23.6x | 6.0x | 21.5x | 37.8x | ||
Low | Mid | High | ||||||
Benchmark LTM P/S Ratio | 5.2x | 6.5x | 8.1x | |||||
Historical LTM P/S Ratio | 4.5x | 4.7x | 7.2x | |||||
Selected Price / Sales Multiple | 4.9x | 5.1x | 5.4x | |||||
(x) LTM Sales | 78 | 78 | 78 | |||||
(=) Equity Value | 379 | 399 | 419 | |||||
(/) Shares Outstanding | 8.8 | 8.8 | 8.8 | |||||
Implied Value Range | 43.02 | 45.29 | 47.55 | |||||
FX Rate: RON/RON | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 43.02 | 45.29 | 47.55 | 43.70 | ||||
Upside / (Downside) | -1.5% | 3.6% | 8.8% |
Equity Value | |||||||
Benchmark Companies | |||||||
(in millions) | EXAE | GPW | DB1 | BSE | ENX | BVB | |
Value of Common Equity | 399 | 2,357 | 46,808 | 116 | 14,029 | 385 | |
(/) Shares Outstanding | 57.9 | 42.0 | 183.3 | 12.9 | 100.1 | 8.8 | |
Implied Stock Price | 6.89 | 56.15 | 255.40 | 8.95 | 140.20 | 43.70 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 6.89 | 56.15 | 255.40 | 8.95 | 140.20 | 43.70 | |
Trading Currency | EUR | PLN | EUR | BGN | EUR | RON | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |