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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 26.4x - 29.2x | 27.8x |
Selected Fwd EBIT Multiple | 33.2x - 36.6x | 34.9x |
Fair Value | $1.16 - $1.36 | $1.26 |
Upside | -18.6% - -4.1% | -11.3% |
Benchmarks | Ticker | Full Ticker |
Hall of Fame Resort & Entertainment Company | HOFV | OTCPK:HOFV |
Pyramisa Hotels & Resorts | PHTV | CASE:PHTV |
Inspirato Incorporated | ISPO | NasdaqGM:ISPO |
Misr Hotels Company | MHOT | CASE:MHOT |
Rowad Tourism Company | ROTO | CASE:ROTO |
Golden Pyramids Plaza S.A.E. | GPPL | CASE:GPPL |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
HOFV | PHTV | ISPO | MHOT | ROTO | GPPL | ||
OTCPK:HOFV | CASE:PHTV | NasdaqGM:ISPO | CASE:MHOT | CASE:ROTO | CASE:GPPL | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 67.6% | NM- | 59.4% | NM- | -4.1% | |
3Y CAGR | NM- | 106.9% | NM- | 59.8% | NM- | 21.1% | |
Latest Twelve Months | 14.7% | 136.0% | 56.7% | 36.0% | 146.8% | 27.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -267.6% | 15.0% | -11.9% | 129.5% | -117.0% | 35.3% | |
Prior Fiscal Year | -168.3% | 35.9% | -16.1% | 88.1% | -23.7% | 45.1% | |
Latest Fiscal Year | -139.9% | 38.2% | -12.1% | 90.4% | -6.7% | 41.7% | |
Latest Twelve Months | -144.2% | 40.7% | -7.8% | 90.4% | 3.2% | 50.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 14.36x | 1.67x | 0.84x | 5.04x | 3.03x | 15.16x | |
EV / LTM EBITDA | -25.3x | 4.0x | -23.1x | 5.4x | 24.2x | 19.0x | |
EV / LTM EBIT | -10.0x | 4.1x | -10.8x | 5.6x | 96.0x | 30.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -10.8x | 4.1x | 96.0x | ||||
Historical EV / LTM EBIT | 30.5x | 34.3x | 50.9x | ||||
Selected EV / LTM EBIT | 26.4x | 27.8x | 29.2x | ||||
(x) LTM EBIT | 43 | 43 | 43 | ||||
(=) Implied Enterprise Value | 1,134 | 1,193 | 1,253 | ||||
(-) Non-shareholder Claims * | (466) | (466) | (466) | ||||
(=) Equity Value | 668 | 728 | 787 | ||||
(/) Shares Outstanding | 577.6 | 577.6 | 577.6 | ||||
Implied Value Range | 1.16 | 1.26 | 1.36 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.16 | 1.26 | 1.36 | 1.42 | |||
Upside / (Downside) | -18.6% | -11.3% | -4.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | HOFV | PHTV | ISPO | MHOT | ROTO | GPPL | |
Enterprise Value | 281 | 3,925 | 219 | 9,596 | 616 | 1,286 | |
(+) Cash & Short Term Investments | 1 | 1,167 | 17 | 2,200 | 4 | 57 | |
(+) Investments & Other | 5 | 0 | 0 | 10 | 0 | 3 | |
(-) Debt | (283) | (87) | (199) | (2,040) | (91) | (525) | |
(-) Other Liabilities | 1 | (80) | 0 | 0 | (83) | (1) | |
(-) Preferred Stock | (0) | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 4 | 4,925 | 37 | 9,765 | 446 | 820 | |
(/) Shares Outstanding | 6.7 | 27.4 | 12.5 | 396.0 | 17.3 | 577.6 | |
Implied Stock Price | 0.65 | 179.48 | 2.96 | 24.66 | 25.78 | 1.42 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.65 | 179.48 | 2.96 | 24.66 | 25.78 | 1.42 | |
Trading Currency | USD | EGP | USD | EGP | EGP | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |