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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 19.8x - 21.9x | 20.8x |
Selected Fwd EBIT Multiple | 18.4x - 20.3x | 19.4x |
Fair Value | €86.37 - €102.08 | €94.22 |
Upside | -13.7% - 2.0% | -5.8% |
Benchmarks | Ticker | Full Ticker |
The Kroger Co. | KR | NYSE:KR |
Walgreens Boots Alliance, Inc. | WBA | NasdaqGS:WBA |
Costco Wholesale Corporation | COST | NasdaqGS:COST |
Target Corporation | TGT | NYSE:TGT |
Walmart Inc. | WMT | NYSE:WMT |
Dollar General Corporation | 7DG | DB:7DG |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
KR | WBA | COST | TGT | WMT | 7DG | ||
NYSE:KR | NasdaqGS:WBA | NasdaqGS:COST | NYSE:TGT | NYSE:WMT | DB:7DG | ||
Historical EBIT Growth | |||||||
5Y CAGR | 11.7% | -30.0% | 14.4% | 4.0% | 6.4% | -3.6% | |
3Y CAGR | 7.8% | -40.1% | 11.0% | -14.1% | 4.1% | -15.6% | |
Latest Twelve Months | -5.0% | -43.9% | 11.7% | 0.7% | 7.0% | -12.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 2.9% | 1.6% | 3.5% | 6.1% | 4.4% | 8.1% | |
Prior Fiscal Year | 3.3% | 0.9% | 3.5% | 5.5% | 4.2% | 6.3% | |
Latest Fiscal Year | 3.2% | 0.6% | 3.6% | 5.4% | 4.3% | 4.8% | |
Latest Twelve Months | 3.2% | 0.7% | 3.8% | 5.6% | 4.3% | 4.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.47x | 0.25x | 1.61x | 0.61x | 1.31x | 1.01x | |
EV / LTM EBITDA | 8.6x | 12.7x | 34.7x | 7.2x | 20.9x | 14.0x | |
EV / LTM EBIT | 14.9x | 37.9x | 42.8x | 11.0x | 30.3x | 21.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 11.0x | 30.3x | 42.8x | ||||
Historical EV / LTM EBIT | 16.3x | 17.3x | 21.4x | ||||
Selected EV / LTM EBIT | 19.8x | 20.8x | 21.9x | ||||
(x) LTM EBIT | 1,971 | 1,971 | 1,971 | ||||
(=) Implied Enterprise Value | 38,984 | 41,036 | 43,088 | ||||
(-) Non-shareholder Claims * | (16,168) | (16,168) | (16,168) | ||||
(=) Equity Value | 22,816 | 24,868 | 26,920 | ||||
(/) Shares Outstanding | 220.1 | 220.1 | 220.1 | ||||
Implied Value Range | 103.68 | 113.00 | 122.32 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 88.75 | 96.73 | 104.71 | 100.04 | |||
Upside / (Downside) | -11.3% | -3.3% | 4.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | KR | WBA | COST | TGT | WMT | 7DG | |
Enterprise Value | 69,458 | 38,312 | 431,992 | 63,835 | 893,250 | 41,887 | |
(+) Cash & Short Term Investments | 4,738 | 830 | 14,850 | 2,887 | 9,311 | 850 | |
(+) Investments & Other | 164 | 1,259 | 0 | 0 | 2,392 | 0 | |
(-) Debt | (25,208) | (29,999) | (8,358) | (19,463) | (68,693) | (17,018) | |
(-) Other Liabilities | 5 | (136) | 0 | 0 | (6,855) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 49,157 | 10,266 | 438,484 | 47,259 | 829,405 | 25,719 | |
(/) Shares Outstanding | 661.2 | 865.6 | 443.5 | 454.4 | 7,980.4 | 220.1 | |
Implied Stock Price | 74.35 | 11.86 | 988.74 | 104.01 | 103.93 | 116.87 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 74.35 | 11.86 | 988.74 | 104.01 | 103.93 | 100.04 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |