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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 14.1x - 15.6x | 14.9x |
Selected Fwd EBITDA Multiple | 6.2x - 6.9x | 6.6x |
Fair Value | €13.95 - €15.25 | €14.60 |
Upside | 20.3% - 31.5% | 25.9% |
Benchmarks | Ticker | Full Ticker |
Gentoo Media Inc. | G2M | OM:G2M |
Intralot S.A. Integrated Lottery Systems and Services | INLOT | ATSE:INLOT |
Playtech plc | PL8 | DB:PL8 |
Betmakers Technology Group Ltd | BET | ASX:BET |
Organization of Football Prognostics S.A. | OPAP | ATSE:OPAP |
Kambi Group plc | 7KB | DB:7KB |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
G2M | INLOT | PL8 | BET | OPAP | 7KB | ||
OM:G2M | ATSE:INLOT | DB:PL8 | ASX:BET | ATSE:OPAP | DB:7KB | ||
Historical EBITDA Growth | |||||||
5Y CAGR | NM- | 8.5% | -17.3% | NM- | 16.7% | 11.2% | |
3Y CAGR | 101.0% | 2.7% | -19.4% | NM- | 14.9% | -21.6% | |
Latest Twelve Months | 43.8% | -1.7% | -30.0% | 72.5% | 17.4% | -30.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 31.9% | 25.4% | 17.9% | -56.6% | 50.0% | 24.1% | |
Prior Fiscal Year | 43.4% | 29.7% | 20.3% | -51.4% | 49.0% | 17.8% | |
Latest Fiscal Year | 56.3% | 27.2% | 13.0% | -13.6% | 51.1% | 16.1% | |
Latest Twelve Months | 52.2% | 26.5% | 13.0% | -10.6% | 51.2% | 13.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.00x | 2.65x | 1.76x | 1.76x | 4.41x | 1.77x | |
EV / LTM EBITDA | 3.8x | 10.0x | 13.6x | -16.6x | 8.6x | 13.5x | |
EV / LTM EBIT | 7.2x | 19.3x | 63.6x | -11.2x | 9.9x | 21.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | -16.6x | 8.6x | 13.6x | ||||
Historical EV / LTM EBITDA | 6.7x | 9.4x | 62.0x | ||||
Selected EV / LTM EBITDA | 14.1x | 14.9x | 15.6x | ||||
(x) LTM EBITDA | 22 | 22 | 22 | ||||
(=) Implied Enterprise Value | 315 | 331 | 348 | ||||
(-) Non-shareholder Claims * | 45 | 45 | 45 | ||||
(=) Equity Value | 360 | 376 | 393 | ||||
(/) Shares Outstanding | 28.3 | 28.3 | 28.3 | ||||
Implied Value Range | 12.73 | 13.32 | 13.91 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 12.73 | 13.32 | 13.91 | 11.60 | |||
Upside / (Downside) | 9.8% | 14.8% | 19.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | G2M | INLOT | PL8 | BET | OPAP | 7KB | |
Enterprise Value | 246 | 1,024 | 1,493 | 150 | 7,015 | 283 | |
(+) Cash & Short Term Investments | 5 | 76 | 268 | 21 | 654 | 53 | |
(+) Investments & Other | 0 | 16 | 229 | 0 | 2 | 0 | |
(-) Debt | (117) | (420) | (494) | (6) | (680) | (8) | |
(-) Other Liabilities | (1) | (25) | 1 | 0 | (27) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 132 | 671 | 1,496 | 165 | 6,964 | 328 | |
(/) Shares Outstanding | 134.7 | 604.1 | 307.5 | 1,098.6 | 358.6 | 28.3 | |
Implied Stock Price | 0.98 | 1.11 | 4.87 | 0.15 | 19.42 | 11.60 | |
FX Conversion Rate to Trading Currency | 0.09 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 10.96 | 1.11 | 4.87 | 0.15 | 19.42 | 11.60 | |
Trading Currency | SEK | EUR | EUR | AUD | EUR | EUR | |
FX Rate to Reporting Currency | 0.09 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |