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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 13.2x - 14.6x | 13.9x |
Selected Fwd EBIT Multiple | 8.8x - 9.7x | 9.2x |
Fair Value | €51.31 - €58.08 | €54.69 |
Upside | 1.4% - 14.8% | 8.1% |
Benchmarks | Ticker | Full Ticker |
Nagarro SE | NA9 | XTRA:NA9 |
Bechtle AG | BC8 | XTRA:BC8 |
Cancom SE | COK | XTRA:COK |
Allgeier SE | AEIN | XTRA:AEIN |
ORBIS AG | OBS | XTRA:OBS |
All for One Group SE | A1OS | DB:A1OS |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
NA9 | BC8 | COK | AEIN | OBS | A1OS | ||
XTRA:NA9 | XTRA:BC8 | XTRA:COK | XTRA:AEIN | XTRA:OBS | DB:A1OS | ||
Historical EBIT Growth | |||||||
5Y CAGR | 23.4% | 7.8% | -7.6% | NM- | 6.8% | 10.9% | |
3Y CAGR | 27.9% | 3.0% | -16.3% | -8.8% | 3.6% | 11.2% | |
Latest Twelve Months | 7.2% | -15.9% | -29.6% | -35.8% | -8.3% | 20.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 10.5% | 5.8% | 3.9% | 5.3% | 4.1% | 4.5% | |
Prior Fiscal Year | 9.7% | 6.0% | 3.2% | 6.3% | 3.9% | 3.7% | |
Latest Fiscal Year | 10.3% | 5.6% | 2.5% | 4.4% | 3.6% | 5.3% | |
Latest Twelve Months | 9.9% | 5.2% | 2.0% | 4.1% | 3.6% | 4.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.94x | 0.80x | 0.40x | 0.92x | 0.40x | 0.59x | |
EV / LTM EBITDA | 8.4x | 12.8x | 11.3x | 15.1x | 7.6x | 8.5x | |
EV / LTM EBIT | 9.4x | 15.5x | 19.4x | 22.7x | 11.2x | 12.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.4x | 15.5x | 22.7x | ||||
Historical EV / LTM EBIT | 14.3x | 16.0x | 18.8x | ||||
Selected EV / LTM EBIT | 13.2x | 13.9x | 14.6x | ||||
(x) LTM EBIT | 24 | 24 | 24 | ||||
(=) Implied Enterprise Value | 311 | 327 | 343 | ||||
(-) Non-shareholder Claims * | (63) | (63) | (63) | ||||
(=) Equity Value | 248 | 264 | 280 | ||||
(/) Shares Outstanding | 4.8 | 4.8 | 4.8 | ||||
Implied Value Range | 51.34 | 54.73 | 58.12 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 51.34 | 54.73 | 58.12 | 50.60 | |||
Upside / (Downside) | 1.5% | 8.2% | 14.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | NA9 | BC8 | COK | AEIN | OBS | A1OS | |
Enterprise Value | 925 | 5,031 | 675 | 418 | 53 | 307 | |
(+) Cash & Short Term Investments | 162 | 616 | 270 | 40 | 18 | 52 | |
(+) Investments & Other | 0 | 0 | 28 | 0 | 2 | 0 | |
(-) Debt | (369) | (730) | (146) | (178) | (9) | (114) | |
(-) Other Liabilities | 0 | (3) | (1) | (55) | (7) | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 718 | 4,914 | 826 | 224 | 57 | 244 | |
(/) Shares Outstanding | 12.6 | 126.0 | 31.5 | 11.5 | 9.5 | 4.8 | |
Implied Stock Price | 56.85 | 39.00 | 26.20 | 19.55 | 6.00 | 50.60 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 56.85 | 39.00 | 26.20 | 19.55 | 6.00 | 50.60 | |
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 |