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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -15.4x - -17.0x | -16.2x |
Selected Fwd EBIT Multiple | -9.2x - -10.2x | -9.7x |
Fair Value | €1.17 - €1.31 | €1.24 |
Upside | -9.1% - 1.7% | -3.7% |
Benchmarks | Ticker | Full Ticker |
Advicenne S.A. | ALDVI | ENXTPA:ALDVI |
Theranexus Société Anonyme | ALTHX | ENXTPA:ALTHX |
Euroapi S.A. | EAPI | ENXTPA:EAPI |
Coretech 5 Société anonyme | MLCOT | ENXTPA:MLCOT |
Labiana Health, S.A. | 8RK | DB:8RK |
AB Science S.A. | A8D | DB:A8D |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ALDVI | ALTHX | EAPI | MLCOT | 8RK | A8D | ||
ENXTPA:ALDVI | ENXTPA:ALTHX | ENXTPA:EAPI | ENXTPA:MLCOT | DB:8RK | DB:A8D | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | NM- | 28.9% | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | 103.0% | NM- | |
Latest Twelve Months | -39.9% | 65.6% | -3560.0% | 30.0% | 364.1% | 54.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -321.7% | -87381.7% | 0.5% | -2887132.5% | 0.2% | -1116.0% | |
Prior Fiscal Year | -122.3% | -2579.4% | 0.1% | -8895400.0% | -3.2% | -1384.4% | |
Latest Fiscal Year | -172.0% | -115.0% | -1.4% | -405.8% | 7.5% | -567.4% | |
Latest Twelve Months | -172.0% | -115.0% | -2.0% | -405.8% | 7.5% | -567.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 6.14x | 10.22x | 0.38x | 182.66x | 0.79x | 93.73x | |
EV / LTM EBITDA | -5.0x | -9.2x | 8.6x | NA | 7.4x | -17.7x | |
EV / LTM EBIT | -3.6x | -8.9x | -19.1x | -45.0x | 10.5x | -16.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -45.0x | -8.9x | 10.5x | ||||
Historical EV / LTM EBIT | -63.5x | -20.8x | -13.0x | ||||
Selected EV / LTM EBIT | -15.4x | -16.2x | -17.0x | ||||
(x) LTM EBIT | (6) | (6) | (6) | ||||
(=) Implied Enterprise Value | 94 | 99 | 103 | ||||
(-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
(=) Equity Value | 83 | 88 | 93 | ||||
(/) Shares Outstanding | 69.8 | 69.8 | 69.8 | ||||
Implied Value Range | 1.19 | 1.26 | 1.33 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.19 | 1.26 | 1.33 | 1.29 | |||
Upside / (Downside) | -7.4% | -1.9% | 3.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ALDVI | ALTHX | EAPI | MLCOT | 8RK | A8D | |
Enterprise Value | 32 | 24 | 331 | 3 | 52 | 100 | |
(+) Cash & Short Term Investments | 3 | 1 | 52 | 0 | 7 | 8 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 2 | 0 | |
(-) Debt | (18) | (3) | (68) | 0 | (35) | (18) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 1 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 17 | 22 | 314 | 3 | 26 | 90 | |
(/) Shares Outstanding | 14.2 | 8.5 | 95.2 | 13.4 | 7.0 | 69.8 | |
Implied Stock Price | 1.23 | 2.60 | 3.30 | 0.24 | 3.76 | 1.29 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.23 | 2.60 | 3.30 | 0.24 | 3.76 | 1.29 | |
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 |