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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -14.7x - -16.3x | -15.5x |
Selected Fwd EBIT Multiple | -8.8x - -9.7x | -9.3x |
Fair Value | €1.15 - €1.29 | €1.22 |
Upside | -11.8% - -1.2% | -6.5% |
Benchmarks | Ticker | Full Ticker |
Advicenne S.A. | ALDVI | ENXTPA:ALDVI |
Theranexus Société Anonyme | ALTHX | ENXTPA:ALTHX |
Sanofi | SAN | ENXTPA:SAN |
Euroapi S.A. | EAPI | ENXTPA:EAPI |
Coretech 5 Société anonyme | MLCOT | ENXTPA:MLCOT |
AB Science S.A. | A8D | DB:A8D |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ALDVI | ALTHX | SAN | EAPI | MLCOT | A8D | ||
ENXTPA:ALDVI | ENXTPA:ALTHX | ENXTPA:SAN | ENXTPA:EAPI | ENXTPA:MLCOT | DB:A8D | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | 5.5% | NM- | NM- | NM- | |
3Y CAGR | NM- | NM- | 1.2% | NM- | NM- | NM- | |
Latest Twelve Months | -39.9% | 65.6% | 6.6% | -1107.7% | 30.0% | 54.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -321.7% | -87381.7% | 21.3% | 0.9% | -2887132.5% | -1116.0% | |
Prior Fiscal Year | -122.3% | -2579.4% | 19.8% | 0.1% | -8895400.0% | -1384.4% | |
Latest Fiscal Year | -172.0% | -115.0% | 20.0% | -1.4% | -405.8% | -567.4% | |
Latest Twelve Months | -172.0% | -115.0% | 20.8% | -1.4% | -405.8% | -567.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 5.65x | 5.37x | 2.53x | 0.32x | 217.59x | 97.29x | |
EV / LTM EBITDA | -4.6x | -4.8x | 9.4x | 6.1x | NA | -18.3x | |
EV / LTM EBIT | -3.3x | -4.7x | 12.2x | -22.6x | -53.6x | -17.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -53.6x | -4.7x | 12.2x | ||||
Historical EV / LTM EBIT | -63.5x | -20.8x | -13.0x | ||||
Selected EV / LTM EBIT | -14.7x | -15.5x | -16.3x | ||||
(x) LTM EBIT | (6) | (6) | (6) | ||||
(=) Implied Enterprise Value | 89 | 94 | 99 | ||||
(-) Non-shareholder Claims * | (10) | (10) | (10) | ||||
(=) Equity Value | 79 | 84 | 88 | ||||
(/) Shares Outstanding | 67.5 | 67.5 | 67.5 | ||||
Implied Value Range | 1.17 | 1.24 | 1.31 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.17 | 1.24 | 1.31 | 1.30 | |||
Upside / (Downside) | -10.1% | -4.7% | 0.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ALDVI | ALTHX | SAN | EAPI | MLCOT | A8D | |
Enterprise Value | 30 | 14 | 114,040 | 297 | 4 | 98 | |
(+) Cash & Short Term Investments | 3 | 1 | 7,556 | 73 | 0 | 8 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Debt | (18) | (3) | (17,913) | (69) | 0 | (18) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 15 | 12 | 103,683 | 301 | 4 | 88 | |
(/) Shares Outstanding | 12.3 | 8.5 | 1,218.2 | 95.2 | 13.4 | 67.5 | |
Implied Stock Price | 1.25 | 1.44 | 85.11 | 3.16 | 0.30 | 1.30 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.25 | 1.44 | 85.11 | 3.16 | 0.30 | 1.30 | |
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 |