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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 3.2x - 3.5x | 3.3x |
Selected Fwd EBIT Multiple | -15.0x - -16.5x | -15.7x |
Fair Value | €3.25 - €3.03 | €3.14 |
Upside | 37.6% - 28.3% | 32.9% |
Benchmarks | Ticker | Full Ticker |
GAN Limited | 4VN | DB:4VN |
Evoke plc | C8V | DB:C8V |
International Game Technology PLC | 7IG | DB:7IG |
Nebelhornbahn-Aktiengesellschaft | NHB0 | MUN:NHB0 |
Erlebnis Akademie AG | EAD | XTRA:EAD |
bet-at-home.com AG | ACX | DB:ACX |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
4VN | C8V | 7IG | NHB0 | EAD | ACX | ||
DB:4VN | DB:C8V | DB:7IG | MUN:NHB0 | XTRA:EAD | DB:ACX | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 14.3% | 4.9% | 11.8% | NM- | NM- | |
3Y CAGR | NM- | -0.2% | -7.1% | NM- | NM- | NM- | |
Latest Twelve Months | 88.1% | 6.2% | -5.0% | -1.0% | -183.1% | -24073.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -19.9% | 8.4% | 20.4% | -8.2% | 1.1% | 2.7% | |
Prior Fiscal Year | -23.4% | 4.4% | 30.3% | 8.7% | -1.3% | 0.0% | |
Latest Fiscal Year | -2.7% | 4.6% | 29.0% | 8.2% | -7.8% | -6.9% | |
Latest Twelve Months | -2.7% | 4.6% | 29.0% | 8.2% | -11.7% | -6.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.67x | 1.01x | 3.34x | 3.85x | 1.46x | -0.22x | |
EV / LTM EBITDA | 72.7x | 9.8x | 8.9x | 11.8x | 11.2x | 3.5x | |
EV / LTM EBIT | -25.2x | 22.1x | 11.5x | 46.8x | -12.5x | 2.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -25.2x | 11.5x | 46.8x | ||||
Historical EV / LTM EBIT | -7.6x | -2.1x | 5.8x | ||||
Selected EV / LTM EBIT | 3.2x | 3.3x | 3.5x | ||||
(x) LTM EBIT | (4) | (4) | (4) | ||||
(=) Implied Enterprise Value | (11) | (12) | (13) | ||||
(-) Non-shareholder Claims * | 37 | 37 | 37 | ||||
(=) Equity Value | 26 | 25 | 25 | ||||
(/) Shares Outstanding | 7.0 | 7.0 | 7.0 | ||||
Implied Value Range | 3.72 | 3.63 | 3.54 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3.72 | 3.63 | 3.54 | 2.36 | |||
Upside / (Downside) | 57.4% | 53.8% | 50.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 4VN | C8V | 7IG | NHB0 | EAD | ACX | |
Enterprise Value | 87 | 1,765 | 8,388 | 22 | 35 | (21) | |
(+) Cash & Short Term Investments | 39 | 265 | 584 | 0 | 2 | 39 | |
(+) Investments & Other | 0 | 32 | 0 | 0 | 2 | 0 | |
(-) Debt | (50) | (1,833) | (5,498) | 0 | (28) | (1) | |
(-) Other Liabilities | 0 | (21) | (303) | 0 | (3) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 75 | 209 | 3,171 | 22 | 9 | 17 | |
(/) Shares Outstanding | 45.8 | 449.6 | 202.0 | 1.4 | 2.5 | 7.0 | |
Implied Stock Price | 1.64 | 0.47 | 15.70 | 16.40 | 3.58 | 2.36 | |
FX Conversion Rate to Trading Currency | 1.14 | 0.86 | 1.14 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.44 | 0.54 | 13.80 | 16.40 | 3.58 | 2.36 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.14 | 0.86 | 1.14 | 1.00 | 1.00 | 1.00 |