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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | -0.2x - -0.3x | -0.2x |
Selected Fwd Revenue Multiple | -0.2x - -0.3x | -0.3x |
Fair Value | €3.42 - €3.22 | €3.32 |
Upside | 37.4% - 29.3% | 33.4% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
GAN Limited | 4VN | DB:4VN |
Evoke plc | C8V | DB:C8V |
MHP Hotel AG | CDZ0 | XTRA:CDZ0 |
Erlebnis Akademie AG | EAD | XTRA:EAD |
Nebelhornbahn-Aktiengesellschaft | NHB0 | MUN:NHB0 |
bet-at-home.com AG | ACX | DB:ACX |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
4VN | C8V | CDZ0 | EAD | NHB0 | ACX | |||
DB:4VN | DB:C8V | XTRA:CDZ0 | XTRA:EAD | MUN:NHB0 | DB:ACX | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 35.1% | 32.9% | 413.1% | 9.2% | 7.6% | -17.8% | ||
3Y CAGR | 2.8% | 35.1% | NM- | 16.3% | 24.2% | -4.4% | ||
Latest Twelve Months | 7.0% | 2.5% | NM | -1.2% | 5.2% | 12.4% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -20.4% | 8.4% | -328.5% | 1.1% | -8.2% | 2.8% | ||
Prior Fiscal Year | -23.4% | 4.4% | -9.5% | -1.3% | 8.7% | 0.0% | ||
Latest Fiscal Year | -2.7% | 4.6% | -5.0% | -7.8% | 8.2% | -6.9% | ||
Latest Twelve Months | -4.0% | 4.6% | -5.4% | -11.7% | 8.2% | -6.9% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.73x | 1.02x | 0.58x | 1.49x | 4.02x | -0.38x | ||
EV / LTM EBIT | -18.3x | 22.4x | -10.9x | -12.7x | 49.0x | 5.4x | ||
Price / LTM Sales | 0.64x | 0.14x | 0.44x | 0.40x | 1.60x | 0.34x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.58x | 1.02x | 4.02x | |||||
Historical EV / LTM Revenue | -0.38x | 0.56x | 4.73x | |||||
Selected EV / LTM Revenue | -0.23x | -0.25x | -0.26x | |||||
(x) LTM Revenue | 52 | 52 | 52 | |||||
(=) Implied Enterprise Value | (12) | (13) | (13) | |||||
(-) Non-shareholder Claims * | 37 | 37 | 37 | |||||
(=) Equity Value | 25 | 25 | 24 | |||||
(/) Shares Outstanding | 7.0 | 7.0 | 7.0 | |||||
Implied Value Range | 3.61 | 3.51 | 3.42 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 3.61 | 3.51 | 3.42 | 2.49 | ||||
Upside / (Downside) | 44.8% | 41.1% | 37.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 4VN | C8V | CDZ0 | EAD | NHB0 | ACX | |
Enterprise Value | 96 | 1,788 | 86 | 36 | 25 | (20) | |
(+) Cash & Short Term Investments | 40 | 265 | 0 | 2 | 0 | 39 | |
(+) Investments & Other | 0 | 32 | 0 | 2 | 0 | 0 | |
(-) Debt | (52) | (1,833) | (21) | (28) | 0 | (1) | |
(-) Other Liabilities | 0 | (21) | 0 | (3) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 84 | 232 | 66 | 10 | 25 | 17 | |
(/) Shares Outstanding | 46.3 | 449.6 | 43.2 | 2.5 | 1.4 | 7.0 | |
Implied Stock Price | 1.81 | 0.52 | 1.52 | 3.84 | 18.40 | 2.49 | |
FX Conversion Rate to Trading Currency | 1.12 | 0.84 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.62 | 0.61 | 1.52 | 3.84 | 18.40 | 2.49 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.12 | 0.84 | 1.00 | 1.00 | 1.00 | 1.00 |