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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0.0x - 0.0x | 0.0x |
Selected Fwd Revenue Multiple | -0.2x - -0.2x | -0.2x |
Fair Value | €3.82 - €3.73 | €3.78 |
Upside | 44.8% - 41.5% | 43.1% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
GAN Limited | 4VN | DB:4VN |
Evoke plc | C8V | DB:C8V |
MHP Hotel AG | CDZ0 | XTRA:CDZ0 |
Delivery Hero SE | DHER | XTRA:DHER |
TUI AG | TUI1 | XTRA:TUI1 |
bet-at-home.com AG | ACX | DB:ACX |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
4VN | C8V | CDZ0 | DHER | TUI1 | ACX | |||
DB:4VN | DB:C8V | XTRA:CDZ0 | XTRA:DHER | XTRA:TUI1 | DB:ACX | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 35.1% | 32.2% | 413.1% | 71.8% | 4.1% | -19.4% | ||
3Y CAGR | 2.8% | 40.2% | NM- | 59.0% | 69.8% | -5.4% | ||
Latest Twelve Months | 4.3% | -5.4% | NM | 13.3% | 11.9% | 0.0% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -19.9% | 9.1% | -328.5% | -26.7% | -21.2% | 4.5% | ||
Prior Fiscal Year | -23.4% | 7.1% | -9.5% | -16.8% | 2.9% | 3.8% | ||
Latest Fiscal Year | -2.7% | 4.9% | -5.0% | -6.7% | 3.8% | 0.0% | ||
Latest Twelve Months | -2.7% | 2.3% | -5.4% | -5.6% | 3.8% | -8.4% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.69x | 1.07x | 0.55x | 0.97x | 0.29x | -0.28x | ||
EV / LTM EBIT | -26.0x | 46.8x | -10.1x | -17.2x | 7.6x | 3.3x | ||
Price / LTM Sales | 0.61x | 0.18x | 0.40x | 0.64x | 0.16x | 0.39x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.29x | 0.69x | 1.07x | |||||
Historical EV / LTM Revenue | -0.29x | 1.85x | 4.73x | |||||
Selected EV / LTM Revenue | -0.04x | -0.04x | -0.04x | |||||
(x) LTM Revenue | 49 | 49 | 49 | |||||
(=) Implied Enterprise Value | (2) | (2) | (2) | |||||
(-) Non-shareholder Claims * | 33 | 33 | 33 | |||||
(=) Equity Value | 31 | 31 | 31 | |||||
(/) Shares Outstanding | 7.0 | 7.0 | 7.0 | |||||
Implied Value Range | 4.39 | 4.38 | 4.36 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 4.39 | 4.38 | 4.36 | 2.64 | ||||
Upside / (Downside) | 66.3% | 65.8% | 65.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 4VN | C8V | CDZ0 | DHER | TUI1 | ACX | |
Enterprise Value | 91 | 1,800 | 80 | 10,562 | 7,090 | (14) | |
(+) Cash & Short Term Investments | 39 | 244 | 0 | 1,756 | 1,659 | 34 | |
(+) Investments & Other | 0 | 34 | 0 | 257 | 1,599 | 0 | |
(-) Debt | (50) | (1,774) | (21) | (5,593) | (5,762) | (2) | |
(-) Other Liabilities | 0 | 0 | 0 | 6 | (894) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 80 | 303 | 60 | 6,987 | 3,692 | 19 | |
(/) Shares Outstanding | 45.8 | 449.4 | 43.2 | 289.8 | 507.4 | 7.0 | |
Implied Stock Price | 1.74 | 0.67 | 1.38 | 24.11 | 7.28 | 2.64 | |
FX Conversion Rate to Trading Currency | 1.08 | 0.84 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.61 | 0.80 | 1.38 | 24.11 | 7.28 | 2.64 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 1.08 | 0.84 | 1.00 | 1.00 | 1.00 | 1.00 |