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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -15.2x - -16.8x | -16.0x |
Selected Fwd EBIT Multiple | 18.2x - 20.2x | 19.2x |
Fair Value | €0.18 - €5.19 | €2.42 |
Upside | -94.4% - 63.0% | -23.9% |
Benchmarks | Ticker | Full Ticker |
Avis Budget Group, Inc. | CAR | NasdaqGS:CAR |
Lyft, Inc. | LYFT | NasdaqGS:LYFT |
Old Dominion Freight Line, Inc. | ODFL | NasdaqGS:ODFL |
RXO, Inc. | RXO | NYSE:RXO |
Uber Technologies, Inc. | UBER | NYSE:UBER |
Hertz Global Holdings, Inc. | AZK0 | DB:AZK0 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CAR | LYFT | ODFL | RXO | UBER | AZK0 | ||
NasdaqGS:CAR | NasdaqGS:LYFT | NasdaqGS:ODFL | NYSE:RXO | NYSE:UBER | DB:AZK0 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 7.3% | NM- | 13.5% | -20.1% | NM- | NM- | |
3Y CAGR | -19.0% | NM- | 3.5% | -46.5% | NM- | NM- | |
Latest Twelve Months | -56.4% | 71.4% | -5.9% | -55.2% | 152.2% | -252.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 19.3% | -34.2% | 26.1% | 2.8% | -16.6% | 7.4% | |
Prior Fiscal Year | 24.8% | -8.8% | 28.0% | 1.7% | 3.0% | 8.1% | |
Latest Fiscal Year | 11.0% | -1.9% | 26.6% | 0.7% | 6.4% | -12.7% | |
Latest Twelve Months | 11.0% | -1.9% | 26.6% | 0.7% | 6.4% | -12.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 2.38x | 0.65x | 5.57x | 0.66x | 2.88x | 2.09x | |
EV / LTM EBITDA | 19.6x | 137.6x | 17.1x | 25.6x | 35.8x | -18.7x | |
EV / LTM EBIT | 21.6x | -33.9x | 21.0x | 99.8x | 45.2x | -16.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -33.9x | 21.6x | 99.8x | ||||
Historical EV / LTM EBIT | -17.2x | 7.4x | 16.8x | ||||
Selected EV / LTM EBIT | -15.2x | -16.0x | -16.8x | ||||
(x) LTM EBIT | (1,151) | (1,151) | (1,151) | ||||
(=) Implied Enterprise Value | 17,463 | 18,382 | 19,301 | ||||
(-) Non-shareholder Claims * | (17,814) | (17,814) | (17,814) | ||||
(=) Equity Value | 0 | 568 | 1,487 | ||||
(/) Shares Outstanding | 306.8 | 306.8 | 306.8 | ||||
Implied Value Range | 0.00 | 1.85 | 4.85 | ||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
Implied Value Range (Trading Cur) | 0.00 | 1.69 | 4.42 | 3.18 | |||
Upside / (Downside) | -100.0% | -47.1% | 38.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CAR | LYFT | ODFL | RXO | UBER | AZK0 | |
Enterprise Value | 27,858 | 3,608 | 32,241 | 2,950 | 133,885 | 18,886 | |
(+) Cash & Short Term Investments | 534 | 1,984 | 109 | 35 | 6,977 | 594 | |
(+) Investments & Other | 169 | 43 | 0 | 0 | 8,762 | 0 | |
(-) Debt | (26,114) | (1,258) | (168) | (664) | (11,436) | (18,408) | |
(-) Other Liabilities | (10) | 0 | 0 | 0 | (918) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,437 | 4,377 | 32,181 | 2,321 | 137,270 | 1,072 | |
(/) Shares Outstanding | 35.1 | 418.0 | 212.5 | 163.3 | 2,091.3 | 306.8 | |
Implied Stock Price | 69.42 | 10.47 | 151.41 | 14.21 | 65.64 | 3.49 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 | |
Implied Stock Price (Trading Cur) | 69.42 | 10.47 | 151.41 | 14.21 | 65.64 | 3.18 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.10 |