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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6.7x - 7.4x | 7.0x |
| Selected Fwd EBITDA Multiple | 6.0x - 6.6x | 6.3x |
| Fair Value | €20.01 - €24.60 | €22.30 |
| Upside | 3.9% - 27.8% | 15.9% |
| Benchmarks | Ticker | Full Ticker |
| Hera S.p.A. | HER | BIT:HER |
| Iren SpA | IRE | BIT:IRE |
| A2A S.p.A. | A2A | BIT:A2A |
| Acinque S.p.A. | AC5 | BIT:AC5 |
| Ascopiave S.p.A. | ASC | BIT:ASC |
| ACEA S.p.A. | DCA | DB:DCA |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HER | IRE | A2A | AC5 | ASC | DCA | ||
| BIT:HER | BIT:IRE | BIT:A2A | BIT:AC5 | BIT:ASC | DB:DCA | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 7.7% | 6.7% | 14.3% | 11.2% | 17.5% | 11.6% | |
| 3Y CAGR | 8.9% | 8.8% | 20.5% | 11.3% | 14.0% | 10.2% | |
| Latest Twelve Months | 6.3% | 15.4% | 25.6% | 48.0% | 1.2% | 22.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.4% | 18.2% | 12.7% | 13.3% | 47.6% | 26.4% | |
| Prior Fiscal Year | 8.4% | 15.9% | 12.1% | 10.9% | 55.0% | 25.1% | |
| Latest Fiscal Year | 10.5% | 19.4% | 17.3% | 17.2% | 49.1% | 32.7% | |
| Latest Twelve Months | 10.5% | 19.4% | 17.3% | 17.2% | 49.1% | 32.7% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.77x | 1.18x | 1.03x | 0.95x | 4.66x | 2.12x | |
| EV / LTM EBITDA | 7.3x | 6.0x | 6.0x | 5.5x | 9.5x | 6.5x | |
| EV / LTM EBIT | 12.2x | 13.7x | 9.9x | 12.2x | 18.5x | 13.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 5.5x | 6.0x | 9.5x | ||||
| Historical EV / LTM EBITDA | 6.5x | 7.7x | 8.4x | ||||
| Selected EV / LTM EBITDA | 6.7x | 7.0x | 7.4x | ||||
| (x) LTM EBITDA | 1,396 | 1,396 | 1,396 | ||||
| (=) Implied Enterprise Value | 9,327 | 9,818 | 10,309 | ||||
| (-) Non-shareholder Claims * | (5,015) | (5,015) | (5,015) | ||||
| (=) Equity Value | 4,312 | 4,803 | 5,294 | ||||
| (/) Shares Outstanding | 212.5 | 212.5 | 212.5 | ||||
| Implied Value Range | 20.29 | 22.60 | 24.91 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 20.29 | 22.60 | 24.91 | 19.25 | |||
| Upside / (Downside) | 5.4% | 17.4% | 29.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HER | IRE | A2A | AC5 | ASC | DCA | |
| Enterprise Value | 10,089 | 7,106 | 13,227 | 561 | 954 | 9,106 | |
| (+) Cash & Short Term Investments | 1,316 | 868 | 1,549 | 100 | 0 | 513 | |
| (+) Investments & Other | 127 | 124 | 25 | 37 | 105 | 496 | |
| (-) Debt | (5,460) | (5,075) | (7,272) | (275) | (388) | (5,654) | |
| (-) Other Liabilities | (307) | 0 | (558) | 0 | (10) | (370) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,765 | 3,023 | 6,971 | 422 | 662 | 4,092 | |
| (/) Shares Outstanding | 1,441.2 | 1,283.1 | 3,132.9 | 197.3 | 216.4 | 212.5 | |
| Implied Stock Price | 4.00 | 2.36 | 2.23 | 2.14 | 3.06 | 19.25 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.00 | 2.36 | 2.23 | 2.14 | 3.06 | 19.25 | |
| 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 | |