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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 15.1x - 16.7x | 15.9x |
Selected Fwd EBIT Multiple | 10.0x - 11.1x | 10.6x |
Fair Value | €1.64 - €2.08 | €1.86 |
Upside | 0.9% - 27.4% | 14.1% |
Benchmarks | Ticker | Full Ticker |
Dunelm Group plc | DNLM | LSE:DNLM |
NEXT plc | NXT | LSE:NXT |
Currys plc | CURY | LSE:CURY |
Topps Tiles Plc | TPT | LSE:TPT |
Marks Electrical Group PLC | MRK | AIM:MRK |
DFS Furniture plc | DF0 | DB:DF0 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DNLM | NXT | CURY | TPT | MRK | DF0 | ||
LSE:DNLM | LSE:NXT | LSE:CURY | LSE:TPT | AIM:MRK | DB:DF0 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 10.9% | 5.0% | 7.5% | 20.4% | NM- | 3.3% | |
3Y CAGR | 8.6% | 7.4% | -1.4% | 16.2% | NM- | -30.3% | |
Latest Twelve Months | 4.7% | 12.9% | 38.5% | 231.8% | -456.8% | -21.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 12.5% | 16.9% | 1.8% | 5.4% | 5.1% | 6.1% | |
Prior Fiscal Year | 12.1% | 17.6% | 1.7% | 4.5% | 0.4% | 6.0% | |
Latest Fiscal Year | 12.5% | 17.9% | 2.4% | 10.9% | -1.5% | 4.8% | |
Latest Twelve Months | 12.4% | 17.9% | 2.4% | 11.3% | -1.5% | 5.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.54x | 2.61x | 0.25x | 0.62x | 0.48x | 0.85x | |
EV / LTM EBITDA | 11.0x | 13.0x | 8.0x | 4.7x | -69.2x | 10.9x | |
EV / LTM EBIT | 12.4x | 14.6x | 10.4x | 5.5x | -32.6x | 15.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -32.6x | 10.4x | 14.6x | ||||
Historical EV / LTM EBIT | 11.5x | 13.3x | 15.1x | ||||
Selected EV / LTM EBIT | 15.1x | 15.9x | 16.7x | ||||
(x) LTM EBIT | 56 | 56 | 56 | ||||
(=) Implied Enterprise Value | 847 | 891 | 936 | ||||
(-) Non-shareholder Claims * | (493) | (493) | (493) | ||||
(=) Equity Value | 354 | 399 | 443 | ||||
(/) Shares Outstanding | 230.7 | 230.7 | 230.7 | ||||
Implied Value Range | 1.53 | 1.73 | 1.92 | ||||
FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 1.77 | 1.99 | 2.21 | 1.63 | |||
Upside / (Downside) | 8.5% | 22.2% | 35.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DNLM | NXT | CURY | TPT | MRK | DF0 | |
Enterprise Value | 2,653 | 15,951 | 2,138 | 168 | 57 | 819 | |
(+) Cash & Short Term Investments | 57 | 200 | 209 | 13 | 9 | 22 | |
(+) Investments & Other | 0 | 33 | 0 | 0 | 0 | 0 | |
(-) Debt | (244) | (1,877) | (965) | (110) | (2) | (515) | |
(-) Other Liabilities | 0 | (118) | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,466 | 14,189 | 1,382 | 71 | 63 | 326 | |
(/) Shares Outstanding | 201.3 | 116.3 | 1,073.8 | 196.6 | 104.3 | 230.7 | |
Implied Stock Price | 12.25 | 122.00 | 1.29 | 0.36 | 0.61 | 1.41 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 | |
Implied Stock Price (Trading Cur) | 12.25 | 122.00 | 1.29 | 0.36 | 0.61 | 1.63 | |
Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.87 |