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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14.7x - 16.2x | 15.5x |
Selected Fwd EBIT Multiple | 9.5x - 10.5x | 10.0x |
Fair Value | €1.53 - €1.95 | €1.74 |
Upside | 4.7% - 33.6% | 19.2% |
Benchmarks | Ticker | Full Ticker |
Dunelm Group plc | DNLM | LSE:DNLM |
NEXT plc | NXT | LSE:NXT |
Card Factory plc | CARD | LSE:CARD |
Caffyns plc | CFYN | LSE:CFYN |
Marks Electrical Group PLC | MRK | AIM:MRK |
DFS Furniture plc | DF0 | DB:DF0 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DNLM | NXT | CARD | CFYN | MRK | DF0 | ||
LSE:DNLM | LSE:NXT | LSE:CARD | LSE:CFYN | AIM:MRK | DB:DF0 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 10.9% | 5.0% | -1.7% | -5.0% | -19.4% | 3.3% | |
3Y CAGR | 8.6% | 7.4% | NM- | -19.7% | -58.2% | -30.3% | |
Latest Twelve Months | 4.7% | 12.9% | -3.1% | -53.7% | -106.1% | -21.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 12.5% | 16.9% | 10.7% | 1.5% | 5.8% | 6.1% | |
Prior Fiscal Year | 12.1% | 17.6% | 14.4% | 1.9% | 6.6% | 6.0% | |
Latest Fiscal Year | 12.5% | 17.9% | 15.2% | 0.6% | 0.4% | 4.8% | |
Latest Twelve Months | 12.4% | 17.9% | 13.5% | 0.7% | -0.3% | 5.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.19x | 2.56x | 0.93x | 0.10x | 0.48x | 0.80x | |
EV / LTM EBITDA | 8.5x | 12.7x | 8.3x | 7.2x | 100.4x | 10.2x | |
EV / LTM EBIT | 9.6x | 14.3x | 6.9x | 13.8x | -158.9x | 14.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -158.9x | 9.6x | 14.3x | ||||
Historical EV / LTM EBIT | 11.5x | 13.3x | 15.1x | ||||
Selected EV / LTM EBIT | 14.7x | 15.5x | 16.2x | ||||
(x) LTM EBIT | 56 | 56 | 56 | ||||
(=) Implied Enterprise Value | 822 | 865 | 909 | ||||
(-) Non-shareholder Claims * | (493) | (493) | (493) | ||||
(=) Equity Value | 329 | 373 | 416 | ||||
(/) Shares Outstanding | 230.7 | 230.7 | 230.7 | ||||
Implied Value Range | 1.43 | 1.61 | 1.80 | ||||
FX Rate: GBP/EUR | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 1.66 | 1.88 | 2.09 | 1.46 | |||
Upside / (Downside) | 13.6% | 28.5% | 43.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DNLM | NXT | CARD | CFYN | MRK | DF0 | |
Enterprise Value | 2,095 | 15,763 | 498 | 26 | 57 | 783 | |
(+) Cash & Short Term Investments | 57 | 200 | 27 | 2 | 7 | 22 | |
(+) Investments & Other | 0 | 33 | 0 | 0 | 0 | 0 | |
(-) Debt | (244) | (1,877) | (203) | (17) | (3) | (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 | 1,907 | 14,001 | 322 | 12 | 61 | 290 | |
(/) Shares Outstanding | 201.2 | 116.7 | 348.0 | 2.7 | 104.7 | 230.7 | |
Implied Stock Price | 9.48 | 120.00 | 0.92 | 4.25 | 0.58 | 1.26 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 | |
Implied Stock Price (Trading Cur) | 9.48 | 120.00 | 0.92 | 4.25 | 0.58 | 1.46 | |
Trading Currency | GBP | GBP | GBP | GBP | GBP | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.86 |