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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0.8x - 0.9x | 0.9x |
Selected Fwd Revenue Multiple | 0.8x - 0.9x | 0.8x |
Fair Value | €22.85 - €27.56 | €25.21 |
Upside | 0.2% - 20.9% | 10.5% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Vinci SA | DG | ENXTPA:DG |
Bouygues SA | EN | ENXTPA:EN |
Koninklijke Heijmans N.V. | HEIJM | ENXTAM:HEIJM |
Koninklijke BAM Groep nv | BAMNB | ENXTAM:BAMNB |
Fugro N.V. | FUR | ENXTAM:FUR |
Eiffage SA | EF30 | DB:EF30 |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
DG | EN | HEIJM | BAMNB | FUR | EF30 | |||
ENXTPA:DG | ENXTPA:EN | ENXTAM:HEIJM | ENXTAM:BAMNB | ENXTAM:FUR | DB:EF30 | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 8.3% | 8.4% | 10.1% | -2.1% | 6.9% | 5.2% | ||
3Y CAGR | 13.2% | 14.7% | 13.9% | -4.1% | 15.9% | 7.8% | ||
Latest Twelve Months | 4.1% | 1.3% | 22.1% | 2.9% | 4.0% | 7.4% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 9.7% | 3.9% | 3.5% | 1.2% | 5.8% | 9.6% | ||
Prior Fiscal Year | 11.5% | 3.5% | 3.2% | 2.5% | 11.3% | 10.7% | ||
Latest Fiscal Year | 11.8% | 3.9% | 4.3% | 2.1% | 13.6% | 10.2% | ||
Latest Twelve Months | 11.8% | 3.9% | 4.3% | 2.1% | 13.6% | 10.2% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.27x | 0.41x | 0.43x | 0.13x | 0.57x | 0.85x | ||
EV / LTM EBIT | 10.7x | 10.6x | 10.0x | 6.0x | 4.2x | 8.3x | ||
Price / LTM Sales | 0.93x | 0.25x | 0.47x | 0.22x | 0.55x | 0.44x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.13x | 0.43x | 1.27x | |||||
Historical EV / LTM Revenue | 0.85x | 0.92x | 1.22x | |||||
Selected EV / LTM Revenue | 0.84x | 0.88x | 0.92x | |||||
(x) LTM Revenue | 24,041 | 24,041 | 24,041 | |||||
(=) Implied Enterprise Value | 20,116 | 21,174 | 22,233 | |||||
(-) Non-shareholder Claims * | (9,769) | (9,769) | (9,769) | |||||
(=) Equity Value | 10,347 | 11,405 | 12,464 | |||||
(/) Shares Outstanding | 446.6 | 446.6 | 446.6 | |||||
Implied Value Range | 23.17 | 25.54 | 27.91 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 23.17 | 25.54 | 27.91 | 22.80 | ||||
Upside / (Downside) | 1.6% | 12.0% | 22.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DG | EN | HEIJM | BAMNB | FUR | EF30 | |
Enterprise Value | 92,137 | 23,313 | 1,107 | 822 | 1,297 | 19,951 | |
(+) Cash & Short Term Investments | 16,094 | 5,567 | 105 | 765 | 319 | 6,025 | |
(+) Investments & Other | 3,229 | 1,932 | 106 | 179 | 64 | 2,339 | |
(-) Debt | (39,407) | (14,772) | (115) | (323) | (416) | (16,699) | |
(-) Other Liabilities | (4,085) | (1,812) | 0 | (0) | (17) | (1,434) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 67,968 | 14,228 | 1,202 | 1,443 | 1,247 | 10,182 | |
(/) Shares Outstanding | 562.4 | 376.7 | 27.5 | 263.5 | 110.5 | 446.6 | |
Implied Stock Price | 120.85 | 37.77 | 43.76 | 5.48 | 11.29 | 22.80 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 120.85 | 37.77 | 43.76 | 5.48 | 11.29 | 22.80 | |
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 |