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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 11.6x - 12.8x | 12.2x |
Selected Fwd EBITDA Multiple | 8.3x - 9.1x | 8.7x |
Fair Value | €41.51 - €46.12 | €43.81 |
Upside | -35.6% - -28.5% | -32.1% |
Benchmarks | Ticker | Full Ticker |
Yamada Holdings Co., Ltd. | 9831 | TSE:9831 |
Best Buy Co., Inc. | BBY | NYSE:BBY |
Williams-Sonoma, Inc. | WSM | NYSE:WSM |
Avolta AG | AVOL | SWX:AVOL |
Eagers Automotive Limited | APE | ASX:APE |
JB Hi-Fi Limited | JB3 | DB:JB3 |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
9831 | BBY | WSM | AVOL | APE | JB3 | ||
TSE:9831 | NYSE:BBY | NYSE:WSM | SWX:AVOL | ASX:APE | DB:JB3 | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 3.4% | -1.9% | 20.5% | 10.5% | 20.7% | 9.9% | |
3Y CAGR | -8.2% | -12.5% | 0.3% | NM- | 4.4% | -4.4% | |
Latest Twelve Months | -2.9% | -2.4% | 2.2% | 10.2% | 0.2% | 7.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 5.0% | 6.7% | 19.2% | -1.8% | 5.3% | 8.2% | |
Prior Fiscal Year | 4.2% | 6.1% | 19.2% | 11.2% | 5.9% | 7.3% | |
Latest Fiscal Year | 4.3% | 6.3% | 21.6% | 11.8% | 5.2% | 7.1% | |
Latest Twelve Months | NA | 6.3% | 21.0% | 12.0% | 5.2% | 7.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.35x | 0.43x | 3.25x | 1.26x | 0.78x | 1.25x | |
EV / LTM EBITDA | 8.4x | 6.9x | 15.5x | 10.5x | 14.9x | 17.5x | |
EV / LTM EBIT | 13.8x | 10.3x | 18.0x | 16.5x | 16.2x | 19.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 6.9x | 10.5x | 15.5x | ||||
Historical EV / LTM EBITDA | 5.0x | 7.9x | 17.5x | ||||
Selected EV / LTM EBITDA | 11.6x | 12.2x | 12.8x | ||||
(x) LTM EBITDA | 751 | 751 | 751 | ||||
(=) Implied Enterprise Value | 8,717 | 9,175 | 9,634 | ||||
(-) Non-shareholder Claims * | (436) | (436) | (436) | ||||
(=) Equity Value | 8,281 | 8,740 | 9,199 | ||||
(/) Shares Outstanding | 109.3 | 109.3 | 109.3 | ||||
Implied Value Range | 75.74 | 79.94 | 84.13 | ||||
FX Rate: AUD/EUR | 1.8 | 1.8 | 1.8 | Market Price | |||
Implied Value Range (Trading Cur) | 42.13 | 44.46 | 46.80 | 64.50 | |||
Upside / (Downside) | -34.7% | -31.1% | -27.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 9831 | BBY | WSM | AVOL | APE | JB3 | |
Enterprise Value | 577,507 | 17,859 | 25,319 | 17,612 | 8,630 | 13,114 | |
(+) Cash & Short Term Investments | 61,904 | 1,339 | 1,047 | 935 | 184 | 284 | |
(+) Investments & Other | 0 | 0 | 0 | 33 | 69 | 0 | |
(-) Debt | (324,438) | (4,059) | (1,369) | (11,739) | (3,371) | (714) | |
(-) Other Liabilities | (5,617) | 0 | 0 | (127) | (36) | (5) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 309,356 | 15,139 | 24,997 | 6,714 | 5,476 | 12,679 | |
(/) Shares Outstanding | 677.4 | 211.3 | 123.0 | 145.1 | 258.1 | 109.3 | |
Implied Stock Price | 456.70 | 71.63 | 203.23 | 46.26 | 21.22 | 115.97 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.80 | |
Implied Stock Price (Trading Cur) | 456.70 | 71.63 | 203.23 | 46.26 | 21.22 | 64.50 | |
Trading Currency | JPY | USD | USD | CHF | AUD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.80 |