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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -6.3x - -7.0x | -6.6x |
Selected Fwd EBIT Multiple | -44.8x - -49.5x | -47.1x |
Fair Value | €3.57 - €3.96 | €3.76 |
Upside | 10.1% - 22.1% | 16.1% |
Benchmarks | Ticker | Full Ticker |
Hydrogène de France Société anonyme | HDF | ENXTPA:HDF |
Voltalia SA | VLTSA | ENXTPA:VLTSA |
Intexa SA | ITXT | ENXTPA:ITXT |
Uniper SE | 1UN | XMIL:1UN |
Ecosuntek S.p.A. | ECK | XMIL:ECK |
Charwood Energy SA | L5Q | DB:L5Q |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
HDF | VLTSA | ITXT | 1UN | ECK | L5Q | ||
ENXTPA:HDF | ENXTPA:VLTSA | ENXTPA:ITXT | XMIL:1UN | XMIL:ECK | DB:L5Q | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 14.4% | 2.0% | 5.3% | 42.7% | NM- | |
3Y CAGR | NM- | 2.6% | -0.3% | NM- | 118.2% | NM- | |
Latest Twelve Months | -75.5% | -41.6% | -28.6% | -72.2% | -17.3% | -67.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -210.5% | 17.9% | 37.5% | 0.8% | 1.9% | -26.0% | |
Prior Fiscal Year | -234.0% | 24.2% | 37.6% | 7.6% | 1.6% | -10.0% | |
Latest Fiscal Year | -145.2% | 12.8% | 38.7% | 3.3% | 2.3% | -38.3% | |
Latest Twelve Months | -145.2% | 12.8% | 29.8% | 3.3% | 2.2% | -49.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.21x | 5.54x | 8.43x | 0.16x | 0.11x | 3.24x | |
EV / LTM EBITDA | -2.3x | 16.5x | 14.5x | 4.1x | 4.1x | -8.3x | |
EV / LTM EBIT | -2.2x | 43.4x | 28.3x | 5.0x | 4.9x | -6.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -2.2x | 5.0x | 43.4x | ||||
Historical EV / LTM EBIT | -9.9x | -9.9x | -9.9x | ||||
Selected EV / LTM EBIT | -6.3x | -6.6x | -7.0x | ||||
(x) LTM EBIT | (3) | (3) | (3) | ||||
(=) Implied Enterprise Value | 18 | 18 | 19 | ||||
(-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
(=) Equity Value | 17 | 18 | 19 | ||||
(/) Shares Outstanding | 5.2 | 5.2 | 5.2 | ||||
Implied Value Range | 3.24 | 3.41 | 3.59 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 3.24 | 3.41 | 3.59 | 3.24 | |||
Upside / (Downside) | -0.1% | 5.3% | 10.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | HDF | VLTSA | ITXT | 1UN | ECK | L5Q | |
Enterprise Value | 36 | 3,005 | 2 | 11,694 | 60 | 18 | |
(+) Cash & Short Term Investments | 39 | 375 | 0 | 6,732 | 62 | 1 | |
(+) Investments & Other | 1 | 27 | 0 | 939 | 1 | 0 | |
(-) Debt | (0) | (2,322) | (0) | (1,898) | (82) | (2) | |
(-) Other Liabilities | 0 | (106) | 0 | (162) | (10) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 76 | 978 | 3 | 17,305 | 30 | 17 | |
(/) Shares Outstanding | 14.7 | 130.9 | 1.0 | 416.5 | 1.7 | 5.2 | |
Implied Stock Price | 5.18 | 7.47 | 2.60 | 41.55 | 17.80 | 3.24 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 5.18 | 7.47 | 2.60 | 41.55 | 17.80 | 3.24 | |
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 |