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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 17.2x - 19.0x | 18.1x |
Selected Fwd EBIT Multiple | 14.8x - 16.3x | 15.5x |
Fair Value | €11.53 - €13.72 | €12.63 |
Upside | -22.1% - -7.3% | -14.7% |
Benchmarks | Ticker | Full Ticker |
Star Group, L.P. | SGU | NYSE:SGU |
Suburban Propane Partners, L.P. | SPH | NYSE:SPH |
Superior Plus Corp. | SUUI.F | PINC:SUUI.F |
Ferrellgas Partners, L.P. | FGPR | PINC:FGPR |
GAIL (India) Limited | GAIL.F | PINC:GAIL.F |
MDU Resources Group, Inc. | MRE | DB:MRE |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
SGU | SPH | SUUI.F | FGPR | GAIL.F | MRE | ||
NYSE:SGU | NYSE:SPH | PINC:SUUI.F | PINC:FGPR | PINC:GAIL.F | DB:MRE | ||
Historical EBIT Growth | |||||||
5Y CAGR | 11.9% | 2.6% | -4.1% | 10.9% | 5.7% | -10.9% | |
3Y CAGR | -23.7% | -7.0% | 22.3% | -1.6% | 27.9% | -7.2% | |
Latest Twelve Months | 51.5% | -8.1% | -1.7% | -60.0% | 46.1% | 17.0% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.7% | 14.0% | 7.7% | 10.9% | 8.9% | 10.1% | |
Prior Fiscal Year | 2.9% | 14.8% | 8.1% | 11.8% | 3.4% | 12.8% | |
Latest Fiscal Year | 3.2% | 12.9% | 8.3% | 11.3% | 8.3% | 15.4% | |
Latest Twelve Months | 4.9% | 13.6% | 8.3% | 4.7% | 8.6% | 15.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.39x | 2.05x | 1.39x | 1.11x | 1.02x | 3.20x | |
EV / LTM EBITDA | 5.9x | 10.9x | 7.8x | 11.2x | 9.3x | 12.0x | |
EV / LTM EBIT | 8.0x | 15.0x | 16.8x | 23.5x | 11.9x | 20.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.0x | 15.0x | 23.5x | ||||
Historical EV / LTM EBIT | 14.1x | 15.1x | 25.3x | ||||
Selected EV / LTM EBIT | 17.2x | 18.1x | 19.0x | ||||
(x) LTM EBIT | 270 | 270 | 270 | ||||
(=) Implied Enterprise Value | 4,647 | 4,892 | 5,137 | ||||
(-) Non-shareholder Claims * | (2,148) | (2,148) | (2,148) | ||||
(=) Equity Value | 2,500 | 2,744 | 2,989 | ||||
(/) Shares Outstanding | 204.3 | 204.3 | 204.3 | ||||
Implied Value Range | 12.23 | 13.43 | 14.63 | ||||
FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
Implied Value Range (Trading Cur) | 10.76 | 11.82 | 12.87 | 14.80 | |||
Upside / (Downside) | -27.3% | -20.2% | -13.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | SGU | SPH | SUUI.F | FGPR | GAIL.F | MRE | |
Enterprise Value | 679 | 2,744 | 3,232 | 2,089 | 1,290,774 | 5,585 | |
(+) Cash & Short Term Investments | 49 | 4 | 42 | 39 | 31,993 | 50 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 115 | |
(-) Debt | (307) | (1,441) | (1,869) | (2,156) | (196,318) | (2,314) | |
(-) Other Liabilities | 6 | 0 | (260) | 79 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 426 | 1,307 | 1,145 | 52 | 1,126,449 | 3,437 | |
(/) Shares Outstanding | 34.6 | 64.5 | 230.4 | 4.9 | 1,234.5 | 204.3 | |
Implied Stock Price | 12.32 | 20.27 | 4.97 | 10.70 | 912.50 | 16.82 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 84.49 | 1.14 | |
Implied Stock Price (Trading Cur) | 12.32 | 20.27 | 4.97 | 10.70 | 10.80 | 14.80 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 84.49 | 1.14 |