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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 19.4x - 21.5x | 20.5x |
Selected Fwd EBIT Multiple | 16.5x - 18.3x | 17.4x |
Fair Value | €14.75 - €17.18 | €15.96 |
Upside | 3.8% - 21.0% | 12.4% |
Benchmarks | Ticker | Full Ticker |
Otter Tail Corporation | OTTR | NasdaqGS:OTTR |
Star Group, L.P. | SGU | NYSE:SGU |
Suburban Propane Partners, L.P. | SPH | NYSE:SPH |
Superior Plus Corp. | SUUI.F | OTCPK:SUUI.F |
Ferrellgas Partners, L.P. | FGPR | OTCPK:FGPR |
MDU Resources Group, Inc. | MRE | DB:MRE |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
OTTR | SGU | SPH | SUUI.F | FGPR | MRE | ||
NasdaqGS:OTTR | NYSE:SGU | NYSE:SPH | OTCPK:SUUI.F | OTCPK:FGPR | DB:MRE | ||
Historical EBIT Growth | |||||||
5Y CAGR | 24.5% | 11.9% | 2.6% | -4.1% | 10.9% | -10.9% | |
3Y CAGR | 16.3% | -23.7% | -7.0% | 22.3% | -1.6% | -7.2% | |
Latest Twelve Months | -11.0% | 24.0% | 2.4% | 7.5% | 11.7% | 66.1% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 24.7% | 4.9% | 14.3% | 7.4% | 11.3% | 17.3% | |
Prior Fiscal Year | 28.8% | 2.9% | 14.8% | 8.1% | 11.8% | 12.8% | |
Latest Fiscal Year | 29.3% | 3.2% | 12.9% | 8.3% | 11.3% | 15.4% | |
Latest Twelve Months | 27.7% | 5.7% | 14.1% | 8.4% | 11.6% | 14.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.13x | 0.36x | 1.79x | 1.25x | 1.06x | 2.90x | |
EV / LTM EBITDA | 8.7x | 4.7x | 9.4x | 7.2x | 6.3x | 11.2x | |
EV / LTM EBIT | 11.3x | 6.3x | 12.6x | 15.0x | 9.1x | 19.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 6.3x | 11.3x | 15.0x | ||||
Historical EV / LTM EBIT | 14.1x | 15.1x | 35.2x | ||||
Selected EV / LTM EBIT | 19.4x | 20.5x | 21.5x | ||||
(x) LTM EBIT | 275 | 275 | 275 | ||||
(=) Implied Enterprise Value | 5,358 | 5,640 | 5,922 | ||||
(-) Non-shareholder Claims * | (2,007) | (2,007) | (2,007) | ||||
(=) Equity Value | 3,350 | 3,632 | 3,914 | ||||
(/) Shares Outstanding | 204.3 | 204.3 | 204.3 | ||||
Implied Value Range | 16.40 | 17.78 | 19.16 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 14.01 | 15.19 | 16.37 | 14.20 | |||
Upside / (Downside) | -1.3% | 7.0% | 15.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | OTTR | SGU | SPH | SUUI.F | FGPR | MRE | |
Enterprise Value | 4,104 | 642 | 2,553 | 3,150 | 2,042 | 5,403 | |
(+) Cash & Short Term Investments | 307 | 28 | 1 | 22 | 109 | 59 | |
(+) Investments & Other | 80 | 0 | 0 | 0 | 0 | 116 | |
(-) Debt | (1,043) | (288) | (1,348) | (1,797) | (2,160) | (2,182) | |
(-) Other Liabilities | 0 | 6 | 0 | (260) | 78 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 3,448 | 388 | 1,207 | 1,115 | 70 | 3,395 | |
(/) Shares Outstanding | 41.9 | 33.6 | 65.5 | 222.9 | 4.9 | 204.3 | |
Implied Stock Price | 82.27 | 11.56 | 18.43 | 5.00 | 14.50 | 16.62 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 82.27 | 11.56 | 18.43 | 5.00 | 14.50 | 14.20 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |