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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -40.5x - -44.8x | -42.6x |
Selected Fwd EBIT Multiple | 11.3x - 12.5x | 11.9x |
Fair Value | €19.62 - €24.11 | €21.86 |
Upside | -34.8% - -19.9% | -27.4% |
Benchmarks | Ticker | Full Ticker |
E.ON SE | EOAN | XTRA:EOAN |
Mainova AG | MNV6 | DB:MNV6 |
REN - Redes Energéticas Nacionais, SGPS, S.A. | RN4 | DB:RN4 |
Gelsenwasser AG | WWG | DB:WWG |
Hera S.p.A. | HE9 | DB:HE9 |
MVV Energie AG | MVV1 | DB:MVV1 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
EOAN | MNV6 | RN4 | WWG | HE9 | MVV1 | ||
XTRA:EOAN | DB:MNV6 | DB:RN4 | DB:WWG | DB:HE9 | DB:MVV1 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 39.9% | 139.4% | -0.9% | -2.6% | 9.0% | 21.4% | |
3Y CAGR | 11.9% | -22.2% | 3.5% | -5.5% | 10.5% | -8.7% | |
Latest Twelve Months | 48.8% | 64.8% | -4.2% | -51.9% | 9.2% | -107.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 4.9% | 2.9% | 25.0% | 1.3% | 5.4% | 7.6% | |
Prior Fiscal Year | 1.0% | 2.5% | 24.8% | 1.8% | 5.4% | 14.4% | |
Latest Fiscal Year | 10.8% | 4.8% | 21.8% | 1.4% | 6.4% | 5.8% | |
Latest Twelve Months | 7.0% | 4.8% | 20.8% | 1.0% | 5.9% | -1.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.87x | 0.56x | 3.91x | 0.45x | 0.69x | 0.60x | |
EV / LTM EBITDA | 8.0x | 7.2x | 8.4x | 19.6x | 7.3x | 27.5x | |
EV / LTM EBIT | 12.4x | 11.6x | 18.7x | 47.8x | 11.8x | -52.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 11.6x | 12.4x | 47.8x | ||||
Historical EV / LTM EBIT | 3.4x | 9.5x | 16.0x | ||||
Selected EV / LTM EBIT | -40.5x | -42.6x | -44.8x | ||||
(x) LTM EBIT | (67) | (67) | (67) | ||||
(=) Implied Enterprise Value | 2,719 | 2,863 | 3,006 | ||||
(-) Non-shareholder Claims * | (1,517) | (1,517) | (1,517) | ||||
(=) Equity Value | 1,202 | 1,346 | 1,489 | ||||
(/) Shares Outstanding | 65.9 | 65.9 | 65.9 | ||||
Implied Value Range | 18.24 | 20.42 | 22.59 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 18.24 | 20.42 | 22.59 | 30.10 | |||
Upside / (Downside) | -39.4% | -32.2% | -25.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | EOAN | MNV6 | RN4 | WWG | HE9 | MVV1 | |
Enterprise Value | 73,201 | 2,209 | 3,969 | 1,531 | 9,627 | 3,501 | |
(+) Cash & Short Term Investments | 3,242 | 53 | 37 | 25 | 1,346 | 408 | |
(+) Investments & Other | 10,342 | 1,022 | 326 | 741 | 180 | 134 | |
(-) Debt | (39,540) | (942) | (2,439) | (336) | (5,496) | (1,703) | |
(-) Other Liabilities | (6,390) | (8) | 0 | (1) | (298) | (356) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 40,855 | 2,334 | 1,894 | 1,959 | 5,358 | 1,984 | |
(/) Shares Outstanding | 2,613.1 | 6.7 | 663.3 | 3.4 | 1,467.0 | 65.9 | |
Implied Stock Price | 15.64 | 350.00 | 2.86 | 570.00 | 3.65 | 30.10 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 15.64 | 350.00 | 2.86 | 570.00 | 3.65 | 30.10 | |
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 |