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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 2.1x - 2.3x | 2.2x |
Selected Fwd Revenue Multiple | 1.9x - 2.1x | 2.0x |
Fair Value | €2.80 - €3.32 | €3.06 |
Upside | -35.6% - -23.4% | -29.5% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Veolia Environnement SA | VEOE.F | OTCPK:VEOE.F |
Gallant Venture Ltd. | 5IG | SGX:5IG |
Unitil Corporation | UTL | NYSE:UTL |
E.ON SE | EOAN | DB:EOAN |
Canadian Utilities Limited | CU | TSX:CU |
Sembcorp Industries Ltd | SBOA | DB:SBOA |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
VEOE.F | 5IG | UTL | EOAN | CU | SBOA | |||
OTCPK:VEOE.F | SGX:5IG | NYSE:UTL | DB:EOAN | TSX:CU | DB:SBOA | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 10.5% | 1.9% | 2.5% | 14.6% | -0.8% | -1.0% | ||
3Y CAGR | 16.2% | 9.6% | 1.5% | 1.5% | 2.1% | 0.0% | ||
Latest Twelve Months | -1.5% | 4.5% | -11.2% | -14.0% | -1.4% | -8.9% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 5.6% | 2.7% | 16.3% | 4.2% | 29.0% | 13.5% | ||
Prior Fiscal Year | 6.5% | 9.9% | 15.9% | 1.0% | 27.3% | 16.8% | ||
Latest Fiscal Year | 7.0% | 12.6% | 18.7% | 10.8% | 25.6% | 17.5% | ||
Latest Twelve Months | 7.0% | 12.6% | 18.7% | 10.8% | 25.6% | 17.5% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.88x | 2.47x | 3.39x | 0.80x | 5.94x | 2.69x | ||
EV / LTM EBIT | 12.6x | 19.7x | 18.1x | 7.4x | 23.2x | 15.4x | ||
Price / LTM Sales | 0.50x | 2.23x | 1.87x | 0.45x | 2.66x | 1.78x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.80x | 2.47x | 5.94x | |||||
Historical EV / LTM Revenue | 1.21x | 2.30x | 3.61x | |||||
Selected EV / LTM Revenue | 2.05x | 2.16x | 2.27x | |||||
(x) LTM Revenue | 6,417 | 6,417 | 6,417 | |||||
(=) Implied Enterprise Value | 13,163 | 13,856 | 14,548 | |||||
(-) Non-shareholder Claims * | (5,848) | (5,848) | (5,848) | |||||
(=) Equity Value | 7,315 | 8,008 | 8,700 | |||||
(/) Shares Outstanding | 1,778.9 | 1,778.9 | 1,778.9 | |||||
Implied Value Range | 4.11 | 4.50 | 4.89 | |||||
FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | Market Price | ||||
Implied Value Range (Trading Cur) | 2.79 | 3.05 | 3.31 | 4.34 | ||||
Upside / (Downside) | -35.8% | -29.7% | -23.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | VEOE.F | 5IG | UTL | EOAN | CU | SBOA | |
Enterprise Value | 39,101 | 472 | 1,670 | 63,814 | 22,215 | 17,242 | |
(+) Cash & Short Term Investments | 11,764 | 118 | 6 | 7,025 | 397 | 979 | |
(+) Investments & Other | 3,006 | 360 | 6 | 9,996 | 242 | 2,871 | |
(-) Debt | (29,282) | (515) | (756) | (39,064) | (11,118) | (9,400) | |
(-) Other Liabilities | (2,391) | (9) | (0) | (6,325) | (212) | (298) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | (1,571) | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 22,198 | 426 | 926 | 35,446 | 9,953 | 11,394 | |
(/) Shares Outstanding | 730.0 | 5,463.2 | 16.2 | 2,613.1 | 271.6 | 1,778.9 | |
Implied Stock Price | 30.41 | 0.08 | 57.01 | 13.57 | 36.65 | 6.40 | |
FX Conversion Rate to Trading Currency | 0.91 | 1.00 | 1.00 | 1.00 | 1.00 | 1.48 | |
Implied Stock Price (Trading Cur) | 33.32 | 0.08 | 57.01 | 13.57 | 36.65 | 4.34 | |
Trading Currency | USD | SGD | USD | EUR | CAD | EUR | |
FX Rate to Reporting Currency | 0.91 | 1.00 | 1.00 | 1.00 | 1.00 | 1.48 |