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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 45.0x - 49.7x | 47.3x |
Selected Fwd EBIT Multiple | 19.9x - 22.0x | 20.9x |
Fair Value | €7.12 - €7.86 | €7.49 |
Upside | 28.3% - 41.6% | 34.9% |
Benchmarks | Ticker | Full Ticker |
iHeartMedia, Inc. | IHRT | NasdaqGS:IHRT |
System1, Inc. | SST | NYSE:SST |
Yalla Group Limited | YALA | NYSE:YALA |
Travelzoo | TZOO | NasdaqGS:TZOO |
Cars.com Inc. | 0HTZ | LSE:0HTZ |
Audioboom Group plc | T28 | DB:T28 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
IHRT | SST | YALA | TZOO | 0HTZ | T28 | ||
NasdaqGS:IHRT | NYSE:SST | NYSE:YALA | NasdaqGS:TZOO | LSE:0HTZ | DB:T28 | ||
Historical EBIT Growth | |||||||
5Y CAGR | -23.3% | NM- | 33.2% | 1.7% | 28.3% | NM- | |
3Y CAGR | -12.7% | NM- | 13.5% | NM- | 2.5% | -16.5% | |
Latest Twelve Months | 52.1% | 33.8% | 8.7% | -14.1% | 0.4% | 149.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 5.4% | -14.5% | 25.7% | 7.3% | 7.6% | -6.5% | |
Prior Fiscal Year | 4.6% | -21.4% | 30.2% | 18.4% | 8.1% | -25.6% | |
Latest Fiscal Year | 4.1% | -25.8% | 35.7% | 22.0% | 7.4% | 1.4% | |
Latest Twelve Months | 5.1% | -19.8% | 35.7% | 16.8% | 7.4% | 4.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.58x | 0.85x | 1.31x | 1.31x | 1.75x | 1.59x | |
EV / LTM EBITDA | 10.5x | 21.3x | 3.6x | 7.6x | 8.0x | 32.5x | |
EV / LTM EBIT | 30.9x | -4.3x | 3.7x | 7.8x | 23.6x | 32.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -4.3x | 7.8x | 30.9x | ||||
Historical EV / LTM EBIT | -25.9x | -4.1x | 4528.0x | ||||
Selected EV / LTM EBIT | 45.0x | 47.3x | 49.7x | ||||
(x) LTM EBIT | 4 | 4 | 4 | ||||
(=) Implied Enterprise Value | 163 | 172 | 180 | ||||
(-) Non-shareholder Claims * | 2 | 2 | 2 | ||||
(=) Equity Value | 165 | 173 | 182 | ||||
(/) Shares Outstanding | 18.0 | 18.0 | 18.0 | ||||
Implied Value Range | 9.16 | 9.64 | 10.12 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 7.78 | 8.18 | 8.59 | 5.55 | |||
Upside / (Downside) | 40.1% | 47.4% | 54.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | IHRT | SST | YALA | TZOO | 0HTZ | T28 | |
Enterprise Value | 6,146 | 270 | 454 | 115 | 1,255 | 116 | |
(+) Cash & Short Term Investments | 236 | 64 | 703 | 10 | 28 | 3 | |
(+) Investments & Other | 0 | 0 | 81 | 0 | 26 | 0 | |
(-) Debt | (5,898) | (267) | (1) | (7) | (475) | (1) | |
(-) Other Liabilities | (4) | 5 | 8 | (5) | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 480 | 71 | 1,245 | 113 | 834 | 118 | |
(/) Shares Outstanding | 155.2 | 8.0 | 157.5 | 11.0 | 61.4 | 18.0 | |
Implied Stock Price | 3.09 | 8.83 | 7.90 | 10.31 | 13.57 | 6.54 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 | |
Implied Stock Price (Trading Cur) | 3.09 | 8.83 | 7.90 | 10.31 | 13.57 | 5.55 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.18 |