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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -27.9x - -30.8x | -29.3x |
Selected Fwd EBIT Multiple | 14.1x - 15.6x | 14.8x |
Fair Value | €4.24 - €4.68 | €4.46 |
Upside | -31.9% - -24.8% | -28.3% |
Benchmarks | Ticker | Full Ticker |
Leclanché SA | 278 | DB:278 |
SGL Carbon SE | SGL | DB:SGL |
Dr. Hönle AG | HNL | DB:HNL |
SFC Energy AG | F3C | DB:F3C |
Nordex SE | NDX1 | DB:NDX1 |
Voltatron AG | VBX | DB:VBX |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
278 | SGL | HNL | F3C | NDX1 | VBX | ||
DB:278 | DB:SGL | DB:HNL | DB:F3C | DB:NDX1 | DB:VBX | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | 33.1% | NM- | 143.2% | 85.5% | NM- | |
3Y CAGR | NM- | 13.6% | NM- | 116.0% | NM- | NM- | |
Latest Twelve Months | 27.1% | -27.4% | -107.0% | -12.1% | 140.6% | -9.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -373.0% | 5.7% | 3.2% | 5.6% | -4.0% | 156.1% | |
Prior Fiscal Year | -389.0% | 7.4% | 0.9% | 9.2% | -2.8% | -25.9% | |
Latest Fiscal Year | -281.2% | 7.0% | -0.1% | 10.8% | 2.4% | -60.6% | |
Latest Twelve Months | -281.2% | 6.5% | -0.6% | 9.3% | 3.5% | -21.1% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 15.93x | 0.51x | 0.96x | 1.61x | 0.57x | 8.74x | |
EV / LTM EBITDA | -6.0x | 4.3x | 26.5x | 15.0x | 11.5x | -60.0x | |
EV / LTM EBIT | -5.7x | 7.8x | -172.9x | 17.3x | 16.2x | -41.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -172.9x | 7.8x | 17.3x | ||||
Historical EV / LTM EBIT | -11.0x | -4.4x | 31.7x | ||||
Selected EV / LTM EBIT | -27.9x | -29.3x | -30.8x | ||||
(x) LTM EBIT | (3) | (3) | (3) | ||||
(=) Implied Enterprise Value | 87 | 92 | 97 | ||||
(-) Non-shareholder Claims * | 1 | 1 | 1 | ||||
(=) Equity Value | 89 | 93 | 98 | ||||
(/) Shares Outstanding | 21.1 | 21.1 | 21.1 | ||||
Implied Value Range | 4.20 | 4.42 | 4.64 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 4.20 | 4.42 | 4.64 | 6.22 | |||
Upside / (Downside) | -32.4% | -28.9% | -25.4% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 278 | SGL | HNL | F3C | NDX1 | VBX | |
Enterprise Value | 262 | 472 | 93 | 237 | 4,059 | 130 | |
(+) Cash & Short Term Investments | 5 | 139 | 6 | 51 | 1,242 | 3 | |
(+) Investments & Other | 0 | 61 | 0 | 0 | 100 | 0 | |
(-) Debt | (80) | (255) | (51) | (18) | (473) | (1) | |
(-) Other Liabilities | (1) | (10) | (0) | 0 | (6) | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 186 | 408 | 49 | 270 | 4,923 | 131 | |
(/) Shares Outstanding | 1,024.0 | 122.3 | 6.1 | 17.4 | 236.5 | 21.1 | |
Implied Stock Price | 0.18 | 3.34 | 8.02 | 15.54 | 20.82 | 6.22 | |
FX Conversion Rate to Trading Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.19 | 3.34 | 8.02 | 15.54 | 20.82 | 6.22 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 0.94 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |