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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 7.6x - 8.4x | 8.0x |
Selected Fwd EBITDA Multiple | 10.0x - 11.1x | 10.5x |
Fair Value | €1 - €1.14 | €1.07 |
Upside | -25.7% - -15.6% | -20.6% |
Benchmarks | Ticker | Full Ticker |
Groupe MEDIA 6 | EDI | ENXTPA:EDI |
Obiz S.A. | ALBIZ | ENXTPA:ALBIZ |
Prismaflex International, S.A. | ALPRI | ENXTPA:ALPRI |
Bilendi SA | ALBLD | ENXTPA:ALBLD |
Eutelsat Communications S.A. | ETL | ENXTPA:ETL |
NetMedia Group société anonyme | ALNMG | ENXTPA:ALNMG |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
EDI | ALBIZ | ALPRI | ALBLD | ETL | ALNMG | ||
ENXTPA:EDI | ENXTPA:ALBIZ | ENXTPA:ALPRI | ENXTPA:ALBLD | ENXTPA:ETL | ENXTPA:ALNMG | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -8.9% | NM- | 130.1% | 16.6% | -5.6% | NM- | |
3Y CAGR | 76.1% | 29.6% | 27.4% | 11.7% | -5.1% | NM- | |
Latest Twelve Months | -54.7% | 78.9% | -40.5% | 22.4% | -37.4% | 125.1% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 4.9% | 1.6% | 3.9% | 19.2% | 74.7% | -11.8% | |
Prior Fiscal Year | 8.8% | 2.1% | 3.7% | 17.3% | 103.9% | -8.9% | |
Latest Fiscal Year | 4.5% | 1.9% | 3.5% | 20.6% | 59.6% | -5.9% | |
Latest Twelve Months | 4.5% | 1.6% | 3.2% | 20.6% | 53.6% | 3.4% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.41x | 0.36x | 0.35x | NA | 3.52x | 0.32x | |
EV / LTM EBITDA | 9.1x | 21.9x | 10.7x | NA | 6.6x | 9.4x | |
EV / LTM EBIT | 57.4x | 41.2x | 15.9x | NA | -6.4x | 37.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 6.6x | 9.9x | 21.9x | ||||
Historical EV / LTM EBITDA | -38.4x | -5.4x | -3.1x | ||||
Selected EV / LTM EBITDA | 7.6x | 8.0x | 8.4x | ||||
(x) LTM EBITDA | 1 | 1 | 1 | ||||
(=) Implied Enterprise Value | 5 | 6 | 6 | ||||
(-) Non-shareholder Claims * | (1) | (1) | (1) | ||||
(=) Equity Value | 4 | 4 | 5 | ||||
(/) Shares Outstanding | 4.0 | 4.0 | 4.0 | ||||
Implied Value Range | 1.04 | 1.11 | 1.18 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.04 | 1.11 | 1.18 | 1.35 | |||
Upside / (Downside) | -22.6% | -17.4% | -12.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | EDI | ALBIZ | ALPRI | ALBLD | ETL | ALNMG | |
Enterprise Value | 36 | 44 | 18 | 81 | 4,373 | 7 | |
(+) Cash & Short Term Investments | 3 | 6 | 3 | 16 | 693 | 2 | |
(+) Investments & Other | 0 | 0 | 0 | 1 | 11 | 1 | |
(-) Debt | (13) | (24) | (13) | (11) | (3,353) | (5) | |
(-) Other Liabilities | 0 | (0) | (0) | (0) | (72) | (0) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 25 | 26 | 8 | 87 | 1,652 | 5 | |
(/) Shares Outstanding | 2.4 | 5.8 | 1.4 | 4.6 | 474.8 | 4.0 | |
Implied Stock Price | 10.70 | 4.38 | 5.90 | 18.90 | 3.48 | 1.35 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 10.70 | 4.38 | 5.90 | 18.90 | 3.48 | 1.35 | |
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 |