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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0.6x - 0.7x | 0.6x |
Selected Fwd Revenue Multiple | 0.6x - 0.6x | 0.6x |
Fair Value | €27.15 - €30.49 | €28.82 |
Upside | -19.7% - -9.8% | -14.7% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
NRJ Group SA | NRG | ENXTPA:NRG |
Hopscotch Global PR Group | ALHOP | ENXTPA:ALHOP |
High Co. SA | HCO | ENXTPA:HCO |
Lagardere SA | MMB | ENXTPA:MMB |
Ipsos SA | IPS | ENXTPA:IPS |
ADLPartner SA | DKUPL | ENXTPA:DKUPL |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
NRG | ALHOP | HCO | MMB | IPS | DKUPL | |||
ENXTPA:NRG | ENXTPA:ALHOP | ENXTPA:HCO | ENXTPA:MMB | ENXTPA:IPS | ENXTPA:DKUPL | |||
Historical Revenue Growth | ||||||||
5Y CAGR | -0.1% | 13.3% | -3.5% | 4.3% | 4.0% | 9.8% | ||
3Y CAGR | 6.8% | 30.6% | 2.2% | 20.3% | 4.4% | 12.7% | ||
Latest Twelve Months | 4.4% | 6.4% | 0.0% | 10.7% | 2.1% | 10.5% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 7.9% | 1.9% | 10.8% | 0.6% | 11.7% | 8.2% | ||
Prior Fiscal Year | 11.1% | 3.6% | 10.9% | 5.7% | 12.7% | 9.4% | ||
Latest Fiscal Year | 11.9% | 3.3% | 11.3% | 6.4% | 13.7% | 8.7% | ||
Latest Twelve Months | 13.4% | 3.9% | 11.8% | 6.4% | 13.7% | 8.6% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.52x | 0.23x | 0.05x | 0.81x | 0.83x | 0.73x | ||
EV / LTM EBIT | 3.9x | 5.9x | 0.4x | 12.7x | 6.1x | 8.4x | ||
Price / LTM Sales | 1.26x | 0.18x | 0.43x | 0.32x | 0.76x | 0.64x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.05x | 0.52x | 0.83x | |||||
Historical EV / LTM Revenue | 0.31x | 0.53x | 0.72x | |||||
Selected EV / LTM Revenue | 0.61x | 0.64x | 0.67x | |||||
(x) LTM Revenue | 208 | 208 | 208 | |||||
(=) Implied Enterprise Value | 127 | 133 | 140 | |||||
(-) Non-shareholder Claims * | (18) | (18) | (18) | |||||
(=) Equity Value | 109 | 115 | 122 | |||||
(/) Shares Outstanding | 4.0 | 4.0 | 4.0 | |||||
Implied Value Range | 27.40 | 29.08 | 30.76 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 27.40 | 29.08 | 30.76 | 33.80 | ||||
Upside / (Downside) | -18.9% | -14.0% | -9.0% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | NRG | ALHOP | HCO | MMB | IPS | DKUPL | |
Enterprise Value | 212 | 64 | 6 | 7,318 | 2,000 | 152 | |
(+) Cash & Short Term Investments | 331 | 47 | 69 | 393 | 343 | 59 | |
(+) Investments & Other | 10 | 4 | 0 | 206 | 4 | 0 | |
(-) Debt | (35) | (62) | (12) | (4,896) | (512) | (60) | |
(-) Other Liabilities | (0) | (1) | (1) | (114) | (0) | (17) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 519 | 51 | 62 | 2,907 | 1,833 | 134 | |
(/) Shares Outstanding | 77.4 | 3.0 | 19.6 | 141.5 | 43.1 | 4.0 | |
Implied Stock Price | 6.70 | 17.15 | 3.15 | 20.55 | 42.58 | 33.80 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 6.70 | 17.15 | 3.15 | 20.55 | 42.58 | 33.80 | |
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 |