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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 8.3x - 9.1x | 8.7x |
| Selected Fwd EBITDA Multiple | 3.2x - 3.6x | 3.4x |
| Fair Value | €31.23 - €39.73 | €35.48 |
| Upside | 6.5% - 35.5% | 21.0% |
| Benchmarks | Ticker | Full Ticker |
| Avolta AG | AVOL | SWX:AVOL |
| Ceconomy AG | CEC | DB:CEC |
| JB Hi-Fi Limited | JB3 | DB:JB3 |
| Vente-Unique.com SA | ALVU | ENXTPA:ALVU |
| Samse SA | SAMS | ENXTPA:SAMS |
| Fnac Darty SA | FNAC | ENXTPA:FNAC |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| AVOL | CEC | JB3 | ALVU | SAMS | FNAC | ||
| SWX:AVOL | DB:CEC | DB:JB3 | ENXTPA:ALVU | ENXTPA:SAMS | ENXTPA:FNAC | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 10.5% | -1.9% | 9.9% | 17.6% | -6.1% | -5.4% | |
| 3Y CAGR | NM- | 7.7% | -4.4% | -14.8% | -22.9% | -7.5% | |
| Latest Twelve Months | 13.0% | 33.4% | 1.3% | 5.0% | -40.6% | 5.5% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -2.6% | 1.8% | 8.2% | 7.3% | 8.0% | 3.9% | |
| Prior Fiscal Year | 11.2% | 1.6% | 8.5% | 7.3% | 7.2% | 3.4% | |
| Latest Fiscal Year | 11.8% | 1.8% | 7.3% | 7.0% | 4.2% | 3.4% | |
| Latest Twelve Months | 11.8% | 2.0% | 7.3% | 7.0% | 4.2% | 3.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.21x | 0.07x | 1.08x | 0.56x | 0.46x | 0.27x | |
| EV / LTM EBITDA | 10.3x | 3.4x | 14.8x | 8.1x | 11.1x | 8.1x | |
| EV / LTM EBIT | 16.6x | 5.9x | 16.1x | 9.2x | 17.6x | 12.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 3.4x | 10.3x | 14.8x | ||||
| Historical EV / LTM EBITDA | 7.8x | 8.1x | 10.4x | ||||
| Selected EV / LTM EBITDA | 8.3x | 8.7x | 9.1x | ||||
| (x) LTM EBITDA | 279 | 279 | 279 | ||||
| (=) Implied Enterprise Value | 2,306 | 2,427 | 2,549 | ||||
| (-) Non-shareholder Claims * | (1,436) | (1,436) | (1,436) | ||||
| (=) Equity Value | 870 | 992 | 1,113 | ||||
| (/) Shares Outstanding | 29.0 | 29.0 | 29.0 | ||||
| Implied Value Range | 30.01 | 34.20 | 38.38 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 30.01 | 34.20 | 38.38 | 29.32 | |||
| Upside / (Downside) | 2.4% | 16.7% | 30.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | AVOL | CEC | JB3 | ALVU | SAMS | FNAC | |
| Enterprise Value | 16,532 | 1,404 | 10,937 | 101 | 897 | 2,286 | |
| (+) Cash & Short Term Investments | 756 | 2,491 | 556 | 26 | 122 | 1,092 | |
| (+) Investments & Other | 34 | 268 | 0 | 0 | 71 | 52 | |
| (-) Debt | (11,909) | (2,592) | (692) | (14) | (617) | (2,452) | |
| (-) Other Liabilities | (171) | 1 | (5) | 0 | (4) | (127) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,242 | 1,572 | 10,796 | 113 | 470 | 850 | |
| (/) Shares Outstanding | 145.1 | 485.2 | 109.3 | 9.6 | 3.4 | 29.0 | |
| Implied Stock Price | 36.12 | 3.24 | 98.75 | 11.70 | 137.00 | 29.32 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.80 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 36.12 | 3.24 | 55.00 | 11.70 | 137.00 | 29.32 | |
| Trading Currency | CHF | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.80 | 1.00 | 1.00 | 1.00 | |