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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 0.7x - 0.8x | 0.7x |
Selected Fwd Revenue Multiple | 0.7x - 0.8x | 0.8x |
Fair Value | €3.41 - €5.37 | €4.39 |
Upside | 16.4% - 83.2% | 49.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Dunelm Group plc | DFQ | DB:DFQ |
H & M Hennes & Mauritz AB (publ) | HM B | OM:HMB |
Westwing Group SE | WEW | DB:WEW |
DFS Furniture plc | DF0 | DB:DF0 |
Samse SA | SAMS | ENXTPA:SAMS |
Maisons du Monde S.A. | MDM | ENXTPA:MDM |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
DFQ | HM B | WEW | DF0 | SAMS | MDM | |||
DB:DFQ | OM:HMB | DB:WEW | DB:DF0 | ENXTPA:SAMS | ENXTPA:MDM | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 9.2% | 0.1% | 11.0% | 0.1% | 5.8% | -4.0% | ||
3Y CAGR | 8.5% | 5.6% | -0.3% | -2.4% | 7.7% | -8.7% | ||
Latest Twelve Months | 3.1% | -0.7% | 3.6% | -6.0% | 2.3% | -10.9% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 12.5% | 5.2% | -0.4% | 6.1% | 5.6% | 4.9% | ||
Prior Fiscal Year | 12.1% | 5.7% | -5.2% | 6.0% | 5.6% | 2.9% | ||
Latest Fiscal Year | 12.5% | 7.7% | -1.1% | 4.8% | 2.6% | -8.9% | ||
Latest Twelve Months | 12.4% | 7.7% | -1.8% | 5.7% | 2.6% | -8.9% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.17x | 1.16x | 0.34x | 0.82x | 0.49x | 0.69x | ||
EV / LTM EBIT | 9.5x | 15.1x | -19.1x | 14.5x | 13.6x | -7.7x | ||
Price / LTM Sales | 1.06x | 0.92x | 0.40x | 0.32x | 0.26x | 0.11x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.34x | 0.82x | 1.17x | |||||
Historical EV / LTM Revenue | 0.69x | 0.83x | 1.17x | |||||
Selected EV / LTM Revenue | 0.70x | 0.74x | 0.78x | |||||
(x) LTM Revenue | 1,030 | 1,030 | 1,030 | |||||
(=) Implied Enterprise Value | 725 | 763 | 802 | |||||
(-) Non-shareholder Claims * | (593) | (593) | (593) | |||||
(=) Equity Value | 132 | 171 | 209 | |||||
(/) Shares Outstanding | 39.0 | 39.0 | 39.0 | |||||
Implied Value Range | 3.39 | 4.37 | 5.35 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 3.39 | 4.37 | 5.35 | 2.93 | ||||
Upside / (Downside) | 15.8% | 49.1% | 82.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DFQ | HM B | WEW | DF0 | SAMS | MDM | |
Enterprise Value | 1,984 | 273,414 | 146 | 797 | 916 | 707 | |
(+) Cash & Short Term Investments | 57 | 17,340 | 63 | 22 | 122 | 91 | |
(+) Investments & Other | 0 | 3,288 | 0 | 0 | 71 | 13 | |
(-) Debt | (244) | (76,954) | (36) | (515) | (617) | (696) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (4) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,797 | 217,088 | 174 | 304 | 488 | 114 | |
(/) Shares Outstanding | 201.2 | 1,604.5 | 20.0 | 230.7 | 3.4 | 39.0 | |
Implied Stock Price | 8.93 | 135.30 | 8.68 | 1.32 | 142.50 | 2.93 | |
FX Conversion Rate to Trading Currency | 0.83 | 1.00 | 1.00 | 0.83 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 10.70 | 135.30 | 8.68 | 1.58 | 142.50 | 2.93 | |
Trading Currency | EUR | SEK | EUR | EUR | EUR | EUR | |
FX Rate to Reporting Currency | 0.83 | 1.00 | 1.00 | 0.83 | 1.00 | 1.00 |