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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 7.4x - 8.1x | 7.8x |
| Selected Fwd EBIT Multiple | 8.1x - 8.9x | 8.5x |
| Fair Value | €26.64 - €30.99 | €28.81 |
| Upside | -1.1% - 15.1% | 7.0% |
| Benchmarks | Ticker | Full Ticker |
| Italgas S.p.A. | IG | BIT:IG |
| Veolia Environnement SA | VIE | ENXTPA:VIE |
| UGI Corporation | 3U6 | DB:3U6 |
| Engie SA | ENGI | ENXTPA:ENGI |
| Elia Group SA/NV | ELI | ENXTBR:ELI |
| Rubis | RUI | ENXTPA:RUI |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| IG | VIE | 3U6 | ENGI | ELI | RUI | ||
| BIT:IG | ENXTPA:VIE | DB:3U6 | ENXTPA:ENGI | ENXTBR:ELI | ENXTPA:RUI | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.7% | 16.0% | 10.7% | 13.5% | 7.9% | 7.5% | |
| 3Y CAGR | 9.6% | 30.0% | -23.6% | 13.3% | 41.1% | 14.6% | |
| Latest Twelve Months | 9.5% | 6.8% | 110.1% | -21.8% | 24.3% | -5.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 27.9% | 5.6% | 14.8% | 9.6% | 18.1% | 8.5% | |
| Prior Fiscal Year | 26.2% | 6.5% | -6.9% | 13.6% | 19.7% | 9.4% | |
| Latest Fiscal Year | 30.0% | 7.0% | 15.1% | 11.9% | 25.0% | 8.9% | |
| Latest Twelve Months | 30.0% | 7.0% | 18.3% | 11.9% | 25.0% | 8.9% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 4.91x | 0.86x | 1.88x | 0.98x | 5.06x | 0.62x | |
| EV / LTM EBITDA | 9.7x | 6.9x | 7.2x | 5.4x | 12.7x | 4.9x | |
| EV / LTM EBIT | 16.4x | 12.3x | 10.3x | 8.2x | 20.2x | 6.9x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 8.2x | 12.3x | 20.2x | ||||
| Historical EV / LTM EBIT | 6.1x | 7.1x | 8.0x | ||||
| Selected EV / LTM EBIT | 7.4x | 7.8x | 8.1x | ||||
| (x) LTM EBIT | 590 | 590 | 590 | ||||
| (=) Implied Enterprise Value | 4,349 | 4,578 | 4,807 | ||||
| (-) Non-shareholder Claims * | (1,521) | (1,521) | (1,521) | ||||
| (=) Equity Value | 2,829 | 3,058 | 3,287 | ||||
| (/) Shares Outstanding | 103.1 | 103.1 | 103.1 | ||||
| Implied Value Range | 27.43 | 29.65 | 31.87 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 27.43 | 29.65 | 31.87 | 26.92 | |||
| Upside / (Downside) | 1.9% | 10.1% | 18.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | IG | VIE | 3U6 | ENGI | ELI | RUI | |
| Enterprise Value | 12,354 | 38,757 | 13,525 | 72,606 | 19,060 | 4,297 | |
| (+) Cash & Short Term Investments | 407 | 11,764 | 240 | 17,737 | 2,030 | 676 | |
| (+) Investments & Other | 187 | 3,006 | 389 | 12,856 | 657 | 157 | |
| (-) Debt | (7,186) | (29,282) | (7,264) | (52,438) | (14,829) | (2,226) | |
| (-) Other Liabilities | (336) | (2,391) | (8) | (6,902) | (621) | (128) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,427 | 21,854 | 6,882 | 43,859 | 6,298 | 2,776 | |
| (/) Shares Outstanding | 811.8 | 730.4 | 214.8 | 2,425.8 | 73.5 | 103.1 | |
| Implied Stock Price | 6.69 | 29.92 | 32.04 | 18.08 | 85.70 | 26.92 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 6.69 | 29.92 | 28.21 | 18.08 | 85.70 | 26.92 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.14 | 1.00 | 1.00 | 1.00 | |