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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 8.0x - 8.8x | 8.4x |
| Selected Fwd EBIT Multiple | 5.5x - 6.1x | 5.8x |
| Fair Value | £0.72 - £0.81 | £0.77 |
| Upside | -9.6% - 1.5% | -4.1% |
| Benchmarks | Ticker | Full Ticker |
| WPP plc | WPP | LSE:WPP |
| Informa plc | INF | LSE:INF |
| Atresmedia Corporación de Medios de Comunicación, S.A. | 0MJT | LSE:0MJT |
| ProSiebenSat.1 Media SE | 0QG9 | LSE:0QG9 |
| Publicis Groupe S.A. | 0FQI | LSE:0FQI |
| ITV plc | ITV | LSE:ITV |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| WPP | INF | 0MJT | 0QG9 | 0FQI | ITV | ||
| LSE:WPP | LSE:INF | LSE:0MJT | LSE:0QG9 | LSE:0FQI | LSE:ITV | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.6% | 3.5% | 1.0% | -10.5% | 8.2% | -8.7% | |
| 3Y CAGR | 2.7% | 138.7% | 4.2% | -14.6% | 13.9% | -18.2% | |
| Latest Twelve Months | 152.4% | 12.9% | 7.2% | 225.9% | 9.7% | 21.1% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 3.6% | 10.6% | 15.7% | 11.6% | 14.2% | 15.3% | |
| Prior Fiscal Year | 3.5% | 20.0% | 18.2% | 3.5% | 14.9% | 8.9% | |
| Latest Fiscal Year | 8.9% | 20.2% | 18.8% | 11.2% | 15.1% | 11.2% | |
| Latest Twelve Months | 8.9% | 20.2% | 18.8% | 11.2% | 15.1% | 11.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.66x | 3.95x | 0.95x | 0.71x | 1.48x | 0.98x | |
| EV / LTM EBITDA | 6.1x | 13.4x | 4.8x | 4.8x | 7.5x | 7.7x | |
| EV / LTM EBIT | 7.4x | 19.5x | 5.1x | 6.4x | 9.8x | 8.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 5.1x | 7.4x | 19.5x | ||||
| Historical EV / LTM EBIT | 6.0x | 8.6x | 10.8x | ||||
| Selected EV / LTM EBIT | 8.0x | 8.4x | 8.8x | ||||
| (x) LTM EBIT | 391 | 391 | 391 | ||||
| (=) Implied Enterprise Value | 3,125 | 3,290 | 3,454 | ||||
| (-) Non-shareholder Claims * | (424) | (424) | (424) | ||||
| (=) Equity Value | 2,701 | 2,866 | 3,030 | ||||
| (/) Shares Outstanding | 3,716.9 | 3,716.9 | 3,716.9 | ||||
| Implied Value Range | 0.73 | 0.77 | 0.82 | ||||
| FX Rate: GBP/GBP | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.73 | 0.77 | 0.82 | 0.80 | |||
| Upside / (Downside) | -9.2% | -3.6% | 1.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WPP | INF | 0MJT | 0QG9 | 0FQI | ITV | |
| Enterprise Value | 9,711 | 14,022 | 872 | 2,801 | 23,704 | 3,398 | |
| (+) Cash & Short Term Investments | 2,638 | 546 | 308 | 608 | 3,644 | 427 | |
| (+) Investments & Other | 651 | 279 | 169 | 313 | 366 | 31 | |
| (-) Debt | (6,348) | (3,614) | (176) | (2,250) | (5,175) | (858) | |
| (-) Other Liabilities | (259) | (834) | 0 | (151) | 24 | (24) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,393 | 10,399 | 1,173 | 1,321 | 22,563 | 2,974 | |
| (/) Shares Outstanding | 1,073.0 | 1,318.7 | 225.2 | 226.9 | 250.7 | 3,716.9 | |
| Implied Stock Price | 5.96 | 7.89 | 5.21 | 5.82 | 89.98 | 0.80 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 5.96 | 7.89 | 5.21 | 5.82 | 89.98 | 0.80 | |
| Trading Currency | GBP | GBP | EUR | EUR | EUR | GBP | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |