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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -8.5x - -9.4x | -9.0x |
Selected Fwd EBIT Multiple | 9.2x - 10.2x | 9.7x |
Fair Value | $0 - $2.98 | $0.99 |
Upside | -100.0% - 273.0% | 23.4% |
Benchmarks | Ticker | Full Ticker |
Century Casinos, Inc. | CNTY | NasdaqCM:CNTY |
CAVA Group, Inc. | CAVA | NYSE:CAVA |
Caesars Entertainment, Inc. | CZR | NasdaqGS:CZR |
Sabre Corporation | SABR | NasdaqGS:SABR |
Sweetgreen, Inc. | SG | NYSE:SG |
Hall of Fame Resort & Entertainment Company | HOFV | NasdaqCM:HOFV |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
CNTY | CAVA | CZR | SABR | SG | HOFV | ||
NasdaqCM:CNTY | NYSE:CAVA | NasdaqGS:CZR | NasdaqGS:SABR | NYSE:SG | NasdaqCM:HOFV | ||
Historical EBIT Growth | |||||||
5Y CAGR | 23.6% | NM- | 38.4% | -0.9% | NM- | NM- | |
3Y CAGR | -11.2% | NM- | 10.1% | NM- | NM- | NM- | |
Latest Twelve Months | -26.9% | 189.9% | -10.9% | 422.8% | 19.6% | 26.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 12.7% | -0.4% | 16.1% | -20.1% | -33.3% | -285.2% | |
Prior Fiscal Year | 11.9% | 2.3% | 22.2% | 2.1% | -19.4% | -168.3% | |
Latest Fiscal Year | 8.3% | 5.1% | 20.2% | 10.7% | -13.4% | -139.9% | |
Latest Twelve Months | 8.3% | 5.1% | 20.2% | 10.7% | -13.4% | -139.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.90x | 10.38x | 2.74x | 1.74x | 3.37x | 12.55x | |
EV / LTM EBITDA | 11.2x | 91.7x | 8.6x | 13.8x | -65.9x | -21.0x | |
EV / LTM EBIT | 22.8x | 205.2x | 13.5x | 16.3x | -25.1x | -9.0x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -25.1x | 16.3x | 205.2x | ||||
Historical EV / LTM EBIT | -9.0x | -5.8x | -5.5x | ||||
Selected EV / LTM EBIT | -8.5x | -9.0x | -9.4x | ||||
(x) LTM EBIT | (30) | (30) | (30) | ||||
(=) Implied Enterprise Value | 253 | 266 | 279 | ||||
(-) Non-shareholder Claims * | (261) | (261) | (261) | ||||
(=) Equity Value | 0 | 5 | 18 | ||||
(/) Shares Outstanding | 6.7 | 6.7 | 6.7 | ||||
Implied Value Range | 0.00 | 0.76 | 2.74 | ||||
FX Rate: USD/USD | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 0.00 | 0.76 | 2.74 | 0.80 | |||
Upside / (Downside) | -100.0% | -5.1% | 243.1% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CNTY | CAVA | CZR | SABR | SG | HOFV | |
Enterprise Value | 1,096 | 10,006 | 30,665 | 5,245 | 2,280 | 266 | |
(+) Cash & Short Term Investments | 99 | 366 | 866 | 725 | 215 | 0 | |
(+) Investments & Other | 0 | 0 | 131 | 22 | 0 | 5 | |
(-) Debt | (1,063) | (379) | (25,778) | (5,136) | (331) | (267) | |
(-) Other Liabilities | (91) | 0 | (219) | (27) | 0 | 1 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (0) | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 41 | 9,993 | 5,665 | 830 | 2,164 | 5 | |
(/) Shares Outstanding | 30.7 | 115.6 | 212.0 | 386.1 | 117.3 | 6.7 | |
Implied Stock Price | 1.32 | 86.45 | 26.72 | 2.15 | 18.45 | 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) | 1.32 | 86.45 | 26.72 | 2.15 | 18.45 | 0.80 | |
Trading Currency | USD | USD | USD | USD | USD | USD | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |