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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 11.6x - 12.8x | 12.2x |
Selected Fwd EBIT Multiple | 9.7x - 10.7x | 10.2x |
Fair Value | $28.75 - $33.73 | $31.24 |
Upside | 1.2% - 18.8% | 10.0% |
Benchmarks | Ticker | Full Ticker |
Brunel International N.V. | BRNL | ENXTAM:BRNL |
Randstad N.V. | 650176 | BRSE:000650176 |
Bureau Veritas SA | BVI | ENXTPA:BVI |
Amadeus FiRe AG | AAD | SWX:AAD |
Groupe CRIT SA | CEN | ENXTPA:CEN |
Adecco Group AG | AHEX.F | OTCPK:AHEX.F |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
BRNL | 650176 | BVI | AAD | CEN | AHEX.F | ||
ENXTAM:BRNL | BRSE:000650176 | ENXTPA:BVI | SWX:AAD | ENXTPA:CEN | OTCPK:AHEX.F | ||
Historical EBIT Growth | |||||||
5Y CAGR | 24.5% | -9.9% | 5.1% | 11.5% | -5.1% | -8.2% | |
3Y CAGR | 3.7% | -20.2% | 9.4% | 27.5% | 44.6% | -11.4% | |
Latest Twelve Months | -7.4% | -40.3% | 5.6% | -18.9% | -5.2% | -19.5% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 3.9% | 3.4% | 13.5% | 14.4% | 3.7% | 3.3% | |
Prior Fiscal Year | 4.2% | 3.4% | 15.0% | 15.8% | 4.3% | 3.1% | |
Latest Fiscal Year | 3.8% | 2.2% | 14.4% | 14.6% | 3.8% | 2.6% | |
Latest Twelve Months | 3.8% | 2.2% | 14.4% | 12.5% | 3.4% | 2.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.38x | 0.41x | 2.23x | 1.32x | 0.21x | 0.34x | |
EV / LTM EBITDA | 9.2x | 15.8x | 11.8x | 6.9x | 5.1x | 10.5x | |
EV / LTM EBIT | 9.9x | 18.8x | 15.4x | 10.6x | 6.0x | 13.1x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 6.0x | 10.6x | 18.8x | ||||
Historical EV / LTM EBIT | 8.4x | 13.1x | 17.7x | ||||
Selected EV / LTM EBIT | 11.6x | 12.2x | 12.8x | ||||
(x) LTM EBIT | 602 | 602 | 602 | ||||
(=) Implied Enterprise Value | 6,964 | 7,331 | 7,697 | ||||
(-) Non-shareholder Claims * | (2,845) | (2,845) | (2,845) | ||||
(=) Equity Value | 4,119 | 4,486 | 4,852 | ||||
(/) Shares Outstanding | 167.4 | 167.4 | 167.4 | ||||
Implied Value Range | 24.60 | 26.79 | 28.98 | ||||
FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 26.89 | 29.29 | 31.68 | 28.40 | |||
Upside / (Downside) | -5.3% | 3.1% | 11.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BRNL | 650176 | BVI | AAD | CEN | AHEX.F | |
Enterprise Value | 521 | 9,668 | 14,265 | 669 | 560 | 7,195 | |
(+) Cash & Short Term Investments | 112 | 357 | 1,216 | 1 | 275 | 482 | |
(+) Investments & Other | 0 | 33 | 100 | 0 | 6 | 242 | |
(-) Debt | (96) | (2,218) | (2,873) | (88) | (216) | (3,559) | |
(-) Other Liabilities | (2) | (1) | (64) | (3) | (9) | (10) | |
(-) Preferred Stock | 0 | (306) | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 535 | 7,534 | 12,644 | 579 | 615 | 4,350 | |
(/) Shares Outstanding | 50.5 | 114.2 | 448.0 | 4.1 | 10.5 | 167.4 | |
Implied Stock Price | 10.60 | 65.96 | 28.22 | 142.26 | 58.40 | 25.98 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.04 | 1.00 | 1.04 | 1.00 | 0.91 | |
Implied Stock Price (Trading Cur) | 10.60 | 63.24 | 28.22 | 136.40 | 58.40 | 28.40 | |
Trading Currency | EUR | CHF | EUR | CHF | EUR | USD | |
FX Rate to Reporting Currency | 1.00 | 1.04 | 1.00 | 1.04 | 1.00 | 0.91 |