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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 30.4x - 33.7x | 32.1x |
Selected Fwd EBITDA Multiple | 14.5x - 16.0x | 15.2x |
Fair Value | $27.50 - $30.79 | $29.14 |
Upside | -26.4% - -17.6% | -22.0% |
Benchmarks | Ticker | Full Ticker |
CoStar Group, Inc. | CSGP * | BMV:CSGP* |
Bridgemarq Real Estate Services Inc. | BRE | TSX:BRE |
StorageVault Canada Inc. | SVI | TSX:SVI |
Information Services Corporation | ISC | TSX:ISC |
Melcor Developments Ltd. | MRD | TSX:MRD |
Altus Group Limited | ASGT.F | OTCPK:ASGT.F |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
CSGP * | BRE | SVI | ISC | MRD | ASGT.F | ||
BMV:CSGP* | TSX:BRE | TSX:SVI | TSX:ISC | TSX:MRD | OTCPK:ASGT.F | ||
Historical EBITDA Growth | |||||||
5Y CAGR | -19.4% | 1.4% | 17.7% | 16.5% | 11.2% | -5.3% | |
3Y CAGR | -35.8% | 0.9% | 16.4% | 8.8% | 2.5% | -11.0% | |
Latest Twelve Months | -35.2% | 12.6% | 4.6% | 14.4% | 6.6% | 79.2% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 21.0% | 49.4% | 53.3% | 30.0% | 37.7% | 13.1% | |
Prior Fiscal Year | 15.9% | 53.5% | 55.3% | 30.1% | 38.3% | 6.6% | |
Latest Fiscal Year | 5.5% | 8.3% | 55.2% | 29.9% | 36.8% | 11.6% | |
Latest Twelve Months | 6.5% | 8.3% | 54.6% | 29.9% | 36.8% | 11.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 10.29x | 0.60x | 11.18x | 2.66x | 2.82x | 4.99x | |
EV / LTM EBITDA | 158.0x | 7.2x | 20.5x | 8.9x | 7.7x | 43.1x | |
EV / LTM EBIT | 1297.7x | 12.6x | 48.2x | 12.3x | 7.7x | 65.9x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.2x | 8.9x | 158.0x | ||||
Historical EV / LTM EBITDA | 24.5x | 35.9x | 43.1x | ||||
Selected EV / LTM EBITDA | 30.4x | 32.1x | 33.7x | ||||
(x) LTM EBITDA | 60 | 60 | 60 | ||||
(=) Implied Enterprise Value | 1,832 | 1,928 | 2,024 | ||||
(-) Non-shareholder Claims * | (238) | (238) | (238) | ||||
(=) Equity Value | 1,594 | 1,690 | 1,787 | ||||
(/) Shares Outstanding | 45.2 | 45.2 | 45.2 | ||||
Implied Value Range | 35.30 | 37.43 | 39.57 | ||||
FX Rate: CAD/USD | 1.4 | 1.4 | 1.4 | Market Price | |||
Implied Value Range (Trading Cur) | 25.36 | 26.89 | 28.43 | 37.36 | |||
Upside / (Downside) | -32.1% | -28.0% | -23.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | CSGP * | BRE | SVI | ISC | MRD | ASGT.F | |
Enterprise Value | 31,651 | 210 | 3,460 | 650 | 984 | 2,586 | |
(+) Cash & Short Term Investments | 3,966 | 9 | 18 | 21 | 66 | 42 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 0 | 40 | |
(-) Debt | (1,120) | (87) | (2,082) | (175) | (611) | (320) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | (68) | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 34,498 | 132 | 1,396 | 496 | 371 | 2,348 | |
(/) Shares Outstanding | 421.9 | 9.2 | 365.5 | 18.5 | 30.3 | 45.2 | |
Implied Stock Price | 81.77 | 14.40 | 3.82 | 26.80 | 12.24 | 52.01 | |
FX Conversion Rate to Trading Currency | 0.05 | 1.00 | 1.00 | 1.00 | 1.00 | 1.39 | |
Implied Stock Price (Trading Cur) | 1,597.37 | 14.40 | 3.82 | 26.80 | 12.24 | 37.36 | |
Trading Currency | MXN | CAD | CAD | CAD | CAD | USD | |
FX Rate to Reporting Currency | 0.05 | 1.00 | 1.00 | 1.00 | 1.00 | 1.39 |