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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | -22.4x - -24.8x | -23.6x |
Selected Fwd EBIT Multiple | 32.6x - 36.0x | 34.3x |
Fair Value | $4.06 - $4.53 | $4.30 |
Upside | -2.8% - 8.4% | 2.8% |
Benchmarks | Ticker | Full Ticker |
Delivery Hero SE | DHER | XTRA:DHER |
Deliveroo plc | 926 | DB:926 |
DoorDash, Inc. | DD2 | BST:DD2 |
lastminute.com N.V. | LMN | SWX:LMN |
Basic-Fit N.V. | BFIT | ENXTAM:BFIT |
Just Eat Takeaway.com N.V. | JTKW.Y | OTCPK:JTKW.Y |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DHER | 926 | DD2 | LMN | BFIT | JTKW.Y | ||
XTRA:DHER | DB:926 | BST:DD2 | SWX:LMN | ENXTAM:BFIT | OTCPK:JTKW.Y | ||
Historical EBIT Growth | |||||||
5Y CAGR | NM- | NM- | NM- | -6.4% | 16.4% | NM- | |
3Y CAGR | NM- | NM- | NM- | NM- | NM- | NM- | |
Latest Twelve Months | 44.7% | 103.0% | 109.0% | 75.6% | 31.7% | 12.8% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | -26.7% | -8.1% | -12.7% | -11.3% | -15.2% | -11.4% | |
Prior Fiscal Year | -16.8% | -2.6% | -6.7% | 4.7% | 8.1% | -5.3% | |
Latest Fiscal Year | -6.7% | 0.1% | 0.5% | 8.3% | 9.2% | -4.6% | |
Latest Twelve Months | -5.6% | 0.1% | 0.5% | 8.3% | 9.2% | -4.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.90x | 0.65x | 6.64x | 0.51x | 3.30x | 1.18x | |
EV / LTM EBITDA | -26.4x | 96.0x | 241.2x | 5.8x | 12.5x | 26.9x | |
EV / LTM EBIT | -16.0x | 839.7x | 1368.2x | 6.1x | 35.8x | -25.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | -16.0x | 35.8x | 1368.2x | ||||
Historical EV / LTM EBIT | -202.9x | -16.9x | -6.6x | ||||
Selected EV / LTM EBIT | -22.4x | -23.6x | -24.8x | ||||
(x) LTM EBIT | (163) | (163) | (163) | ||||
(=) Implied Enterprise Value | 3,659 | 3,851 | 4,044 | ||||
(-) Non-shareholder Claims * | (352) | (352) | (352) | ||||
(=) Equity Value | 3,307 | 3,499 | 3,692 | ||||
(/) Shares Outstanding | 1,006.2 | 1,006.2 | 1,006.2 | ||||
Implied Value Range | 3.29 | 3.48 | 3.67 | ||||
FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
Implied Value Range (Trading Cur) | 3.56 | 3.77 | 3.97 | 4.18 | |||
Upside / (Downside) | -14.9% | -9.9% | -4.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DHER | 926 | DD2 | LMN | BFIT | JTKW.Y | |
Enterprise Value | 9,941 | 1,363 | 70,625 | 159 | 4,013 | 4,236 | |
(+) Cash & Short Term Investments | 1,756 | 461 | 5,341 | 69 | 57 | 1,184 | |
(+) Investments & Other | 257 | 3 | 835 | 2 | 2 | 18 | |
(-) Debt | (5,593) | (50) | (536) | (70) | (2,829) | (1,563) | |
(-) Other Liabilities | 6 | 0 | (7) | 0 | 0 | 9 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 6,367 | 1,777 | 76,258 | 161 | 1,242 | 3,884 | |
(/) Shares Outstanding | 289.8 | 1,465.7 | 420.1 | 10.7 | 65.9 | 1,006.2 | |
Implied Stock Price | 21.97 | 1.21 | 181.52 | 15.06 | 18.86 | 3.86 | |
FX Conversion Rate to Trading Currency | 1.00 | 0.84 | 1.08 | 1.05 | 1.00 | 0.92 | |
Implied Stock Price (Trading Cur) | 21.97 | 1.45 | 167.62 | 14.40 | 18.86 | 4.18 | |
Trading Currency | EUR | EUR | EUR | CHF | EUR | USD | |
FX Rate to Reporting Currency | 1.00 | 0.84 | 1.08 | 1.05 | 1.00 | 0.92 |