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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 3.8x - 4.2x | 4.0x |
| Selected Fwd EBIT Multiple | 8.7x - 9.6x | 9.1x |
| Fair Value | €33.63 - €35.75 | €34.69 |
| Upside | -17.7% - -12.5% | -15.1% |
| Benchmarks | Ticker | Full Ticker |
| EDP Renováveis, S.A. | EDW | DB:EDW |
| Encavis AG | ECV1 | XTRA:ECV1 |
| clearvise AG | ABO | XTRA:ABO |
| 7C Solarparken AG | HRPK | XTRA:HRPK |
| Voltalia SA | VLA | BST:VLA |
| Uniper SE | UN02 | WBAG:UN02 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| EDW | ECV1 | ABO | HRPK | VLA | UN02 | ||
| DB:EDW | XTRA:ECV1 | XTRA:ABO | XTRA:HRPK | BST:VLA | WBAG:UN02 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | -33.5% | 13.5% | 13.7% | -4.9% | 13.8% | 5.3% | |
| 3Y CAGR | -43.8% | 25.8% | 11.8% | -14.7% | 1.6% | NM- | |
| Latest Twelve Months | -64.6% | -41.4% | -60.3% | -59.2% | -43.2% | -72.2% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.4% | 29.4% | 22.8% | 32.4% | 17.8% | 0.8% | |
| Prior Fiscal Year | 10.9% | 38.5% | 46.3% | 35.4% | 24.2% | 7.6% | |
| Latest Fiscal Year | 3.8% | 31.0% | 22.6% | 15.9% | 12.4% | 3.3% | |
| Latest Twelve Months | 3.8% | 22.5% | 19.6% | 15.9% | 12.4% | 3.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 8.80x | 10.68x | 7.49x | 5.26x | 5.45x | 0.17x | |
| EV / LTM EBITDA | 19.9x | 19.2x | 13.1x | 8.7x | 15.4x | 4.2x | |
| EV / LTM EBIT | 230.0x | 47.4x | 38.2x | 33.0x | 43.8x | 5.1x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 33.0x | 43.8x | 230.0x | ||||
| Historical EV / LTM EBIT | -3.0x | 0.5x | 9.2x | ||||
| Selected EV / LTM EBIT | 3.8x | 4.0x | 4.2x | ||||
| (x) LTM EBIT | 2,274 | 2,274 | 2,274 | ||||
| (=) Implied Enterprise Value | 8,563 | 9,014 | 9,464 | ||||
| (-) Non-shareholder Claims * | 5,611 | 5,611 | 5,611 | ||||
| (=) Equity Value | 14,174 | 14,625 | 15,075 | ||||
| (/) Shares Outstanding | 416.5 | 416.5 | 416.5 | ||||
| Implied Value Range | 34.03 | 35.12 | 36.20 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 34.03 | 35.12 | 36.20 | 40.85 | |||
| Upside / (Downside) | -16.7% | -14.0% | -11.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | EDW | ECV1 | ABO | HRPK | VLA | UN02 | |
| Enterprise Value | 17,717 | 4,829 | 290 | 331 | 2,936 | 11,402 | |
| (+) Cash & Short Term Investments | 1,196 | 261 | 31 | 94 | 360 | 6,732 | |
| (+) Investments & Other | 1,155 | 12 | 0 | 2 | 18 | 939 | |
| (-) Debt | (10,564) | (2,262) | (191) | (247) | (2,302) | (1,898) | |
| (-) Other Liabilities | (1,272) | (10) | (0) | (19) | (106) | (162) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 8,230 | 2,830 | 130 | 161 | 906 | 17,013 | |
| (/) Shares Outstanding | 1,039.9 | 161.7 | 75.4 | 81.4 | 130.6 | 416.5 | |
| Implied Stock Price | 7.92 | 17.50 | 1.73 | 1.98 | 6.94 | 40.85 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.92 | 17.50 | 1.73 | 1.98 | 6.94 | 40.85 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |