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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11.5x - 12.7x | 12.1x |
| Selected Fwd EBIT Multiple | 10.3x - 11.4x | 10.9x |
| Fair Value | zł11.63 - zł15.01 | zł13.32 |
| Upside | -20.6% - 2.4% | -9.1% |
| Benchmarks | Ticker | Full Ticker |
| Kino Polska TV Spolka Akcyjna | KPL | WSE:KPL |
| CDA S.A. | CDA | WSE:CDA |
| e-Kiosk S.A. | EKS | WSE:EKS |
| PMPG Polskie Media SA | PGM | WSE:PGM |
| New Tech Venture S.A. | NTV | WSE:NTV |
| Cyfrowy Polsat S.A. | CPS | WSE:CPS |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| KPL | CDA | EKS | PGM | NTV | CPS | ||
| WSE:KPL | WSE:CDA | WSE:EKS | WSE:PGM | WSE:NTV | WSE:CPS | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 27.1% | 23.3% | -0.9% | NM- | -24.1% | -1.1% | |
| 3Y CAGR | 11.1% | 11.7% | -26.8% | NM- | -56.5% | -4.2% | |
| Latest Twelve Months | 16.7% | 0.8% | -26.6% | -1214.9% | 165.0% | 40.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 22.2% | 34.5% | 25.9% | 4.6% | 2.8% | 13.2% | |
| Prior Fiscal Year | 22.0% | 35.8% | 17.9% | 2.7% | -3.9% | 8.4% | |
| Latest Fiscal Year | 27.7% | 31.7% | 12.2% | -16.6% | 2.9% | 12.9% | |
| Latest Twelve Months | 26.9% | 31.4% | 11.0% | -20.3% | 9.4% | 12.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.08x | 1.83x | 0.97x | 0.27x | 1.38x | 1.54x | |
| EV / LTM EBITDA | 3.7x | 5.7x | 8.3x | -1.6x | 12.9x | 7.6x | |
| EV / LTM EBIT | 4.0x | 5.8x | 8.8x | -1.4x | 14.7x | 12.2x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -1.4x | 5.8x | 14.7x | ||||
| Historical EV / LTM EBIT | 12.3x | 13.9x | 17.2x | ||||
| Selected EV / LTM EBIT | 11.5x | 12.1x | 12.7x | ||||
| (x) LTM EBIT | 1,834 | 1,834 | 1,834 | ||||
| (=) Implied Enterprise Value | 21,040 | 22,147 | 23,254 | ||||
| (-) Non-shareholder Claims * | (13,080) | (13,080) | (13,080) | ||||
| (=) Equity Value | 7,960 | 9,068 | 10,175 | ||||
| (/) Shares Outstanding | 639.5 | 639.5 | 639.5 | ||||
| Implied Value Range | 12.45 | 14.18 | 15.91 | ||||
| FX Rate: PLN/PLN | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.45 | 14.18 | 15.91 | 14.66 | |||
| Upside / (Downside) | -15.1% | -3.3% | 8.6% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KPL | CDA | EKS | PGM | NTV | CPS | |
| Enterprise Value | 342 | 189 | 13 | 8 | 6 | 22,452 | |
| (+) Cash & Short Term Investments | 23 | 28 | 7 | 6 | 0 | 2,228 | |
| (+) Investments & Other | 0 | 0 | 0 | 7 | 2 | 6 | |
| (-) Debt | (9) | 0 | 0 | (2) | 0 | (14,358) | |
| (-) Other Liabilities | 0 | 0 | 0 | (1) | 0 | (948) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | (7) | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 356 | 216 | 20 | 19 | 8 | 9,373 | |
| (/) Shares Outstanding | 19.8 | 10.3 | 18.1 | 9.3 | 41.4 | 639.5 | |
| Implied Stock Price | 17.95 | 21.00 | 1.13 | 2.05 | 0.19 | 14.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 17.95 | 21.00 | 1.13 | 2.05 | 0.19 | 14.66 | |
| Trading Currency | PLN | PLN | PLN | PLN | PLN | PLN | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |