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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 21.4x - 23.7x | 22.5x |
Selected Fwd EBIT Multiple | 18.5x - 20.4x | 19.5x |
Fair Value | €1.77 - €2.19 | €1.98 |
Upside | -19.4% - -0.1% | -9.7% |
Benchmarks | Ticker | Full Ticker |
RWE Aktiengesellschaft | RWE | XTRA:RWE |
ABO Energy GmbH & Co. KGaA | AB9 | XTRA:AB9 |
Enefit Green AS | I6B | DB:I6B |
Corporación Acciona Energías Renovables, S.A. | 5BP | MUN:5BP |
Ecoener, S.A. | 89W | DB:89W |
7C Solarparken AG | HRPK | XTRA:HRPK |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
RWE | AB9 | I6B | 5BP | 89W | HRPK | ||
XTRA:RWE | XTRA:AB9 | DB:I6B | MUN:5BP | DB:89W | XTRA:HRPK | ||
Historical EBIT Growth | |||||||
5Y CAGR | 90.8% | 12.2% | 6.0% | 3.8% | 15.4% | 13.0% | |
3Y CAGR | 25.3% | 18.7% | -5.8% | -3.6% | 23.8% | 18.6% | |
Latest Twelve Months | 21.9% | 4.5% | 8.9% | -32.2% | 15.1% | -55.2% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 11.1% | 20.9% | 37.8% | 20.7% | 31.8% | 33.7% | |
Prior Fiscal Year | 19.5% | 23.4% | 28.1% | 21.0% | 29.4% | 46.9% | |
Latest Fiscal Year | 28.0% | 18.1% | 33.4% | 14.6% | 24.3% | 35.4% | |
Latest Twelve Months | 28.0% | 20.4% | 33.4% | 14.6% | 24.3% | 22.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.95x | 2.25x | 6.46x | 2.76x | 9.14x | 5.61x | |
EV / LTM EBITDA | 2.7x | 10.2x | 12.4x | 10.0x | 20.6x | 7.7x | |
EV / LTM EBIT | 3.4x | 11.0x | 19.3x | 18.9x | 37.6x | 24.7x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 3.4x | 18.9x | 37.6x | ||||
Historical EV / LTM EBIT | 15.6x | 29.7x | 35.8x | ||||
Selected EV / LTM EBIT | 21.4x | 22.5x | 23.7x | ||||
(x) LTM EBIT | 15 | 15 | 15 | ||||
(=) Implied Enterprise Value | 314 | 331 | 347 | ||||
(-) Non-shareholder Claims * | (183) | (183) | (183) | ||||
(=) Equity Value | 131 | 147 | 164 | ||||
(/) Shares Outstanding | 81.4 | 81.4 | 81.4 | ||||
Implied Value Range | 1.61 | 1.81 | 2.02 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.61 | 1.81 | 2.02 | 2.20 | |||
Upside / (Downside) | -26.7% | -17.4% | -8.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RWE | AB9 | I6B | 5BP | 89W | HRPK | |
Enterprise Value | 23,039 | 645 | 1,286 | 10,807 | 801 | 362 | |
(+) Cash & Short Term Investments | 11,941 | 27 | 44 | 541 | 76 | 69 | |
(+) Investments & Other | 9,753 | 1 | 1 | 297 | 5 | 2 | |
(-) Debt | (18,670) | (301) | (734) | (5,367) | (615) | (236) | |
(-) Other Liabilities | (2,074) | (0) | 0 | (394) | (13) | (19) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 23,989 | 372 | 596 | 5,884 | 253 | 179 | |
(/) Shares Outstanding | 736.3 | 9.2 | 264.3 | 324.4 | 56.9 | 81.4 | |
Implied Stock Price | 32.58 | 40.30 | 2.26 | 18.14 | 4.45 | 2.20 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 32.58 | 40.30 | 2.26 | 18.14 | 4.45 | 2.20 | |
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 |