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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 1.9x - 2.1x | 2.0x |
Selected Fwd EBIT Multiple | 0.4x - 0.4x | 0.4x |
Fair Value | 1.51€ - 1.48€ | 1.50€ |
Upside | 3.7% - 1.1% | 2.4% |
Benchmarks | Ticker | Full Ticker |
RCS MediaGroup S.p.A. | RCS | BIT:RCS |
JCDecaux SE | DEC | ENXTPA:DEC |
Monrif S.p.A. | MON | BIT:MON |
AdUX SA | ALDUX | ENXTPA:ALDUX |
SYZYGY AG | SYZ | DB:SYZ |
Invibes Advertising N.V. | ALINV | ENXTPA:ALINV |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
RCS | DEC | MON | ALDUX | SYZ | ALINV | ||
BIT:RCS | ENXTPA:DEC | BIT:MON | ENXTPA:ALDUX | DB:SYZ | ENXTPA:ALINV | ||
Historical EBIT Growth | |||||||
5Y CAGR | -24.6% | 1.5% | 9.1% | NM- | 8.2% | NM- | |
3Y CAGR | -35.7% | 87.2% | NM- | NM- | -1.0% | NM- | |
Latest Twelve Months | NM | 3.3% | -7.6% | 28.2% | 54.0% | 79.7% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 9.7% | 4.4% | 1.6% | 1.2% | 6.9% | -3.5% | |
Prior Fiscal Year | 10.5% | 11.8% | 4.6% | 7.5% | 5.2% | -21.5% | |
Latest Fiscal Year | NA | 11.0% | 4.4% | 11.1% | 8.2% | 2.6% | |
Latest Twelve Months | NA | 11.0% | 5.6% | 12.6% | 8.2% | -3.5% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.75x | 1.76x | 0.76x | 0.73x | 0.80x | -0.08x | |
EV / LTM EBITDA | 4.8x | 9.0x | 9.4x | 5.1x | 5.5x | 1.8x | |
EV / LTM EBIT | 6.5x | 16.0x | 13.5x | 5.8x | 9.7x | 2.3x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 5.8x | 9.7x | 16.0x | ||||
Historical EV / LTM EBIT | -6.9x | 107.4x | 451.0x | ||||
Selected EV / LTM EBIT | 1.9x | 2.0x | 2.1x | ||||
(x) LTM EBIT | (1) | (1) | (1) | ||||
(=) Implied Enterprise Value | (2) | (2) | (2) | ||||
(-) Non-shareholder Claims * | 9 | 9 | 9 | ||||
(=) Equity Value | 7 | 7 | 7 | ||||
(/) Shares Outstanding | 4.6 | 4.6 | 4.6 | ||||
Implied Value Range | 1.47 | 1.45 | 1.43 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 1.47 | 1.45 | 1.43 | 1.46 | |||
Upside / (Downside) | 0.8% | -0.7% | -2.2% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | RCS | DEC | MON | ALDUX | SYZ | ALINV | |
Enterprise Value | 467 | 6,438 | 103 | 17 | 54 | (2) | |
(+) Cash & Short Term Investments | 0 | 1,278 | 12 | 1 | 4 | 15 | |
(+) Investments & Other | 0 | 431 | 0 | 0 | 0 | 0 | |
(-) Debt | 0 | (4,450) | (104) | (7) | (25) | (6) | |
(-) Other Liabilities | 0 | (116) | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 467 | 3,582 | 11 | 11 | 34 | 7 | |
(/) Shares Outstanding | 440.3 | 214.0 | 203.8 | 6.2 | 13.5 | 4.6 | |
Implied Stock Price | 1.06 | 16.74 | 0.05 | 1.80 | 2.50 | 1.46 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 1.06 | 16.74 | 0.05 | 1.80 | 2.50 | 1.46 | |
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 |