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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 11,0x - 12,2x | 11,6x |
| Selected Fwd EBIT Multiple | 10,6x - 11,7x | 11,1x |
| Fair Value | €2,22 - €2,65 | €2,43 |
| Upside | -3,1% - 15,9% | 6,4% |
| Benchmarks | Ticker | Full Ticker |
| Hera S.p.A. | HER | BIT:HER |
| Gelsenwasser AG | WWG | DB:WWG |
| ERG S.p.A. | ERG | BIT:ERG |
| E.ON SE | 1EOAN | BIT:1EOAN |
| Veolia Environnement SA | VIE | ENXTPA:VIE |
| A2A S.p.A. | A2A | BIT:A2A |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HER | WWG | ERG | 1EOAN | VIE | A2A | ||
| BIT:HER | DB:WWG | BIT:ERG | BIT:1EOAN | ENXTPA:VIE | BIT:A2A | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 9.0% | -2.6% | 4.9% | 39.9% | 16.0% | 13.5% | |
| 3Y CAGR | 10.5% | -5.5% | 13.1% | 10.0% | 30.0% | 25.6% | |
| Latest Twelve Months | 9.8% | -44.0% | -24.0% | 161.1% | 6.8% | 5.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.4% | 1.3% | 30.4% | 4.6% | 5.6% | 6.7% | |
| Prior Fiscal Year | 5.4% | 1.8% | 40.5% | 1.0% | 6.5% | 6.6% | |
| Latest Fiscal Year | 6.4% | 1.4% | 34.8% | 10.8% | 7.0% | 9.9% | |
| Latest Twelve Months | 5.9% | 1.4% | 31.4% | 9.6% | 7.0% | 9.1% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.71x | 0.53x | 6.65x | 0.86x | 0.86x | 1.00x | |
| EV / LTM EBITDA | 7.5x | 18.8x | 9.8x | 6.5x | 6.9x | 6.4x | |
| EV / LTM EBIT | 12.0x | 39.5x | 21.2x | 9.0x | 12.2x | 11.0x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 9.0x | 12.2x | 39.5x | ||||
| Historical EV / LTM EBIT | 8.4x | 13.0x | 16.8x | ||||
| Selected EV / LTM EBIT | 11.0x | 11.6x | 12.2x | ||||
| (x) LTM EBIT | 1,202 | 1,202 | 1,202 | ||||
| (=) Implied Enterprise Value | 13,216 | 13,912 | 14,608 | ||||
| (-) Non-shareholder Claims * | (6,018) | (6,018) | (6,018) | ||||
| (=) Equity Value | 7,198 | 7,894 | 8,590 | ||||
| (/) Shares Outstanding | 3,132.9 | 3,132.9 | 3,132.9 | ||||
| Implied Value Range | 2.30 | 2.52 | 2.74 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.30 | 2.52 | 2.74 | 2.29 | |||
| Upside / (Downside) | 0.5% | 10.2% | 19.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HER | WWG | ERG | 1EOAN | VIE | A2A | |
| Enterprise Value | 9,983 | 1,590 | 4,821 | 72,554 | 38,463 | 13,183 | |
| (+) Cash & Short Term Investments | 1,855 | 26 | 0 | 4,668 | 11,764 | 1,576 | |
| (+) Investments & Other | 183 | 727 | 49 | 10,592 | 3,006 | 25 | |
| (-) Debt | (5,986) | (417) | (2,088) | (40,100) | (29,282) | (7,057) | |
| (-) Other Liabilities | (319) | (1) | (77) | (6,571) | (2,391) | (562) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 5,717 | 1,925 | 2,705 | 41,143 | 21,560 | 7,165 | |
| (/) Shares Outstanding | 1,404.7 | 3.4 | 145.4 | 2,613.1 | 730.3 | 3,132.9 | |
| Implied Stock Price | 4.07 | 560.00 | 18.61 | 15.75 | 29.52 | 2.29 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 4.07 | 560.00 | 18.61 | 15.75 | 29.52 | 2.29 | |
| 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 | |