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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 9,6x - 10,6x | 10,1x |
| Selected Fwd EBIT Multiple | 6,4x - 7,1x | 6,7x |
| Fair Value | €20,11 - €23,63 | €21,87 |
| Upside | -8,6% - 7,4% | -0,6% |
| Benchmarks | Ticker | Full Ticker |
| Fraport AG | FRA | DB:FRA |
| Trabzon Liman Isletmeciligi Anonim Sirketi | TLMAN | IBSE:TLMAN |
| Çelebi Hava Servisi A.S. | CLEBI | IBSE:CLEBI |
| TraWell Co S.p.A. | TWL | BIT:TWL |
| ENAV S.p.A. | ENAV | BIT:ENAV |
| TAV Havalimanlari Holding A.S. | 5THA | BST:5THA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FRA | TLMAN | CLEBI | TWL | ENAV | 5THA | ||
| DB:FRA | IBSE:TLMAN | IBSE:CLEBI | BIT:TWL | BIT:ENAV | BST:5THA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.7% | 34.6% | 70.9% | 14.3% | 2.2% | 12.1% | |
| 3Y CAGR | NM- | 34.6% | 100.0% | 67.1% | 27.5% | 61.1% | |
| Latest Twelve Months | 4.1% | -62.1% | 48.9% | -15.6% | -3.5% | 13.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 4.5% | 40.9% | 19.9% | 9.6% | 13.0% | 10.3% | |
| Prior Fiscal Year | 16.3% | 35.6% | 23.3% | 18.9% | 16.5% | 19.7% | |
| Latest Fiscal Year | 15.8% | 19.0% | 22.1% | 16.1% | 17.3% | 18.7% | |
| Latest Twelve Months | 15.7% | 14.5% | 20.8% | 16.1% | 15.7% | 18.0% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.37x | 2.65x | 2.12x | 1.07x | 2.29x | 1.85x | |
| EV / LTM EBITDA | 12.6x | 8.2x | 9.0x | 3.5x | 7.9x | 7.1x | |
| EV / LTM EBIT | 21.4x | 18.2x | 10.2x | 6.7x | 14.6x | 10.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 6.7x | 14.6x | 21.4x | ||||
| Historical EV / LTM EBIT | -25.9x | 8.9x | 29.7x | ||||
| Selected EV / LTM EBIT | 9.6x | 10.1x | 10.6x | ||||
| (x) LTM EBIT | 269 | 269 | 269 | ||||
| (=) Implied Enterprise Value | 2,576 | 2,712 | 2,847 | ||||
| (-) Non-shareholder Claims * | (1,055) | (1,055) | (1,055) | ||||
| (=) Equity Value | 1,521 | 1,657 | 1,792 | ||||
| (/) Shares Outstanding | 79.0 | 79.0 | 79.0 | ||||
| Implied Value Range | 19.26 | 20.98 | 22.70 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 19.26 | 20.98 | 22.70 | 22.00 | |||
| Upside / (Downside) | -12.4% | -4.6% | 3.2% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRA | TLMAN | CLEBI | TWL | ENAV | 5THA | |
| Enterprise Value | 15,085 | 1,536 | 44,313 | 32 | 2,299 | 2,792 | |
| (+) Cash & Short Term Investments | 2,989 | 359 | 6,029 | 4 | 388 | 375 | |
| (+) Investments & Other | 520 | 0 | 35 | 1 | 54 | 730 | |
| (-) Debt | (12,194) | (125) | (7,808) | (19) | (588) | (2,147) | |
| (-) Other Liabilities | (334) | 0 | (870) | (4) | (1) | (14) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,065 | 1,769 | 41,699 | 14 | 2,151 | 1,737 | |
| (/) Shares Outstanding | 92.4 | 21.0 | 24.3 | 2.5 | 541.4 | 79.0 | |
| Implied Stock Price | 65.65 | 84.25 | 1,716.00 | 5.75 | 3.97 | 22.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 65.65 | 84.25 | 1,716.00 | 5.75 | 3.97 | 22.00 | |
| Trading Currency | EUR | TRY | TRY | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |