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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 10,1x - 11,2x | 10,6x |
Selected Fwd EBITDA Multiple | 8,2x - 9,0x | 8,6x |
Fair Value | kr410,33 - kr473 | kr441,66 |
Upside | 37,9% - 59,0% | 48,5% |
Benchmarks | Ticker | Full Ticker |
ERG S.p.A. | ERG | BIT:ERG |
Audax Renovables, S.A. | ADX | BME:ADX |
EDP Renováveis, S.A. | EDPR | ENXTLS:EDPR |
Voltalia SA | VLTSA | ENXTPA:VLTSA |
A2A S.p.A. | A2A | BIT:A2A |
Ørsted A/S | ORSTED | CPSE:ORSTED |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
ERG | ADX | EDPR | VLTSA | A2A | ORSTED | ||
BIT:ERG | BME:ADX | ENXTLS:EDPR | ENXTPA:VLTSA | BIT:A2A | CPSE:ORSTED | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 0.4% | 11.6% | -5.0% | 21.7% | 13.0% | 4.7% | |
3Y CAGR | 10.7% | 37.8% | -4.5% | 15.3% | 18.2% | 14.1% | |
Latest Twelve Months | -4.7% | 9.1% | -2.2% | -13.9% | 4.9% | 9.9% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 61.8% | 3.9% | 57.1% | 34.6% | 12.5% | 25.6% | |
Prior Fiscal Year | 69.6% | 4.2% | 46.9% | 43.2% | 12.1% | 27.4% | |
Latest Fiscal Year | 69.3% | 5.6% | 44.3% | 33.7% | 16.6% | 32.9% | |
Latest Twelve Months | 68.2% | 5.5% | 44.3% | 33.7% | 15.7% | 33.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 6.71x | 0.50x | 9.78x | 5.71x | 0.98x | 2.81x | |
EV / LTM EBITDA | 9.8x | 9.1x | 22.1x | 17.0x | 6.2x | 8.3x | |
EV / LTM EBIT | 21.3x | 10.7x | 292.8x | 44.7x | 10.7x | 13.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 6.2x | 9.8x | 22.1x | ||||
Historical EV / LTM EBITDA | 7.9x | 15.9x | 30.8x | ||||
Selected EV / LTM EBITDA | 10.1x | 10.6x | 11.2x | ||||
(x) LTM EBITDA | 24,597 | 24,597 | 24,597 | ||||
(=) Implied Enterprise Value | 248,509 | 261,588 | 274,668 | ||||
(-) Non-shareholder Claims * | (77,739) | (77,739) | (77,739) | ||||
(=) Equity Value | 170,770 | 183,849 | 196,929 | ||||
(/) Shares Outstanding | 420.2 | 420.2 | 420.2 | ||||
Implied Value Range | 406.37 | 437.50 | 468.62 | ||||
FX Rate: DKK/DKK | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 406.37 | 437.50 | 468.62 | 297.50 | |||
Upside / (Downside) | 36.6% | 47.1% | 57.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ERG | ADX | EDPR | VLTSA | A2A | ORSTED | |
Enterprise Value | 4,836 | 1,028 | 20,617 | 3,093 | 12,827 | 202,758 | |
(+) Cash & Short Term Investments | 0 | 236 | 867 | 375 | 1,576 | 22,873 | |
(+) Investments & Other | 49 | 14 | 1,259 | 27 | 25 | 1,220 | |
(-) Debt | (2,088) | (585) | (10,836) | (2,322) | (7,057) | (91,775) | |
(-) Other Liabilities | (77) | (13) | (1,386) | (106) | (562) | (10,057) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 2,720 | 680 | 10,521 | 1,067 | 6,809 | 125,019 | |
(/) Shares Outstanding | 145.4 | 450.6 | 1,051.0 | 130.9 | 3,131.8 | 420.2 | |
Implied Stock Price | 18.71 | 1.51 | 10.01 | 8.15 | 2.17 | 297.50 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 18.71 | 1.51 | 10.01 | 8.15 | 2.17 | 297.50 | |
Trading Currency | EUR | EUR | EUR | EUR | EUR | DKK | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |