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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8,8x - 9,7x | 9,3x |
Selected Fwd EBIT Multiple | 10,9x - 12,0x | 11,4x |
Fair Value | €2,91 - €3,20 | €3,06 |
Upside | 6,3% - 16,9% | 11,6% |
Benchmarks | Ticker | Full Ticker |
Danaos Corporation | DAC | NYSE:DAC |
Costamare Inc. | CMRE | NYSE:CMRE |
Matson, Inc. | MATX | NYSE:MATX |
A.P. Møller - Mærsk A/S | AMKB.F | OTCPK:AMKB.F |
Navios Maritime Partners L.P. | NMM | NYSE:NMM |
SITC International Holdings Company Limited | 7S8 | DB:7S8 |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
DAC | CMRE | MATX | AMKB.F | NMM | 7S8 | ||
NYSE:DAC | NYSE:CMRE | NYSE:MATX | OTCPK:AMKB.F | NYSE:NMM | DB:7S8 | ||
Historical EBIT Growth | |||||||
5Y CAGR | 21.5% | 18.5% | 38.3% | 29.8% | 52.9% | 35.6% | |
3Y CAGR | 14.1% | 5.5% | -21.0% | -32.4% | 13.5% | -5.0% | |
Latest Twelve Months | -9.6% | 19.7% | 74.5% | 407.2% | -3.9% | 106.3% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 53.5% | 37.0% | 18.7% | 19.0% | 31.7% | 29.8% | |
Prior Fiscal Year | 59.4% | 23.6% | 11.2% | 6.7% | 33.3% | 19.9% | |
Latest Fiscal Year | 52.4% | 22.3% | 16.4% | 10.8% | 32.9% | 32.6% | |
Latest Twelve Months | 50.4% | 22.9% | 17.2% | 12.4% | 31.8% | 32.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.91x | 1.21x | 1.16x | 0.50x | 2.51x | 2.75x | |
EV / LTM EBITDA | 2.9x | 3.9x | 5.3x | 2.7x | 5.1x | 7.6x | |
EV / LTM EBIT | 3.8x | 5.3x | 6.7x | 4.0x | 7.9x | 8.4x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 3.8x | 5.3x | 7.9x | ||||
Historical EV / LTM EBIT | 2.9x | 8.4x | 20.4x | ||||
Selected EV / LTM EBIT | 8.8x | 9.3x | 9.7x | ||||
(x) LTM EBIT | 998 | 998 | 998 | ||||
(=) Implied Enterprise Value | 8,777 | 9,239 | 9,701 | ||||
(-) Non-shareholder Claims * | 438 | 438 | 438 | ||||
(=) Equity Value | 9,215 | 9,677 | 10,139 | ||||
(/) Shares Outstanding | 2,700.0 | 2,700.0 | 2,700.0 | ||||
Implied Value Range | 3.41 | 3.58 | 3.76 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 2.91 | 3.05 | 3.20 | 2.74 | |||
Upside / (Downside) | 6.1% | 11.4% | 16.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DAC | CMRE | MATX | AMKB.F | NMM | 7S8 | |
Enterprise Value | 1,939 | 2,479 | 4,044 | 27,365 | 3,310 | 8,248 | |
(+) Cash & Short Term Investments | 544 | 817 | 122 | 22,313 | 342 | 769 | |
(+) Investments & Other | 0 | 215 | 91 | 0 | 0 | 75 | |
(-) Debt | (770) | (2,278) | (706) | (17,039) | (2,376) | (389) | |
(-) Other Liabilities | 0 | (57) | 0 | (1,046) | 0 | (17) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 1,713 | 1,176 | 3,551 | 31,593 | 1,277 | 8,686 | |
(/) Shares Outstanding | 18.6 | 120.1 | 32.6 | 15.2 | 29.8 | 2,700.0 | |
Implied Stock Price | 92.22 | 9.79 | 108.79 | 2,083.00 | 42.82 | 3.22 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
Implied Stock Price (Trading Cur) | 92.22 | 9.79 | 108.79 | 2,083.00 | 42.82 | 2.74 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 |