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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | -59,7x - -66,0x | -62,9x |
| Selected Fwd EBIT Multiple | 22,0x - 24,3x | 23,2x |
| Fair Value | €0,21 - €0,26 | €0,24 |
| Upside | -33,8% - -18,1% | -25,9% |
| Benchmarks | Ticker | Full Ticker |
| Fraport AG | FRA | DB:FRA |
| Hainan Meilan International Airport Company Limited | 357 | SEHK:357 |
| Sichuan Haite High-tech Co.,Ltd | 2023 | SZSE:002023 |
| Huaihe Energy (Group) Co.,Ltd | 600575 | SHSE:600575 |
| China Dredging Environment Protection Holdings Limited | 871 | SEHK:871 |
| Beijing Capital International Airport Company Limited | BJ1 | DB:BJ1 |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| FRA | 357 | 2023 | 600575 | 871 | BJ1 | ||
| DB:FRA | SEHK:357 | SZSE:002023 | SHSE:600575 | SEHK:871 | DB:BJ1 | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 0.7% | NM- | 11.1% | 16.6% | NM- | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 13.9% | NM- | NM- | |
| Latest Twelve Months | 3.1% | 86.6% | -9.2% | -10.7% | 75.5% | 68.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.0% | 14.9% | 10.2% | 3.5% | -46.5% | -65.7% | |
| Prior Fiscal Year | 16.3% | -3.4% | 16.0% | 3.0% | -29.9% | -30.9% | |
| Latest Fiscal Year | 15.8% | -0.4% | 11.6% | 3.4% | -8.5% | -6.1% | |
| Latest Twelve Months | 16.8% | -0.4% | 11.2% | 3.1% | -8.5% | -5.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.40x | 3.13x | 6.07x | 0.50x | 1.88x | 4.08x | |
| EV / LTM EBITDA | 12.2x | 20.4x | 21.8x | 8.2x | 10.3x | 24.9x | |
| EV / LTM EBIT | 20.2x | -711.3x | 54.3x | 16.3x | -22.2x | -72.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -711.3x | 16.3x | 54.3x | ||||
| Historical EV / LTM EBIT | -41.8x | -8.8x | -8.4x | ||||
| Selected EV / LTM EBIT | -59.7x | -62.9x | -66.0x | ||||
| (x) LTM EBIT | (310) | (310) | (310) | ||||
| (=) Implied Enterprise Value | 18,511 | 19,486 | 20,460 | ||||
| (-) Non-shareholder Claims * | (10,070) | (10,070) | (10,070) | ||||
| (=) Equity Value | 8,441 | 9,415 | 10,390 | ||||
| (/) Shares Outstanding | 4,579.2 | 4,579.2 | 4,579.2 | ||||
| Implied Value Range | 1.84 | 2.06 | 2.27 | ||||
| FX Rate: CNY/EUR | 8.4 | 8.4 | 8.4 | Market Price | |||
| Implied Value Range (Trading Cur) | 0.22 | 0.25 | 0.27 | 0.32 | |||
| Upside / (Downside) | -30.8% | -22.8% | -14.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FRA | 357 | 2023 | 600575 | 871 | BJ1 | |
| Enterprise Value | 15,097 | 6,820 | 8,196 | 15,089 | 616 | 22,268 | |
| (+) Cash & Short Term Investments | 2,941 | 541 | 511 | 3,050 | 56 | 2,316 | |
| (+) Investments & Other | 1,163 | 247 | 1,580 | 3,342 | 9 | 41 | |
| (-) Debt | (12,023) | (3,055) | (1,904) | (6,146) | (402) | (12,427) | |
| (-) Other Liabilities | (313) | 8 | 10 | (1,576) | (180) | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 6,865 | 4,560 | 8,394 | 13,757 | 99 | 12,198 | |
| (/) Shares Outstanding | 92.4 | 473.2 | 740.9 | 3,886.3 | 1,503.9 | 4,579.2 | |
| Implied Stock Price | 74.30 | 9.64 | 11.33 | 3.54 | 0.07 | 2.66 | |
| FX Conversion Rate to Trading Currency | 1.00 | 0.92 | 1.00 | 1.00 | 0.92 | 8.38 | |
| Implied Stock Price (Trading Cur) | 74.30 | 10.53 | 11.33 | 3.54 | 0.07 | 0.32 | |
| Trading Currency | EUR | HKD | CNY | CNY | HKD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 0.92 | 1.00 | 1.00 | 0.92 | 8.38 | |