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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 2,8x - 3,1x | 3,0x |
| Selected Fwd EBITDA Multiple | 4,3x - 4,8x | 4,5x |
| Fair Value | €2,02 - €2,14 | €2,08 |
| Upside | 22,7% - 30,0% | 26,3% |
| Benchmarks | Ticker | Full Ticker |
| Hapag-Lloyd Aktiengesellschaft | HLAG | DB:HLAG |
| Yang Ming Marine Transport Corporation | 2609 | TWSE:2609 |
| Evergreen Marine Corporation (Taiwan) Ltd. | 2603 | TWSE:2603 |
| Eusu Holdings Co., Ltd. | A000700 | KOSE:A000700 |
| A.P. Møller - Mærsk A/S | AMKB.F | OTCPK:AMKB.F |
| COSCO SHIPPING Holdings Co., Ltd. | C6G | DB:C6G |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| HLAG | 2609 | 2603 | A000700 | AMKB.F | C6G | ||
| DB:HLAG | TWSE:2609 | TWSE:2603 | KOSE:A000700 | OTCPK:AMKB.F | DB:C6G | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.0% | 74.4% | 68.6% | 49.6% | 15.3% | 41.0% | |
| 3Y CAGR | -29.7% | -28.7% | -15.4% | -2.5% | -25.7% | -21.0% | |
| Latest Twelve Months | 74.8% | 507.4% | 238.9% | -8.7% | 154.0% | 148.9% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 30.5% | 35.8% | 39.9% | 4.9% | 24.5% | 28.0% | |
| Prior Fiscal Year | 18.9% | 4.1% | 18.8% | 8.5% | 12.5% | 17.1% | |
| Latest Fiscal Year | 18.3% | 34.1% | 38.6% | 6.0% | 16.3% | 28.3% | |
| Latest Twelve Months | 18.2% | 33.6% | 40.1% | 6.2% | 18.0% | 29.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 1.14x | 0.16x | 0.62x | 0.06x | 0.48x | 0.42x | |
| EV / LTM EBITDA | 6.3x | 0.5x | 1.6x | 0.9x | 2.7x | 1.4x | |
| EV / LTM EBIT | 8.7x | 0.5x | 1.8x | 1.3x | 3.9x | 1.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 0.5x | 1.6x | 6.3x | ||||
| Historical EV / LTM EBITDA | -0.1x | 1.6x | 15.6x | ||||
| Selected EV / LTM EBITDA | 2.8x | 3.0x | 3.1x | ||||
| (x) LTM EBITDA | 72,522 | 72,522 | 72,522 | ||||
| (=) Implied Enterprise Value | 203,407 | 214,112 | 224,818 | ||||
| (-) Non-shareholder Claims * | 137,181 | 137,181 | 137,181 | ||||
| (=) Equity Value | 340,588 | 351,293 | 361,999 | ||||
| (/) Shares Outstanding | 19,087.0 | 19,087.0 | 19,087.0 | ||||
| Implied Value Range | 17.84 | 18.40 | 18.97 | ||||
| FX Rate: CNY/EUR | 8.3 | 8.3 | 8.3 | Market Price | |||
| Implied Value Range (Trading Cur) | 2.15 | 2.21 | 2.28 | 1.65 | |||
| Upside / (Downside) | 30.5% | 34.6% | 38.7% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HLAG | 2609 | 2603 | A000700 | AMKB.F | C6G | |
| Enterprise Value | 22,505 | 36,056 | 301,823 | 24,896 | 27,572 | 123,808 | |
| (+) Cash & Short Term Investments | 5,448 | 234,833 | 280,479 | 196,822 | 22,313 | 187,984 | |
| (+) Investments & Other | 1,468 | 32,750 | 43,771 | 9,972 | 0 | 80,317 | |
| (-) Debt | (6,459) | (85,228) | (170,199) | (10,099) | (17,039) | (79,514) | |
| (-) Other Liabilities | (60) | (853) | (22,865) | (67,684) | (1,046) | (51,606) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 22,902 | 217,558 | 433,009 | 153,907 | 31,800 | 260,989 | |
| (/) Shares Outstanding | 175.8 | 3,492.1 | 2,165.0 | 26.0 | 15.1 | 19,087.0 | |
| Implied Stock Price | 130.30 | 62.30 | 200.00 | 5,910.00 | 2,100.00 | 13.67 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.31 | |
| Implied Stock Price (Trading Cur) | 130.30 | 62.30 | 200.00 | 5,910.00 | 2,100.00 | 1.65 | |
| Trading Currency | EUR | TWD | TWD | KRW | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 8.31 | |