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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 6,5x - 7,1x | 6,8x |
| Selected Fwd EBITDA Multiple | 3,7x - 4,1x | 3,9x |
| Fair Value | €12,35 - €13,13 | €12,74 |
| Upside | 25,5% - 33,5% | 29,5% |
| Benchmarks | Ticker | Full Ticker |
| Eiffage SA | FGR | ENXTPA:FGR |
| Koninklijke BAM Groep nv | BAMNB | ENXTAM:BAMNB |
| PORR AG | POS | WBAG:POS |
| HOCHTIEF Aktiengesellschaft | HOT | DB:HOT |
| Strabag SE | STR | WBAG:STR |
| Compagnie d'Entreprises CFE SA | C70 | DB:C70 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| FGR | BAMNB | POS | HOT | STR | C70 | ||
| ENXTPA:FGR | ENXTAM:BAMNB | WBAG:POS | DB:HOT | WBAG:STR | DB:C70 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 5.1% | 14.6% | 49.8% | -7.3% | 7.1% | -40.9% | |
| 3Y CAGR | 8.8% | 12.3% | 20.0% | 18.3% | 2.8% | -21.2% | |
| Latest Twelve Months | 2.4% | -9.6% | 73.3% | 62.3% | 17.8% | 82.4% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 14.6% | 1.9% | 2.0% | 2.0% | 6.4% | 3.2% | |
| Prior Fiscal Year | 15.5% | 3.2% | 2.1% | 2.7% | 6.1% | 1.4% | |
| Latest Fiscal Year | 14.8% | 2.8% | 3.6% | 2.9% | 7.3% | 2.8% | |
| Latest Twelve Months | 14.8% | 2.8% | 3.6% | 3.4% | 7.3% | 2.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 0.23x | 0.21x | 0.42x | 0.33x | 0.10x | |
| EV / LTM EBITDA | 5.8x | 8.4x | 5.8x | 12.5x | 4.6x | 3.5x | |
| EV / LTM EBIT | 8.4x | 11.0x | 14.7x | 20.6x | 7.6x | 4.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.6x | 5.8x | 12.5x | ||||
| Historical EV / LTM EBITDA | 3.0x | 3.3x | 8.1x | ||||
| Selected EV / LTM EBITDA | 6.5x | 6.8x | 7.1x | ||||
| (x) LTM EBITDA | 33 | 33 | 33 | ||||
| (=) Implied Enterprise Value | 212 | 223 | 234 | ||||
| (-) Non-shareholder Claims * | 134 | 134 | 134 | ||||
| (=) Equity Value | 346 | 357 | 369 | ||||
| (/) Shares Outstanding | 27.4 | 27.4 | 27.4 | ||||
| Implied Value Range | 12.65 | 13.06 | 13.47 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 12.65 | 13.06 | 13.47 | 9.84 | |||
| Upside / (Downside) | 28.6% | 32.7% | 36.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | FGR | BAMNB | POS | HOT | STR | C70 | |
| Enterprise Value | 20,554 | 1,419 | 1,314 | 15,176 | 5,768 | 135 | |
| (+) Cash & Short Term Investments | 6,025 | 765 | 355 | 5,904 | 3,724 | 174 | |
| (+) Investments & Other | 2,339 | 179 | 92 | 2,365 | 786 | 176 | |
| (-) Debt | (16,699) | (323) | (615) | (8,779) | (927) | (216) | |
| (-) Other Liabilities | (1,434) | (0) | (29) | (47) | (22) | (0) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 10,785 | 2,040 | 1,118 | 14,619 | 9,328 | 269 | |
| (/) Shares Outstanding | 92.3 | 263.1 | 37.6 | 75.2 | 118.2 | 27.4 | |
| Implied Stock Price | 116.90 | 7.76 | 29.75 | 194.30 | 78.90 | 9.84 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 116.90 | 7.76 | 29.75 | 194.30 | 78.90 | 9.84 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |