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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 14,8x - 16,3x | 15,5x |
Selected Fwd EBITDA Multiple | 12,9x - 14,3x | 13,6x |
Fair Value | €128,04 - €143,33 | €135,69 |
Upside | -8,1% - 2,9% | -2,6% |
Benchmarks | Ticker | Full Ticker |
Deutsche Börse AG | DB1 | DB:DB1 |
Hellenic Exchanges - Athens Stock Exchange S.A. | EXAE | ATSE:EXAE |
Bulgarian Stock Exchange AD | BSE | BUL:BSE |
Bursa de Valori Bucuresti SA | BVB | BVB:BVB |
CME Group Inc. | MX4A | DB:MX4A |
Euronext N.V. | ENXB | DB:ENXB |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
DB1 | EXAE | BSE | BVB | MX4A | ENXB | ||
DB:DB1 | ATSE:EXAE | BUL:BSE | BVB:BVB | DB:MX4A | DB:ENXB | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 13.1% | 12.9% | 14.7% | 18.1% | 6.4% | 19.9% | |
3Y CAGR | 18.7% | 24.1% | -3.4% | 35.0% | 12.6% | 9.4% | |
Latest Twelve Months | 7.9% | 24.9% | 0.9% | -56.3% | 13.4% | 17.3% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 44.4% | 31.9% | 39.0% | 21.2% | 66.7% | 54.2% | |
Prior Fiscal Year | 44.8% | 36.3% | 39.6% | 33.3% | 68.4% | 53.5% | |
Latest Fiscal Year | 43.7% | 39.9% | 36.2% | 19.1% | 69.8% | 56.9% | |
Latest Twelve Months | 43.5% | 41.6% | 35.4% | 16.3% | 70.7% | 58.2% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 6.94x | 5.23x | 0.80x | 3.92x | 16.21x | 9.27x | |
EV / LTM EBITDA | 15.9x | 12.6x | 2.3x | 24.1x | 22.9x | 15.9x | |
EV / LTM EBIT | 17.0x | 12.6x | 2.5x | 46.9x | 24.7x | 17.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 2.3x | 15.9x | 24.1x | ||||
Historical EV / LTM EBITDA | 11.7x | 14.5x | 19.0x | ||||
Selected EV / LTM EBITDA | 14.8x | 15.5x | 16.3x | ||||
(x) LTM EBITDA | 1,011 | 1,011 | 1,011 | ||||
(=) Implied Enterprise Value | 14,922 | 15,707 | 16,492 | ||||
(-) Non-shareholder Claims * | (1,765) | (1,765) | (1,765) | ||||
(=) Equity Value | 13,156 | 13,941 | 14,727 | ||||
(/) Shares Outstanding | 102.8 | 102.8 | 102.8 | ||||
Implied Value Range | 128.03 | 135.67 | 143.31 | ||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
Implied Value Range (Trading Cur) | 128.03 | 135.67 | 143.31 | 139.30 | |||
Upside / (Downside) | -8.1% | -2.6% | 2.9% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | DB1 | EXAE | BSE | BVB | MX4A | ENXB | |
Enterprise Value | 50,256 | 308 | 13 | 305 | 105,032 | 16,080 | |
(+) Cash & Short Term Investments | 1,739 | 75 | 88 | 97 | 2,099 | 979 | |
(+) Investments & Other | 1,553 | 16 | 13 | 55 | 10 | 407 | |
(-) Debt | (6,222) | (0) | (0) | (20) | (3,773) | (3,006) | |
(-) Other Liabilities | (463) | 0 | 0 | (55) | 0 | (144) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 46,863 | 399 | 114 | 381 | 103,368 | 14,314 | |
(/) Shares Outstanding | 183.3 | 57.9 | 12.9 | 8.8 | 360.4 | 102.8 | |
Implied Stock Price | 255.70 | 6.90 | 8.85 | 43.30 | 286.83 | 139.30 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | |
Implied Stock Price (Trading Cur) | 255.70 | 6.90 | 8.85 | 43.30 | 247.85 | 139.30 | |
Trading Currency | EUR | EUR | BGN | RON | EUR | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 |