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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 16,0x - 17,7x | 16,8x |
| Selected Fwd EBIT Multiple | 14,5x - 16,0x | 15,3x |
| Fair Value | €38,74 - €52,19 | €45,46 |
| Upside | -48,6% - -30,7% | -39,7% |
| Benchmarks | Ticker | Full Ticker |
| Beijing Capital International Airport Company Limited | BJ1 | DB:BJ1 |
| Aeroports de Paris SA | W7L | DB:W7L |
| Athens International Airport S.A. | 9O1 | DB:9O1 |
| Aena S.M.E., S.A. | A441 | XTRA:A441 |
| Getlink SE | TNU3 | DB:TNU3 |
| Fraport AG | FRA | DB:FRA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| BJ1 | W7L | 9O1 | A441 | TNU3 | FRA | ||
| DB:BJ1 | DB:W7L | DB:9O1 | XTRA:A441 | DB:TNU3 | DB:FRA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | NM- | 3.8% | 6.9% | 6.1% | 10.0% | 0.7% | |
| 3Y CAGR | NM- | NM- | 83.8% | NM- | 85.7% | NM- | |
| Latest Twelve Months | 81.6% | 2.6% | 8.4% | 16.1% | -16.4% | -0.8% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | -66.3% | 7.7% | 42.8% | 20.6% | 31.2% | 5.0% | |
| Prior Fiscal Year | -30.9% | 19.8% | 52.1% | 39.3% | 40.3% | 16.3% | |
| Latest Fiscal Year | -6.1% | 18.8% | 53.9% | 45.0% | 37.3% | 15.8% | |
| Latest Twelve Months | -2.7% | 18.2% | 48.5% | 45.2% | 35.9% | 16.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 3.89x | 2.94x | 5.08x | 6.50x | 7.70x | 3.41x | |
| EV / LTM EBITDA | 19.9x | 9.2x | 8.6x | 11.2x | 15.8x | 12.4x | |
| EV / LTM EBIT | -141.8x | 16.1x | 10.5x | 14.4x | 21.4x | 20.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -141.8x | 14.4x | 21.4x | ||||
| Historical EV / LTM EBIT | -41.3x | 20.3x | 223.6x | ||||
| Selected EV / LTM EBIT | 16.0x | 16.8x | 17.7x | ||||
| (x) LTM EBIT | 727 | 727 | 727 | ||||
| (=) Implied Enterprise Value | 11,639 | 12,252 | 12,864 | ||||
| (-) Non-shareholder Claims * | (8,232) | (8,232) | (8,232) | ||||
| (=) Equity Value | 3,407 | 4,019 | 4,632 | ||||
| (/) Shares Outstanding | 92.4 | 92.4 | 92.4 | ||||
| Implied Value Range | 36.87 | 43.50 | 50.13 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 36.87 | 43.50 | 50.13 | 75.35 | |||
| Upside / (Downside) | -51.1% | -42.3% | -33.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | BJ1 | W7L | 9O1 | A441 | TNU3 | FRA | |
| Enterprise Value | 21,023 | 18,668 | 3,733 | 39,426 | 11,866 | 15,194 | |
| (+) Cash & Short Term Investments | 2,725 | 1,939 | 175 | 950 | 1,355 | 2,941 | |
| (+) Investments & Other | 41 | 1,811 | 46 | 245 | 347 | 1,163 | |
| (-) Debt | (12,418) | (10,592) | (942) | (6,924) | (5,391) | (12,023) | |
| (-) Other Liabilities | 0 | (1,014) | 0 | 53 | 0 | (313) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 11,371 | 10,812 | 3,012 | 33,750 | 8,177 | 6,962 | |
| (/) Shares Outstanding | 4,579.2 | 98.7 | 309.5 | 1,500.0 | 542.3 | 92.4 | |
| Implied Stock Price | 2.48 | 109.50 | 9.73 | 22.50 | 15.08 | 75.35 | |
| FX Conversion Rate to Trading Currency | 8.28 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 0.30 | 109.50 | 9.73 | 22.50 | 15.08 | 75.35 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 8.28 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |