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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 8,1x - 9,0x | 8,6x |
Selected Fwd EBIT Multiple | 7,3x - 8,1x | 7,7x |
Fair Value | €22,06 - €25,04 | €23,55 |
Upside | -4,6% - 8,3% | 1,8% |
Benchmarks | Ticker | Full Ticker |
Omnicom Group Inc. | OMC | NYSE:OMC |
Nexstar Media Group, Inc. | NXST | NasdaqGS:NXST |
Sirius XM Holdings Inc. | SIRI | NasdaqGS:SIRI |
Fox Corporation | FOX | NasdaqGS:FOX |
Comcast Corporation | CMCSA | NasdaqGS:CMCSA |
The Interpublic Group of Companies, Inc. | IPG | DB:IPG |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
OMC | NXST | SIRI | FOX | CMCSA | IPG | ||
NYSE:OMC | NasdaqGS:NXST | NasdaqGS:SIRI | NasdaqGS:FOX | NasdaqGS:CMCSA | DB:IPG | ||
Historical EBIT Growth | |||||||
5Y CAGR | 2.1% | 13.8% | 1.5% | 4.8% | 2.0% | 5.1% | |
3Y CAGR | 2.8% | 1.0% | -2.9% | 7.9% | 3.8% | -0.7% | |
Latest Twelve Months | 2.9% | 34.5% | -3.5% | 28.1% | -3.8% | -0.9% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 14.5% | 25.4% | 22.3% | 19.0% | 18.4% | 15.3% | |
Prior Fiscal Year | 14.4% | 16.1% | 20.9% | 17.5% | 19.2% | 15.7% | |
Latest Fiscal Year | 14.6% | 24.4% | 21.4% | 19.2% | 18.8% | 15.6% | |
Latest Twelve Months | 14.6% | 23.3% | 21.5% | 19.2% | 18.1% | 16.6% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 1.25x | 2.23x | 2.00x | 1.59x | 1.68x | 1.42x | |
EV / LTM EBITDA | 7.8x | 6.9x | 7.2x | 7.4x | 5.5x | 7.3x | |
EV / LTM EBIT | 8.5x | 9.6x | 9.3x | 8.3x | 9.3x | 8.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 8.3x | 9.3x | 9.6x | ||||
Historical EV / LTM EBIT | 9.0x | 11.1x | 13.2x | ||||
Selected EV / LTM EBIT | 8.1x | 8.6x | 9.0x | ||||
(x) LTM EBIT | 1,469 | 1,469 | 1,469 | ||||
(=) Implied Enterprise Value | 11,958 | 12,588 | 13,217 | ||||
(-) Non-shareholder Claims * | (2,693) | (2,693) | (2,693) | ||||
(=) Equity Value | 9,265 | 9,895 | 10,524 | ||||
(/) Shares Outstanding | 366.3 | 366.3 | 366.3 | ||||
Implied Value Range | 25.30 | 27.02 | 28.73 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 21.73 | 23.21 | 24.68 | 23.13 | |||
Upside / (Downside) | -6.1% | 0.3% | 6.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | OMC | NXST | SIRI | FOX | CMCSA | IPG | |
Enterprise Value | 19,851 | 11,845 | 17,137 | 24,923 | 208,339 | 12,555 | |
(+) Cash & Short Term Investments | 3,300 | 234 | 92 | 5,351 | 9,687 | 1,564 | |
(+) Investments & Other | 60 | 776 | 1,002 | 1,621 | 8,463 | 0 | |
(-) Debt | (7,110) | (6,673) | (10,441) | (7,465) | (101,528) | (4,185) | |
(-) Other Liabilities | (1,009) | 0 | 0 | (393) | (607) | (73) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 15,093 | 6,182 | 7,790 | 24,037 | 124,354 | 9,862 | |
(/) Shares Outstanding | 193.7 | 30.3 | 336.7 | 445.5 | 3,692.2 | 366.3 | |
Implied Stock Price | 77.91 | 203.91 | 23.14 | 53.95 | 33.68 | 26.93 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 77.91 | 203.91 | 23.14 | 53.95 | 33.68 | 23.13 | |
Trading Currency | USD | USD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 |