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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | 18,1x - 20,0x | 19,0x |
| Selected Fwd EBITDA Multiple | 11,1x - 12,3x | 11,7x |
| Fair Value | €44,51 - €49,61 | €47,06 |
| Upside | 3,0% - 14,8% | 8,9% |
| Benchmarks | Ticker | Full Ticker |
| WSP Global Inc. | WSP | TSX:WSP |
| Stantec Inc. | STN | TSX:STN |
| Skanska AB (publ) | SKSB.F | OTCPK:SKSB.F |
| JGC Holdings Corporation | 1963 | TSE:1963 |
| China Railway Group Limited | 601390 | SHSE:601390 |
| AtkinsRéalis Group Inc. | LAV0 | DB:LAV0 |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| WSP | STN | SKSB.F | 1963 | 601390 | LAV0 | ||
| TSX:WSP | TSX:STN | OTCPK:SKSB.F | TSE:1963 | SHSE:601390 | DB:LAV0 | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | 19.4% | 13.4% | -4.1% | NM- | 6.7% | 3.4% | |
| 3Y CAGR | 22.6% | 25.5% | -7.7% | NM- | 4.9% | 24.1% | |
| Latest Twelve Months | 17.3% | 19.1% | 26.0% | NM | -8.3% | 9.1% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | 9.5% | 12.5% | 5.4% | 4.8% | 5.0% | 6.0% | |
| Prior Fiscal Year | 10.4% | 13.5% | 3.5% | 7.3% | 5.2% | 8.0% | |
| Latest Fiscal Year | 10.9% | 13.8% | 4.2% | -1.1% | 5.2% | 7.8% | |
| Latest Twelve Months | 10.9% | 13.8% | 4.2% | NA | 5.2% | 7.8% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 2.33x | 2.66x | 0.48x | -0.05x | 0.29x | 1.35x | |
| EV / LTM EBITDA | 21.3x | 19.2x | 11.3x | 4.8x | 5.6x | 17.4x | |
| EV / LTM EBIT | 26.2x | 23.8x | 14.6x | 0.9x | 7.0x | 22.5x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | 4.8x | 11.3x | 21.3x | ||||
| Historical EV / LTM EBITDA | 7.0x | 17.8x | 47.1x | ||||
| Selected EV / LTM EBITDA | 18.1x | 19.0x | 20.0x | ||||
| (x) LTM EBITDA | 754 | 754 | 754 | ||||
| (=) Implied Enterprise Value | 13,641 | 14,359 | 15,077 | ||||
| (-) Non-shareholder Claims * | (1,081) | (1,081) | (1,081) | ||||
| (=) Equity Value | 12,560 | 13,278 | 13,996 | ||||
| (/) Shares Outstanding | 174.8 | 174.8 | 174.8 | ||||
| Implied Value Range | 71.84 | 75.94 | 80.05 | ||||
| FX Rate: CAD/EUR | 1.6 | 1.6 | 1.6 | Market Price | |||
| Implied Value Range (Trading Cur) | 45.46 | 48.06 | 50.66 | 43.20 | |||
| Upside / (Downside) | 5.2% | 11.2% | 17.3% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | WSP | STN | SKSB.F | 1963 | 601390 | LAV0 | |
| Enterprise Value | 37,526 | 15,505 | 73,309 | (113,831) | 345,869 | 13,017 | |
| (+) Cash & Short Term Investments | 624 | 235 | 18,426 | 335,926 | 266,560 | 667 | |
| (+) Investments & Other | 138 | 117 | 2,253 | 69,646 | 189,748 | 469 | |
| (-) Debt | (5,792) | (2,043) | (19,162) | (35,958) | (505,474) | (2,200) | |
| (-) Other Liabilities | 0 | 0 | (151) | (1,779) | (155,425) | (16) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 32,496 | 13,814 | 74,675 | 254,004 | 141,276 | 11,936 | |
| (/) Shares Outstanding | 130.5 | 114.1 | 411.5 | 241.7 | 24,741.9 | 174.8 | |
| Implied Stock Price | 249.00 | 121.10 | 181.46 | 1,051.00 | 5.71 | 68.27 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 9.76 | 1.00 | 1.00 | 1.58 | |
| Implied Stock Price (Trading Cur) | 249.00 | 121.10 | 18.60 | 1,051.00 | 5.71 | 43.20 | |
| Trading Currency | CAD | CAD | USD | JPY | CNY | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 9.76 | 1.00 | 1.00 | 1.58 | |