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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBIT Multiple | 14,5x - 16,0x | 15,3x |
Selected Fwd EBIT Multiple | 12,8x - 14,1x | 13,4x |
Fair Value | €39,48 - €44,04 | €41,76 |
Upside | 6,7% - 19,0% | 12,9% |
Benchmarks | Ticker | Full Ticker |
Automatic Data Processing, Inc. | ADP | NasdaqGS:ADP |
ICF International, Inc. | ICFI | NasdaqGS:ICFI |
Barrett Business Services, Inc. | BBSI | NasdaqGS:BBSI |
Heidrick & Struggles International, Inc. | HSII | NasdaqGS:HSII |
Insperity, Inc. | NSP | NYSE:NSP |
Kforce Inc. | ROF | DB:ROF |
- | - | - |
Select LTM EBIT Multiple | |||||||
Benchmark Companies | |||||||
ADP | ICFI | BBSI | HSII | NSP | ROF | ||
NasdaqGS:ADP | NasdaqGS:ICFI | NasdaqGS:BBSI | NasdaqGS:HSII | NYSE:NSP | DB:ROF | ||
Historical EBIT Growth | |||||||
5Y CAGR | 10.6% | 10.4% | 3.4% | 2.4% | -8.9% | -1.8% | |
3Y CAGR | 14.1% | 12.5% | 10.8% | -12.5% | -12.3% | -13.2% | |
Latest Twelve Months | 9.3% | 11.6% | 5.2% | -6.9% | -62.6% | -17.4% | |
Historical EBIT Profit Margin | |||||||
5 Year Average Margin | 24.3% | 7.2% | 5.0% | 8.9% | 3.6% | 6.0% | |
Prior Fiscal Year | 25.3% | 7.1% | 5.7% | 8.2% | 3.4% | 5.7% | |
Latest Fiscal Year | 26.1% | 8.4% | 5.2% | 6.9% | 1.8% | 5.0% | |
Latest Twelve Months | 26.6% | 8.3% | 5.1% | 6.9% | 1.2% | 4.7% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 6.15x | 1.10x | 0.89x | 0.64x | 0.30x | 0.61x | |
EV / LTM EBITDA | 20.9x | 10.0x | 16.3x | 7.4x | 18.5x | 12.2x | |
EV / LTM EBIT | 23.1x | 13.3x | 17.3x | 9.3x | 26.0x | 12.8x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBIT | 9.3x | 17.3x | 26.0x | ||||
Historical EV / LTM EBIT | 9.2x | 13.8x | 15.4x | ||||
Selected EV / LTM EBIT | 14.5x | 15.3x | 16.0x | ||||
(x) LTM EBIT | 66 | 66 | 66 | ||||
(=) Implied Enterprise Value | 952 | 1,002 | 1,052 | ||||
(-) Non-shareholder Claims * | (80) | (80) | (80) | ||||
(=) Equity Value | 871 | 921 | 971 | ||||
(/) Shares Outstanding | 17.7 | 17.7 | 17.7 | ||||
Implied Value Range | 49.17 | 52.00 | 54.83 | ||||
FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
Implied Value Range (Trading Cur) | 42.31 | 44.74 | 47.18 | 37.00 | |||
Upside / (Downside) | 14.4% | 20.9% | 27.5% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ADP | ICFI | BBSI | HSII | NSP | ROF | |
Enterprise Value | 124,190 | 2,220 | 1,044 | 716 | 1,999 | 842 | |
(+) Cash & Short Term Investments | 2,681 | 6 | 99 | 325 | 568 | 0 | |
(+) Investments & Other | 0 | 0 | 0 | 11 | 0 | 0 | |
(-) Debt | (4,367) | (689) | (23) | (100) | (436) | (81) | |
(-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 122,503 | 1,537 | 1,120 | 952 | 2,131 | 762 | |
(/) Shares Outstanding | 405.9 | 18.4 | 25.7 | 20.6 | 37.6 | 17.7 | |
Implied Stock Price | 301.79 | 83.48 | 43.63 | 46.15 | 56.64 | 43.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | |
Implied Stock Price (Trading Cur) | 301.79 | 83.48 | 43.63 | 46.15 | 56.64 | 37.00 | |
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 |