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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 13,8x - 15,3x | 14,6x |
| Selected Fwd EBIT Multiple | 11,3x - 12,5x | 11,9x |
| Fair Value | €3,82 - €4,46 | €4,14 |
| Upside | -20,7% - -7,4% | -14,1% |
| Benchmarks | Ticker | Full Ticker |
| Veolia Environnement SA | VEOE.F | OTCPK:VEOE.F |
| Gallant Venture Ltd. | 5IG | SGX:5IG |
| YTL Corporation Berhad | YTL | KLSE:YTL |
| Tianjin Development Holdings Limited | 882 | SEHK:882 |
| Renaissance United Limited | I11 | SGX:I11 |
| Sembcorp Industries Ltd | SBOA | DB:SBOA |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| VEOE.F | 5IG | YTL | 882 | I11 | SBOA | ||
| OTCPK:VEOE.F | SGX:5IG | KLSE:YTL | SEHK:882 | SGX:I11 | DB:SBOA | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 16.0% | NM- | 24.5% | NM- | NM- | 5.0% | |
| 3Y CAGR | 30.0% | NM- | 58.3% | NM- | 1.7% | 30.4% | |
| Latest Twelve Months | 6.8% | 33.0% | -11.8% | -176.8% | 332.6% | -5.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 5.6% | 2.7% | 14.7% | -1.6% | 1.0% | 13.5% | |
| Prior Fiscal Year | 6.5% | 9.9% | 15.7% | 2.3% | -2.0% | 16.8% | |
| Latest Fiscal Year | 7.0% | 12.6% | 23.1% | -1.7% | 5.4% | 17.5% | |
| Latest Twelve Months | 7.0% | 12.6% | 20.3% | -1.7% | 3.0% | 17.5% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.86x | 2.73x | 1.92x | 0.67x | 0.26x | 2.86x | |
| EV / LTM EBITDA | 6.9x | 10.6x | 7.2x | 19.9x | 3.8x | 12.0x | |
| EV / LTM EBIT | 12.3x | 21.6x | 9.4x | -38.1x | 8.9x | 16.3x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | -38.1x | 9.4x | 21.6x | ||||
| Historical EV / LTM EBIT | 10.7x | 14.1x | 17.0x | ||||
| Selected EV / LTM EBIT | 13.8x | 14.6x | 15.3x | ||||
| (x) LTM EBIT | 1,123 | 1,123 | 1,123 | ||||
| (=) Implied Enterprise Value | 15,533 | 16,351 | 17,168 | ||||
| (-) Non-shareholder Claims * | (5,848) | (5,848) | (5,848) | ||||
| (=) Equity Value | 9,685 | 10,503 | 11,320 | ||||
| (/) Shares Outstanding | 1,779.0 | 1,779.0 | 1,779.0 | ||||
| Implied Value Range | 5.44 | 5.90 | 6.36 | ||||
| FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.69 | 4.00 | 4.31 | 4.82 | |||
| Upside / (Downside) | -23.5% | -17.0% | -10.5% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | VEOE.F | 5IG | YTL | 882 | I11 | SBOA | |
| Enterprise Value | 38,674 | 521 | 60,171 | (6,365) | 24 | 18,503 | |
| (+) Cash & Short Term Investments | 11,764 | 118 | 21,674 | 6,915 | 14 | 979 | |
| (+) Investments & Other | 3,006 | 371 | 5,767 | 8,602 | 0 | 2,871 | |
| (-) Debt | (29,282) | (515) | (55,607) | (2,014) | (23) | (9,400) | |
| (-) Other Liabilities | (2,391) | (9) | (7,980) | (4,863) | (8) | (298) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 21,771 | 486 | 24,026 | 2,274 | 6 | 12,655 | |
| (/) Shares Outstanding | 730.4 | 5,463.2 | 11,123.1 | 1,072.8 | 6,180.8 | 1,779.0 | |
| Implied Stock Price | 29.80 | 0.09 | 2.16 | 2.12 | 0.00 | 7.11 | |
| FX Conversion Rate to Trading Currency | 0.87 | 1.00 | 1.00 | 1.00 | 1.00 | 1.48 | |
| Implied Stock Price (Trading Cur) | 34.18 | 0.09 | 2.16 | 2.12 | 0.00 | 4.82 | |
| Trading Currency | USD | SGD | MYR | HKD | SGD | EUR | |
| FX Rate to Reporting Currency | 0.87 | 1.00 | 1.00 | 1.00 | 1.00 | 1.48 | |