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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 9,4x - 10,4x | 9,9x |
Selected Fwd EBITDA Multiple | 7,3x - 8,1x | 7,7x |
Fair Value | €3,18 - €3,74 | €3,46 |
Upside | -37,0% - -25,9% | -31,4% |
Benchmarks | Ticker | Full Ticker |
Veolia Environnement SA | VEOE.F | OTCPK:VEOE.F |
Gallant Venture Ltd. | 5IG | SGX:5IG |
Public Service Enterprise Group Incorporated | PEG | NYSE:PEG |
Ameren Corporation | AEE | NYSE:AEE |
CenterPoint Energy, Inc. | CNP | NYSE:CNP |
Sembcorp Industries Ltd | SBOA | DB:SBOA |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
VEOE.F | 5IG | PEG | AEE | CNP | SBOA | ||
OTCPK:VEOE.F | SGX:5IG | NYSE:PEG | NYSE:AEE | NYSE:CNP | DB:SBOA | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 12.4% | 5.8% | -0.7% | 6.3% | 9.1% | 0.1% | |
3Y CAGR | 21.7% | 23.3% | 2.6% | 6.9% | 10.4% | 23.4% | |
Latest Twelve Months | 2.6% | 11.8% | 2.6% | 2.1% | 2.6% | -5.5% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 11.3% | 14.0% | 37.6% | 43.1% | 32.3% | 20.3% | |
Prior Fiscal Year | 12.0% | 24.1% | 42.7% | 43.5% | 34.2% | 22.9% | |
Latest Fiscal Year | 12.5% | 25.8% | 37.0% | 43.7% | 38.5% | 23.8% | |
Latest Twelve Months | 12.5% | 25.8% | 36.7% | 43.0% | 36.7% | 23.8% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 0.88x | 2.79x | 6.17x | 6.16x | 5.11x | 3.02x | |
EV / LTM EBITDA | 7.1x | 10.8x | 16.8x | 14.3x | 13.9x | 12.7x | |
EV / LTM EBIT | 12.5x | 22.0x | 26.1x | 25.0x | 23.4x | 17.2x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 7.1x | 13.9x | 16.8x | ||||
Historical EV / LTM EBITDA | 7.2x | 9.5x | 12.7x | ||||
Selected EV / LTM EBITDA | 9.4x | 9.9x | 10.4x | ||||
(x) LTM EBITDA | 1,526 | 1,526 | 1,526 | ||||
(=) Implied Enterprise Value | 14,393 | 15,151 | 15,909 | ||||
(-) Non-shareholder Claims * | (5,848) | (5,848) | (5,848) | ||||
(=) Equity Value | 8,545 | 9,303 | 10,061 | ||||
(/) Shares Outstanding | 1,779.0 | 1,779.0 | 1,779.0 | ||||
Implied Value Range | 4.80 | 5.23 | 5.66 | ||||
FX Rate: SGD/EUR | 1.5 | 1.5 | 1.5 | Market Price | |||
Implied Value Range (Trading Cur) | 3.19 | 3.48 | 3.76 | 5.05 | |||
Upside / (Downside) | -36.8% | -31.2% | -25.6% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | VEOE.F | 5IG | PEG | AEE | CNP | SBOA | |
Enterprise Value | 39,431 | 532 | 66,117 | 46,713 | 45,866 | 19,361 | |
(+) Cash & Short Term Investments | 11,764 | 118 | 894 | 23 | 796 | 979 | |
(+) Investments & Other | 3,006 | 371 | 239 | 71 | 0 | 2,871 | |
(-) Debt | (29,282) | (515) | (23,548) | (19,623) | (21,618) | (9,400) | |
(-) Other Liabilities | (2,391) | (9) | 0 | (129) | 0 | (298) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 22,528 | 497 | 43,702 | 27,055 | 25,044 | 13,513 | |
(/) Shares Outstanding | 730.4 | 5,463.2 | 499.0 | 270.3 | 652.9 | 1,779.0 | |
Implied Stock Price | 30.84 | 0.09 | 87.58 | 100.10 | 38.36 | 7.60 | |
FX Conversion Rate to Trading Currency | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | 1.50 | |
Implied Stock Price (Trading Cur) | 36.23 | 0.09 | 87.58 | 100.10 | 38.36 | 5.05 | |
Trading Currency | USD | SGD | USD | USD | USD | EUR | |
FX Rate to Reporting Currency | 0.85 | 1.00 | 1.00 | 1.00 | 1.00 | 1.50 |