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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19,9x - 22,0x | 21,0x |
| Selected Fwd EBIT Multiple | 18,5x - 20,4x | 19,5x |
| Fair Value | €58,15 - €64,99 | €61,57 |
| Upside | -30,1% - -21,9% | -26,0% |
| Benchmarks | Ticker | Full Ticker |
| Target Corporation | TGT | NYSE:TGT |
| Natural Grocers by Vitamin Cottage, Inc. | NGVC | NYSE:NGVC |
| PriceSmart, Inc. | PSMT | NasdaqGS:PSMT |
| Costco Wholesale Corporation | COST | NasdaqGS:COST |
| SpartanNash Company | SPTN | NasdaqGS:SPTN |
| Walmart Inc. | WMT | DB:WMT |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| TGT | NGVC | PSMT | COST | SPTN | WMT | ||
| NYSE:TGT | NYSE:NGVC | NasdaqGS:PSMT | NasdaqGS:COST | NasdaqGS:SPTN | DB:WMT | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 4.0% | 23.5% | 14.0% | 14.4% | 20.5% | 6.4% | |
| 3Y CAGR | -14.1% | 18.7% | 12.0% | 11.0% | 4.2% | 4.1% | |
| Latest Twelve Months | 0.7% | 45.2% | 6.5% | 11.7% | -7.6% | 7.0% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.1% | 3.1% | 4.4% | 3.5% | 1.2% | 4.4% | |
| Prior Fiscal Year | 5.5% | 2.9% | 4.7% | 3.5% | 1.2% | 4.2% | |
| Latest Fiscal Year | 5.4% | 4.0% | 4.5% | 3.6% | 1.4% | 4.3% | |
| Latest Twelve Months | 5.6% | 4.4% | 4.5% | 3.8% | 1.2% | 4.3% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.61x | 0.95x | 0.62x | 1.52x | 0.21x | 1.22x | |
| EV / LTM EBITDA | 7.2x | 13.5x | 10.1x | 32.8x | 8.8x | 19.6x | |
| EV / LTM EBIT | 11.0x | 21.3x | 13.8x | 40.5x | 16.9x | 28.4x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 11.0x | 16.9x | 40.5x | ||||
| Historical EV / LTM EBIT | 14.8x | 19.6x | 29.2x | ||||
| Selected EV / LTM EBIT | 19.9x | 21.0x | 22.0x | ||||
| (x) LTM EBIT | 29,543 | 29,543 | 29,543 | ||||
| (=) Implied Enterprise Value | 588,444 | 619,414 | 650,385 | ||||
| (-) Non-shareholder Claims * | (63,845) | (63,845) | (63,845) | ||||
| (=) Equity Value | 524,599 | 555,569 | 586,540 | ||||
| (/) Shares Outstanding | 7,980.4 | 7,980.4 | 7,980.4 | ||||
| Implied Value Range | 65.74 | 69.62 | 73.50 | ||||
| FX Rate: USD/EUR | 1.2 | 1.2 | 1.2 | Market Price | |||
| Implied Value Range (Trading Cur) | 55.97 | 59.27 | 62.58 | 83.20 | |||
| Upside / (Downside) | -32.7% | -28.8% | -24.8% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | TGT | NGVC | PSMT | COST | SPTN | WMT | |
| Enterprise Value | 64,762 | 1,232 | 3,196 | 408,372 | 1,994 | 843,703 | |
| (+) Cash & Short Term Investments | 2,887 | 21 | 262 | 14,850 | 20 | 9,311 | |
| (+) Investments & Other | 0 | 0 | 8 | 0 | 0 | 2,392 | |
| (-) Debt | (19,463) | (336) | (252) | (8,358) | (1,116) | (68,693) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (6,855) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 48,186 | 918 | 3,214 | 414,864 | 898 | 779,858 | |
| (/) Shares Outstanding | 454.4 | 23.0 | 30.0 | 443.5 | 33.8 | 7,980.4 | |
| Implied Stock Price | 106.05 | 39.98 | 107.19 | 935.48 | 26.54 | 97.72 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |
| Implied Stock Price (Trading Cur) | 106.05 | 39.98 | 107.19 | 935.48 | 26.54 | 83.20 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.17 | |