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Metrics | Range | Conclusion |
---|---|---|
Selected LTM EBITDA Multiple | 8,5x - 9,4x | 8,9x |
Selected Fwd EBITDA Multiple | 5,7x - 6,2x | 5,9x |
Fair Value | €10,07 - €10,72 | €10,39 |
Upside | -20,5% - -15,4% | -18,0% |
Benchmarks | Ticker | Full Ticker |
Bursa de Valori Bucuresti SA | BVB | BVB:BVB |
Bulgarian Stock Exchange AD | BSE | BUL:BSE |
Hellenic Exchanges - Athens Stock Exchange S.A. | EXAE | ATSE:EXAE |
The Tel-Aviv Stock Exchange Ltd. | TASE | TASE:TASE |
Budapesti Értéktozsde Nyilvánosan Muködo Részvénytársaság | BET | BUSE:BET |
Gielda Papierów Wartosciowych w Warszawie S.A. | WSX | DB:WSX |
- | - | - |
Select LTM EBITDA Multiple | |||||||
Benchmark Companies | |||||||
BVB | BSE | EXAE | TASE | BET | WSX | ||
BVB:BVB | BUL:BSE | ATSE:EXAE | TASE:TASE | BUSE:BET | DB:WSX | ||
Historical EBITDA Growth | |||||||
5Y CAGR | 18.1% | -49.0% | 12.9% | 23.8% | NM- | -7.9% | |
3Y CAGR | 35.0% | -74.9% | 24.1% | 22.9% | NM- | -15.9% | |
Latest Twelve Months | -56.3% | 0.9% | 24.7% | 29.2% | NM | -18.6% | |
Historical EBITDA Profit Margin | |||||||
5 Year Average Margin | 21.2% | 39.0% | 31.4% | 29.5% | 34.4% | 44.6% | |
Prior Fiscal Year | 33.3% | 39.6% | 36.3% | 32.2% | 35.0% | 34.5% | |
Latest Fiscal Year | 19.1% | 36.2% | 39.9% | 34.5% | 33.6% | 26.9% | |
Latest Twelve Months | 16.3% | 35.4% | 40.2% | 36.1% | 34.7% | 26.9% | |
Current Trading Multiples | |||||||
EV / LTM Revenue | 3.32x | 0.71x | 6.15x | 12.29x | 3.29x | 3.51x | |
EV / LTM EBITDA | 20.4x | 2.0x | 15.3x | 34.1x | 9.5x | 13.0x | |
EV / LTM EBIT | 39.7x | 2.2x | 15.7x | 38.5x | 10.9x | 17.5x | |
Low | Mid | High | |||||
Benchmark EV / LTM EBITDA | 2.0x | 15.3x | 34.1x | ||||
Historical EV / LTM EBITDA | 4.7x | 6.5x | 13.0x | ||||
Selected EV / LTM EBITDA | 8.5x | 8.9x | 9.4x | ||||
(x) LTM EBITDA | 125 | 125 | 125 | ||||
(=) Implied Enterprise Value | 1,061 | 1,117 | 1,172 | ||||
(-) Non-shareholder Claims * | 683 | 683 | 683 | ||||
(=) Equity Value | 1,744 | 1,800 | 1,856 | ||||
(/) Shares Outstanding | 42.0 | 42.0 | 42.0 | ||||
Implied Value Range | 41.55 | 42.88 | 44.21 | ||||
FX Rate: PLN/EUR | 4.2 | 4.2 | 4.2 | Market Price | |||
Implied Value Range (Trading Cur) | 9.79 | 10.10 | 10.42 | 12.67 | |||
Upside / (Downside) | -22.7% | -20.3% | -17.8% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | BVB | BSE | EXAE | TASE | BET | WSX | |
Enterprise Value | 261 | 17 | 334 | 5,660 | 13,112 | 1,574 | |
(+) Cash & Short Term Investments | 97 | 88 | 77 | 337 | 9,259 | 395 | |
(+) Investments & Other | 55 | 13 | 16 | 0 | 19,404 | 324 | |
(-) Debt | (20) | (0) | (0) | (139) | (903) | (27) | |
(-) Other Liabilities | (55) | 0 | 0 | 0 | 0 | (9) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 337 | 118 | 427 | 5,858 | 40,872 | 2,257 | |
(/) Shares Outstanding | 8.8 | 12.9 | 57.9 | 91.2 | 5.4 | 42.0 | |
Implied Stock Price | 38.30 | 9.10 | 7.38 | 64.20 | 7,550.00 | 53.78 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 4.24 | |
Implied Stock Price (Trading Cur) | 38.30 | 9.10 | 7.38 | 64.20 | 7,550.00 | 12.67 | |
Trading Currency | RON | BGN | EUR | ILS | HUF | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 4.24 |