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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 15,3x - 16,9x | 16,1x |
| Selected Fwd EBIT Multiple | 14,9x - 16,5x | 15,7x |
| Fair Value | $4,09 - $5 | $4,54 |
| Upside | -32,9% - -17,8% | -25,4% |
| Benchmarks | Ticker | Full Ticker |
| Acciona, S.A. | 1ANA | BIT:1ANA |
| AS Infortar | X8K | DB:X8K |
| Nippon Gas Co., Ltd. | NG0 | DB:NG0 |
| Suburban Propane Partners, L.P. | SPH | NYSE:SPH |
| Kunlun Energy Company Limited | CTJ1 | DB:CTJ1 |
| Snam S.p.A. | SNMR.F | OTCPK:SNMR.F |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| 1ANA | X8K | NG0 | SPH | CTJ1 | SNMR.F | ||
| BIT:1ANA | DB:X8K | DB:NG0 | NYSE:SPH | DB:CTJ1 | OTCPK:SNMR.F | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 8.0% | 38.4% | 11.2% | 2.6% | 11.8% | 3.4% | |
| 3Y CAGR | 15.1% | 33.3% | 13.2% | -7.0% | 8.5% | 6.7% | |
| Latest Twelve Months | 114.5% | -54.9% | 27.2% | 2.4% | -5.8% | 10.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 6.5% | 8.6% | 8.4% | 14.3% | 6.7% | 43.6% | |
| Prior Fiscal Year | 4.0% | 11.8% | 9.0% | 14.8% | 6.8% | 35.1% | |
| Latest Fiscal Year | 4.9% | 6.3% | 9.3% | 12.9% | 6.4% | 49.4% | |
| Latest Twelve Months | 7.2% | 2.9% | 10.0% | 14.1% | 6.1% | 49.4% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 0.82x | 1.13x | 1.72x | 1.79x | 0.24x | 8.77x | |
| EV / LTM EBITDA | 7.5x | 16.2x | 11.1x | 9.4x | 2.8x | 11.4x | |
| EV / LTM EBIT | 11.5x | 39.6x | 17.2x | 12.7x | 3.9x | 17.7x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 3.9x | 12.7x | 39.6x | ||||
| Historical EV / LTM EBIT | 16.5x | 17.9x | 19.9x | ||||
| Selected EV / LTM EBIT | 15.3x | 16.1x | 16.9x | ||||
| (x) LTM EBIT | 1,816 | 1,816 | 1,816 | ||||
| (=) Implied Enterprise Value | 27,740 | 29,200 | 30,660 | ||||
| (-) Non-shareholder Claims * | (14,972) | (14,972) | (14,972) | ||||
| (=) Equity Value | 12,768 | 14,228 | 15,688 | ||||
| (/) Shares Outstanding | 3,799.5 | 3,799.5 | 3,799.5 | ||||
| Implied Value Range | 3.36 | 3.74 | 4.13 | ||||
| FX Rate: EUR/USD | 0.9 | 0.9 | 0.9 | Market Price | |||
| Implied Value Range (Trading Cur) | 3.94 | 4.39 | 4.85 | 6.09 | |||
| Upside / (Downside) | -35.2% | -27.8% | -20.4% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | 1ANA | X8K | NG0 | SPH | CTJ1 | SNMR.F | |
| Enterprise Value | 18,021 | 1,924 | 342,117 | 2,556 | 44,335 | 34,689 | |
| (+) Cash & Short Term Investments | 4,839 | 146 | 13,792 | 1 | 42,875 | 1,826 | |
| (+) Investments & Other | 1,113 | 18 | 2,114 | 0 | 14,848 | 3,234 | |
| (-) Debt | (13,242) | (942) | (45,781) | (1,348) | (20,425) | (19,989) | |
| (-) Other Liabilities | (1,487) | (245) | 0 | 0 | (24,080) | (43) | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 9,244 | 902 | 312,242 | 1,209 | 57,553 | 19,717 | |
| (/) Shares Outstanding | 54.5 | 20.4 | 109.3 | 65.5 | 8,658.8 | 3,799.5 | |
| Implied Stock Price | 169.60 | 44.10 | 2,857.86 | 18.47 | 6.65 | 5.19 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 173.20 | 1.00 | 8.36 | 0.85 | |
| Implied Stock Price (Trading Cur) | 169.60 | 44.10 | 16.50 | 18.47 | 0.80 | 6.09 | |
| Trading Currency | EUR | EUR | EUR | USD | EUR | USD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 173.20 | 1.00 | 8.36 | 0.85 | |