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지원팀에 전달되었습니다. 만약 문제가 지속될 경우 이메일 지원 위젯을 통해 다시 문의 부탁드립니다.
| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBITDA Multiple | -64.5x - -71.3x | -67.9x |
| Selected Fwd EBITDA Multiple | 3.2x - 3.5x | 3.3x |
| Fair Value | €6.93 - €7.78 | €7.35 |
| Upside | -18.9% - -9.0% | -14.0% |
| Benchmarks | Ticker | Full Ticker |
| Kekrops S.A. | KEKR | ATSE:KEKR |
| Courtois S.A. | COUR | ENXTPA:COUR |
| Risanamento SpA | RN | BIT:RN |
| Montebalito, S.A. | MTB | BME:MTB |
| Brioschi Sviluppo Immobiliare S.p.A. | BRI | BIT:BRI |
| Dimand S.A. | DIMAND | ATSE:DIMAND |
| - | - | - |
| Select LTM EBITDA Multiple | |||||||
| Benchmark Companies | |||||||
| KEKR | COUR | RN | MTB | BRI | DIMAND | ||
| ATSE:KEKR | ENXTPA:COUR | BIT:RN | BME:MTB | BIT:BRI | ATSE:DIMAND | ||
| Historical EBITDA Growth | |||||||
| 5Y CAGR | NM- | NM- | NM- | NM- | 5.0% | NM- | |
| 3Y CAGR | NM- | NM- | NM- | 18.7% | NM- | NM- | |
| Latest Twelve Months | -142.2% | -92.7% | -525.0% | -14.2% | -101.2% | 31.6% | |
| Historical EBITDA Profit Margin | |||||||
| 5 Year Average Margin | -3764.7% | 0.0% | -1700.9% | -19.4% | 9.0% | -24.4% | |
| Prior Fiscal Year | -2835.3% | 10.3% | -11289.7% | 9.7% | 28.6% | -34.8% | |
| Latest Fiscal Year | -3060.9% | -16.8% | 4.0% | 13.0% | 7.8% | -21.7% | |
| Latest Twelve Months | -186.9% | -31.2% | -492.9% | 13.0% | -3.6% | -10.2% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 47.12x | 4.17x | 2.01x | 4.42x | 5.16x | 8.22x | |
| EV / LTM EBITDA | -25.2x | -13.4x | -0.4x | 34.0x | -141.4x | -80.6x | |
| EV / LTM EBIT | -25.0x | -12.7x | -0.4x | 34.6x | -34.7x | -75.8x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBITDA | -141.4x | -13.4x | 34.0x | ||||
| Historical EV / LTM EBITDA | -116.0x | 31.9x | 179.7x | ||||
| Selected EV / LTM EBITDA | -64.5x | -67.9x | -71.3x | ||||
| (x) LTM EBITDA | (2) | (2) | (2) | ||||
| (=) Implied Enterprise Value | 143 | 150 | 158 | ||||
| (-) Non-shareholder Claims * | (20) | (20) | (20) | ||||
| (=) Equity Value | 123 | 131 | 138 | ||||
| (/) Shares Outstanding | 18.5 | 18.5 | 18.5 | ||||
| Implied Value Range | 6.64 | 7.04 | 7.45 | ||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | |||
| Implied Value Range (Trading Cur) | 6.64 | 7.04 | 7.45 | 8.55 | |||
| Upside / (Downside) | -22.4% | -17.6% | -12.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | KEKR | COUR | RN | MTB | BRI | DIMAND | |
| Enterprise Value | 24 | 6 | 18 | 46 | 77 | 178 | |
| (+) Cash & Short Term Investments | 0 | 7 | 22 | 2 | 2 | 12 | |
| (+) Investments & Other | 6 | 0 | 0 | 13 | 53 | 57 | |
| (-) Debt | (6) | (4) | (0) | (17) | (82) | (90) | |
| (-) Other Liabilities | 0 | (0) | 0 | 0 | 0 | 0 | |
| (-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 25 | 9 | 40 | 44 | 50 | 158 | |
| (/) Shares Outstanding | 19.8 | 0.1 | 1,800.8 | 32.0 | 779.1 | 18.5 | |
| Implied Stock Price | 1.24 | 121.00 | 0.02 | 1.37 | 0.06 | 8.55 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 1.24 | 121.00 | 0.02 | 1.37 | 0.06 | 8.55 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |