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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 1.0x - 1.1x | 1.1x |
Selected Fwd Revenue Multiple | 0.9x - 1.0x | 0.9x |
Fair Value | €0.81 - €0.89 | €0.85 |
Upside | 18.5% - 31.0% | 24.7% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Archos S.A. | ALJXR | ENXTPA:ALJXR |
Cibox Inter@ctive | ALCBX | ENXTPA:ALCBX |
Guillemot Corporation S.A. | GUI | ENXTPA:GUI |
2CRSI S.A. | AL2SI | ENXTPA:AL2SI |
MGI Digital Technology Société Anonyme | ALMDG | ENXTPA:ALMDG |
Ordissimo SA | ALORD | ENXTPA:ALORD |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
ALJXR | ALCBX | GUI | AL2SI | ALMDG | ALORD | |||
ENXTPA:ALJXR | ENXTPA:ALCBX | ENXTPA:GUI | ENXTPA:AL2SI | ENXTPA:ALMDG | ENXTPA:ALORD | |||
Historical Revenue Growth | ||||||||
5Y CAGR | -20.7% | -15.8% | 8.0% | NM- | -3.7% | -7.4% | ||
3Y CAGR | -4.6% | -31.0% | -0.4% | -7.1% | 10.2% | -14.9% | ||
Latest Twelve Months | 57.4% | -34.9% | 5.0% | -30.4% | 8.8% | -58.0% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | -17.4% | -9.3% | 11.6% | -2.1% | 17.2% | -14.8% | ||
Prior Fiscal Year | -17.7% | -13.9% | 2.1% | -11.2% | 11.1% | 1.4% | ||
Latest Fiscal Year | -6.8% | -41.9% | 3.0% | -1.3% | 13.5% | -31.2% | ||
Latest Twelve Months | -2.0% | -27.8% | 3.0% | -1.3% | 13.4% | -24.8% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 0.59x | 1.25x | 0.48x | 0.76x | 1.11x | 0.96x | ||
EV / LTM EBIT | -29.1x | -4.5x | 6.1x | -59.6x | 8.3x | -3.9x | ||
Price / LTM Sales | 0.46x | 0.93x | 0.67x | 0.69x | 1.51x | 0.77x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 0.48x | 0.76x | 1.25x | |||||
Historical EV / LTM Revenue | -0.13x | 0.25x | 0.90x | |||||
Selected EV / LTM Revenue | 1.00x | 1.06x | 1.11x | |||||
(x) LTM Revenue | 3 | 3 | 3 | |||||
(=) Implied Enterprise Value | 3 | 4 | 4 | |||||
(-) Non-shareholder Claims * | 0 | 0 | 0 | |||||
(=) Equity Value | 3 | 4 | 4 | |||||
(/) Shares Outstanding | 3.9 | 3.9 | 3.9 | |||||
Implied Value Range | 0.89 | 0.94 | 0.98 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 0.89 | 0.94 | 0.98 | 0.68 | ||||
Upside / (Downside) | 30.9% | 37.8% | 44.7% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | ALJXR | ALCBX | GUI | AL2SI | ALMDG | ALORD | |
Enterprise Value | 16 | 8 | 61 | 90 | 65 | 3 | |
(+) Cash & Short Term Investments | 11 | 1 | 31 | 0 | 29 | 0 | |
(+) Investments & Other | 0 | 0 | 0 | 0 | 3 | 0 | |
(-) Debt | (9) | (4) | (7) | 0 | (9) | 0 | |
(-) Other Liabilities | (6) | 0 | 0 | 0 | 0 | 0 | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 13 | 6 | 85 | 90 | 88 | 3 | |
(/) Shares Outstanding | 58.1 | 206.7 | 14.4 | 22.3 | 6.2 | 3.9 | |
Implied Stock Price | 0.22 | 0.03 | 5.92 | 4.03 | 14.34 | 0.68 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
Implied Stock Price (Trading Cur) | 0.22 | 0.03 | 5.92 | 4.03 | 14.34 | 0.68 | |
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 |