Fnac Darty SA


Select Price / LTM Sales Ratio

	Benchmark Companies
	CEC	AVOL	JB3	ALVAP	SAMS	FNAC
	DB:CEC	SWX:AVOL	DB:JB3	ENXTPA:ALVAP	ENXTPA:SAMS	ENXTPA:FNAC
Historical Sales Growth
5Y CAGR	0.9%	9.2%	6.2%	55.7%	5.8%	2.3%
3Y CAGR	1.7%	51.9%	2.5%	38.6%	7.7%	0.9%
Latest Twelve Months	3.9%	7.3%	6.2%	-1.6%	2.3%	4.8%

Historical Net Income Profit Margin
5 Year Average Margin	0.2%	-20.8%	5.1%	3.5%	4.0%	0.7%
Prior Fiscal Year	-0.2%	0.7%	5.4%	4.0%	5.0%	-1.0%
Latest Fiscal Year	0.3%	0.8%	4.6%	4.2%	4.0%	0.4%
Latest Twelve Months	0.3%	0.8%	4.6%	4.4%	2.3%	0.4%

Current Trading Multiples
EV / LTM EBITDA	3.3x	10.5x	14.1x	2.3x	11.4x	8.1x
Price / LTM Sales	0.1x	0.4x	1.0x	0.2x	0.3x	0.1x
LTM P/E Ratio	21.4x	55.3x	22.5x	5.4x	19.1x	24.2x


	Low	Mid	High

Benchmark LTM P/S Ratio	0.1x	0.3x	1.0x
Historical LTM P/S Ratio	0.1x	0.2x	0.2x

Selected Price / Sales Multiple	0.1x	0.1x	0.1x
(x) LTM Sales	8,253	8,253	8,253
(=) Equity Value	945	995	1,044
(/) Shares Outstanding	29.0	29.0	29.0
Implied Value Range	32.58	34.30	36.01
FX Rate: EUR/EUR	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	32.58	34.30	36.01		28.25
Upside / (Downside)	15.3%	21.4%	27.5%

지원하는 계산법

Equity Waterfall

Financials

Historical Multiples


Equity Value

	Benchmark Companies
(in millions)	CEC	AVOL	JB3	ALVAP	SAMS	FNAC

Value of Common Equity	1,674	5,692	10,354	14	500	819
(/) Shares Outstanding	485.2	145.1	109.3	3.1	3.4	29.0
Implied Stock Price	3.45	39.22	94.70	4.58	146.00	28.25
FX Conversion Rate to Trading Currency	1.00	1.00	1.72	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	3.45	39.22	55.00	4.58	146.00	28.25

Trading Currency	EUR	CHF	EUR	EUR	EUR	EUR
FX Rate to Reporting Currency	1.00	1.00	1.72	1.00	1.00	1.00

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