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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 0.2x - 0.3x | 0.3x |
| Selected Fwd Ps Multiple | 0.2x - 0.2x | 0.2x |
| Fair Value | €11.16 - €12.34 | €11.75 |
| Upside | 24.8% - 37.9% | 31.3% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| HBX Group International plc | - | MUN:Q1D |
| Accor SA | - | XTRA:ACR |
| Dalata Hotel Group plc | - | DB:DHG |
| Meliá Hotels International, S.A. | - | DB:MEL |
| Carnival Corporation & plc | - | XTRA:POH1 |
| TUI AG | - | DB:TUI1 |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| Q1D | ACR | DHG | MEL | POH1 | TUI1 | |||
| MUN:Q1D | XTRA:ACR | DB:DHG | DB:MEL | XTRA:POH1 | DB:TUI1 | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | NM- | 6.7% | 8.7% | 2.4% | 3.7% | 4.1% | ||
| 3Y CAGR | NM- | 36.5% | 50.3% | 34.5% | 135.8% | 69.8% | ||
| Latest Twelve Months | NM | 6.4% | 7.3% | 3.3% | 10.8% | 8.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | -17.6% | -10.9% | -4.6% | -23.3% | -528.2% | -26.3% | ||
| Prior Fiscal Year | -11.4% | 11.4% | 14.8% | 6.1% | -0.3% | 1.5% | ||
| Latest Fiscal Year | -3.5% | 10.3% | 12.1% | 7.0% | 7.7% | 2.2% | ||
| Latest Twelve Months | -17.9% | 10.3% | 12.1% | 8.4% | 9.7% | 2.7% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 7.1x | 12.8x | 11.8x | 10.4x | 9.5x | 4.4x | ||
| Price / LTM Sales | 2.6x | 1.9x | 2.1x | 0.9x | 1.5x | 0.2x | ||
| LTM P/E Ratio | -14.5x | 18.2x | 17.0x | 10.3x | 15.0x | 6.9x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 0.9x | 1.9x | 2.6x | |||||
| Historical LTM P/S Ratio | 0.1x | 0.2x | 1.6x | |||||
| Selected Price / Sales Multiple | 0.2x | 0.3x | 0.3x | |||||
| (x) LTM Sales | 24,204 | 24,204 | 24,204 | |||||
| (=) Equity Value | 5,749 | 6,052 | 6,355 | |||||
| (/) Shares Outstanding | 507.4 | 507.4 | 507.4 | |||||
| Implied Value Range | 11.33 | 11.93 | 12.52 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 11.33 | 11.93 | 12.52 | 8.94 | ||||
| Upside / (Downside) | 26.7% | 33.4% | 40.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | Q1D | ACR | DHG | MEL | POH1 | TUI1 | |
| Value of Common Equity | 1,956 | 10,683 | 1,338 | 1,776 | 39,485 | 4,538 | |
| (/) Shares Outstanding | 247.2 | 240.3 | 210.1 | 220.2 | 1,454.0 | 507.4 | |
| Implied Stock Price | 7.91 | 44.45 | 6.37 | 8.07 | 27.16 | 8.94 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | |
| Implied Stock Price (Trading Cur) | 7.91 | 44.45 | 6.37 | 8.07 | 23.40 | 8.94 | |
| Trading Currency | EUR | EUR | EUR | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.16 | 1.00 | |