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Metrics | Range | Conclusion |
---|---|---|
Selected LTM Revenue Multiple | 2.4x - 2.6x | 2.5x |
Selected Fwd Revenue Multiple | 2.4x - 2.6x | 2.5x |
Fair Value | €48.01 - €54.16 | €51.08 |
Upside | -7.7% - 4.1% | -1.8% |
Benchmarks | Ticker | Full Ticker |
---|---|---|
Beiersdorf Aktiengesellschaft | 0DQ7 | LSE:0DQ7 |
L'Oréal S.A. | 0NZM | LSE:0NZM |
Puig Brands, S.A. | PUIGE | BATS-CHIXE:PUIGE |
Kenvue Inc. | KVUE | NYSE:KVUE |
Kao Corporation | KAOC.F | OTCPK:KAOC.F |
Unilever PLC | UNVB | DB:UNVB |
Select LTM Revenue Multiple | ||||||||
Benchmark Companies | ||||||||
0DQ7 | 0NZM | PUIGE | KVUE | KAOC.F | UNVB | |||
LSE:0DQ7 | LSE:0NZM | BATS-CHIXE:PUIGE | NYSE:KVUE | OTCPK:KAOC.F | DB:UNVB | |||
Historical Revenue Growth | ||||||||
5Y CAGR | 5.2% | 7.8% | 18.7% | 1.5% | 1.6% | 3.2% | ||
3Y CAGR | 8.9% | 10.4% | 22.8% | 0.9% | 4.7% | 5.0% | ||
Latest Twelve Months | 4.3% | 5.6% | 11.3% | -1.2% | 6.6% | 1.9% | ||
Historical EBIT Profit Margin | ||||||||
5 Year Average Margin | 13.4% | 19.3% | 13.3% | 19.3% | 9.4% | 17.7% | ||
Prior Fiscal Year | 12.5% | 19.8% | 16.0% | 19.1% | 6.5% | 17.0% | ||
Latest Fiscal Year | 13.8% | 20.0% | 13.2% | 19.0% | 8.9% | 18.5% | ||
Latest Twelve Months | 13.8% | 20.0% | 13.2% | 19.0% | 9.4% | 18.5% | ||
Current Trading Multiples | ||||||||
EV / LTM Revenue | 1.92x | 4.35x | 2.17x | 3.15x | 1.80x | 2.56x | ||
EV / LTM EBIT | 14.0x | 21.8x | 16.5x | 16.6x | 19.1x | 13.8x | ||
Price / LTM Sales | 2.41x | 4.58x | 2.01x | 2.64x | 1.80x | 2.13x | ||
Low | Mid | High | ||||||
Benchmark EV / LTM Revenue | 1.80x | 2.17x | 4.35x | |||||
Historical EV / LTM Revenue | 2.27x | 2.56x | 3.03x | |||||
Selected EV / LTM Revenue | 2.40x | 2.52x | 2.65x | |||||
(x) LTM Revenue | 60,761 | 60,761 | 60,761 | |||||
(=) Implied Enterprise Value | 145,628 | 153,293 | 160,957 | |||||
(-) Non-shareholder Claims * | (25,861) | (25,861) | (25,861) | |||||
(=) Equity Value | 119,767 | 127,432 | 135,096 | |||||
(/) Shares Outstanding | 2,491.4 | 2,491.4 | 2,491.4 | |||||
Implied Value Range | 48.07 | 51.15 | 54.23 | |||||
FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
Implied Value Range (Trading Cur) | 48.07 | 51.15 | 54.23 | 52.00 | ||||
Upside / (Downside) | -7.6% | -1.6% | 4.3% |
Equity Waterfall | |||||||
Benchmark Companies | |||||||
(in millions) | 0DQ7 | 0NZM | PUIGE | KVUE | KAOC.F | UNVB | |
Enterprise Value | 19,041 | 189,300 | 10,413 | 47,920 | 3,037,148 | 155,412 | |
(+) Cash & Short Term Investments | 2,503 | 4,081 | 884 | 1,057 | 278,717 | 7,318 | |
(+) Investments & Other | 2,466 | 14,337 | 402 | 0 | 12,490 | 1,439 | |
(-) Debt | (114) | (8,495) | (2,055) | (8,851) | (246,141) | (32,053) | |
(-) Other Liabilities | (20) | (5) | (12) | 0 | (29,208) | (2,565) | |
(-) Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | |
(-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
Value of Common Equity | 23,876 | 199,219 | 9,632 | 40,126 | 3,053,006 | 129,551 | |
(/) Shares Outstanding | 220.6 | 534.3 | 563.3 | 1,919.9 | 464.5 | 2,491.4 | |
Implied Stock Price | 108.23 | 372.85 | 17.10 | 20.90 | 6,572.89 | 52.00 | |
FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 144.97 | 1.00 | |
Implied Stock Price (Trading Cur) | 108.23 | 372.85 | 17.10 | 20.90 | 45.34 | 52.00 | |
Trading Currency | EUR | EUR | EUR | USD | USD | EUR | |
FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 144.97 | 1.00 |