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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM Ps Multiple | 7.0x - 7.7x | 7.4x |
| Selected Fwd Ps Multiple | 7.6x - 8.4x | 8.0x |
| Fair Value | €31.66 - €34.99 | €33.33 |
| Upside | 3.5% - 14.4% | 8.9% |
| Benchmarks | Ticker | Full Ticker |
|---|---|---|
| Care Property Invest NV | - | ENXTBR:CPINV |
| Irish Residential Properties REIT Plc | - | DB:IRES |
| European Residential Real Estate Investment Trust | - | TSX:ERE.UN |
| Barcino Property SOCIMI, S.A. | - | BME:YBAR |
| Altarea SCA | - | ENXTPA:ALTA |
| Xior Student Housing NV | - | BATS-CHIXE:XIORB |
| Select Price / LTM Sales Ratio | ||||||||
| Benchmark Companies | ||||||||
| CPINV | IRES | ERE.UN | YBAR | ALTA | XIORB | |||
| ENXTBR:CPINV | DB:IRES | TSX:ERE.UN | BME:YBAR | ENXTPA:ALTA | BATS-CHIXE:XIORB | |||
| Historical Sales Growth | ||||||||
| 5Y CAGR | 18.9% | 6.5% | 17.4% | 9.2% | -2.7% | 31.0% | ||
| 3Y CAGR | 17.5% | 2.3% | 6.5% | 15.2% | -3.2% | 29.3% | ||
| Latest Twelve Months | 6.0% | -1.5% | -30.7% | 2.8% | -2.2% | 1.1% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 82.0% | 5.4% | 26.3% | -14.8% | -1.2% | 46.4% | ||
| Prior Fiscal Year | -8.6% | -132.1% | -119.4% | 35.1% | -18.3% | -4.9% | ||
| Latest Fiscal Year | 36.4% | -7.8% | -69.2% | 37.7% | 0.2% | 32.3% | ||
| Latest Twelve Months | 47.5% | 35.2% | -220.7% | 37.7% | -0.5% | 28.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 17.0x | 20.2x | NA | 48.9x | 23.1x | 36.9x | ||
| Price / LTM Sales | 6.4x | 6.0x | 5.2x | 13.6x | 1.0x | 6.6x | ||
| LTM P/E Ratio | 13.6x | 17.1x | -2.4x | 36.1x | -227.2x | 23.2x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/S Ratio | 1.0x | 6.0x | 13.6x | |||||
| Historical LTM P/S Ratio | 6.1x | 7.6x | 15.9x | |||||
| Selected Price / Sales Multiple | 7.0x | 7.4x | 7.7x | |||||
| (x) LTM Sales | 213 | 213 | 213 | |||||
| (=) Equity Value | 1,496 | 1,574 | 1,653 | |||||
| (/) Shares Outstanding | 46.7 | 46.7 | 46.7 | |||||
| Implied Value Range | 32.03 | 33.72 | 35.40 | |||||
| FX Rate: EUR/EUR | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 32.03 | 33.72 | 35.40 | 30.60 | ||||
| Upside / (Downside) | 4.7% | 10.2% | 15.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | CPINV | IRES | ERE.UN | YBAR | ALTA | XIORB | |
| Value of Common Equity | 465 | 543 | 139 | 35 | 2,544 | 1,429 | |
| (/) Shares Outstanding | 37.0 | 524.4 | 92.4 | 24.4 | 23.3 | 46.7 | |
| Implied Stock Price | 12.56 | 1.04 | 1.50 | 1.45 | 109.20 | 30.60 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 0.62 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 12.56 | 1.04 | 2.43 | 1.45 | 109.20 | 30.60 | |
| Trading Currency | EUR | EUR | CAD | EUR | EUR | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 0.62 | 1.00 | 1.00 | 1.00 | |