लोडिंग एरर

Benchmarks	Ticker	Full Ticker
RWE Aktiengesellschaft	RWE	XTRA:RWE
ABO Energy GmbH & Co. KGaA	AB9	XTRA:AB9
Enefit Green AS	I6B	DB:I6B
Corporación Acciona Energías Renovables, S.A.	5BP	MUN:5BP
Ecoener, S.A.	89W	DB:89W
7C Solarparken AG	HRPK	XTRA:HRPK

Multiples Valuation: EV / Revenue

स्टॉक प्राइस

2.18 EUR

उचित मूल्य

2.82 EUR

ऊपर

29.4%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	RWE	AB9	I6B	5BP	89W	HRPK
	XTRA:RWE	XTRA:AB9	DB:I6B	MUN:5BP	DB:89W	XTRA:HRPK
Historical Revenue Growth
5Y CAGR	16.3%	14.8%	6.6%	9.5%	21.4%	11.6%
3Y CAGR	27.5%	26.2%	4.4%	12.7%	30.7%	11.3%
Latest Twelve Months	-15.1%	10.3%	-8.4%	-2.2%	39.2%	-17.8%

Historical EBIT Profit Margin
5 Year Average Margin	11.1%	20.9%	37.8%	20.7%	31.8%	33.7%
Prior Fiscal Year	19.5%	23.4%	28.1%	21.0%	29.4%	46.9%
Latest Fiscal Year	28.0%	18.1%	33.4%	14.6%	24.3%	35.4%
Latest Twelve Months	28.0%	20.4%	33.4%	14.6%	24.3%	22.7%

Current Trading Multiples
EV / LTM Revenue	0.94x	2.25x	6.46x	2.76x	9.14x	5.61x
EV / LTM EBIT	3.3x	11.0x	19.3x	18.9x	37.6x	24.7x
Price / LTM Sales	0.98x	1.31x	3.14x	1.50x	2.94x	2.74x


	Low	Mid	High

Benchmark EV / LTM Revenue	0.94x	2.76x	9.14x
Historical EV / LTM Revenue	6.79x	9.52x	10.35x

Selected EV / LTM Revenue	6.00x	6.32x	6.63x
(x) LTM Revenue	65	65	65
(=) Implied Enterprise Value	388	409	429
(-) Non-shareholder Claims *	(183)	(183)	(183)
(=) Equity Value	205	225	246
(/) Shares Outstanding	81.4	81.4	81.4
Implied Value Range	2.52	2.77	3.02
FX Rate: EUR/EUR	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	2.52	2.77	3.02		2.18
Upside / (Downside)	15.6%	27.1%	38.6%

सहायक गणना

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	RWE	AB9	I6B	5BP	89W	HRPK

Enterprise Value	22,678	654	1,301	10,807	802	361
(+) Cash & Short Term Investments	11,941	27	44	541	76	69
(+) Investments & Other	9,753	1	1	297	5	2
(-) Debt	(18,670)	(301)	(734)	(5,367)	(615)	(236)
(-) Other Liabilities	(2,074)	(0)	0	(394)	(13)	(19)
(-) Preferred Stock	0	0	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	23,628	381	611	5,884	255	177
(/) Shares Outstanding	736.3	9.2	264.3	324.4	56.9	81.4
Implied Stock Price	32.09	41.30	2.31	18.14	4.48	2.18
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	32.09	41.30	2.31	18.14	4.48	2.18

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

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