Duro Felguera

Stock Price

0.27 EUR

Fair Value

0.48 EUR

Metrics	Range	Conclusion
Selected LTM Revenue Multiple	0.2x - 0.2x	0.2x
Selected Fwd Revenue Multiple	0.1x - 0.1x	0.1x
Fair Value	€0.46 - €0.49	€0.48
Upside	60.7% - 69.8%	65.3%

Benchmarks	Ticker	Full Ticker
ACS, Actividades de Construcción y Servicios, S.A.	ACS	BME:ACS
Obrascón Huarte Lain, S.A.	OHLA	BME:OHLA
Grupo Empresarial San José, S.A.	GSJ	BME:GSJ
Airtificial Intelligence Structures, S.A.	AI	BME:AI
Gek Terna S.A.	GEKTERNA	ATSE:GEKTERNA
Duro Felguera, S.A.	MDF	BME:MDF

Multiples Valuation: EV / Revenue

Stock Price

0.27 EUR

Fair Value

0.48 EUR

Upside

65.3%

LTM Revenue Multiple

Proj Revenue Multiple

Fair Value

Benchmark Editor


Select LTM Revenue Multiple

	Benchmark Companies
	ACS	OHLA	GSJ	AI	GEKTERNA	MDF
	BME:ACS	BME:OHLA	BME:GSJ	BME:AI	ATSE:GEKTERNA	BME:MDF
Historical Revenue Growth
5Y CAGR	1.3%	4.3%	10.2%	18.5%	20.1%	-7.8%
3Y CAGR	14.4%	9.5%	18.7%	7.1%	57.7%	28.3%
Latest Twelve Months	16.5%	16.6%	16.5%	9.7%	-6.2%	46.1%

Historical EBIT Profit Margin
5 Year Average Margin	2.2%	1.1%	2.3%	-9.5%	12.0%	-31.0%
Prior Fiscal Year	2.1%	2.9%	2.9%	-0.1%	10.4%	-5.5%
Latest Fiscal Year	2.0%	2.0%	3.2%	2.5%	10.8%	-6.1%
Latest Twelve Months	2.0%	2.0%	3.2%	2.5%	10.6%	-10.4%

Current Trading Multiples
EV / LTM Revenue	0.28x	0.09x	0.01x	1.64x	0.91x	0.05x
EV / LTM EBIT	13.9x	4.5x	0.4x	367.1x	8.5x	-0.5x
Price / LTM Sales	0.32x	0.10x	0.23x	1.83x	0.56x	0.21x


	Low	Mid	High

Benchmark EV / LTM Revenue	0.01x	0.28x	1.64x
Historical EV / LTM Revenue	-0.15x	0.75x	1.74x

Selected EV / LTM Revenue	0.16x	0.17x	0.18x
(x) LTM Revenue	297	297	297
(=) Implied Enterprise Value	48	50	53
(-) Non-shareholder Claims *	46	46	46
(=) Equity Value	93	96	98
(/) Shares Outstanding	215.2	215.2	215.2
Implied Value Range	0.43	0.45	0.46
FX Rate: EUR/EUR	1.0	1.0	1.0		Market Price
Implied Value Range (Trading Cur)	0.43	0.45	0.46		0.29
Upside / (Downside)	51.1%	55.2%	59.2%

Supporting Calculations

Equity Waterfall

Financials

Historical Multiples


Equity Waterfall

	Benchmark Companies
(in millions)	ACS	OHLA	GSJ	AI	GEKTERNA	MDF

Enterprise Value	11,646	336	(44)	159	2,830	16
(+) Cash & Short Term Investments	12,343	707	491	32	1,148	70
(+) Investments & Other	4,100	28	64	10	0	0
(-) Debt	(14,337)	(694)	(116)	(19)	(2,040)	(23)
(-) Other Liabilities	(401)	(5)	(34)	1	0	(1)
(-) Preferred Stock	0	0	0	0	0	0
(-) Other	0	0	0	0	0	0
Value of Common Equity	13,351	373	360	183	1,938	62
(/) Shares Outstanding	254.8	1,190.1	65.0	1,555.8	100.1	215.2
Implied Stock Price	52.40	0.31	5.54	0.12	19.36	0.29
FX Conversion Rate to Trading Currency	1.00	1.00	1.00	1.00	1.00	1.00
Implied Stock Price (Trading Cur)	52.40	0.31	5.54	0.12	19.36	0.29

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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