Cairo Communication S.p.A. (0N7I.L)

Industry: Advertising Agencies Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
2433.T	7	Hakuhodo DY Holdin	5,728	27.17	28.86	7.02	6.90	13.19	10.83
4751.T	8	CyberAgent, Inc.	5,615	28.41	20.76	10.14	8.80	8.33	9.16
MDCA	9	MDC Partners Inc.	4,376	37.95	37.95	18.41	14.78	12.58	17.02
ADV	10	Advantage Solution	3,503	-	-	4.52	6.29	1.93	-
002400.SZ	11	Guangdong Advertis	3,067	140.06	140.06	76.87	81.61	767.62	162.32
030000.KS	12	Cheil Worldwide In	3,056	11.27	10.62	2.33	1.82	4.79	5.03
STGW	13	Stagwell Inc.	2,890	73.24	65.32	8.64	6.98	12.80	19.21
0N7I.L	14	Cairo Communicatio	2,504	4.44	3.59	1.37	0.93	2.20	1.60
1948.HK	15	Uju Holding Limite	2,503	7.63	7.63	4.81	4.81	3.84	5.27
SAX.DE	16	Ströer SE & Co. K	2,416	17.10	9.93	4.89	4.67	12.29	8.48
SFOR.L	17	S4 Capital plc	2,278	-	-	-	-	-	8.53
DLX	18	Deluxe Corporation	2,119	10.67	8.65	6.11	5.37	7.61	7.95
002027.SZ	19	Focus Media Inform	1,789	21.45	18.67	19.92	17.55	16.59	15.92
CCO	20	Clear Channel Outd	1,569	-	-	17.74	13.10	21.97	23.39
214320.KS	21	Innocean Worldwide	1,445	9.50	9.09	1.52	1.23	4.17	3.68
IGL.AX	22	IVE Group Limited	1,276	6.07	6.07	3.73	3.73	4.66	4.44

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.18	10.28	5.50	5.83	7.97	8.51
Full Range Median Multiple	19.27	14.65	6.56	6.60	10.31	8.85
Industry Multiple	32.54	30.30	13.33	12.69	63.74	21.52
Market Implied Multiple	2.75	2.22	0.94	0.64	1.50	1.09
Company (0N7I.L) Multiple	4.44	3.59	1.37	0.93	2.20	1.60
(*) Net Income / EBITDA / Revenue	103	128	401	593	251	346
Winsorized Enterprise Value	N/A	N/A	2,208	3,457	2,003	2,940
Full Range Median Enterprise Value	N/A	N/A	2,634	3,909	2,591	3,058
(-) Net Debt	92	92	92	92	92	92
Winsorized Equity Value	1,467	1,315	2,116	3,364	1,911	2,848
Full Range Median Equity Value	1,994	1,873	2,542	3,817	2,498	2,965
(/) Shares Outstanding	158	158	158	158	158	158
Winsorized Fair Value	$9.30	$8.33	$13.41	$21.32	$12.11	$18.04
Full Range Median Fair Value	$12.63	$11.87	$16.11	$24.18	$15.83	$18.79
Current Price	$1.80	$1.80	$1.80	$1.80	$1.80	$1.80
Upside / Downside	416.51%	362.70%	644.83%	1,084.18%	572.61%	902.41%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$6.51	$5.83	$9.38	$14.92	$8.47	$12.63
Buy / Don't Buy	BUY	BUY	BUY	BUY	BUY	BUY