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Multiples Valuation: High Co. S.A.

High Co. S.A. (HCO.PA)

Industry: Advertising Agencies Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $6.92 — $12.85
Selected (Average) $10.00
Upside to Live 161.02%
Full Range Fair Value
Range (Low - High) $10.06 — $19.18
Selected (Average) $13.15
Upside to Live 243.26%
Live Price $3.83

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
ALISP.PA 52 ISPD Network, S.A. 351 28.67 28.67 7.84 4.48 - 8.68
ALANT.PA 53 Antevenio, S.A. 347 21.52 21.52 6.78 3.08 3.04 9.28
035000.KS 54 HS Ad Inc. 338 11.22 12.22 1.28 1.05 5.41 5.94
6094.T 55 FreakOut Holdings, 328 - - 4.48 4.48 - 188.73
PEBB.L 56 The Pebble Group p 327 7.08 7.08 2.86 2.86 7.46 5.20
DMS 57 Digital Media Solu 315 - - - - - -
FBEN.DE 58 Fyber N.V. 311 - - 31.11 31.11 17.76 83.57
HCO.PA 59 High Co. S.A. 306 6.21 6.21 0.44 0.37 0.77 0.68
1351.HK 60 Bright Future Tech 304 - - 28.00 28.00 84.99 38.12
PLANB.BK 61 Plan B Media Publi 301 19.88 16.40 5.58 4.67 13.61 10.77
ALBIZ.PA 62 Obiz Concept SAS 293 - - 25.10 25.10 - -
AFFLE.BO 63 Affle (India) Limi 274 65.26 47.13 41.90 29.74 57.82 43.58
1860.HK 64 Mobvista Inc. 273 - - 35.60 23.29 34.92 29.26
MNTN 65 MNTN Inc. 273 - - 313.72 313.72 39.43 88.69
QUOT 66 Quotient Technolog 266 - - - - - -
9919.HK 67 Activation Group H 252 3.11 3.11 1.08 1.08 1.42 1.06

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple11.2212.226.784.4813.6110.02
Full Range Median Multiple19.8816.407.844.6715.6820.01
Industry Multiple22.3919.4538.8736.3626.5942.74
Market Implied Multiple6.216.210.440.370.770.68
Company (HCO.PA) Multiple6.216.210.440.370.770.68
(*) Net Income / EBITDA / Revenue202039462225
Winsorized Enterprise ValueN/AN/A266206304253
Full Range Median Enterprise ValueN/AN/A307215350505
(-) Net Debt-104-104-104-104-104-104
Winsorized Equity Value220240370311408357
Full Range Median Equity Value390321412320455610
(/) Shares Outstanding323232323232
Winsorized Fair Value$6.92$7.54$11.65$9.78$12.85$11.25
Full Range Median Fair Value$12.27$10.12$12.95$10.06$14.31$19.18
Current Price$3.83$3.83$3.83$3.83$3.83$3.83
Upside / Downside80.72%96.82%204.08%155.38%235.43%193.70%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$4.85$5.28$8.15$6.85$8.99$7.87
Buy / Don't BuyBUYBUYBUYBUYBUYBUY