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Multiples Valuation: PROG Holdings, Inc.

PROG Holdings, Inc. (PRG)

Industry: Rental & Leasing Services Model: Peers Multiples Valuation

Valuation Snapshot

Winsorized Fair Value
Range (Low - High) $30.01 — $294.46
Selected (Average) $142.22
Upside to Live 337.74%
Full Range Fair Value
Range (Low - High) $57.75 — $346.85
Selected (Average) $174.22
Upside to Live 436.22%
Live Price $32.49

Industry Peers Data

TickerRankNameRev TTM (M) Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
9930.HK 16 Horizon Constructi 3,274 1.90 1.90 2.34 2.34 15.91 6.36
EUCAR.PA 17 Europcar Mobility 2,917 30.62 34.81 9.06 8.84 49.50 12.68
AL 18 Air Lease Corporat 2,908 6.97 6.21 9.72 6.81 19.03 35.42
VSTS 19 Vestis Corporation 2,735 - - 11.46 11.46 22.87 30.95
AAN 20 The Aaron's Compan 2,624 - - 1.97 2.66 13.01 -
MOVI3.SA 21 Movida Participaç 2,583 10.95 5.58 3.67 2.42 - 29.70
ZCAR 22 Zoomcar Holdings, 2,508 0.00 0.00 9.94 9.94 0.77 3.08
PRG 23 PROG Holdings, Inc 2,507 7.84 7.84 0.68 0.50 4.63 3.99
FTAI-PB 24 Fortress Transport 2,352 35.07 27.81 18.87 15.10 24.11 17.75
FTAIO 25 FTAI Aviation Ltd. 2,352 35.07 27.81 18.87 15.10 24.11 17.75
WSC 26 WillScot Holdings 2,318 17.19 13.99 8.75 7.30 16.07 10.66
089860.KS 27 LOTTE rental co.,l 1,973 8.63 7.27 2.50 2.20 14.50 14.82
CTOS-WT 28 Custom Truck One S 1,937 - - 3.52 2.50 10.14 7.98
EFN-PA.TO 29 Element Fleet Mana 1,871 21.43 21.43 7.42 5.76 36.17 29.68
ALTG 30 Alta Equipment Gro 1,825 - - 4.98 4.09 30.45 -
GATX 31 GATX Corporation 1,705 20.06 18.16 13.34 12.09 28.71 24.80

Implied Valuation Analysis

Line Item Trailing P/EForward P/ETrailing EV/EBITDAForward EV/EBITDATrailing EV/EBITForward EV/EBIT
Winsorized Median Multiple10.957.277.425.7617.5514.82
Full Range Median Multiple17.1913.998.756.8120.9517.75
Industry Multiple17.0815.008.437.2421.8118.59
Market Implied Multiple7.877.870.680.504.664.01
Company (PRG) Multiple7.847.840.680.504.633.99
(*) Net Income / EBITDA / Revenue1641641,4671,978214249
Winsorized Enterprise ValueN/AN/A10,88311,3973,7583,684
Full Range Median Enterprise ValueN/AN/A12,84413,4774,4864,413
(-) Net Debt-293-293-293-293-293-293
Winsorized Equity Value1,7941,19111,17611,6904,0503,976
Full Range Median Equity Value2,8162,29213,13613,7704,7784,706
(/) Shares Outstanding404040404040
Winsorized Fair Value$45.19$30.01$281.50$294.46$102.03$100.16
Full Range Median Fair Value$70.94$57.75$330.89$346.85$120.36$118.53
Current Price$32.49$32.49$32.49$32.49$32.49$32.49
Upside / Downside39.09%-7.63%766.43%806.30%214.02%208.27%
Safety Margin30.0%30.0%30.0%30.0%30.0%30.0%
Buy Price$31.63$21.01$197.05$206.12$71.42$70.11
Buy / Don't BuyDon’t BuyDon’t BuyBUYBUYBUYBUY