Vinci S.A. (SQU.DE)

Industry: Engineering & Construction 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
601668.SS	1	China State Constr	300,725	5.04	5.00	7.55	7.50	12.05	9.86
SQU.DE	2	Vinci S.A.	170,405	7.58	6.55	4.10	3.53	6.12	4.81
601390.SS	3	China Railway Grou	158,406	5.48	5.55	11.52	11.16	16.22	17.08
601186.SS	4	China Railway Cons	147,245	4.74	4.64	12.86	12.50	21.62	21.79
601800.SS	5	China Communicatio	106,110	7.10	6.81	14.73	14.25	21.26	18.72
601669.SS	6	Power Construction	91,872	9.00	8.34	13.25	12.31	24.67	27.59
601618.SS	7	Metallurgical Corp	67,346	20.54	23.21	18.57	20.27	23.07	28.30
EN.PA	8	Bouygues S.A.	67,111	13.97	12.58	4.75	4.37	6.37	8.91
601868.SS	9	China Energy Engin	65,957	12.64	11.39	14.12	12.41	29.45	23.03
600170.SS	10	Shanghai Construct	34,671	12.93	14.38	8.35	8.91	12.78	18.55
3311.HK	11	China State Constr	29,610	2.95	2.40	3.51	2.68	3.65	2.87
028260.KS	12	Samsung C&T Corpor	27,137	12.44	10.89	4.95	4.19	8.91	7.52
PWR	13	Quanta Services, I	27,065	60.67	50.17	26.23	21.26	32.47	34.64
601117.SS	14	China National Che	26,640	7.42	6.60	3.73	3.34	5.04	3.53
ANA.MC	15	Acciona, S.A.	25,466	10.00	7.62	7.18	6.37	8.99	8.04
SPIE.PA	16	SPIE S.a.	23,038	18.75	18.75	6.85	5.63	11.59	8.74

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	9.00	7.62	7.55	7.50	12.05	9.86
Full Range Median Multiple	10.00	8.34	8.35	8.91	12.78	17.08
Industry Multiple	13.58	12.56	10.54	9.81	15.87	15.94
Market Implied Multiple	7.11	6.14	3.92	3.38	5.85	4.59
Company (SQU.DE) Multiple	7.58	6.55	4.10	3.53	6.12	4.81
(*) Net Income / EBITDA / Revenue	11,005	12,733	28,224	32,752	18,910	24,072
Winsorized Enterprise Value	N/A	N/A	213,166	245,710	227,873	237,405
Full Range Median Enterprise Value	N/A	N/A	235,793	291,971	241,670	411,099
(-) Net Debt	32,354	32,354	32,354	32,354	32,354	32,354
Winsorized Equity Value	99,023	97,064	180,812	213,355	195,519	205,051
Full Range Median Equity Value	110,076	106,132	203,438	259,616	209,315	378,744
(/) Shares Outstanding	667	667	667	667	667	667
Winsorized Fair Value	$148.56	$145.62	$271.26	$320.08	$293.32	$307.62
Full Range Median Fair Value	$165.14	$159.22	$305.20	$389.49	$314.02	$568.20
Current Price	$117.35	$117.35	$117.35	$117.35	$117.35	$117.35
Upside / Downside	26.59%	24.09%	131.15%	172.76%	149.96%	162.14%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$103.99	$101.93	$189.88	$224.06	$205.33	$215.34
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	BUY