Multiple methods

Business Case
Name: Sigma S.p.A.

Industry: Engineering and Construction

Applied Method: Multiples

Valuation Date: 31/12/2013

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Multiple methods
Business Case (Assigment)
On the basis of the Panel of Comparables' data calculate the Asset Side
multiples;
On the basis of the Panel of Comparables' data calculate the Equity Side
multiples;
Refer to Actual Data (2013);
Choose as multiples to be applied for Sigma S.p.A. valuation, the following:
EV/Sales
EV/EBITDA
P/E

P/BV;
Determine a range of value for Equity of Sigma S.p.A. at 31/12/2013.

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Multiple methods
Business Case (Assumptions)
Business Plan Profit & Loss:
Profit & Loss Sigma S.p.A.
(EUR/'000)

Revenues
COGS
Personnel & General Costs
Other Costs
EBITDA

Balance Sheet Sigma S.p.A.

2013
Actual

(EUR/'000)

21,853
(15,665)
(2,753)
(578)
2,856

% EBIT

13.1%

(D&A)
(Provisions)

(1,250)
(100)

EBIT
% EBIT

(Net Financial Expenses)

EBT

1,506
6.9%

(20)
1,486

(Taxes)

(446)

Net profit

1,040

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Intangible assets
Tangible assets
Investments
Fixed Assets
Account Receivables
Inventory
(Account Payables)
Other current assets
(Other current liabilities)
Net Working Capital
(Funds)
(Staff Severance Fund)

2013
Actual
700
17,300
18,000
2,500
3,910
(6,700)
3,000
(12,100)
(9,390)
(100)
(300)

Net Invested Capital

8,210

Shareholders' Equity

6,900

Financial Debt
(Cash and Cash Equivalents)

3,000
(1,690)

Net Financial Position

1,310

Total sources

8,210
3

Multiple methods
Business Case (Assumptions)
Company
Local Currency (mln)

Astaldi S.p.A.
Implenia Ag-Reg
NCC AB-B SHS
Ferrovial SA
CFE
Colas SA

Country

Italy
Switzerland
Sweden
Spain
Belgium
France

Industry

Revenues EBITDA

EBIT

Net Profit

Book Value
Equity

Building & Heavy Construct

2,325

264

212

74

555

Building & Construction

2,696

141

99

69

497

57,227

5,508

2,525

1,894

7,304

Building & Construction

7,686

3,156

708

710

6,119

Building & Heavy Construct

1,898

927

81

49

539

Building & Heavy Construct

13,036

863

406

302

2,544

Building & Heavy Construct

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Multiple methods
Business Case (Assumptions)
Company
Market Cap
Local Currency (mln)

Astaldi S.p.A.

Enterprise
Value

NFP

799

1,045

Implenia Ag-Reg

1,920

1,662

NCC AB-B SHS

28,716

13,996

Ferrovial SA

17,002

10,028

CFE

2,708

606

Colas SA

4,018

1,134

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Multiple methods
Business Case (Equity Side multiples)
Company
Market Cap
Local Currency (mln)

P/E

P/BV

Astaldi S.p.A.
Implenia Ag-Reg
NCC AB-B SHS
Ferrovial SA
CFE
Colas SA
Average
Median
Min
Max

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Multiple methods
Business Case (Asset Side multiples)
Company
Local Currency (mln)

Enterprise
Value

EV/Sales

EV/EBITDA

EV/EBIT

Astaldi S.p.A.
Implenia Ag-Reg
NCC AB-B SHS
Ferrovial SA
CFE
Colas SA
Average
Median
Min
Max

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Multiple methods
Business Case (Conclusion)
Sigma S.p.A.
EUR'/000

EV/Sales

EV/EBITDA

P/E

P/BV

2013

2013

2013

2013

Income Measure
Multiple

Enterprise Value

Net Financial Position

Equity Value

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Multiple methods
Business Case (Application of multiples)
EUR/mln

Asset side

Equity side

Equity value

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

Multiple methods

Thank you for Your Attention

Marco Vulpiani. For information contact: mvulpiani@deloitte.it

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