Company Valuation: SP Plus Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2018 2019 2020 2021 2022 2023
Market Cap 1 659.7 920.1 665.6 655.3 700.2 1,007
Change - 39.48% -27.66% -1.55% 6.84% 43.82%
Enterprise Value (EV) 1 1,024 1,708 1,339 1,230 1,251 1,554
Change - 66.78% -21.61% -8.16% 1.68% 24.27%
P/E 12.6x 19.3x -3.51x 19.1x 16.1x 32.6x
PBR 1.8x 2.6x 3.64x 2.95x 3.04x 4.05x
PEG - -3.02x 0x -0x 0.4x -1.2x
Capitalization / Revenue 0.85x 0.98x 1.21x 1.09x 0.88x 1.14x
EV / Revenue 1.32x 1.83x 2.44x 2.04x 1.57x 1.76x
EV / EBITDA 10.2x 14.2x 26.1x 12.5x 11x 12.1x
EV / EBIT 12.3x 18.8x 60.9x 16.8x 14.9x 16.9x
EV / FCF 17.1x 33.7x 31.9x 23.8x 17.1x 31.5x
FCF Yield 5.85% 2.97% 3.14% 4.2% 5.85% 3.18%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 2.35 2.2 -8.21 1.48 2.15 1.57
Distribution rate - - - - - -
Net sales 1 775.4 934.9 549 601.5 794.4 883.2
EBITDA 1 100.9 120.3 51.3 98.4 113.9 128
EBIT 1 83.2 91 22 73.3 84.2 91.9
Net income 1 53.2 48.8 -172.8 31.7 45.2 31.1
Net Debt 1 364.7 788.4 673.7 574.7 550.5 547.2
Reference price 2 29.54 42.43 28.83 28.22 34.72 51.25
Nbr of stocks (in thousands) 22,332 21,685 23,088 23,223 20,167 19,650
Announcement Date 2/27/19 A 2/20/20 A 2/22/21 A 2/28/22 A 2/24/23 A 2/28/24 A
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.07B
25.14x12.32x21.21x4.09% 4.43B
9.83x1.04x5.45x3.35% 2.12B
26.14x7.74x12.18x3.28% 1.89B
13.23x1.96x7.32x3.6% 495M
25.26x2.3x9.13x - 213M
Average 19.92x 5.07x 11.06x 3.58% 1.7B
Weighted average by Cap. 21.15x 7.96x 14.65x 3.71%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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  4. Valuation SP Plus Corporation