=3/The mean multiple for the 2014 operating profits of comparable peers is 10, and the mean 2011

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=3/The mean multiple for the 2014 operating profits of comparable peers is 10, and the mean 2011 P/E is 15. Calculate the equity value of Pixi Spa. Key figures for the company are set out below.

Millions of €

Net debt at 31 December 2013 100 2011e operating profits 60 2011e net profits 32

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Corporate Finance Theory And Practice

ISBN: 9781118849330

4th Edition

Authors: Pierre Vernimmen, Pascal Quiry, Maurizio Dallocchio, Yann Le Fur, Antonio Salvi

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