Emerald Holding, Inc.

Consumer Discretionary
Business Services
www.emeraldx.com

Earnings Score
Moat Score
Safety Score

Market Cap $686.84M
PE -33
Debt $398.60M
Cash $188.90M
EV $896.54M
FCF $41.10M

Earnings

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Sales & Net Margins

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Earnings	-$20.80M
EBIT	$45.90M
ROE	-5%
ROA	4%
FCF	$41.10M
Equity	$391.10M
Growth Stability	-28K%
PE	-33.02
PEG	3.92
PB	1.76
P/FCF	16.71
P/S	1.75
Price/Cash	0.28
Debt/Equity	1.02
Debt/FCF	9.7
Net Margins	-1%
Op. Margins	12%
Earnings CAGR	-0%
Sales Growth YoY	0%
Sales Growth QoQ	-16%
Sales CAGR	-2%
FCF CAGR	-10%
Equity CAGR	-2%
Earnings Stability	-0.08
Earnings Growth YoY	-204%
Earnings Growth QoQ	296%

Earnings CAGR 5Y	-8%
Sales CAGR 5Y	26%
FCF CAGR 5Y	1%
Equity CAGR 5Y	2%
Earnings CAGR 3Y	32%
Sales CAGR 3Y	32%
FCF CAGR 3Y	-53%
Market Cap	$686.84M
Revenue	$393.50M
Dividend Yield	0%
Payout Ratio	-15%
Assets	$1.06B
Total Debt	$398.60M
Cash	$188.90M
Shares Outstanding	141.18M
EV	896.54M
Earnings Score	6%
Moat Score	28%
Safety Score	45%
Final Score	26%
Working Capital	65.8M
Current Ratio	1.27
Shares Growth 3y	9%
Equity Growth QoQ	-4%
Equity Growth YoY	-695%

Assets & ROA

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Stockholders Equity & ROE

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Emerald Holding Inc is an operator of B2B trade shows in the United States by NSF. It operates trade shows, which serve a large and broad set of global exhibitors and attendees, across multiple attractive, fragmented sectors that represent significant portions of the U.S. economy. The company operate trade shows in several broadly-defined industry sectors namely, Gift, Home and General Merchandise, Sports Design and Construction, Technology, Jewelry, Other Trade Shows, Other Events, and Other Marketing Services amongst other.

SEC Filings

Direct access to Emerald Holding, Inc. (EEX) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Emerald Holding, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Emerald Holding, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -0%

Stability -8%

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Emerald Holding, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Emerald Holding, Inc..

Years

Calculation mode

= $215M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$41M	$37M	$33M	$30M	$27M	$24M	$22M	$20M	$18M	$16M	$14M	$143M
DCF		$34M	$28M	$23M	$18M	$15M	$12M	$10M	$8.3M	$6.8M	$5.5M	$55M
Value	$215M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	6%	7%	24%	-7%	-14%	-497%	-54%	40%	-2%	-1%
ROA	-	6%	5%	-0%	-2%	-64%	-6%	16%	3%	4%
ROE	-	4%	11%	-4%	-8%	-161%	65%	-395%	9%	-5%

Bad Net Margins (-0.99%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	7.75	4.99	5.08	7.85	-13.56	5.77	2.39	10.04	9.7
Debt over Equity	-	1.33	0.72	0.74	0.81	1.31	-4.28	-12.5	-4.31	1.02
Growth Stability	-	-	-	-61%	-190%	-28K%	-	-	-	-28K%

Bad Debt/FCF ratio (9.7)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Neutral Debt/Equity ratio (1.02)

The company has a balance between equity and debt that is not too good nor too bad.

Bad Graham’s Stability (-28K%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	6%	6%	11%	-5%	-65%	14%	124%	17%	26%
Earnings YoY growth	-	13%	268%	-131%	99%	1K%	-88%	-267%	-106%	-8%
Equity YoY growth	-	5%	44%	-7%	-10%	-38%	-130%	-72%	179%	2%
FCF YoY growth	-	4%	21%	-6%	-36%	-157%	-333%	96%	-77%	1%