Emerald Holding, Inc.
EEX
Services-Business Services, NEC
Mkt Cap
$375.1MPE
-87.23Debt
$398.7MCash
$186.8MEV
$587MFCF
$38.1MP/E Ratio
-87.23Debt
$398.7MCash
$186.8MEV
$587MFCF
$38.1MCharts data: {"Earnings":[{"time":"2015-12-30","value":19600000},{"time":"2016-12-30","value":22200000},{"time":"2017-12-30","value":81800000},{"time":"2018-12-30","value":-25100000},{"time":"2019-12-30","value":-50000000},{"time":"2020-12-30","value":-633600000},{"time":"2021-12-30","value":-78100000},{"time":"2022-12-30","value":130800000},{"time":"2023-12-30","value":-8200000}],"Sales":[{"time":"2015-12-30","value":306400000},{"time":"2016-12-30","value":323700000},{"time":"2017-12-30","value":341700000},{"time":"2018-12-30","value":380700000},{"time":"2019-12-30","value":360900000},{"time":"2020-12-30","value":127400000},{"time":"2021-12-30","value":145500000},{"time":"2022-12-30","value":325900000},{"time":"2023-12-30","value":382800000}],"Net Margins":[{"time":"2015-12-30","value":0.0639686684073107},{"time":"2016-12-30","value":0.0685820203892493},{"time":"2017-12-30","value":0.23939127889961956},{"time":"2018-12-30","value":-0.0659311794063567},{"time":"2019-12-30","value":-0.13854253255749516},{"time":"2020-12-30","value":-4.97331240188383},{"time":"2021-12-30","value":-0.5367697594501718},{"time":"2022-12-30","value":0.4013501073949064},{"time":"2023-12-30","value":-0.021421107628004178}],"Assets":[{"time":"2016-12-30","value":1572519000},{"time":"2017-12-30","value":1637900000},{"time":"2018-12-30","value":1580000000},{"time":"2019-12-30","value":1471700000},{"time":"2020-12-30","value":1054400000},{"time":"2021-12-30","value":1062400000},{"time":"2022-12-30","value":1098400000},{"time":"2023-12-30","value":1053900000}],"Stockholders Equity":[{"time":"2015-12-30","value":502500000},{"time":"2016-12-30","value":527768000},{"time":"2017-12-30","value":761200000},{"time":"2018-12-30","value":708300000},{"time":"2019-12-30","value":640200000},{"time":"2020-12-30","value":394500000},{"time":"2021-12-30","value":-119400000},{"time":"2022-12-30","value":-33100000},{"time":"2023-12-30","value":-92500000}],"ROE":[{"time":"2015-12-30","value":0.03900497512437811},{"time":"2016-12-30","value":0.04206393718452047},{"time":"2017-12-30","value":0.10746190225959013},{"time":"2018-12-30","value":-0.03543696173937597},{"time":"2019-12-30","value":-0.07810059356451109},{"time":"2020-12-30","value":-1.6060836501901141},{"time":"2021-12-30","value":0.6541038525963149},{"time":"2022-12-30","value":-3.9516616314199395},{"time":"2023-12-30","value":0.08864864864864865}],"ROA":[{"time":"2016-12-30","value":0.06384660535103233},{"time":"2017-12-30","value":0.05378838756944868},{"time":"2018-12-30","value":-0.002721518987341772},{"time":"2019-12-30","value":-0.016783311816266903},{"time":"2020-12-30","value":-0.6360015174506829},{"time":"2021-12-30","value":-0.05939382530120482},{"time":"2022-12-30","value":0.1636926438455936},{"time":"2023-12-30","value":0.03292532498339501}]}
Emerald Holding, Inc. operates business-to-business (B2B) trade shows in the United States. It operates in two segments, Commerce; and Design, Creative and Technology. The Commerce segment engages in the events and services covering merchandising, licensing, retail sourcing, and marketing that enables professionals to make informed decisions and meet consumer demands. The Design, Creative and Technology segment provides events and services that support various industries connecting businesses and professionals with products, operational strategies, and integration to drive new business and streamline processes, and creative solutions. It also operates content and content-marketing websites, and related digital products, as well as produce publications. In addition, the company operates Elastic Suite platform that streamlines the wholesale buying process for brands and retail buyers; and Flex platform. Emerald Holding, Inc. was incorporated in 2013 and is based in New York, New York.
Sector
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DCF
Discounted Cash Flow Valuation of Emerald Holding, Inc.
Value
Growth
%
%
Discount
%
%
Multiple
| g\r | +10% | +11% | +12% | +13% | +14% |
|---|---|---|---|---|---|
| 0% | 10 | 9 | 8 | 8 | 7 |
| +1% | 11 | 10 | 9 | 8 | 8 |
| +2% | 13 | 11 | 10 | 9 | 8 |
| +3% | 14 | 13 | 11 | 10 | 9 |
| +4% | 17 | 14 | 12 | 11 | 10 |
| Years | 0 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | TV |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FCF | $38.1M | $33.02M | $28.61M | $24.79M | $21.49M | $18.62M | $16.14M | $13.98M | $12.12M | $10.5M | $9.099M | $90.99M |
| DCF | $28.71M | $21.63M | $16.3M | $12.28M | $9.257M | $6.976M | $5.256M | $3.961M | $2.985M | $2.249M | $22.49M | |
| Value | $132.1M | |||||||||||
In the chart Earnings are multiplied by this value.
Earnings Growth 17%
Earnings Stability -56%
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 Margin | 6.4% | 6.9% | 24% | -6.6% | -14% | -500% | -54% | 40% | -2.1% | -1.1% |
| ROA | - | 6.4% | 5.4% | -0.27% | -1.7% | -64% | -5.9% | 16% | 3.3% | 3.9% |
| ROE | 3.9% | 4.2% | 11% | -3.5% | -7.8% | -160% | 65% | -400% | 8.9% | 4.7% |
What is the average Net Margin?
The average Net Margin over the past 5 years is -88.91%.
What is the trend of Net Margin?
The trend of Net Margin over the past 5 years is +17.94%.
What is the average Return on Assets (ROA)?
The average ROA over the past 5 years is -8.64%.
What is the trend of Return on Assets (ROA)?
The trend of ROA over the past 5 years is +3.7%.
What is the average Return on Equity (ROE)?
The average ROE over the past 5 years is -82.14%.
What is the trend of Return on Equity (ROE)?
The trend of ROE over the past 5 years is -24.97%.
Safety & Stabiliy
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 FCF | - | 7.75 | 4.99 | 5.08 | 7.85 | -13.56 | 5.77 | 2.39 | 10.04 | 10.46 |
| Debt Equity | - | 1.33 | 0.72 | 0.74 | 0.81 | 1.31 | -4.28 | -12.50 | -4.31 | -4.40 |
| MIN | ||||||||||
| Graham Stability | - | - | - | -61% | -190% | -28K% | - | - | - | -28K% |
What is the Debt/FCF?
The Debt/FCF trailing twelve month is 10.46.
What is the trend of Debt/FCF?
The trend of Debt/FCF over the past 5 years is 0.79.
What is the Graham’s Stability?
Graham’s Stability measure stands at -283.70.
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 | 12-2016 | 12-2018 | 12-2020 | 12-2022 | Trend |
|---|---|---|---|---|---|
| Revenue | 2.4% | 0.11% | 44% | 17% | 7.4% |
| Net Income | - | - | - | - | 260% |
| Stockholders Equity | - | - | - | - | -14% |
| FCF | -11% | -17% | - | -77% | -1.8% |
What is the 5 year Revenue CAGR?
The Revenue CAGR over the past 5 years is +0.11%.
What is the trend of Revenue growth?
The trend of Revenue growth rate over the past 5 years is +7.43%.
What is the 5 year Earnings CAGR?
The Earnings CAGR over the past 5 years is -20.05%.
What is the trend of Earnings growth?
The trend of Earnings growth rate over the past 5 years is +255.2%.
What is the 5 year Equity CAGR?
The Equity CAGR over the past 5 years is -.
What is the trend of Equity growth?
The trend of Equity growth rate over the past 5 years is -14.07%.
What is the 5 year FCF CAGR?
The FCF CAGR over the past 5 years is -17.38%.
What is the trend of FCF growth?
The trend of FCF growth rate over the past 5 years is -1.82%.