Emerald Holding (NYSE:EEX) - Share price, News & Analysis

EEX fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	0/6
Financial Health	3/6
Dividends	0/6

EEX Stock Overview

Emerald Holding, Inc. operates business-to-business (B2B) trade shows in the United States.

Rewards

Trading at 93.3% below our estimate of its fair value

Risk Analysis

Earnings have declined by 45.6% per year over past 5 years

Emerald Holding Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Emerald Holding
Historical stock prices
Current Share Price	US$3.64
52 Week High	US$5.62
52 Week Low	US$2.42
Beta	1.83
1 Month Change	13.40%
3 Month Change	1.11%
1 Year Change	-32.97%
3 Year Change	-67.35%
5 Year Change	-83.38%
Change since IPO	-81.33%

Shareholder Returns

	EEX	US Media	US Market
7D	15.6%	3.1%	6.6%
1Y	-33.0%	-33.0%	-18.5%

Return vs Industry: EEX matched the US Media industry which returned -33.6% over the past year.

Return vs Market: EEX underperformed the US Market which returned -20.5% over the past year.

Price Volatility

Is EEX's price volatile compared to industry and market?
EEX volatility
EEX Average Weekly Movement	10.3%
Media Industry Average Movement	9.0%
Market Average Movement	8.0%
10% most volatile stocks in US Market	16.6%
10% least volatile stocks in US Market	3.1%

Stable Share Price: EEX is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: EEX's weekly volatility (10%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
2013	600	Herve Sedky	https://www.emeraldx.com

Emerald Holding, Inc. operates business-to-business (B2B) trade shows in the United States. The company operates trade shows in various industry sectors, including retail, design and construction, technology, equipment, and safety and security. It also operates content and content-marketing websites, and related digital products, as well as produce publications.

Emerald Holding Fundamentals Summary

How do Emerald Holding's earnings and revenue compare to its market cap?
EEX fundamental statistics
Market Cap	US$255.27m
Earnings (TTM)	-US$85.10m
Revenue (TTM)	US$231.10m

1.1x

P/S Ratio

-3.0x

P/E Ratio

Is EEX overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
EEX income statement (TTM)
Revenue	US$231.10m
Cost of Revenue	US$84.50m
Gross Profit	US$146.60m
Other Expenses	US$231.70m
Earnings	-US$85.10m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)	-1.21
Gross Margin	63.43%
Net Profit Margin	-36.82%
Debt/Equity Ratio	152.4%

How did EEX perform over the long term?

See historical performance and comparison

We’ve recently updated our valuation analysis.

Valuation

Is EEX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for EEX?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for EEX. This is calculated by dividing EEX's market cap by their current preferred multiple.
What is EEX's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	US$255.27m

EEX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	4.2x
Enterprise Value/EBITDA	3253.2x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does EEX's PS Ratio compare to its peers?

EEX PS Ratio vs Peers

The above table shows the PS ratio for EEX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PS	Estimated Growth	Market Cap
Peer Average	1.3x

Forward PS

Price-To-Sales vs Peers: EEX is good value based on its Price-To-Sales Ratio (1.1x) compared to the peer average (1.3x).

Price to Earnings Ratio vs Industry

How does EEX's PE Ratio compare vs other companies in the U.S. Media Industry?

Price-To-Sales vs Industry: EEX is good value based on its Price-To-Sales Ratio (1.1x) compared to the US Media industry average (1.1x)

Price to Sales Ratio vs Fair Ratio

What is EEX's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

EEX PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	1.1x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate EEX's Price-To-Sales Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of EEX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: EEX ($3.64) is trading below our estimate of fair value ($54.58)

Significantly Below Fair Value: EEX is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate EEX's PEG Ratio to determine if it is good value.

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Future Growth

How is Emerald Holding forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

8.8%

Forecasted Media industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Emerald Holding has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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Examine whether Emerald Holding is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
Emerald Holding competitive advantages and company strategy can generally be found in its financial reports archived here.

Past Performance

How has Emerald Holding performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-45.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: EEX is currently unprofitable.

Growing Profit Margin: EEX is currently unprofitable.

Past Earnings Growth Analysis

Earnings Trend: EEX is unprofitable, and losses have increased over the past 5 years at a rate of 45.6% per year.

Accelerating Growth: Unable to compare EEX's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: EEX is unprofitable, making it difficult to compare its past year earnings growth to the Media industry (18.8%).

Return on Equity

High ROE: EEX has a negative Return on Equity (-11.88%), as it is currently unprofitable.

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Financial Health

How is Emerald Holding's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Stable Cash Runway
Forecast Cash Runway

Financial Position Analysis

Short Term Liabilities: EEX's short term assets ($354.1M) exceed its short term liabilities ($246.1M).

Long Term Liabilities: EEX's short term assets ($354.1M) do not cover its long term liabilities ($530.9M).

Debt to Equity History and Analysis

Debt Level: EEX's net debt to equity ratio (77.2%) is considered high.

Reducing Debt: EEX's debt to equity ratio has increased from 128.2% to 152.4% over the past 5 years.

Balance Sheet

Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable EEX has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: EEX is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 21.6% per year.

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Dividend

What is Emerald Holding current dividend yield, its reliability and sustainability?

Dividend Score

0/6

Dividend Score 0/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

Dividend Yield vs Market

Notable Dividend: Unable to evaluate EEX's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate EEX's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.

Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if EEX's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if EEX's dividend payments have been increasing.

Earnings Payout to Shareholders

Earnings Coverage: EEX is not paying a notable dividend for the US market.

Cash Payout to Shareholders

Cash Flow Coverage: Unable to calculate sustainability of dividends as EEX has not reported any payouts.

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Management

How experienced are the management team and are they aligned to shareholders interests?

2.4yrs

Average management tenure

CEO

Herve Sedky (51 yo)

1.42yrs

Tenure

US$8,093,449

Compensation

Mr. Herve Sedky serves as President and Chief Executive Officer at Emerald Holding, Inc. (formerly known as Emerald Expositions Events, Inc.) since January 5, 2021. He serves as Director at Emerald Holding...

CEO Compensation Analysis

Compensation vs Market: Herve's total compensation ($USD8.09M) is above average for companies of similar size in the US market ($USD1.73M).

Compensation vs Earnings: Insufficient data to compare Herve's compensation with company performance.

Leadership Team

Experienced Management: EEX's management team is considered experienced (2.4 years average tenure).

Board Members

Experienced Board: EEX's board of directors are considered experienced (4.2 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: EEX insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/24 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31