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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM EBIT Multiple | 19.7x - 21.8x | 20.7x |
| Selected Fwd EBIT Multiple | 15.6x - 17.3x | 16.5x |
| Fair Value | €157.96 - €171.78 | €164.87 |
| Upside | -20.2% - -13.2% | -16.7% |
| Benchmarks | Ticker | Full Ticker |
| Howmet Aerospace Inc. | HWM | NYSE:HWM |
| Curtiss-Wright Corporation | CW | NYSE:CW |
| Woodward, Inc. | WWD | NasdaqGS:WWD |
| Textron Inc. | TXT | NYSE:TXT |
| Huntington Ingalls Industries, Inc. | HII | NYSE:HII |
| General Electric Company | GCPD | BATS-CHIXE:GCPD |
| - | - | - |
| Select LTM EBIT Multiple | |||||||
| Benchmark Companies | |||||||
| HWM | CW | WWD | TXT | HII | GCPD | ||
| NYSE:HWM | NYSE:CW | NasdaqGS:WWD | NYSE:TXT | NYSE:HII | BATS-CHIXE:GCPD | ||
| Historical EBIT Growth | |||||||
| 5Y CAGR | 6.5% | 6.2% | 5.2% | -0.4% | -2.5% | 16.9% | |
| 3Y CAGR | 24.9% | 11.9% | 20.1% | 4.2% | 0.6% | NM- | |
| Latest Twelve Months | 36.8% | 13.2% | 0.5% | -12.4% | -14.8% | 30.3% | |
| Historical EBIT Profit Margin | |||||||
| 5 Year Average Margin | 17.8% | 17.2% | 11.0% | 8.0% | 7.4% | 8.8% | |
| Prior Fiscal Year | 17.8% | 18.0% | 9.8% | 9.3% | 6.7% | 17.7% | |
| Latest Fiscal Year | 21.6% | 18.4% | 13.2% | 8.3% | 5.8% | 20.0% | |
| Latest Twelve Months | 22.9% | 18.8% | 12.9% | 8.2% | 5.9% | 21.6% | |
| Current Trading Multiples | |||||||
| EV / LTM Revenue | 9.29x | 5.18x | 3.95x | 1.20x | 1.07x | 5.53x | |
| EV / LTM EBITDA | 34.9x | 23.2x | 24.3x | 11.0x | 12.2x | 22.5x | |
| EV / LTM EBIT | 40.5x | 27.5x | 30.6x | 14.7x | 18.1x | 25.6x | |
| Low | Mid | High | |||||
| Benchmark EV / LTM EBIT | 14.7x | 27.5x | 40.5x | ||||
| Historical EV / LTM EBIT | 18.7x | 43.5x | 132.0x | ||||
| Selected EV / LTM EBIT | 19.7x | 20.7x | 21.8x | ||||
| (x) LTM EBIT | 8,568 | 8,568 | 8,568 | ||||
| (=) Implied Enterprise Value | 168,833 | 177,718 | 186,604 | ||||
| (-) Non-shareholder Claims * | 31,979 | 31,979 | 31,979 | ||||
| (=) Equity Value | 200,812 | 209,697 | 218,583 | ||||
| (/) Shares Outstanding | 1,066.4 | 1,066.4 | 1,066.4 | ||||
| Implied Value Range | 188.31 | 196.64 | 204.98 | ||||
| FX Rate: USD/EUR | 1.1 | 1.1 | 1.1 | Market Price | |||
| Implied Value Range (Trading Cur) | 167.48 | 174.89 | 182.31 | 198.00 | |||
| Upside / (Downside) | -15.4% | -11.7% | -7.9% | ||||
| Equity Waterfall | |||||||
| Benchmark Companies | |||||||
| (in millions) | HWM | CW | WWD | TXT | HII | GCPD | |
| Enterprise Value | 70,109 | 16,649 | 13,262 | 16,704 | 12,238 | 205,422 | |
| (+) Cash & Short Term Investments | 536 | 226 | 364 | 1,194 | 167 | 13,005 | |
| (+) Investments & Other | 0 | 0 | 20 | 0 | 0 | 39,905 | |
| (-) Debt | (3,483) | (1,120) | (941) | (4,101) | (3,406) | (20,714) | |
| (-) Other Liabilities | 0 | 0 | 0 | 0 | 0 | (217) | |
| (-) Preferred Stock | (55) | 0 | 0 | 0 | 0 | 0 | |
| (-) Other | 0 | 0 | 0 | 0 | 0 | 0 | |
| Value of Common Equity | 67,107 | 15,755 | 12,705 | 13,797 | 8,999 | 237,401 | |
| (/) Shares Outstanding | 403.7 | 37.7 | 59.5 | 180.5 | 39.2 | 1,066.4 | |
| Implied Stock Price | 166.24 | 418.03 | 213.53 | 76.42 | 229.35 | 222.62 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |
| Implied Stock Price (Trading Cur) | 166.24 | 418.03 | 213.53 | 76.42 | 229.35 | 198.00 | |
| Trading Currency | USD | USD | USD | USD | USD | EUR | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.12 | |